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《金融理论与实践》2021年第10期

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

  党组织参与治理对企业股价崩盘风险的影响研究

  韩圆圆

  (黄河交通学院 经济管理学院,河南 焦作 454050)

  摘要:以沪深两市2014—2019年的上市公司为样本,研究发现党组织参与董事会治理可有效降低股价崩盘风险水平,而且这种关系在非国有企业样本中更加显著。此外,研究发现这一关系通过“党组织参与董事会治理—降低总代理成本和第一类代理成本—股价崩盘风险水平降低”的路径来实现。最后,研究发现当企业风险承担能力更强和融资约束较高时,党组织参与董事会治理与股价崩盘风险的负向关系更加显著。此外,党组织参与治理与公司内部治理水平具有替代效应,而与分析师关注度和企业所在地市场化水平等治理因素具有互补效应。研究为党组织参与治理的有效性提供经验证据,说明了我国资本市场这一特色体制的有效性。

  关键词:党组织参与治理;股票市场;股价崩盘风险;替代效应;互补效应

  文章编号:1003-4625(2021)10-0001-11      中图分类号:F830.91      文献标识码:A

  金融科技发展指数的国际比较研究

  肖 翔1,丁洋洋1,王思纯2

  (1.中国互联网金融协会 法规咨询部(研究部),北京 102425;2.西南财经大学 金融学院,四川 成都 030013)

  摘要:当前,金融科技已成为各国各地区金融竞争和资源布局的焦点领域。为掌握全球金融科技发展情况,构建了包含金融科技市场主体、金融科技业务发展、金融科技应用水平、数字金融基础设施和金融科技监管体系等5大领域共计30个具体指标的金融科技发展指标体系,以二十国集团19个相关成员国为例(为便于比较,未列入欧盟数据),编制了二十国集团金融科技发展指数,对全球金融科技发展情况进行了国际比较分析。研究发现,二十国集团不同国家金融科技发展水平存在较大差异,发达国家金融科技发展总体好于新兴市场国家,中国金融科技总体发展较为领先,但在数字金融基础设施、金融科技监管体系等方面与部分发达国家相比尚存在一定差距。最后,结合中国金融科技发展实际与国际经验,秉持“扬长补短”的原则,从完善金融科技政策监管、提升金融科技产业竞争力、优化数字金融基础设施、加强数字金融消费者保护方面提出建议。

  关键词:金融科技;数字金融;发展指数

  文章编号:1003-4625(2021)10-0012-10      中图分类号:F832.46      文献标识码:A

  Abstract: At present, FinTech has become the focus of financial competition and resource allocation in many jurisdictions. In order to explore the development of global FinTech, this paper constructs a FinTech Development Index with 30 indicators in five fields, including FinTech Market Players, FinTech Business Development, Financial Technology Application Level, Digital Financial Infrastructure, FinTech Regulation and Supervision. Taking 19 member countries of G20 as examples (excluding EU data), this paper compiles the G20 FinTech Development Index, and makes an international comparative analysis of global FinTech development. This paper finds that there are great differences in the development level of FinTech in different G20 countries. The development of FinTech in developed countries is generally better than that in emerging market. China's development of FinTech is relatively advanced, but there is still a certain gap compared with some developed countries in terms of Digital Financial Infrastructure, FinTech Regulation and Supervision.Finally, combined with the reality of China’s financial technology development and international experience, adhering to the principle of “developing strengths and compensating weaknesses”, this paper puts forward suggestions from the aspects of improving financial technology policy supervision, improving the competitiveness of financial technology industry, optimizing FinTech infrastructure and strengthening  FinTech consumer protection.

