贯彻“基本法”正确处理内地与香港的金融关系

贯彻“基本法”正确处理内地与香港的金融关系ＩｍｐｌｅｍｅｎｔＢａｓｉｃＬａｗａｎｄＣｏｒｒｅｃｔｌｙＨａｎｄｌｅＦｉｎａｎｃｉａｌＲｅｌａｔｉｏｎｓｂｅｔｗｅｅｎＭａｉｎｌａｎｄａｎｄＨｏｎｇＫｏｎｇ￥ＪｉｎＱｉ金琦（ＴｈｅａｕｔｈｏｒｉｓＶｉｃｅ－...

银行业务的基础支撑——金融报文网关

本文讨论了在当前银行面临的多个支付清算标准环境下，为实现支付清算一体化、提升客户服务质量、优化资金使用效率、加强资金监管、节约系统建设与运行投入等．有必要进行基础性的系统建设——金融报文网关建设。

关于新农村金融体系重构的思考——基于金融功能论的研究

当前我国农村金融体系由于种种原因无法发挥其进行有效资金配置支持新农村建设的功能,资金的外流、融资需求无法得到满足等问题严重制约着农业和农村经济发展。实践证明,只有加强农村金融体系的重构,寻找适合我国农村经济发展的金融模式才是解决"三农"问题,建设社会主义新农村的必由之路。

对建立中国涉外金融法规的研究

随着我国经济的不断发展,我国的金融法规建设取得了定的成绩,在金融活动中发挥了不可低估的作用。但是,随着国外银行的渗入和我国金融的国际化发展,现有金融法规的约束范围已明显不足。因此,研究和制定我国的涉外金融法规已提到具体的议事日程上来。

重庆市涪陵区金融业发展的对策研究

中国的经济进入第二个发展阶段,金融业占据着重要地位。涪陵区金融业起步晚,发展慢,升级刻不容缓,涪陵经济的发展离不开金融业的升级转型。

Classification and Nomenclature of Plant Metallothionein-like Proteins Based on Their Cysteine Arrangement Patterns

随着植物基因组研究的进展 ,在基因文库和蛋白文库登录的植物类金属硫蛋白基因已超过 5 0个 ,接近金属硫蛋白总数的 1/ 3,而且有不断上升的趋势。鉴于目前植物类金属硫蛋白命名与分类随意性太大 ,很有必要建立一个统一合理的命名与分类法。对植物类金属硫蛋白一级结构进行详细分析后 ,发现该蛋白两端富含半胱氨酸的区域内半胱氨酸的排列方式颇具规律性 ,进而提出了以半胱氨酸排列方式为基础的分类及命名法 ,并阐述了采用这种方法的理由及其可行性。

国有银行私人财经服务探析

据统计,1985年末,我国企业存款和居民储蓄存款占国家银行各项存款的比例为40.7％和24.8％,到1995年末,两者比例分别为37.4％和56.6％。居民储蓄已取代企业存款成为银行最重要资金来源。面对银行资金来源结构的变化,拓展面向私人财经服务的领域应当是国有商业银行的现实选择。但是。

地铁IC卡自动充值系统的设计与研究

针对地铁IC卡自动充值系统和IC卡的应用开发的现状,论述了自动充值系统的总体结构,给出了充值机的硬件体系机构和主要应用程序流程,金融网关的工作方式和程序主流程以及充值机与金融网关之间的通信.实现了公交地铁IC卡的自助充值,使公交卡具有更充分的开放性.

从“山穷水复”到“柳暗花明”──中共江西省委书记吴官正考察新余侧记

从“山穷水复”到“柳暗花明”──中共江西省委书记吴官正考察新余侧记汪玉奇在新旧体制转换时期，在实行适度从紧的财政货币政策的背景下，国有企业的改革和发展出现了许多新情况新问题。这一切，牵动着中共江西省委书记吴官正的心。１９９６年６月９日清晨，吴官正一行...

Analysis on using UPREITs in real estate finance in United States

This paper gave an overview introduction about umbrella partnership real estate investment trust (UPREIT) to the readers who are not related to real estate and accounting major. To show how UPREIT defer capital gain taxes,makes good cash flow and maximize profit in real estate finance,the paper included the theory and structure of UPREIT(real estate investment trust),partnership issues,advantage and disadvantage,and created a proforma to demonstrate how UPREIT works.

