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《金融理论与实践》2021年第8期

作者:金融理论与实践
时间:2021年12月23日        字体:           

  中原解放区中州币的发行实践与启示

  刘祥谦1,刘俊峰2

  (1.中国人民银行郑州中心支行,河南 郑州 450018;2.中国人民银行信阳市中心支行,河南 信阳 464000)

  摘要:中州币[①]是解放战争时期中州农民银行在中原解放区发行的货币。中州币的发行促进了地方生产,繁荣了经济,保证了军队所需军用物资和生活用品的供应,有力地支持了淮海战役、渡江战役的迅速推进,是中国红色货币的典型代表。1948年,为巩固中原解放区,支援大兵团作战,建立解放区政权,发行货币势在必行。面对中原解放区内国民政府发行的法币、银元和其他根据地友币并存的复杂局面,中州币的发行确立了经费发行、贸易采购、兑换发行、贷款发行四个发行渠道,通过锚定战时紧缺物资、与银元挂钩、以财政税收进行担保增加中州币信用,将货币发行与群众经济生活紧密结合,从而提高中州币接受程度,通过精确、合理计算货币发行量等手段维护币值的稳定。此外,为迅速确立中州币在解放区的本币地位,必须与法币、银元开展货币斗争。通过研究中州币发行的历史发现,坚持党对金融工作的集中统一领导、金融发展必须服务实体经济、始终遵循金融发展规律等,对新时期金融改革发展依然具有很大的启示和借鉴意义。

  关键词:中州币;货币发行;货币斗争;红色金融史

  文章编号:1003-4625(2021)08-0001-08      中图分类号:F820.3      文献标识码:A

  Abstract: The issuance of the Zhongzhou currency, which was issued by the Zhongzhou Peasant Bank in the liberated area of Zhongyuan during the war of liberation, promoted local production, prospered the economy and ensured the supply of military supplies and daily necessities for the army, it strongly supported the rapid advance of the campaigns of the Huaihai Campaign and the crossing of the Yangtze River, and was a typical example of China’s red currency. In 1948, in order to consolidate the liberated area of Zhongyuan, support the Army Corps to fight and establish the regime of the liberated area, the issue of currency was imperative. In the face of the complicated situation of the legal currency (also known as the “chiang-bi” or “Fa-bi” for short), silver dollar and other friendly currencies issued by the Kuomintang in the liberated areas of Zhongyuan, the issue of the central state currency established four channels of issuing funds, purchasing trade, issuing exchange and issuing loans, which increased the credit of the central state currency by anchoring the wartime shortage of materials, linking it to the silver dollar, and guaranteeing it with financial and tax revenue, the currency issue will be closely combined with the economic life of the masses to improve the acceptance of the money supply currency and maintain the stability of the currency value by means of accurate and reasonable calculation. In addition, in order to establish the local currency status of Zhongzhou currency in the liberated area, we must carry out currency struggle with the legal currency and silver dollar. Through the study of the history of the issuance of Zhongzhou currency, we found that the party’s centralized and unified leadership over the financial work must be upheld, the financial development must serve the real economy, and the law of financial development must always be followed, it is still of great enlightenment and reference significance to the financial development in the new period.

  Key words: zhongzhou currency; currency issue; currency struggle; red financial history

  数字金融与金融资源配置

  马芬芬1,2,王满仓3

  (1.西北大学 经济管理学院,陕西 西安 710127;2.榆林学院 管理学院,陕西 榆林 719000;3.西安欧亚学院 金融学院,陕西 西安 710065)

  摘要:金融资源优化配置是增强金融服务实体经济能力的重要手段之一。将2011—2018年省级层面的数字普惠金融指数和沪深两市A股上市公司的数据进行匹配,探讨数字金融发展对金融资源配置效率的影响及其理论机理。研究结果表明,数字金融发展水平越高,区域内企业的金融错配越低,金融资源配置效率越高。异质性分析表明,数字金融主要降低民营企业和中小企业的金融错配,缓解了信贷市场存在的“所有制歧视”和“规模歧视”。金融市场化程度越高的地区,数字金融提升金融资源配置效率的作用越大,该地区更应该大力推进数字金融发展。研究结论为增强金融服务实体经济的能力提供可靠的经验证据和政策启示。

