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《金融理论与实践》2019年第5期

作者:金融理论与实践
时间:2019年06月04日        字体:           点击量:

  棉花价格保险的探索与思考——基于新疆生产建设兵团的实践

  程文明1a,1b,王 力1a,1b,赵新民1a,1b,刘景德2

  (1.石河子大学 a.经济与管理学院 b.棉花经济研究中心,新疆 石河子 832000;

  2.新疆农垦科学院,新疆 石河子 832000)

  摘要:棉花价格保险是在WTO“黄箱”规则约束下进行的新型棉花补贴方式的有益探索。2017年在新疆生产建设兵团第六师进行了棉花价格保险的试点工作,试点有效保障了棉农的收益、提高了对农户的补贴效率,属于纯商业保险的试点工作,具有农户操作简单方便的特点;但是棉花价格保险的试点中在保费确定、保障水平、农户败德行为约束等方面仍然存在诸多不足。建议加快建立起科学的保费确定方式;加强农户保险培训教育;保险公司应提升自我服务水平,改善在农户心中的形象;加快健全棉花价格保险的运行机制和监管机制;并对下一步棉花补贴政策改革提出了相应的思考。

  关键词:保险市场;棉花;价格保险;目标价格补贴;WTO规则;新疆生产建设兵团

  文章编号:1003-4625(2019)05-0001-08      中图分类号:F840.6      文献标识码:A

  Abstract: Cotton price insurance is a beneficial exploration of New Cotton Subsidy mode under the restriction of WTO “amber box” rule. In 2017, the pilot work of cotton price insurance was carried out in the sixth division of Xinjiang Production and Construction Corps. The pilot work effectively guaranteed the income of cotton farmers and improved the efficiency of subsidy to farmers. It belongs to the pilot work of pure commercial insurance and has the characteristics of simple and convenient operation for farmers. However, in the pilot project of cotton price insurance, the determination of premium, the level of security and the restraint of farmers’ morality are the main factors. There are still many deficiencies. It is suggested that we should speed up the establishment of a scientific way to determine insurance premiums, strengthen the training and education of farmers’ insurance, improve the self-service level of insurance companies, improve the image of farmers, and speed up the improvement in the operation mechanism and supervision mechanism of cotton price insurance. And put forward corresponding thinking on the next step of cotton subsidy policy reform.

  Key words: insurance market; cotton; price insurance; target price subsidy; WTO rules; xinjiang production and construction corps

  家庭农场、资金需求紧迫与借贷渠道——基于背景风险和家庭农场特征的实证分析

  付剑茹,吴程灵

  (江西师范大学,江西 南昌 330022)

  摘要:是否有资金需求与资金需求紧迫二者之间存在较大区别。当资金需求极度紧迫时,家庭农场发展受阻,生存面临威胁;当家庭农场面临资金危机时,外部融资至关重要。利用江西省和上海市两地调研的微观数据,先后对家庭农场资金需求紧迫的影响因素以及两类外源融资渠道的特点和差异进行探究。研究表明,背景风险因子和家庭农场特征因子均会显著影响家庭农场面临资金需求紧迫的概率;银行类正规金融借贷和民间借贷两类渠道存在较大的差异。

  关键词:农村金融;家庭农场;资金紧迫;借贷能力;信度与效度检验;主成分分析

  文章编号:1003-4625(2019)05-0009-09      中图分类号:F830.58      文献标识码:A

  家庭金融研究综述——基于金融市场参与的视角

  尹 豪

  (对外经济贸易大学 金融学院,北京 100029)

  摘要:作为金融学研究的一个新兴领域,家庭金融近年来取得了许多新成果。其中,金融市场“有限参与”之谜引起了国内外学者最广泛的关注。从金融市场参与的视角,回顾了近年来家庭金融研究的新进展。国内外许多研究发现背景风险、参与成本、异质性信念、非标准偏好和社会互动行为等因素对居民家庭金融市场参与产生显著的影响。这些因素是经典投资组合理论没有捕捉到的居民家庭实际面临的约束。由于家庭金融数据难以被准确地度量,家庭金融的研究依然具有挑战性。

