保险消费促进经济增长的行为金融机理研究

保险是通过分散风险提供保障的一种特殊的金融服务消费品,是现代社会经济系统非常必要的安全性服务需求。现有理论普遍接受"经济决定保险,保险促进经济增长"的观点,实证对前者给出了充足证据,但并不完全支持后者。本文从微观机理视角来探讨保险消费对经济增长的多因子协同作用机理,发现保险要么以企业生产消费形式进入生产领域,要么以家庭个人和政府机构的服务消费形式进入消费领域,构成了社会经济系统再生产循环中物化劳动与活劳动消耗的一小部分嵌入性投入,而嵌入活劳动的保险消费对经济增长的贡献不但大于嵌入物化劳动的保险消费对经济增长的推动,而且具有较强的人力资本积累效应,可激励企业为员工开办年金计划,弥补社会保障体系不健全下养老金支付的巨额缺口,缓解政府财政压力,可促进社会公共服务管理创新和提高政府行政能力效能。

信息不对称下的金融风险机理研究

利用信息不对称理论对市场交易中的道德风险和逆向选择进行了解释。对国家同商业银行及中介机构的信息不对称,商业银行同工商企业的信息不对称,国家金融机构信息获取方面存在的困难的原因进行了分析。研究了由于信息不对称利率、汇率、管理及决策在金融行业的风险,以及操作过程中,贷款对象选择,对中小企业贷款的风险。只要充分重视金融风险,采取得当的防范对策,风险是可以防范的。

产业低碳发展的金融服务机理研究——基于金融功能理论的视角

本文基于金融功能理论,解析了金融对产业发展的资金形成、资金导向、信息揭示、公司治理和风险管理功能,在此基础上,通过分析产业低碳发展的特点及其金融服务需求,揭示了金融功能视角下产业低碳发展的金融服务机理,表现在四个方面:通过资金形成功能促进产业资本形成、通过资金导向功能促进产业结构优化、通过信息揭示与公司治理功能促进企业低碳化运作、通过风险管理功能促进低碳技术创新。

产业结构调整的金融支持机理

金融是一国经济发展和产业升级的重要支撑。在我国，金融作为一种资金配置机制与产业政策相互交织，已成为产业结构优化调整的核心机制。金融作为现代经济的核心，产业结构调整离不开金融的支持。加快产业结构调整、提高产业整体素质是当前经济工作的一项重要任务。推动产业结构调整，对金融改革创新提出了更高要求。对于如何以金融改革创新促进产业结构调整，笔者从多角度对此进行了较为深入的研讨。

供应链金融模式研究

针对金融危机背景下的供应链金融(Supply Chain Finance,SCF)研究缺乏具体分析模式的问题。在辨析SCF与传统物流金融异同的基础上,论证SCF的动态演变过程,给出SCF的定义并分析模式机理,进而建立供应链金融模式分析框架,提出SCF模式风险控制方法。研究结论可帮助企业增强利用外部资金的能力。

期货市场内幕交易犯罪的机理解构与刑法规制

在资本市场犯罪“零容忍”背景下,期货市场内幕交易犯罪法律规制实践,应当紧密契合当前落实《期货和衍生品法》的现实需要,深度分析期货市场内幕交易犯罪“零规制”的法律文本原因及相关执法司法疑难问题,协调反思刑法规范的适用性障碍,重新审视内幕交易犯罪司法解释的具体规则,从市场与制度、金融与法律、期货法与刑法、行政监管与刑事司法等多维度互为贯通的角度,针对期货市场内幕交易犯罪的金融机理以及刑法规制的新问题新情况,在期货内幕信息、知情人员、期货市场内幕交易行为界限等方面,进行立法完善与司法规则优化。

转型期区域金融成长分析

区域金融成长机理,可分为内生成长机制和外生成长机制,前者的动因主要来自政府,后者的动因主要来自微观金融主体。市场化改革以来,随着市场机制作用的增强,我国区域金融成长的内生作用越来越明显,并将最终走向在国家间接调控下的内生状态。

碳金融交易平台价格形成机理与实践探索

碳金融定价机理是碳排放权交易市场运行的核心。本文通过探讨碳金融的国际交易机制、研究国内外平台以及价格理论的模型预测法、数学计算法、市场博弈法等,总结分析深圳排放权交易所一年来的价格走势图,提出了推进同一碳市场价格市场化、实现七个试点碳金融市场产品同质同价化、分阶段建立全国统一碳市场的政策建议。

Chaebol Firms＇ Real and Accrual-Based Earnings Management in the Pre-and Post-Asian Financial Crisis Periods