  关键词:数字金融;金融资源配置;融资约束

  文章编号:1003-4625(2021)08-0009-11      中图分类号:F832.39      文献标识码:A

  Abstract: Optimal allocation of financial resources is one of the important means to enhance the ability of financial services to the real economy. In this paper, the digital financial inclusion index at the provincial level from 2011 to 2018 was matched with the data of A-share listed companies in Shanghai and Shenzhen to explore the impact of digital financial development on the efficiency of financial resource allocation. The results show that the higher the degree of development of digital finance, the lower the level of financial mismatch of enterprises in the region, and the higher the efficiency of financial resource allocation. The heterogeneity analysis shows that digital finance mainly reduces the financial mismatch of private enterprises and small and medium-sized enterprises, and alleviates the “ownership discrimination” and “scale discrimination” in the credit market. The higher the degree of financial marketization, the greater the role of digital finance in improving the efficiency of financial resource allocation, and the more important to promote the development of digital finance. The conclusions of this paper provide reliable empirical evidence and policy inspiration for enhancing the ability of financial services to the real economy.

  Key words: digital finance; allocation of financial resource; financing constraints

  金融发展、财政教育支出与人力资本积累——基于我国“政府—市场”二元作用的思考

  杨 帆1,赵 越2,岳圣元3

  (1.天津财经大学 马克思主义学院,天津 300222;2.天津财经大学 金融学院,天津 300222;3.南开大学 经济学院,天津 300191)

  摘要:从现代人力资本理论投资视角出发,基于我国“政府—市场”二元作用,将金融发展与财政教育支出纳入同一研究框架,选取2003—2018年我国省级面板数据,使用系统GMM方法,实证探讨我国金融发展对人力资本积累的影响效用。研究发现,金融发展显著促进人力资本积累,且在此过程中,财政教育支出起到部分中介作用,即金融发展能够通过影响财政教育支出对人力资本积累产生促进作用;此外,金融发展与财政教育支出在促进人力资本积累过程中表现为互补关系。这表明,要充分发挥“政府—市场二元协同”经济理性,健全现代金融体系,建立现代财税金融体制,加大公共财政教育投入,优化教育投入结构,为我国早日实现人力资源强国目标,提供强有力的人力资本支撑。

  关键词:金融发展;财政教育支出;人力资本积累;“政府—市场”

  文章编号:1003-4625(2021)08-0020-11      中图分类号:F832.4      文献标识码:A

  “一带一路”沿线国家金融服务贸易发展现状及互补性研究

  李 虹,陈文娟

  (天津理工大学 管理学院,天津 300384)

  摘要: “一带一路”倡议提出以来,沿线国家在金融服务贸易方面的交流与合作不断深化。研究发现:“一带一路”沿线国家的金融服务贸易进出口总额和增速发展水平呈现分层化,总体来看金融服务贸易发展程度中等偏下。但中国与“一带一路”沿线国家在金融服务贸易上存在较强的贸易互补性,与乌兹别克斯坦、柬埔寨、埃及等国家存在双向互补关系。沿线国家彼此之间要借助“一带一路”倡议的“东风”发展金融服务贸易,我国也要逐渐通过“放管服”帮助金融机构“走出去”。

  关键词:一带一路;金融服务贸易;对称性贸易互补指数

  文章编号:1003-4625(2021)08-0031-10      中图分类号:F832.2      文献标识码:A

  金融科技背景下小微企业融资模式创新

  王右文

  (沈阳大学 应用技术学院,辽宁 沈阳 110044)