  Key words: fintech; digital finance; development index

  绿色技术创新与绿色金融体系发展的耦合性研究

  孙 畅,王 湛,刘嘉琦

  (武汉理工大学 管理学院,湖北 武汉 430070)

  摘要:推动绿色技术创新与绿色金融的协调高效发展对我国实现经济高质量发展具有重要意义。利用2008—2018年中国30个省份的面板数据,引入时序立体数据因子分析法,构建绿色技术创新与绿色金融系统评价指标体系,并基于2008—2018年全国统计数据构建两系统耦合协调模型,试图从宏观角度探究这一时期绿色金融与绿色技术创新耦合发展态势。研究发现,2008—2018年,我国绿色技术创新与绿色金融长期处于拮抗耦合状态,而绿色金融长期发展滞后是制约两系统耦合度提升的重要因素。进一步研究表明,绿色金融内部结构失衡是导致绿色金融长期滞后的关键所在。据此,提出要优化绿色金融结构、加强绿色风险控制、培育绿色经济增长点,多管齐下提高绿色金融发展水平,推动两系统协调优质发展。

  关键词:绿色技术创新;绿色金融;系统耦合;结构失衡

  文章编号:1003-4625(2021)10-0022-12      中图分类号:F832.46      文献标识码:A

  基于合成控制法的自由贸易试验区政策对金融开放的影响研究——以上海自贸区为例

  李 琼,吴小雨,成春林

  (南京师范大学 商学院,江苏 南京 210023)

  摘要:随着自由贸易试验区(简称“自贸区”)建设的深入,自贸区政策对金融开放的影响成为重要研究话题。在梳理自贸区政策对金融开放作用机制的基础上,以上海自贸区为例,利用2003—2019年省级面板数据和合成控制法实证检验自贸区政策对金融开放的影响。研究发现:上海自贸区政策促进了金融开放,并主要通过金融制度创新和投融资渠道拓宽机制实现,跨境贸易便利机制的作用效果不明显。多种稳健性检验表明以上结论仍然成立。为进一步发挥自贸区政策对金融开放的作用,应持续深化制度创新,充分利用境外投融资市场,推进跨境贸易转型升级。

  关键词:自由贸易试验区;金融开放;政策效应;合成控制法

  文章编号:1003-4625(2021)10-0034-11      中图分类号:F832.6      文献标识码:A

  Abstract: With the deepening of the construction of the Pilot Free Trade Zone (FTZ), the impact of FTZ policy on financial openness has become an important research topic. On the basis of sorting out the mechanism of FTZ policy on financial openness, this article takes the Shanghai FTZ as an example, and uses the provincial panel data from 2003 to 2019 and the synthetic control method to demonstrate the effect of FTZ policy on financial openness. The results show that Shanghai FTZ policy has promoted financial openness, and it is mainly realized through financial institution innovation mechanism and investment and financing channel expansion mechanism, while the effect of cross-border trade facilitation mechanism is not significant. The conclusion is still valid after a series of robustness tests. In order to further exert the effect of FTZ on financial openness, it is necessary to deepen institutional innovation in policy design, make full use of overseas investment and financing markets, and promote trade transformation and upgrading.

  Key words: free trade zone; financial openness; policy effect; synthetic control method

  小微外贸企业出口应收账款质押融资模式研究——“六稳”“六保”背景下基于跨境区块链平台视角

  贺志强

  (中国人民银行洛阳市中心支行,河南 洛阳 471000)

  摘要:出口应收账款质押融资对缓解外贸企业面临的小额、高频、快急资金需求具有重要作用。通过研究小微外贸企业出口应收账款质押融资模式,分析其当前面临的四项难题,借助跨境区块链平台技术优势,立足“跨境区块链平台+银行” 基础模式,结合实践探索出“跨境区块链平台+银行+信保” 升级模式、“跨境区块链平台+银行+信保+登记”高级模式,着力弥补传统模式和新业态模式的短板。据此,提出完善数据利用、拓展应用场景、健全法律保障三大建议;并对跨境区块链平台应用场景进行了展望。

  关键词:外汇管理;出口应收账款;质押融资;跨境区块链平台

  文章编号:1003-4625(2021)10-0045-09      中图分类号:F830.55      文献标识码:A

  Abstract: Pledge financing of export receivables plays an important role in alleviating the demand for small amount, high frequency and urgent funds faced by foreign trade enterprises. Through the analysis of the export receivables pledge financing mode of small and micro foreign trade enterprises, this paper points out the four problems they are currently facing. With the help of the cross-border blockchain platform and based on the basic mode of “cross-border blockchain platform+bank”, the upgrading mode of “cross-border blockchain platform+bank+credit assurance” and the advanced mode of “cross-border blockchain platform+bank+credit assurance + registration” are explored to solve the shortcomings of the traditional mode. Based on this, three suggestions of improving data utilization, expanding application scenarios and enhancing legal protection are put forward. Finally, the application scenarios of cross-border blockchain platform are prospected.