Recovery of Foreign Interest Rates from Exchange Binary Options

One of most challenging problems from applying the Black-Scholes model to financial derivatives, is reconciling the deviation between the expected and observed values. This study derives an extension of the Black-Scholes model and recovers the real drift of binary call options from their market prices. For space-dependent real drift, we obtain stable linearization and an integral equation. We also find that using market prices of options with different strike prices enables us to identify the term structure of the real drift. Results demonstrate that our new approach can confirm the existence of arbitrage opportunities in a binary option transaction.

Predicting Corporate Failure and Global Financial Crisis： Theory and Implications

The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present financial fiasco. It is clear that corporate failure brings untold hardships to all stakeholders. Again the problem of predicting corporate failure in the midst of the financial contagion could be overcome with sound risk management structure in place. The discussion mainly focuses on corporate failure within the context of the global financial distress. To the best of our knowledge this study is the first of its kind, which provides conceptual insights on predicting corporate failure and the global financial distress.

The Resources, an Essential Element in the Relationship Between Public and Private

This paper＇s objective is to examine the relationship between public and private sectors through the mechanisms of public intervention in the market. With the financial and economic crisis of 2008, there has been a coordination of states （G20） for the implementation of affirmative action in order to support the international financial system. Our hypothesis is that resource dependence is the basis of all interactions between the public and private sectors. The fact that the public sector bails out private sector activity shows that it is beneficial to citizens through employment and taxes repaid by the company and all this contributes to social stability. Here we develop an argument in two phases. The first is to revisit the question of the relationship between the state and the market. The second part develops the hypothesis by focusing on the interdependence of resources. The theory of resource dependence often applied to international relations and inter-organizational business has allowed us to highlight the correlation between public and private sectors

Professional Board Members and Firm＇s Performance

This paper explores the connection between company director membership of a professional institute of directors and the financial performance of their companies. Prior research has established links between various governance variables and financial performance, and this study extends this work to the realm of professional directors. It is timely in New Zealand to ask whether directors need to be members of a professional body as the financial markets authority is now prosecuting directors of failed companies and has promulgated new regulations concerning the offering of financial advice. Would directors who are bound by an ethics code and committed to ongoing professional development be good for shareholders？ The issue whether membership enhances financial performance is addressed in this paper. An ordinary least square regression was employed and a statistically significant positive relationship among boards that had institute of director （IOD） members and financial performance was found.

Performance-based seismic financial risk assessment of reinforced concrete frame structures

Engineering facilities subjected to natural hazards(such as winds and earthquakes) will result in risk when any designed system(i.e.capacity) will not be able to meet the performance required(i.e.demand).Risk might be expressed either as a likelihood of damage or potential financial loss.Engineers tend to make use of the former(i.e.damage).Nevertheless,other non-technical stakeholders cannot get useful information from damage.However,if financial risk is expressed on the basis of probable monetary loss,it will be easily understood by all.Therefore,it is necessary to develop methodologies which communicate the system capacity and demand to financial risk,Incremental dynamic analysis(IDA) was applied in a performance-based earthquake engineering context to do hazard analysis,structural analysis,damage analysis and loss analysis of a reinforced concrete(RC) frame structure.And the financial implications of risk were expressed by expected annual loss(EAL).The quantitative risk analysis proposed is applicable to any engineering facilities and any natural hazards.It is shown that the results from the IDA can be used to assess the overall financial risk exposure to earthquake hazard for a given constructed facility.The computational IDA-EAL method will enable engineers to take into account the long-term financial implications in addition to the construction cost.Consequently,it will help stakeholders make decisions.

The Influence of Market and Company Characteristics on Voluntary Disclosure

In this paper, the determinants of the voluntary disclosure level of firms have been investigated during a period of deep financial crisis. Two disclosure indexes used as dependent variables are proposed： a global index based on both quantitative and qualitative disclosure and a solely quantitative voluntary index. Firstly, the explanatory variables have been selected taking into account the main contributions of international literature. In addition, some specific variables have been introduced in order to take into account the peculiarities of Italian market system and the ongoing financial crisis. A positive relationship has been found among the global voluntary disclosure （GVD） and the number of employees, the dividend policy, and the presence of independent directors on the board. On the contrary, a negative correlation with respect to the percentage of the firm＇s outstanding shares held by directors （not independent） exists. With reference to the quantitative voluntary disclosure （QVD） index, there is a positive correlation with the number of employees, the dividend policy, the market floating, and the incidence of intangible assets. Moreover, such （quantitative） a disclosure is different depending on the industrial membership sector.