  摘要:随着金融科技的发展,互联网技术的运用在解决小微企业融资难方面发挥了积极的作用。借助大数据、云计算和区块链技术,融合了政府、互联网平台和金融机构,构建了金融科技融资模式,以期拓宽小微企业融资渠道。该模式从吸收社会资本出发,通过构建融资处理平台、信息处理平台、量化云服务平台,连接投融资双方,并为企业提供了PPP、B2B、P2B、银行借贷等众多融资渠道,从而实现小微企业与社会资金的高效对接,还可保障融资过程中的信息安全,实现信息共享,重构信任机制,解决信用问题。此外,还举例说明金融科技融资模式的可行性,并从融资结构、融资成本、融资监管三方面进一步分析了融资模式的优势。该模式的建立满足了小微企业多元化的融资需求,为小微企业健康发展提供了融资保障。

  关键词:金融科技;小微企业;社会资金;融资模式

  文章编号:1003-4625(2021)08-0041-08      中图分类号:F832.39      文献标识码:A

  Abstract: With the development of financial technology, the application of Internet technology has played a positive role in solving the financing difficulties of small and micro enterprises. This paper combines Internet companies with government agencies and commercial banks, with the help of network platform, big data analysis and blockchain technology to build a financing mode based on financial technology, in order to broaden the financing channels of SMEs. Starting from absorbing social funds, the mode connects investment and financing parties by building financing processing platform, information processing platform and quantitative cloud service platform, and provides PPP, B2B, P2B, bank lending and other financing channels for them, so as to realize efficient docking between SMEs and social funds, ensure information security in the financing process, and realize information sharing, And reconstruct the trust mechanism to solve the credit problem. In addition, it also illustrates the feasibility of financial technology financing mode, and further analyzes the advantages of financing mode from three aspects of financing structure, financing cost and financing supervision. The establishment of this mode meets the diversified financing needs of small and micro enterprises and provides financing guarantee for the healthy development of SMEs.

  Key words: financial technology; SMEs; social funds; financing model

  我国互联网消费金融相关问题研究——基于金融消费者权益保护视角

  赵大伟

  (中国人民银行金融研究所,北京 100033)

  摘要:作为“科技+消费金融”的产物,互联网消费金融对提升金融服务可获得性、提高金融交易便捷度、降低金融交易信息不对称性以及改善金融消费者体验大有裨益。特别是随着互联网、大数据、云计算、人工智能、区块链等技术在消费金融领域应用程度的不断深入,以及一系列刺激消费政策的出台,我国互联网消费金融发展迅速,在拉动社会经济增长中扮演着越来越重要的角色。在系统梳理我国互联网消费金融发展情况的基础上,从金融消费者权益保护的视角分析我国互联网消费金融发展过程中的“痛点”问题,并从加强金融消费者教育、进行金融消费者分层、引导金融消费者树立理性消费和负债理念、规范互联网消费金融机构宣传工作、打破“信息孤岛”、以“沙盒”监管测试技术适用性和安全性、加强对互联网消费金融平台经营活动的监测等方面提出保护金融消费者权益、促进互联网消费金融行业健康有序发展的政策建议。

  关键词:互联网消费金融;金融消费者;权益保护;金融科技

  文章编号:1003-4625(2021)08-0049-08      中图分类号:F832.39      文献标识码:A

  Abstract: As the creation of “Technology+Consumer Finance”, Internet consumer finance is benefit to promote the availability of financial services, improve the convenience of financial transactions, reduce the information asymmetry of financial transactions and ameliorate the experience of financial consumers. Especially with the application of internet, big data, cloud computing, artificial intelligence, blockchain and other technologies, China’s internet consumer finance has developed rapidly, playing an increasingly important role in promoting social and economic growth. Based on the systematic analysis of the current situation of Internet consumption finance in China, this paper analyzes the “pain points”in the development of Internet consumption finance in China from the perspective of the protection of financial consumers’ rights and interests.From the aspects of strengthening financial consumer education, refining financial consumer stratification, guiding financial consumers to establish rational consumption and debt concepts, standardizing the propaganda work of Internet consumer financial institutions, breaking the “information island”, monitoring the applicability and safety of testing technology with “sandbox”, and strengthening the monitoring of the business activities of Internet consumer financial platforms, this paper puts forward policy suggestions to protect the rights and interests of financial consumers and promote the healthy and orderly development of the Internet consumer financial industry.