This paper examines chaebol （Korean business group） firms＇ earnings management methods in pre-and post-financial crisis periods in Korea. The financial crisis resulted in chaebol firms increasing their reliance on the external capital markets as chaebol firms achieved internal financing through arbitrary transactions among their affiliated and contracted firms. This produced a higher demand for financial reporting transparency in chaebol firms and strengthened monitoring from investors. These changes in the business environment in Korea following the financial crisis are likely to have led chaebol firms to reduce earnings management by using managers＇ discretion in accounting accruals and to seek alternative means to manage earnings through abnormal operating decisions which are referred to as real activities manipulation. The authors find that chaebol firms have significantly decreased accrual-based earnings management after the financial crisis of Asian compared to non-chaebol firms. The authors also find that chaebol firms have become more inclined to engage in real earnings management after the financial crisis. The results suggest that chaebol firms have shifted their earnings management methods from accruals manipulation to real activities manipulation which is harder to be detected by external auditors and regulators. This study provides insight into the changes in chaebol firms＇ earnings management methods triggered by economic shock. The findings suggest that the shift in chaebol firms＇ financing sources from internal to external capital markets and the increased demand for transparent financial information in the post-financial crisis period are likely to have influenced chaebol firms to substitute real earnings management for accrual-based earnings management after the financial crisis.

Managing Social Performance A Case of Microfinance

Global financial crises might and should be recognized as a potential chance to introduce changes in managing our business, both in financial and other important private and/or public sectors. The prevailing opinion is that a lack of corporative social responsibility is one of the major reasons that lead to global crises occurrence. Nowadays, it is crucial to use the experiences of other industries and sectors which from their very beginning managed to balance finance and social goals at the same time. Microfinance sector is exactly one such sector. This paper is organized as follows： First, we give some overview of different approaches to measuring social performance of microfinance institutions. In this part of the paper we also accent the specifics of microfinance institutions-management within the context of double bottom line. In the second part we focus our analysis on practical implementation of ＂double bottom line management in Prizma MCO, one of the world pioneers in social performance management, by using their revolutionary poverty scorecard system. Then, we analyze how these social performance data are used in decision-making and how it affects overall performance of the organization. The paper is finished with some conclusions and lessons learned.

Effective Management of Own Funds in Polish Cooperative Banks

Today cooperative banks belong to the most significant financial institution in the world. Moreover, they can compete with commercial banks. The own funds of the cooperative bank are important in their activity. The main goal of this paper is to investigate how much the level of the own funds of the Polish cooperative banks influenced their efficiency. The research pertained to operating cooperative banks in Poland. The following measures of the efficiency were used in the research： return on Equity （ROE）, net profit, index C/I, and financial margin. The results of the study indicate that banks from the Quartile III （highest aggregate own funds）, had the highest net profits, the highest ROE, the lowest C/I value, the lowest ROE, and the lowest financial markups. On this basis, it remains to be recommended that banks of highest aggregate own funds continue expansion of own funds which will increase lending capacity and subsequently contribute to higher effectiveness.

Board Members Oversight System- A Polish Example

The goal of the study was the development of a system to monitor the members of supervisory and management boards. The system currently covers 8,454 joint stock companies registered in Poland. The main purpose of the system is to monitor every change in the composition of every board of every joint stock company, from March 2001 up to the present, and it is updated every month. This system, however, also enables us to confirm some of the theories from the field of corporate governance. A generation change has been identified in the boards of the joint stock companies which were examined. Women constitute a large, and continuously increasing, section of the board members. The number of family companies, and of family involvement in boards, is still increasing. Board members of financial institutions （and not just of banks） possess significantly more directorates than board members of non-financial institutions. The number of interlocking directorates is positively linked to the macroeconomic development indicator of the total investment as percentage of GDP for Poland.

International Disorder and China's Strategic Thoughts

Since the 2008 international financial crisis, international political and economic disorder has become obvious. Major reasons are the decline of US-led Western developed economies' global influence; US and other Western countries inaction or ineffective actions; power diffusion allowing non-state actors to intervene; a global governance short of needed rules; and mainstream economic theory's overemphasis on market roles. International disorder is a long-term process posing a potential threat to China's national interests. The situation challenges China to create an international economic and trade order, thereby shaping itself as prophet of global free trade, shaper of international economic and trade rules, and trendsetter for globalization.

A Review of China-US Economic and Trade Relations (2007-2015)

In order to find indications for future bilateral relations, it is worth reviewing the development of China-US economic and trade relations in recent history. Generally speaking, the nine years between 2007 and 2015 saw non-stop progress in China and US trade and economic ties. The China-US interdependent and complementary economic and trade connections ensure that bilateral relations are constantly developing and merging following their interdependent paths;the global challenges, such as the financial crisis and recent extreme weather events, have allowed China and the US to be in the same boat,weathering these different forms of turbulence. Decisions on important domestic policies and disputes can now be discussed earlier and effectively following on from the construction of multi-dimensional crisis management mechanisms. But undeniably there are unsettled and conflicting points in their relations, such as the fact that the US strategically excludes China from its free trade agenda, not willing to accept many everyday items manufactured by China. This is a major obstacle preventing their relationships deepening. History tells us, in future, if both sides could have a bigger vision, relations would better develop, for the new type of major power relations and the subsequent road would be less rocky and bring more benefits for the peoples of both countries.