  关键词:家庭金融;金融市场参与;参与成本;非标准偏好;社会互动

  文章编号:1003-4625(2019)05-0018-08      中图分类号:F830.589      文献标识码:A

  Abstract: As a new field of financial studies, household finance has made many new achievements in recent years. Particularly, the puzzle of “limited participation” in financial market has attracted the widest attention of scholars. From the perspective of financial market participation, this paper reviews the new progress of household finance research in recent years. Many studies have found that background risk, participation cost, heterogeneous beliefs, non-standard preferences and social interaction behavior have a significant impact on household financial market participation. These factors are constraints that the classical portfolio theory fails to capture. Because household behavior is difficult to measure accurately, the research on household finance is still challenging.

  Key words: household finance; financial market participation; participation cost; non-standard preference; social interaction

  区块链技术驱动养殖业保险发展研究

  唐金成,杜先培

  (广西大学 商学院,广西 南宁 530004)

  摘要:基于区块链技术的内涵与特点,对区块链技术与养殖业保险进行嵌合性分析,总结了国内正在开展的养殖业保险试点项目,并从技术层面、安全层面、成本层面,指出在养殖业保险领域应用区块链技术面临的挑战。最后从政府和保险企业两个层面提出:高度重视养殖业保险区块链技术的实践,加快推进行业顶层设计;加强对外合作,学习国外先进技术;强化政府监管,引导养殖业保险科学有序发展;加强区块链技术储备与人才培养,保障技术与人才供给;循序渐进推广,注重构建碎片和场景化应用;深挖养殖保险大数据,打造保险企业核心竞争力;维护保险公司权益,做好专利技术保护工作等对策建议,以推动我国养殖业保险稳步有序发展。

  关键词:农业保险;区块链;养殖业保险;场景应用

  文章编号:1003-4625(2019)05-0026-06      中图分类号:F840.66      文献标识码:A

  美国CCAR压力测试实践及对我国证券行业的启示

  周艳利1,2

  (1.北京大学 光华管理学院,北京 100871;2.广发证券股份有限公司,广东 广州 510075)

  摘要:2008年金融危机后,压力测试逐渐成为各国金融监管当局危机管理和前瞻性分析的重要工具。作为危机策源地的美国,在金融危机后推出CCAR综合性资本评估计划,以压力测试为基础,监管改革全面升级。相比之下,我国金融行业的压力测试才刚起步,且主要为银行业,证券行业的压力测试不仅落后于国际一流投行,也落后于国内银行业。有鉴于此,立足于我国证券行业,首先对压力测试的定义、特点进行了全面研究,其次总结梳理了美国CCAR的实践经验,最后结合我国证券行业压力测试现状,从证券公司和监管机构两个角度探索了CCAR对我国证券行业压力测试的借鉴经验和启示。

  关键词:证券行业;风险管理;压力测试;CCAR

  文章编号:1003-4625(2019)05-0032-07      中图分类号:F832.5      文献标识码:A

  中国基建投资的高质量发展:误区、潜力与建议

  石锦建1,2,刘康一3

  (1.中证金融研究院,北京 100033;2.中国社科院金融所,北京 100028;

  3.清华大学 经济管理学院,北京 100084)

  摘要:当前中国经济面临较大下行压力,需要充分发挥基建投资的逆周期调节作用,以确保经济运行在合理区间;然而,近年来学术界和政策界对于通过促基建来稳增长的逆周期调节方式存在一些担心和顾虑。对基建投资认识的三大误区是产生以上担心和顾虑的主要原因,并对这些误区分别予以澄清。进一步的分析表明,中国基建投资增长仍存在较大潜力和空间。

