Abstract: Due to the existence of noise trading in the foreign exchange market, effective supervision by the central bank is indispensable. However, the central bank’s information asymmetry in the market supervision of investor types has brought great challenges to effective risk prevention and control. Therefore, we propose a macro-prudential supervision model for the foreign exchange market under the condition of information asymmetry. Based on the historical trading behavior of traders, we predict the future trading strategy of investors and conduct macro-prudential supervision correspondingly. In order to make the model more practical, we further optimize the model as the weight interval information asymmetry macro-prudential supervision model which requires macro-prudential management only when the proportion of noise traders exceeds a certain level. Through Monte Carlo simulation, we find that the macro-prudential supervision model under asymmetric information can effectively reduce the irrational fluctuation of exchange rate caused by noise trading. Optimized weight interval information asymmetric macro-prudential supervision model has a supervisory effect close to that of the basic information asymmetry macro-prudential model, but its regulatory cost is lower, so it has more practical value.
Abstract: Since China is in the “new normal” economy, China’s economic development has begun to slow down. Improving Financial Marketization, stimulating the vitality of small and medium-sized enterprises, and steadily completing the supply-side reform are the best choice to cope with the downward trend of China’s economic growth. As an important financial product to serve the real economy, commercial paper is full of advantages such as deferred payment, short term, strong liquidity, and meet the short term financing demand of small and medium-sized enterprises with small amount and high frequency. This paper takes the operation of commercial paper in Shanghai from 2014 to 2018 as an example, analyzes the overall condition of commercial paper market, industry distribution, the current situation of bill circulation and bill default. This paper argues that information asymmetry, financing qualifications, financing costs and corporate credit are the inherent reasons affecting the development of commercial bill market and SMEs financing. In the future, we can optimize bill management based on block chain technology, carry out financing bill business in time and accelerate the development of supply chain bill financing business so as to promote the development of bill market.
Key word: financial market; bill market; commercial paper; small and medium-sized enterprises; financing; block chain technology
Abstract: Serving the real economy is the top of the three major tasks of financial work. Enhancing the ability and level of financial support for the real economy is very important and significant for completing the building of a moderately prosperous society and winning the three major battles. In recent years, financial support for the real economy has achieved certain effects in Henan Province. The empirical analysis shows that total loans especially the secondary industry loan have obvious positive effects on economic growth. Among the various loans of the secondary industry, industrial loans have the highest efficiency in supporting economic growth and investment growth.Increasing industrial credit input especially manufacturing credit input,is conducive to enhancing the endogenous impetus of economic growth. At present, there are still some problems in Henan's financial development. It is urgent to strengthen the financial development ability, continuously improve the financing environment, optimize the financing structure of enterprises, and comprehensively improve the quality and effectiveness of financial services for real economic development.
Key words: finance; the real economy; the total amount of financing; support efficiency
Abstract: As a new type of internet finance industry, crowdfunding continuously integrates with traditional industries in real life and generates new products. As a result, property crowdfunding has emerged. After nearly three years of natural growth, property crowdfunding industry has also exposed many problems as its rapid development. Governments, crowdfunding platforms and investors should all pay enough attention to improving themselves and maintaining the healthy development of the industry.
Key words: internet finance; property crowdfunding; automobile crowdfunding
Abstract: By analysing the practical experience of insurance innovation and system supply in domestic free trade zones, the development of commercial insurance innovation in China（Henan）Pilot Free Trade Zone cannot be separated from the market and the government support. It is necessary to improve the market mechanism by increasing the number of insurance providers and carrying out insurance innovation according to local conditions. This paper analyzes the issues of "market failure" resulting from insufficient supply and demand as well as the mismatch between innovative approaches and inadequate system supply. The innovative development of commercial insurance should be brought into the overall arrangement of China（Henan）Pilot Free Trade Zone. The insurance industry chain should be perfected by leading and serving with the help of the “trial first” advantage of the free trade zone. Therefore, the goal is to establish the regional insurance center. Meanwhile, it is important to promote the development functional position of modern insurance services in Henan through the support of risk management and risk protection. Thus, decisions concerning the path selection could be made and supporting measures could be put forward.