Is There an Impact of Stock Exchange Consolidation on Volatility of Market Returns？

The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correlation and cluster analyses in order to investigate the impact of stock exchange consolidation on volatility of market returns, in terms of a financial integration between involved stock exchanges before and after the merger. By using the Generalized Autoregressive Conditional Heteroskedasticity （GARCH） （1.1） model, the authors test the change in volatilities of national stock exchange markets involved in the following stock exchange integration case studies： Euronext, Bolsasy Mercados Espanoles （BME）, and Swedish-Finnish financial services company （OMX）. These three case studies are considered as completed cases of market consolidation, where the data are available enough to conduct the current research. By using daily data of national returns of engaged European stock markets from 1995 to 2007, the paper investigates the influence of stock exchange consolidation on volatility of national stock market returns. The obtained results confirm the gradual decrease of volatility in each of the integrated stock markets. However, the level of decrease in terms of volatility depends on economic characteristics of each engaged market and its degree of integration with other financial services. The results of correlation and cluster analyses confirm that stock operators have created significantly non-official integration links through cross-memberships and cross-listings even before the consolidations. Thus, the mergers among stock exchanges can be considered as the rational consequences of the high internal co-movements between involved markets. Furthermore, stock exchange markets with strong non-official integration links show an immediate decrease of volatility after the merger, meanwhile for others, it takes several years before the volatility can decrease as markets should reach the full integration.

A More Turbulent and Troubled World

The year 2016 marked the 25th anniversary of the end of the Cold War and the 15th anniversary of the 9/11 attack. Though international relations are constantly adjusted, the world is by no means more stable and orderly. International order reshaping triggered by the 2008 financial crisis is deepening, with chaos of various kinds popping up here and there. In the sociopolitical field, the"Trump phenomenon"and Brexit indicate serious weakening of the authority of traditional political systems and elites. In major country relations and international security, the world is witnessing the rise of emerging countries and the and fall of the West, fiercer US-Russia and Sino-US wrestling of strategic significance, and greater global and regional security risks. In global governance, while adjustment of UN-centered global governance is laboring along, national rivalries touch core issues, making global governance more urgent.

Qatar as an Emerging Islamic Finance Hub

The principal objectives of this research are to provide information, commentary, and analysis of the potential opportunities for Qatar in developing its Islamic financial services and industry. This research examines how competitive Qatar is today and its future prospects in Islamic finance. This research provides policy makers and Islamic finance stakeholders with a superior understanding of the role of the key competitive factors in Islamic fmance. It is anticipated that this research will influence the growth and diversification of Islamic financial services in Qatar.

The Crucial Role of Time in M＆A Activities： An Inductive Exploration

Mergers ＆ acquisitions （M＆As） are important strategic instruments, yet nearly half of all transactions fail, often resulting in disastrous write-offs and losses for corporations and financing institutions alike - despite promising prospects upfront. Applied research has been trying to find a ＂panacea＂ to prevent or at least predict M＆A failure, investigating motives, synergies and performance. Despite the growing unease with the stationary explanatory models in literature, research has only marginally focused on the concept of time, with inquiries into market timing and integration speed. Yet other timing concepts have been neglected in concepts so far despite early empirical evidence for their existence. The purpose of this paper is thus to identify and elaborate on the importance of further relevant theories of timing. For this, and true to the exploratory nature of the topic, the authors have chosen a qualitative comparative case study design based on existing case reports which are investigated for narrations highlighting timing concepts. This study reveals six factors which have a crucial impact on the M＆A outcome： time of acquisition, M＆A duration in its entirety, M＆A sequence, synergy chronology, frequency of acquisitions and time to step back. It contributes to theory and practice in outlining the careful attention that needs to be paid in planning in these factors to enhance the chances of a successful M＆A transaction.