金融衍生产品：风险控制与市场监管

金融衍生产品（或工具）（Financial Derivatives)是20世纪70年代以来金融创新的核心成果，它往往是由于基础金融工具的持有主体为了保值或赢利的需要，冲破金融管制而产生的金融创新，随着国际金融迅猛发展，金融衍生新产品的种类越来越丰富，为满足经济发展对金融服务产生的新需求发挥了重要作用，在金融市场的实际效果中，金融衍生产品的效应具有显著的双重特征，即在有效地规辟金融风险时，也产生了新的风险，因此，深入研究和认识金融衍生产品及其风险，为市场监管提供决策依据，从而有效防范和化解金融风险，为市场监管提供决策依据，从而有效防范和化解金融风险，为市场监管提供决策依据，从而有效防范和化解金融风险，具有重要的意义。

高职生顶岗实习保障机制研究——以我院金融证券专业为例

随着高职职业教育越来越受国家重视,培养优秀的高职技能型人才成为高职院校的目标。本文主要通过分析我院金融与证券专业学生顶岗实习的现状和存在的问题,提出有效对策建议,完善顶岗实习保障机制。

东莞金融业可持续发展的思考

2005年11月,东莞金融存款创下历史新高,继广州、深圳、佛山之后成为广东省第四个存款总量超3000亿元的地区。本文认为面对东莞金融存款3000亿元背后,如何清醒分析和认识东莞金融发展现状, 把握好前进的方向,是东莞金融保持快速、健康、可持续发展势头的关键。本文认为,正确把握区域经济金融发展态势,重视和加强金融生态环境的建设,不断优化金融生态环境,既是金融业实现可持续发展的内在需要,同时又是贯彻落实科学发展观,最终达到经济金融共赢的根本要求。

论资本市场与会计的关系

本文通过对资本市场和会计的演化关系的讨论,论证了资本市场与会计是一种相互影响、相互依存、相互促进的关系。一方面会计为资本市场的产生和发展提供了信息和管理的保障,另一方面资本市场的复杂的产权关系又为会计提供了拓展领域和完善方法理论体系的环境与条件。资本市场与会计关系的表现形式并不是固定不变的,而是呈现不断演化的动态关系。不同时期的资本市场有着不同的特点,不同的国家和地区的资本市场也有着不同的特点,相应的资本市场与会计的关系也有着不同的特点。只有正确处理好资本市场和会计之间的关系,提高会计信息的质量,才能保证资本市场功能的正常发挥。

美国期货市场:何以在危机中“独善其身”?——美国期货监管第三个五年规划及启示

近年来,美国期货市场发展基本未受金融危机的影响,甚至在华尔街金融改革法案中还取得了对柜台衍生品及其交易商的监管权,获得了更大的发展空间。这主要是源于期货市场运行规范、监管目标原则明确以及监管工作富有成效。美国期货交易委员会《2007～2012战略规划》,对其使命宣言,战略目标及任务规划,业务流程、手段和策略,未来趋势和挑战,跨部门合作,绩效架构,项目评估等进行了详细规划。美国期货市场与我国市场的发展阶段和条件差异较大,美国期货监管战略规划在具体政策措施方面与我国会有所不同,但在目标原则、监管理念和技术方法等方面,对我国科学制订期货市场的"十二五"规划,有重要的启示与借鉴。

Student Self-assessment for Undergraduate, Graduate and Imernational Finance Courses

Assessing student learning can be exceedingly challenging considering that as faculty we never really know what a student knows prior to entering our classroom and what value-added material has been assimilated during the academic quarter. This research paper introduces a self-assessment instrument that focuses on ten major finance topics and reports the results of the administration of the self-assessment tool for finance education at the undergraduate and graduate level in courses taught in the United States and abroad. Ten topics of importance to most finance curriculum design were selected as the focus topics. The research methodology employed uses a pre-/post- test comparison with ＂understanding＂ being measured on a five-point Lichert scale as implemented in five different fmanee courses. Significant measurable differences occurred in each of the courses using this finance assessment instrument with overall average improvement of understanding by the students as much as one entire point. For exarnple, 1.5 mean score for the pre-test and 2.4 mean score for the post -test for an introductory finance class at the undergraduate level in a college of business. Additional improvements were assessed in each of the courses surveyed.