  关键词:基建投资;经济增长;误区;潜力;高质量发展

  文章编号:1003-4625(2019)05-0039-04      中图分类号:F830.55      文献标识码:A

  金融效率测度指标探讨

  周现国

  (首都经济贸易大学,北京 100013)

  摘要:近年来,金融效率成为金融发展研究的重点内容,在新时代经济发展背景下,我国从高速发展转为中高速发展,金融业的可持续发展也应从以金融规模为核心调整为以提升金融效率为核心。由于对金融的研究起步较晚,国内外对金融效率并无统一的定义,而金融效率的测度量化指标体系也并无统一,因此,在前人研究的基础上,试着提出了金融效率的定义,并分金融业本身及金融业影响整体经济产出两个层次探讨了测度金融效率的指标,提出了测度金融效率的15个指标,并对指标的可能应用方向作了简单的归纳与介绍。在提出指标之后,对各指标的数据来源进行了简单的搜索,基本上确定了数据来源。

  关键词:金融业;金融效率;测度指标

  文章编号:1003-4625(2019)05-0043-07      中图分类号:F830      文献标识码:A

  Abstract: In recent years, financial efficiency has become the focus of financial development research. Under the background of economic development in the new era, China has changed from high-speed development to medium-high-speed development. The sustainable development of financial industry should also be adjusted from the financial scale as the core to the improvement of financial efficiency as the core. Because of the late start of financial research, there is no uniform definition of financial efficiency at home and abroad, and the measurement index system of financial efficiency is not uniform. Therefore, on the basis of previous studies, this paper tries to put forward the definition of financial efficiency, and discusses the indicators of measuring financial efficiency at two levels: the financial industry itself and the impact of financial industry on the overall economic output. Fifteen indicators are used to measure financial efficiency, and the possible application directions of these indicators are briefly summarized and introduced. After putting forward the indicators, this paper makes a simple search for the data sources of the indicators, and basically determines the data sources.

  Key words: financial industry; financialefficiency; indicators

  基于VAR模型的金融支持实体经济实证分析

  马梓焴,赵连荣,李 莉

  [中国地质大学(北京) 经济管理学院,北京 100083]

  摘要:运用格兰杰检验等实证分析方法分析金融业增加值与经济增长的关系。并在此基础上,尝试从其他存款性金融机构资产配置的角度解释为什么金融业增加值快速增长。通过VAR模型构建发现其他存款性金融机构将新增资金分配至金融业或者实体经济领域,短期来看资金配置于金融业的贡献程度要高于实体经济的贡献程度,但资金配置于实体经济的贡献程度在长期内会趋于稳定并产生持续贡献。金融业资金在内部转动是我国金融业增加值近些年快速增长的可能原因。实证结果从数量关系角度解读了中国金融业增加值快速增长与金融业资金配置之间的因果关系。

  关键词:实体经济;GDP;金融业增加值;VAR模型

  文章编号:1003-4625(2019)05-0050-06      中图分类号:F830      文献标识码:A

  Abstract: This paper uses Granger test and other empirical analysis methods to analyze the relationship between financial industry added value and economic growth. On this basis, this paper tries to explain why the financial industry added value is growing rapidly from the perspective of asset allocation of other depository financial institutions. The VAR model shows that other depository financial institutions allocate new funds to the financial or the real economy. In the short run, the contribution of capital allocation to the financial is higher than that of the real economy, but the contribution of capital allocation to the real economy tends to be stable in the long run and produces sustained contributions. The internal rotation of financial funds is the driving force for the rapid growth of China’s financial in recent years. The empirical results interpret the causal relationship between the rapid growth of financial industry added value and the allocation of financial funds from the quantitative perspective.