  Key words: internet consumer finance; financial consumer; protection of rights and interests; fintech

  金融集聚与区域经济高质量发展——基于空间效应和门限效应的解析

  李文启,赵家未

  (河南工业大学 经济贸易学院,河南 郑州 450001)

  摘要:我国金融影响区域经济的表现较为复杂,金融资源地理集聚与行业集聚特征明显。基于2002—2019年中国30个省份的面板数据,实证研究了金融集聚对区域经济高质量发展的影响效果与影响差异。结果发现:金融集聚对区域经济高质量发展在空间上具有显著的正向溢出效应。空间效应分解发现,全国范围内金融集聚对本地区和周边地区经济高质量发展的促进效果相近。东部地区金融集聚对周边地区经济高质量发展的促进效果更加显著,中部地区和西部地区对本地区经济高质量发展的促进效果更加显著。门限效应回归结果显示,金融集聚对经济高质量发展的促进作用存在双门槛效应,其促进作用会随着金融集聚强度的增加逐渐减弱。

  关键词:金融集聚;空间杜宾模型;区位熵;门限回归模型

  文章编号:1003-4625(2021)08-0057-10      中图分类号:F831.2      文献标识码:A

  Abstract: China’s financial impact on regional economy is more complex, and the characteristics of Financial Resources Geographic agglomeration and industry agglomeration are obvious. This paper constructs the spatial econometric model and threshold utility model of panel data, and uses the panel data of 30 provinces in China to make an empirical study on the impact of financial agglomeration on the high-quality development of regional economy. The results show that: there is a highly positive correlation between financial agglomeration and the high-quality development of regional economy, and there is a spatial spillover effect. Generally speaking, the indirect effect is higher than the direct effect. At the same time, financial agglomeration has a single threshold effect on the high-quality development of regional economy. Below the threshold, financial agglomeration has a significant positive impact on the high-quality development of regional economy; beyond the threshold, the positive effect of financial agglomeration on the high-quality development of regional economy is no longer significant.

  Key words: financial agglomeration; spatial durbin model; location entropy; threshold regression model

  央行数字货币的优势、影响及研发分析——基于文献综述的视角

  王宏杰

  (中国人民银行海口中心支行,海南 海口 570105)

  摘要:在数字经济发展需求推动和私营数字货币发展影响下,学者们加大了对央行数字货币的关注与讨论。首先,通过在理论和实践上比较分析央行数字货币与现有各类数字货币的信用基础和职能发挥情况,发现央行数字货币主权信用特征强,主要优化了交换媒介的职能,容易同时满足市场对货币价值稳定性、便利性、应用广泛性等需求,在自由市场竞争中更具优势。其次,基于现有研究和实践探索对央行数字货币的潜在影响进行系统性阐述,发现央行数字货币在货币政策、金融稳定、支付体系、商业银行和非法经济活动等方面都有较大的积极影响,而一些风险挑战也需关注。再次,因央行数字货币对金融体系的影响在很大程度上取决于其设计及技术选择,基于市场需求分析对其技术选择问题进行了讨论,发现分布式账本技术存在不足,预计货币当局倾向于选择技术中性路线进行研发。最后,研究了央行数字货币未来提供与转移问题,并对研发央行数字货币提出完善法律法规、强化沟通交流、中性选择技术、公私充分合作、注重国际协调等建议。