On Supply-side Reform

After the 2008 financial crisis, reality prompts people to reflect on the traditional theoretical frameworks of economics and the practical experiences based on macro-control and "demand management." The new reality also stimulates innovative efforts to "connect theory with practice" and leads academia and decision-makers to pay unprecedented attention to "supply management" regulation and structural supply-side reforms. Based on the theoretical innovation of the "new supply-side economics," this paper systematically discusses China's supply-side reform and its related issues from four levels—the innovation of closely connecting theory with practice, the problem-oriented innovation of re-making the momentum system under the new normal, the innovation for overall and long-term goals based on comprehensive planning and systematic engineering, and the innovation of institutional supply centered on reforms and modernization.

The Causes of Contagion： Rational or Irrational Behavior？

The threats concerning financial stability seriously affect the overall functioning of the economy at a local, regional, national, and continental level instead of a global level, and therefore, the emphasis is laid on analyzing the causes and effects of such threats. Financial crises in the current decade, as well as those in the past have shown that a major cause of instability in the global market is the so-called financial contagion. This leads to a natural question： whether similar authorities could specify and mitigate these shocks through efficient calculation followed by stability measures taken by banking networks. To answer this question, an empirical research was conducted by analyzing the degree of contagion induced by markets in Central and Eastern Europe, based on an econometric model, involving over 17 European countries, from January 2006 to January 2013.

Discussion on Practice of Financial Innovation in Chinese Commercial Banks

In general, based on the traditional operation and management model, innovation means reforming the activities of financial institutions, financial instruments, technology of financial services as well as organizational forms of financial markets, because promoting the overall development of the financial industry is the fundamental purpose of financial innovation, we should optimize the allocation of the existing resources of the financial institutions and improve financial efficiency, thus gradually promote the market competitiveness of financial institutions.

Analyses and Suggestions on China＇s Foreign Trade Development Pattern Transformation

In coping with the global financial crisis, all levels of the Chinese government and foreign trade firms have not only created new practices but have also changed their goal from transforming the growth pattern of foreign trade to transforming the development pattern of joreign trade. China＇s experience shows that economic instruments such as Net Barter Terms of Trade （NBTT） and the smile curve theory have limitations when it comes to interpreting foreign trade. If used improperly, scientific theories often lead to.fallacies. Transjbrming the development pattern of China＇s .foreign trade requires the following changes： national income distribution, foreign trade competition, market exploration, and resource utilization. We advise that competent authorities create a reasonable and operational system of assessment indicators.

The Influence of Spiritual Values on Work Motivation, Management Control, and Quality of Financial Information on IFIs in Indonesia

This study aims to investigate the influence of spiritual values on work motivation, management control, and the quality of financial information on Islamic financial institutions （IFIs） in Indonesia. Spiritual values are measured using four reflexive indicators, namely, Shiddiq, Fathanah, Amanah, and Tabligh. Work motivation is formed by four formative indicators, namely, compensation, recognition, work experience, and openness. Management control variable is formed by four formative indicators, namely, planning, implementing, evaluating, and monitoring, and finally, the quality of financial information is manifested in four reflexive variables, namely, relevant, comparable, understandable, and consistent. Data are collected through questionnaires with 125 respondents as samples from three types of IFIs, such as Islamic banking, Islamic pawnshop, and Islamic insurance in Indonesia. Methods of data analysis include the use of partial least squares （PLS） to analyze the influence of spiritual values on work motivation, management control, and quality of financial information. The results of this study showed that the manifestation of spiritual values in IFIs is able to influence the quality of financial information through the media as motivation and management control, but directly spiritual values are not able to influence the quality of financial information. While work motivation and management control significantly influence the quality of financial information.

Study on the Intraday Pattern and the Dynamic Correlation Among Return,Volume and Open Interest——Evidence from Chinese Commodity Futures Markets

This paper uses minute by minute data series from Chinese commodity futures markets to study patterns of intraday effect and discovers the L pattern of absolute return and volume.It is different from stock market,which has a distinctive pattern of U-shaped.The financial market microstructure theory,traders' psychology and trading mechanism are applied to explain it.Then this paper studies the factors that influence volatility of return and the lagged orders.The results show that there is a bilateral Granger causality among any two of the absolute return,volume and open interest,and it is different from the empirical results of the stock market,in the sense that there is only a unilateral Granger causal relationship from volume to absolute return.The authors also analyze the dynamic relationship among these three factors.The empirical results tell that the influence of open interest on volatility of absolute return and volume is weak,and there is a strong correlation between absolute return and volume.Some investment suggestions are offered from the analysis mentioned above.