This paper gives a systematic view of the new trends of global carbon finance innovation under the challenge of global climate change and in the process of transition to achieve economic growth from "high carbon&...This paper gives a systematic view of the new trends of global carbon finance innovation under the challenge of global climate change and in the process of transition to achieve economic growth from "high carbon" to 'low carbon",covering the following aspects:the structure,status quo and developing trend of global carbon market.The paper discusses the innovation in financial organization and service systems and governments' overall guidance and policy support,and draws the conclusion that the world is undergoing massive changes with governments actively responding to carbon finance to embrace the tremendous opportunities for clean energy and climate change in financial industry.To seize the opportunity,a complete and overall carbon finance system of China should be put in the top of the agenda.Given the current tasks of energy conservation and pollution reduction and the growing demand for capital input,China needs to construct an clear of policy guidance,a diversified financia service system,and a multi-approach carbon finance system to intensify and widen the participation of financial industry,to expand financing channels for sustainable economy and spread risks,and finally,work out an inexpensive solution to the realization of China's low carbon target.展开更多
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 go...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.展开更多
Since the Crimean crisis, the US has continuously tightened financial sanctions on Russia. In the short term, this doesn't appear to be working very effectively, but in the long run, it has indeed had an irreversi...Since the Crimean crisis, the US has continuously tightened financial sanctions on Russia. In the short term, this doesn't appear to be working very effectively, but in the long run, it has indeed had an irreversible impact on the Russian economy. Though the US has repeatedly upgraded its sanction plans, four puzzles have long remained unsolved: appropriate sanctions have avoided a humanitarian crisis, but raised moral dilemmas; actual enforcement of sanctions is getting more and more difficult; EU cooperation with the US is vital, but the two regions more often than not play different tunes; and the frequent use of sanctions weakens US legitimacy and integrity, leading to a degradation of the sanction mechanism. Sanctions have continued to be implemented since President Trump took office, but with some new adjustments.展开更多
Private financing is a supplementary of financial services and capital market allocation of resources, and it is also an important financing channel for SMEs and an important factor which has great impact on economic ...Private financing is a supplementary of financial services and capital market allocation of resources, and it is also an important financing channel for SMEs and an important factor which has great impact on economic and financial operations. However, with the growing scale of private financing, there are large potential risks which affect the normal operation of private financing, and even affect the long-term development of financial markets. This paper analyzes the current situation of private financing and risks existing in current private financing, and propose some ways to avoid the risk of private financing, to provide a theoretical basis for future research on private financing risks.展开更多
The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how t...The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.展开更多
文摘This paper gives a systematic view of the new trends of global carbon finance innovation under the challenge of global climate change and in the process of transition to achieve economic growth from "high carbon" to 'low carbon",covering the following aspects:the structure,status quo and developing trend of global carbon market.The paper discusses the innovation in financial organization and service systems and governments' overall guidance and policy support,and draws the conclusion that the world is undergoing massive changes with governments actively responding to carbon finance to embrace the tremendous opportunities for clean energy and climate change in financial industry.To seize the opportunity,a complete and overall carbon finance system of China should be put in the top of the agenda.Given the current tasks of energy conservation and pollution reduction and the growing demand for capital input,China needs to construct an clear of policy guidance,a diversified financia service system,and a multi-approach carbon finance system to intensify and widen the participation of financial industry,to expand financing channels for sustainable economy and spread risks,and finally,work out an inexpensive solution to the realization of China's low carbon target.
文摘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.
文摘Since the Crimean crisis, the US has continuously tightened financial sanctions on Russia. In the short term, this doesn't appear to be working very effectively, but in the long run, it has indeed had an irreversible impact on the Russian economy. Though the US has repeatedly upgraded its sanction plans, four puzzles have long remained unsolved: appropriate sanctions have avoided a humanitarian crisis, but raised moral dilemmas; actual enforcement of sanctions is getting more and more difficult; EU cooperation with the US is vital, but the two regions more often than not play different tunes; and the frequent use of sanctions weakens US legitimacy and integrity, leading to a degradation of the sanction mechanism. Sanctions have continued to be implemented since President Trump took office, but with some new adjustments.
文摘Private financing is a supplementary of financial services and capital market allocation of resources, and it is also an important financing channel for SMEs and an important factor which has great impact on economic and financial operations. However, with the growing scale of private financing, there are large potential risks which affect the normal operation of private financing, and even affect the long-term development of financial markets. This paper analyzes the current situation of private financing and risks existing in current private financing, and propose some ways to avoid the risk of private financing, to provide a theoretical basis for future research on private financing risks.
基金Under the auspices of International Centre for China Development Studies,the University of Hong Kong
文摘The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.