  关键词:央行数字货币;比较优势;潜在影响;技术选择;提供与转移

  文章编号:1003-4625(2021)08-0067-12      中图分类号:F820.3      文献标识码:A

  Abstract: Driven by the development of digital economy and the development of private digital currency, people pay more attention to and discuss the Retail CBDC. Firstly, this paper compares and analyzes the credit basis and functions of Retail CBDC with various existing digital currencies in theory and practice. It is found that the Retail CBDC has strong sovereign credit characteristics, mainly optimizes the functions of the exchange media, and is the easiest to meet the market’s demand for currency value stability, convenience, and wide application at the same time, It has more advantages in free market competition. Secondly, based on the existing research and practical exploration, this paper systematically expounds the potential impact of the Retail CBDC, and finds that the Retail CBDC has a greater positive impact on monetary policy, financial stability, payment system, commercial banks and illegal economic activities, while some negative effects also need to be paid attention to. Thirdly, because the impact of Retail CBDC on the financial system largely depends on its design and technology selection, this paper discusses its technology selection based on market demand analysis, and finds that there are deficiencies in the distributed ledger technology. It is expected that the monetary authorities tend to choose the technological route for issuing. Finally, the paper studies the future supply and transfer of Retail CBDC, and puts forward some suggestions on issue Retail CBDC, such as improving laws and regulations, strengthening communication and exchange, neutral selection technology, full public-private cooperation, and paying attention to international coordination.

  Key words: retail CBDC; comparative advantages; potential impact; technology choice; provision and transfer

  虚拟货币洗钱风险及其控制研究

  冯 怡

  (中国人民银行济南分行,山东 济南 250021)

  摘要:虚拟货币交易快捷方便、匿名性的特点被犯罪分子利用成为洗钱新手段。虚拟货币洗钱问题引起FATF及各国金融监管部门的高度关注。我国禁止虚拟货币境内发行和交易,但境内主体仍通过互联网参与境外虚拟货币交易,而现行反洗钱运行体系对虚拟货币洗钱风险的有效控制仍有待提升。应借鉴国际经验,加强顶层设计,尽快完善虚拟货币反洗钱制度,将虚拟货币纳入反洗钱监管;明确有关机构的反洗钱职责,督促其认真履行反洗钱义务,有效控制虚拟货币的洗钱风险。

  关键词:虚拟货币;洗钱;风险;控制

  文章编号:1003-4625(2021)08-0079-09      中图分类号:F831.59      文献标识码:A

  Abstract: The fast, convenient, and anonymous nature of virtual currency transactions has been used by criminals as a new means of money laundering. The issue of virtual currency money laundering has attracted great attention from the FATF and the financial regulatory authorities of various countries. China prohibits the domestic issuance and trading of virtual currencies, but domestic entities still participate in overseas virtual currency transactions through the Internet, and the current anti-money laundering operating system does not effectively control virtual currency money laundering risks. We should learn from international experience, strengthen top-level design, introduce virtual currency anti-money laundering system as soon as possible, incorporate virtual currency into anti-money laundering supervision, clarify the anti-money laundering responsibilities of relevant institutions, earnestly fulfill anti-money laundering obligations, and effectively control virtual currency money laundering risks.

  Key words: virtual currency; money laundering; risk; control

  融资融券、信息传递对科创板股价波动的实证研究

  张国庆,张万祥

  (兰州大学 经济学院,甘肃 兰州 730000)

  摘要:基于实证方法,研究了科创板融资融券交易对股价波动的影响作用。研究结果表明,科创板融资融券交易起到了缓解股价波动的作用,其影响机理是通过加快信息传递速度促使价格向均衡价值回归。区分正面信息和负面信息后,发现融资交易带来的正面信息传递速度上升会加剧股价波动,而融券交易带来的负面信息传递速度上升会减缓股价波动。基于此,科创板应当进一步释放融资融券余量,提升融券交易比重,促进融资融券业务平衡发展,并做好投资者教育。

  关键词:科创板;融资融券;股价波动

  文章编号:1003-4625(2021)08-0088-12      中图分类号:F832.5      文献标识码:A

  Abstract: This article empirically studies the effect of margin trading on the fluctuation of stock prices in the STAR Market. The research results show that the margin trading has played a role in alleviating the fluctuation of stock prices in the STAR Market, and the mechanism of its impact is to promote the return of prices to equilibrium values by accelerating the speed of information transmission. After distinguishing between positive and negative information, it is found that the increase in the transmission speed of positive information brought about by financing transactions will encourage stock price fluctuations, while the increase in the transmission speed of negative information brought about by short selling transactions will slow down stock price fluctuations. Based on this, the STAR Market should further release the margin of financing transactions and short selling, increase the proportion of short selling transactions, promote the balanced development of margin trading and short selling businesses and do a good reference for China’s capital market reform.