County financial ecology and the development of new socialist countryside in China

The new rural construction will involve many fields, such as the upgrade of the industrial structure of agriculture, the impravement of the efficiency in the use of agricultural resources, the increase of farmers＇ income, maintaining sustainable agricultural development, and strengthening the construction of agricultural service system and circulation system.Finance, as the core of modem economy, should serve the new rural construction. However, there are many problems about the financial system in the rural area for a long time. So it is vital to build a good county financial eco-environment to promote the development of county financial systems and give full scope to the supporting function of finance. Only when we solve the problems in rural financial ecology and make clear the government ＇s fanction and activities, the county financial environment can function and be improved. Based on the reality of county economic development and starting from the connotation of county financial ecology, this paper analyzes the status quo of county financial eco-environment, especially the significance of optimizing the county financial eco-environment under the macroscopic background that the country proposed the socialist new rural reconstruction, and proposes the opinions and suggestions to construct and the maintain county financial eco-environment.

Enhanced recovery for non-colorectal surgery

In recent years the advent of programs for enhanced recovery after major surgery (ERAS) has led to modifications of long-standing and well-established perioperative treatments. These programs are used to target factors that have been shown to delay postoperative recovery (pain, gut dysfunction, immobility) and combine a series of interventions to reduce perioperative stress and organ dysfunction. With due differences, the programs of enhanced recovery are generally based on the preoperative amelioration of the patient's clinical conditions with whom they present for the operation, on the intraoperative and postoperative avoidance of medications that could slow the resumption of physiological activities, and on the promotion of positive habits in the early postoperative period. Most of the studies were conducted on elective patients undergoing colorectal procedures (either laparotomic or laparoscopic surgery). Results showed that ERAS protocols significantly improved the lung function and reduced the time to resumption of oral diet, mobilization and passage of stool, hospital stay and return to normal activities. ERAS' acceptance is spreading quickly among major centers, as well as district hospitals. With this in mind, is there also a role for ERAS in non-colorectal operations?

It＇ s time that Mongolian cashmere industry focus on Quality Instead of Quantity

Cashmere is one of the world＇s rare special animal fiber and a kind of textile industry high-grade raw materials, which was praised as ／＂diamond fiber／＂or／＂soft gold／＂. China is the world＇s largest cashmere production producer, accounts for about 70% of the world＇s total output of the above; Mongolia cashmere production by about 20%, and the rest of cashmere production is in the rest of the country. Mongolia has cashmere yield about 3500-4000 tons per year on average. In terms of cashmere production and potential production capacity of Mongolia is after China ranked second, in this case the cashmere exports to the country＇s economic, the production and the welfare of the herdsmen have important significance. Mongolian cashmere producers have reason to be optimistic. In the past decade, recovered global demand offset weak domestic economic conditions and garment companies like Gobi established international beachheads. Cashmere production levels are breaking records. And government programs, international financial institutions, and domestic companies are promoting in-country value-add cashmere processing. However, the industry＇s rapid growth has degraded the average fiber quality and made the industry more susceptible to a catastrophic supply-chain shock.

Marketing and Financial Aspects With Microcredit and Turkey Sample

The main targets set for economic growth in the World Bank＇s 1990 report is to provide a permanent and sustainable poverty eradication strategies on the development. Used for this purpose today, the most effective strategy comes at the beginning of micro-credit system. Microcredit, in particular in the area of the individuals, and its opportunities to increase the credit to the users of the production process and ensure active participation in the society starting from the women＇s economic initiatives, but it cannot be considered as a micro-economic factors in the economy to facilitate an effective financial mechanism. Many studies in the literature have revealed that women＇s contribution to family income of households in poverty has created an important support. In addition, micro-credit system encourages women to create their own jobs, as the GNP （Gross National Product） of the countries contribution to increase employment opportunities. There are opinions arguing that, making use of the contact with communities in the potential female workforce satisfactory for women to create job opportunities to gain income is able to provide initial capital to the existing banking system, because in many countries＇ negative socio-cultural conditions, competing with men is much difficult. Micro-credit system, in the respect of changing countries socio-cultural and socio-economic structures is an important contribution. Microfinance occurred in recent years by rapid developments in Turkey since 2000, progress has been very professional. Our work in the field of micro-finance started operations in 2002, the Evaluation of Women＇s Work Association of Business Economics and the Grameen Bank realized Maya model adapted for Waste Prevention Foundation of Turkey should apply micro-finance. Micro-finance practices in the world and Turkey also compared practices. Turkey＇s application of micro-finance in banks＇ credit policies that support marketing activities related to marketing and sales strategies was examined by size. Also, emerging areas in Turkey, especially in the south-east region, the application of micro-finance loans contributed to the development of this geographical area were assessed. Studies of marketing and financial aspects of micro-finance were examined, the economic dimension of these practices by the country＇s social, cultural, political development has also been found to contribute significantly.

