Abstract: The financial crisis has different economic impacts on different countries. This paper focuses on the impact of financial shocks on the adoption of standard Taylor rules and constant interest rate rules in the country. The study finds that: (1) The short-term interest rate monetary policy rules will amplify the impact of financial shocks on economic fluctuations, and the long-term impact on economic fluctuations will gradually weaken. Technical shocks and professional investment shocks will also make the impact of economic fluctuations weaker as the long-term interest rate period is longer; (2) Under the background of low interest rates, financial shocks make fiscal policy under the constant interest rate rule more effective in restoring the economy; (3) Mechanism analysis It is found that the difference between the lower interest rate rule and the standard Taylor rule affects the economic fluctuation, mainly through the fluctuation of the restricted interest rate, which leads to the inability to stabilize the formation of economic fluctuations in a timely manner. Further comparison proves that the Taylor rule is the most effective economy. This paper provides a new perspective for the study of the effectiveness of China’s monetary policy.
Key words: monetary policy; financial crisis; Macro-regulation; financial shock; Taylor rule; lower limit of constant interest rate
Abstract: Sharing finance is a new financial format with promising prospects. It provides a mechanism for the realization of financial inclusion, the main contradiction of the society, and the construction of a community of human destiny.At present, the development of sharing finance is constrained by the fragmentation of service platforms, the lack of credit mechanisms and the imperfect supervision system. Under the perspective of the new era, China should unswervingly implement the "sharing" new development concept, build a unified sharing financial service platform, improve the efficient credit system and establish a balanced supervision mechanism of sharing finance to create sustainable sharing financial ecosystem.
Abstract: Using the data of listed companies on the GEM of Shenzhen Stock Exchange as a sample, this paper tested the relationship between the characteristics of the company secretary team and the company's visibility and performance through Propensity Score Matching, Multiple Regression Analysisandmoderate effect test. The results showed that team size and team age significantly affected the company’s visibility and performance. The larger the team, the older the team members, the more attractive to institutional investors, analysts and the media, and further enhance the value of the company. On the contrary, the influence of the education level of the team members was not significant. Furthermore, the remunerationof board secretary had significant mediate effect of team performance, thereforebased on the team building, we should pay more attention to the incentive of the core leaders in order to stabilize the performance of the company. And secretary turnover, hold other duties, highly educated and financial background were not affect the stability of secretary team. In response to the secretary turnover tidal of the GEM, this paper provided empirical support for the construction of secretary team.
Abstract: In recent years, in order to solve the problem of financing in PPP projects, the Development and Reform Commission and the Ministry of Finance have issued documents to encourage asset securitization of PPP projects. Theoretical exploration has been made to the asset securitization of PPP projects. However, its development process has not been smooth. There have three methods of asset securitization in PPP projects in China: credit asset securitization, asset support special plans, and asset-backed notes. However, there also have six major problems in the asset securitization of PPP projects in China. On this basis, this paper draws on the experience of asset securitization of PPP projects in India over the past decade, and gives relevant suggestions on how to carry out asset securitization of PPP projects in China.
Key words: public-private partnership; asset-backed securities; experience and reference
Abstract: Based on the survey data of four national level poverty counties of shaanxi province of 1080 poverty households gettingsubsidised loans, using PSM to make a systematically empirical analysis of the income growth effect and the precision of loan useunder the agricultural supply chain financing .It arrives at the results as follows: firstly, compared with the direct loans from the Banks, thepoverty alleviation effect of attending agricultural supply chain loans is more significant, and participating in the “bank + agricultural enterprise + professional cooperatives+thepoor” supply chain financingbrings higher income than participating in “bank + professional cooperatives+ the poor” supply chain financing.Secondly, Both kinds of supply chain financing can significantly improve the precision of the use of poverty alleviation subsidised loans and reduce moral hazard.
Key words: agricutural supply chain; financing ; precision poverty alleviation; peasants’ income increase; loan use