  Key words: STAR market; margin trading; stock price volatility

  产融结合效应实证分析——基于非金融上市企业投资期货公司的经验证据

  张 冬

  (中国期货业协会,北京 100140)

  摘要:基于2001年至2019年非金融上市企业参股期货公司的公告,研究了产融结合所引发的效应,并探讨了其中的原因。研究表明,投资期货公司对非金融上市企业短期股价产生正向影响,但其长期财务绩效并未因此得到改善,事件引发的市场短期反应并不能预示非金融上市企业长期财务绩效的变动,且分组检验表明股权比例增加组起了主导作用。结合公告内容,研究发现长期财务绩效变动与当初公告内容和市场预期不一致的主要原因在于所投期货公司规模较小、盈利状况一般、参股优质期货公司数量不多且股权比例较低所致。据此对非金融上市企业投资期货公司提供了参考建议。

  关键词:证券市场;产融结合;期货公司;市场反应;财务绩效

  文章编号:1003-4625(2021)08-0100-10      中图分类号:F830.91      文献标识码:A

  Abstract:With the announcements of the Non-financial Listed Companies participating in the futures companies from 2001 to 2019, this article studies the effects caused by the combination of industry and finance, and discusses the reasons. The research shows that the investment to the futures companies have a positive impact on the short-term stock prices of the Non-financial Listed Companies, but the long-term financial performance of them does not improve. The short-term market reaction caused by the event does not indicate the change to the long-term financial performance of the Non-financial Listed Companies, and grouping test shows that equity ratio increase group plays a leading role. Combined with the content analysis of the announcements, it is found that long-term financial performance changes do not agree with the original announcement content and market expectations which the main reason is the small scale of the futures companies invested, its average profitability status, the small number of high-quality futures companies and its low equity ratio. Therefore, some reference suggestions are provided for investing in the futures companies of the Non-financial Listed Companies.

  Key words: stock market; financial-industrial integration; futures company; market reaction; financial performance

  “保险+期货”模式在养殖成本风险管理中的应用——以海口养殖类价格险为例

  钟叶锴1,欧阳若澜1,张晋华2

(暨南大学 经济学院,广东 广州 510632;2.浙江工业大学 经济学院,浙江 杭州 310023)

  摘要:在当前国际贸易形势愈加复杂的情形下,养殖户受粮食价格波动制约,面临较大的养殖成本风险,其中“保险+期货”模式能够有效防范饲料价格波动带来的风险。以2019年在海口市开展的养殖类“价格保险+期货”试点为例,围绕试点项目运行机制、项目运行效果、项目优势与存在的问题等方面展开分析。结果表明:试点项目成效明显,成功为养殖户规避了饲料价格上涨带来的成本风险,有利于推动海南省养殖业的稳定发展;但试点项目依然存在保费过高、“基差风险”难以避免等不足。最后,针对养殖类“价格保险+期货”模式的推广提出政策建议。

  关键词:保险研究;期货市场;“保险+期货”模式;风险管理;价格风险

  文章编号:1003-4625(2021)08-0110-09      中图分类号:F840.32      文献标识码:A

  Abstract: Under the circumstance of increasingly complicated international trade, farmers restricted by fluctuated food prices and faced with greater risk of farming costs. However, the “insurance + futures” mode can effectively prevent the risks caused by fluctuations of feed prices. Based on the example of the “priceinsurance + futures” pilot program for feed cost of breeding industry in Haikou City in 2019, this research analyzes the operating mechanism, operational effects, project advantages and existing problems of pilot program. The results show that the pilot program has significantly helped avoid cost risks brought by the increased feed prices, which contributes to accelerating the stable development of farming industry in Hainan Province. At the same time, there are still some shortcomings such as high premiums and inevitable “basis risk”. In this regard, the policy suggestions for promoting the “priceinsurance + futures” mode of farming are proposed in this research.

  Key words: insurance research; futures market; “insurance + futures” mode; risk management; price risk

《金融理论与实践》2021年8期之目录(copy)_Print.pdf

《金融理论与实践》2021年8期之内文(copy)_Print.pdf

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