  Key words: real economy; GDP; financial industry added value; VAR mode

  专利证券化中的信息披露制度法律完善

  赵腾宇

  (天津工业大学 法学院,天津 300387)

  摘要:专利证券化中的信息披露是一种基于保护投资者权益的重要制度,其执行过程应当真实、完整、准确、及时。然而现实中仍存在诸多问题,主要包括立法层面的法律法规不健全,实施层面的基础资产不确定,以及专利证券化过程中的信息披露法定义务人之责任分配与责任追究不明确等现实问题。所以,应当通过完善相关法律法规,建立更为科学的专利评估机制,引入第三方监管模式等手段,对信息披露加以规范完善和综合改进,以实现信息披露的制度价值。

  关键词:专利证券化;信息披露;投资者保护

  文章编号:1003-4625(2019)05-0056-08      中图分类号:F830.91      文献标识码:A

  Abstract: Information disclosure in patent securitization is an important system based on the protection of investor rights, and its implementation process should be truthful, complete, accurate and timely. However, there are still many problems in the reality, including the imperfect laws and regulations at the legislative level, the uncertainty of the basic assets at the implementation level, and the unclear distribution of responsibility and accountability of legal disclosure obligations in the process of patent securitization. Therefore, it is necessary to improve the relevant laws and regulations, establish a more scientific patent evaluation mechanism, introduce third-party supervision models and other means, and standardize and comprehensively improve information disclosure to achieve the institutional value of information disclosure.

  Key words: patent securitization; information disclosure; investor protection

  中小银行大零售战略转型研究——基于美西银行的经验与启示

  王 婷

  (南京银行 发展规划部,江苏 南京 210008)

  摘要:当前经济金融形势下,商业银行既有经营模式面临挑战。通过分析美西银行的大零售战略及实施路径,结合中小银行发展现状,认为大零售对于商业银行尤其是中小银行应对利率市场化、满足客户多元化需求、抵抗下行经济周期、应对竞争新格局具有重要意义。国内中小银行面临组织架构、经营管理模式、科技基础等方面的挑战,但已具备实施大零售战略的条件,可以根据自身整体发展战略、发展阶段、业务特色等综合选择战略重点及实施路径,并针对中小银行提出了组织架构重构、完善业务体系、加强科技支撑,统筹渠道资源、推动战略合作五个方面的策略建议。

  关键词:商业银行;中小银行;大零售;战略;转型;综合化经营

  文章编号:1003-4625(2019)05-0064-08      中图分类号:F830.3      文献标识码:A

  刍议我国区域性股权市场融资能力的提升

  王小鹏1,许晓初1,2,许亦红2

  (1.西安石油大学 经济管理学院,陕西 西安 710065;2.陕西股权交易中心股份有限公司,陕西 西安 710077)

  摘要:区域性股权市场是我国多层次资本市场的重要组成部分,近年来在各级政府政策支持下,已基本形成了“一省一市场”的格局。首先对全国各省区域性股权市场的成立时间、注册资本、主要股东、挂牌企业数量、融资方式、融资金额、区域分布等进行了基本统计。进一步,分析认为区域性股权市场存在诸如监管主体过多、转板通道不畅、信息披露不健全、产品创新不足等问题。最后,政策建议:政府层面应明确地方政府区域性股权市场“参与者”角色,鼓励金融资源向区域资本市场聚集,明确区域性股权市场参与国企混改;市场层面应探索转板机制,健全信息披露制度;中介机构层面扩大对外交流与舆论宣传;运营机构应加强股权融资研究,创新金融产品,做实增值服务等。

  关键词:资本市场;融资能力;政府监管;转板机制;金融创新;国企混改;股权融资

  文章编号:1003-4625(2019)05-0072-08      中图分类号:F830.91      文献标识码:A

  基于GARCH模型的波动率与隐含波动率的实证分析——以上证50ETF期权为例

  杨晓辉1,王裕彬2

  (1.河北大学 管理学院,河北 保定 071000;2.河北金融学院,河北 保定 071000)

