基于财务分析的美国五大投资银行风险实证研究

证券市场IPO重启、创业板开市为中国资本市场注入新的活力,与此同时,创设权证、回购以及集合理财等新兴业务为中国证券公司提供了广阔的业务发展空间。然而次贷危机引发的全球金融危机使美国五大投资银行遭受巨大冲击,五大投行也因此最终走向破产或转型。本文从美国五大投资银行的财务报表出发,深入分析次贷危机爆发前后五大投行的业务结构和收入来源变化,从而揭示五大投行在危机中纷纷崩溃的原因,以此为中国资本市场特别是证券公司的稳健运营和发展提供有益的经验借鉴。

Effects of Social Security Spending on Income Distribution and Poverty Reduction in China

Reasonable income distribution and eradication of rural poverty are vital for building a moderately prosperous society in all respects in China.This paper primarily examines the income distribution and poverty reduction effects of social security spending.Market income and redistribution policies are two determinants of income gaps.Based on CHIP2018 household survey data,we find that inadequate income redistribution policies have contributed to yawning income gaps,and that social security spending is more redistributive than personal income tax and social security contributions.After estimating the redistribution effects of social security spending and itemized incomes,we find that pension payments have contributed the most to household income gaps,and that subsistence protection and rural pension payments help improve income distribution.With respect to the poverty reduction effects of social security spending,we have estimated China’s current poverty incidence and the poverty reduction effects of pension payments,healthcare,and educational allowances with CHIP2018 data,and discover that an increase in social security spending may effectively reduce rural poverty.In building a moderately prosperous society in all respects,China should increase social security spending,focusing on specific target groups,and promote the role of social security spending in regulating income distribution and offering social protection to rural residents.

银行信贷行为对房地产泡沫的影响探讨

一直以来房地产开发投资的资金主要还是来源于银行信贷。最近几年，我国房屋价格不断的上涨，房地产开发投资的力度也不断加大，这使得银行的信贷也随之急剧增加，而且信贷的增加对房地产泡沫也有着一定的影响。本文从银行信贷行为与房地产泡沫的关系出发，分析了银行信贷行为对房地产泡沫的影响，并基于房地产信贷行为，提出了房地产发展的相关意见和建议。