金融类高职院校学生如何学习提高职业技能之中文输入

教高[2006]16号文件提出要全面贯彻党的教育方针,以服务为宗旨,以就业为导向,走产学结合发展道路,为社会主义现代化建设培养千百万高素质技能型专门人才,为全面建设小康社会、构建社会主义和谐社会作出应有的贡献。而现实的就业压力对于学历层次相对较低的高职生来说,也唯独提高自身的核心竞争力"高技能"才能在就业形式如此严峻的当下占有一席之地,那么对于我们金融类高职生而言,需要学习和掌握的一项基本职业技能就是中文输入。无论毕业后是在公司还是银行,输入的速度直接影响到工作的效率,为了提高输入的速度。

The Middle East and North Africa （MENA） Oil Exporters After the Global Crisis

Our research topic is about the economic situation in the Middle East and North Africa （MENA） oil exporters after the global crisis in 2008. The authors tried to find the answers to the questions such as ＂How bad or good is the situation there？＂ and ＂what is the expectation about the future of the region？＂ Like other countries around the world, the MENA oil exporters, comprised of Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Sudan, United Arab Emirates, Yemen were adversely affected by the global crisis. The MENA oil exporters are recently recovering from their recession in 2009 when the global crisis was felt intensively there. GDP in the region has grown by 3.5 percent in 2010 after a low growth of 0.7 percent in 2009. The average real GDP growth excluding Libya is projected to reach 4.9 percent in 2011. Two developments mark the outlook： the unrest in the region and the surge in global fuel and food prices. For most oil exporters, the expected increase in oil prices and production volumes will lead to higher growth in 2011 and stronger fiscal and external balances, notwithstanding recent increases in government spending. The oil exporters＇ combined external current account surplus is estimated to increase. The effects of the political events in Tunisia and Egypt have spread in varying degrees to the MENA oil exporters in the region, and many of these countries are responding with public spending and job-creation measures to alleviate social tensions. The social unrest also highlights the need to pursue fundamental economic reforms--social policy, fiscal management, governance, business environment, labor markets, and financial sector access to facilitate more inclusive economic growth. While the MENA countries are generally divided into two sub-regions such as ＂oil exporters＂ and ＂oil importers＂ in the economic literature, the authors will deal with only the MENA oil exporters in this work. The negative effects of the global crisis in these countries on growth, inflation, current account balance, budget balance, and finally financial sector will be reviewed in this work and the expectations and the developments which occurred after the crisis in these countries will be dealt with especially in the context of the IMF reports.

The ＂Overissuance of Currency＂ Statement Lacks Scientific Evidence

The ＂overissuance of currency＂ statement has been prevalent in China＇s economics and finance sector for many years, but it is an unscientific argument. Its theoretical basis is that GDP corresponds to currency issued by the central bank but overlooks the fact that what money in circulation really corresponds to is the aggregate price of traded goods （including commodities, labor and financial products）. It also overlooks how fast money is circulated and the production and operation costs incorporated in commodities. Practically, this statement ignores the fact that the remainder of M2-MO in China is made up of various deposits whose direct function is substantially d^fferent Jbom that of currency. The underlying reason for China＇s huge sum of various deposits in M2 is that the proportion of consumption in GDP is decreasing and the investment rate is lower than the savings rate. It is natural for the M2 money supply to outnumber GDP in China. In essence, China＇s CPI growth is the result of price spikes rather than inflation. Accordingly, the major solution should be a combination offinancial policies and administrative measures rather than monetary policies.

Promoting Sustainability with Ecological,Economic and Social Dimensions in Developing Countries

Sustainable development is one of the most important ideas,and goals of our time.It is defined as"development which meets the needs and aspirations of the current generation and develops safe and sound society for future generation".Achieving sustainable development thus involves a vigorous and urgent debate on different dimensions.The different dimensions of sustainability as a framework involve all issues such as science,technology,economic growth and development,health,education,finance investment and trade,politics,natural disasters,population growth and terrorism,etc.No single dimension is responsible to develop sustainable society.This article mainly described the integrated relationship among the three dimensions of sustainability.