  摘要:波动率表征未来一定期限内标的资产收益率波动的标准差,是研究衍生品交易的重要指标,受到市场交易主体的高度关注。2015年上证50ETF股指期权公开挂牌交易,填补了我国金融市场上期权交易空白,同时研究其隐含波动率变动率具有重要理论价值和实践意义。以上证50ETF指数基金为标的,利用GARCH模型对其进行历史波动率研究,然后用Black-Scholes模型反推50ETF股指看涨期权的隐含波动率。研究表明,上证50ETF波动率“尖峰厚尾”、波动率聚集、长记忆性特性得到验证;同时实证结果表明隐含波动率数值相较于历史波动率研判结果相对准确。

  关键词:股指期权;GARCH模型;隐含波动率;上证50ETF

  文章编号:1003-4625(2019)05-0080-06      中图分类号:F830.95      文献标识码:A

  保险产品在农村牧区的扶贫减贫效果评价——基于内蒙古自治区680份农牧户问卷调查数据

  李 傲,赵元凤

  (内蒙古农业大学,内蒙古 呼和浩特 010019)

  摘要:为了有效识别保险产品对农牧区贫困户的扶贫减贫效果,基于内蒙古自治区680份农牧户问卷调查数据,在梳理保险扶贫作用机理基础上,分析了贫困农牧户的主要特征,论证了农业保险、新农保、新农合等主要保险产品减轻农牧户贫困状况的效果;同时,调研数据也揭示出:目前的保险制度安排及产品特征制约了保险的扶贫减贫效果,并在此基础上提出了促进保险助力农村扶贫的政策建议。通过对农村地区保险产品在扶贫上效果的多方面评价和建议,为各级政府和保险经营主体采用针对性政策参与解决农村地区贫困问题提供参考,对国家精准扶贫战略目标的顺利实现和各地区完成扶贫减贫任务具有重要的现实意义。

  关键词:农村贫困;保险扶贫;农村经济;问卷调查

  文章编号:1003-4625(2019)05-0086-09      中图分类号:F840.66      文献标识码:A

  Abstract: In order to identify the effect of insurance on poverty alleviation in rural and pastoral areas, use the questionnaire data of 680 households in Inner Mongolia Autonomous Region, based on the poverty alleviation mechanism of insurance to analyze the characteristics of poor farmers. It demonstrates the effects of major insurance products on povertyalleviatingof farmers. Meanwhile,thedatareveals that the current insurance system and product characteristics restrict the poverty alleviation effect of insurance. On this basis, it puts forward policy recommendations to promote insurance to help rural poverty alleviation. This paper provides references for the government and insurance business firms to adopt targeted policies to participate in solvingrural poverty problemsthrough the multi-faceted evaluations and suggestions on the effects of insurance products. Ithave important practical significancesonthe completions of regional poverty alleviation and poverty reduction tasks.

  Key words: rural poverty; poverty alleviation by insurance; rural economy; questionnaire survey

  “一带一路”背景下保险资金资产配置优化研究

  刘树枫1,鲜 芮1,余家楣2

  (1.西安财经大学 经济学院,陕西 西安 710100;2.西安财经大学 经济学院 陕西信用研究中心,陕西 西安 710100)

  摘要:基于资产配置理论及经典Markowitz模型,选取2013—2017年保险资金投资项目相关数据,对保险资金资产配置中的投资组合渠道及各投资项目比重两方面进行优化研究,得到结论为:(1)在风险一定的情况下,通过对保险资金各投资项目比例的优化,险资投资收益较现实收益有明显上升;(2)将“一带一路”投资纳入保险资金投资组合,在拓宽保险资金投资渠道的情况下,投资组合收益不仅高于现阶段我国保险行业的实际投资收益,亦高于对传统投资组合各资产比重进行优化时的投资收益,且风险并未上升。因此,我国保险行业在进行投资时,一方面要更加注重安全性,避免对高风险资产的过度追求;另一方面要适度拓宽投资渠道,对风险适中且具备较高收益的新资产应加大投资力度。

  关键词:“一带一路”;保险资金;资产组合;马科维兹模型

  文章编号:1003-4625(2019)05-0095-08      中图分类号:F840.5      文献标识码:A

  Abstract: Based on the asset allocation theory and the classical Markowitz model, this paper chooses the relevant data of insurance fund investment from 2013 to 2017 to optimize the investment channels and the proportion of each investment project in the asset allocation of insurance funds. The conclusions are as follows: (1)Under certain risks, according to optimizing the proportion of investment in insurance funds, the return of insurance investment is obviously higher than the real return; (2)The investment of “one belt and one road” is integrated into the investment channels of insurance funds, the portfolio returns are not only higher than the returns of the real return, but also higher than the return of optimizing the proportion of assets based on the traditional portfolio, and the risk has not risen. Therefore, when the insurance industry invests, on the one hand we should pay more attention to safety and avoid excessive pursuit of high- risk assets; one the other hand, we should broaden investment channels appropriately, and strengthen investment in new asset with moderate risk and high returns.

  Key words: one belt and one road; insurance fund; portfolio; markowitz model

  P2P平台下农村供应链融资的风险控制策略研究

  刘 超,朱高宏,康艳青

  (郑州大学 管理工程学院,河南 郑州 450001)

  摘要:农村供应链融资是P2P平台服务农村金融的新型模式,基于演化博弈理论构建借款农户、核心企业与P2P平台的三方演化博弈模型,分析各融资主体行为选择及演化稳定策略,并采用数值仿真模拟系统探讨决策参数对演化轨迹的影响。研究发现:融资主体间的行为策略彼此相互影响,任何一方行为决策同时受到其他两方制约;控制融资额度、降低违约获取的超额收益能够有效降低融资风险;融资审核、监管成本对于核心企业与P2P平台的策略选择具有较大影响;违约成本、正向激励机制及完善的信息披露机制能够有效制约融资不良行为发生。

  关键词:农村供应链融资;P2P平台;风险控制;演化博弈

  文章编号:1003-4625(2019)05-0103-09      中图分类号:F832.43      文献标识码:A

  Abstract: Rural supply chain finance is a new mode of P2P platform to serve rural finance. This paper constructs a three-party game model of borrowing farmers, core enterprises and P2P platforms by means of evolutionary game theory. Analysis the behavioral strategy selection and evolutionary stability strategies of each game subject. Exploring the influence of decision parameters on evolution trajectories by using numerical simulation simulation system. The paper find that the behavioral strategies among financing entities interact with each other, and any one’s behavioral decisions are simultaneously restricted by other two parties. The behavioral strategies among the financing entities interact with each other, and any game entity behavior decision is simultaneously restricted by the other two parties. It can effectively reduce the financing risk by controlling the financing amount and reducing the excess income from breach of contract. The strategic choice of P2P platform and core enterprises is greatly affected by the review of financing and supervision costs. Default cost, positive incentive mechanism and perfect information disclosure mechanism can effectively restrict the occurrence of bad financing behaviors.

  Key words: rural supply chain finance; P2P platform; risk control; evolutionary game

  浅论我国乡村振兴金融的公共品属性及其影响与建议

  刘树新

  (中国人民银行梅州市中心支行,广东 梅州 514021)

  摘要:乡村振兴金融是指为实现我国乡村振兴战略目标而开展的一系列投融资活动,其所承担的政策义务和政治责任决定了其具有很强的公共品属性。公共品属性对乡村振兴金融产生重大影响,造成其供给动力不足,供给失效和失衡现象。要充分考虑乡村振兴金融的公共品属性,同时发挥政府和市场的优势,改变对政府“单中心”主导供给的依赖,创造更加有利于多方参与的条件,探索多元化的“多中心”供给模式。

  关键词:乡村振兴;农村金融;乡村振兴金融;金融公共品;公共品属性

  文章编号:1003-4625(2019)05-0112-07      中图分类号:F832.43      文献标识码:A

《金融理论与实践》2019年5期之目录(copy)_Print.pdf

《金融理论与实践》2019年5期之内文(copy)_Print.pdf

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