The possible effects on the future management of local Italian authorities following the use of financial derivative instruments

The appeal from municipalities, provinces and regions to financial derivative instruments is tied to the need of overcoming the situations in a state of urgency inherent in a balance. On average, one local Italian authority in twenty has decided to underwrite a derivative product, giving life to a number of contracts that had a value of over 35 billion euro with an average value of 6.5 million for each contract until 2007. The boom of swaps has, since 2000 on, experienced a peak period from 2003 to the end of 2005, in which the Euribor rate touched a very low level, maintained itself for long periods at around 2% and fallen in some cases even under this value. Many of the contracts completed before 2006, which link the debt of local authorities to variable rates, but also many of those completed from 2006 onwards that moved debt onto fixed rate, which are now a source of loss for the balance of local authorities that have underwritten them. In the 2002-2008 period, the number of the stipulation of contracts local authorities reported to the Ministry of Economy and Finance is about 900, corresponding to more or less 150 per year, which affected 18 regions, 44 provinces, 532 municipalities and 4 mountain commtmities, for a total of 594 authorities. Therefore, the local authorities have approached the derivative instruments in an often approximate way without a real awareness, both for the conditions that were being negotiated and the effects that they would have produced in perspective. The purpose of this work is to highlight the consequences of the use of derivative instruments on the future management of local authorities.

How to Apply TPM in Equipment Management for Chinese Enterprises

The paper studies an effective way for Chinese enterprises to implement Total Productive Maintenance （TPM） to cut cost and increase efficiency under the impact of financial crisis. It first reviews the definition and objectives of TPM, clarifies how TPM supports lean objectives, and suggests seven steps and essential elements for Chinese enterprises to implement TPM systematically and successfully. The paper also puts the steps and essential elements into practice in a Chinese enterprise, which are proven effective and we hope the proposals are helpful for Chinese enterprises to change their extensive operation in equipment management.

Joseph Hardy Ltd.： Internal Audit for Performance Improvement

This paper features a case study, which looks at the use of financial and non-financial indicators （NFIs） of performance in the monitoring of a production process. It highlights the apparent deficiencies in the use of some indicators and provides opportunities for the implementation of preferred alternatives and for improvements in the organization and evaluation of the production process.

The impact of financial sector development on the economic growth of emerging countries： An empirical study for E-7 countries

Globalization, financial liberalization, financial integration, financial sector, and economic growth have been significant issues for many researchers. The studies have investigated the effects of the above issues to the economic growth of countries both theoretically and empirically. Since there has been conducted an enormous body of work, each of them may be grouped and studied separately. This paper focuses on the impact of financial sector development to economic growth and empirically studies the potential effect on the emerging E-7 countries, consisting of Brazil, China, India, Indonesia, Mexico, the Russian Federation, and Turkey. The study employs panel regression methodology and the data set for modeling Gross Domestic Product （GDP） comprises annual data over 2001-2007, using basic variables which resemble financial sector development, namely market capitalization of listed companies （stock market capitalization）, bank capital to asset ratio, stocks traded, total debt service, foreign direct investments, portfolio investments, real interest rates, and claims on private sector. The analysis indicates that the GDP may be modeled using the above stated macroeconomic variables with considerably high explanatory power, except for the real interest rates and bank capital to asset ratios.

Evaluation of Global Operational Competitiveness With Risk Management

This paper is aiming to connect previous research in global competitiveness analysis, taking the impact of the global financial crisis into account, to evaluate how manufacturing companies are able to manage crisis by adjusting their manufacturing strategy and transformational leadership together with technology level to improve their global operational competitiveness performances. Based on the previous research, we developed a theoretical approach of modeling the core factors which influence the operational competitiveness performance （i.e., manufacturing strategy and transformational leadership with technology level）, into conceptual analytical models to evaluate overall competitiveness. The empirical studies are focused on manufacturing companies in China, Finland, Slovakia, Iceland, and Spain. The case companies are evaluated with the proposed analytical models and their performances are compared in global context to conclude the experience of crisis management.

Three Decades of External Imbalances and Macroeconomic Fundamentals： The Case of Turkey

The paper aims to investigate the current account imbalances in the context of an overview of macroeconomic fundamentals after the liberalization process in Turkey. Two main questions discussed here are： （1） What is the link between liberalization and current account imbalances; （2） What kind of mechanisms ensured this link to become a vicious circle. The period after 1989, Turkey was characterized by significant fluctuations in macroeconomic activity by the implementation of liberalization policies. Once financial liberalization is adopted, Turkey faced with a new challenge： large current account deficits. On the other hand, foreign capital inflows aggravated a lending boom. Because of excessive risk taken by banks, interest rates began to rise. As mentioned above, the paper studies Turkey＇s liberalization process with a number of indicators that point to a fragility of the external balance： unhealthy structure of financial sector, particularly banking sector, large fiscal imbalances, low savings and investment rates, unstable GDP growth. Domestic structural features combining with macroeconomic policy stance and political factors are examined as well