  Key words: exchange management; export receivables; pledge financing; cross-border blockchain platform

  货币政策与宏观审慎政策“双支柱”调控框架的金融稳定效应

  王 琳,许 丹

  (山西财经大学 金融学院,山西 太原 030006)

  摘要:党的十九大报告提出坚决打好“防范化解重大风险”攻坚战。维护金融市场稳定关乎我国经济社会发展全局,研究货币政策与宏观审慎政策“双支柱”调控框架的金融稳定效应及两者间的协调搭配意义重大。通过分别构建货币政策、宏观审慎政策及金融稳定指数,运用动态时变参数TVP-VAR模型进行脉冲响应,并以此来研究货币政策与宏观审慎政策“双支柱”调控框架的政策效应与协调性问题。研究结果表明:中短期和长期货币政策的金融稳定效应不同;宏观审慎政策有助于实现金融市场稳定,但实施时要注意货币政策的影响;物价和资产价格涨跌不一致时,货币政策与宏观审慎政策“双支柱”调控框架对金融市场的调控可能会面临政策目标的相互“冲突”,物价和资产价格出现“双涨”或“双跌”时,两政策互为“补充”。

  关键词:货币政策;宏观审慎政策;“双支柱”调控;金融稳定;政策协调性;TVP-VAR

  文章编号:1003-4625(2021)10-0054-10      中图分类号:F832.0      文献标识码:A

  Abstract: The report of the Nineteenth National Congress of the Communist Party of China proposed to resolutely fight the tough battle to “prevent and resolve major risks.” Maintaining the stability of the financial market is related to the overall economic and social development of our country. It is of great significance to study the financial stability effects of the “dual-pillar” regulatory framework of monetary policy and macro-prudential policy and the coordination between the two. This article innovatively constructs monetary policy, macroprudential policy and financial stability index respectively, uses the dynamic time-varying parameter TVP-VAR model for impulse response, and uses this to study the policy effects of the “double-pillar” regulatory framework of monetary policy and macroprudential policy And coordination issues. The research results show that the financial stability effects of short-term and long-term monetary policies are different; macro-prudential policies help to achieve financial market stability, but the impact of monetary policy should be paid attention to when implementing; when prices and asset prices are inconsistent, monetary policy and macro The prudential policy “dual-pillar” regulatory framework for financial market regulation may face mutual “conflicts” of policy objectives. When prices and asset prices appear to “double up” or “double down”, the two policies will “complement” each other.

  Key words: monetary policy; macro-prudential policy; double pillar regulation; financial stability; policy coordination; TVP-VAR

  信贷领域金融消费者权益保护策略的博弈分析

  陈潇湘1,郑海荣1,2

  (1.福建农林大学 经济管理学院,福建 福州 350000;2.福建农林大学 福建普惠金融研究院,福建 福州 350000)

  摘要:由于金融机构存在利用经济实力及信息优势侵害金融消费者权益的行为,从而导致金融资源配置难以自发地形成帕累托最优,并破坏了金融生态环境。通过完善金融消费者权益保护机制,可以培育诚信的市场环境,促进信贷市场稳健发展。通过博弈演算,分析了金融机构、金融消费者和监管部门在信贷领域的博弈机理及相互之间的激励约束机制,据此探讨了适应个人理性要求的金融消费者权益保护策略。

  关键词:银行信贷;博弈论;信息不对称;金融消费者权益

  文章编号:1003-4625(2021)10-0064-10      中图分类号:F832.33      文献标识码:A

  Abstract: Financial institutions abuse their advantages of economic and information to infringing the rights and interests of financial consumers, which not only causes the allocation of financial resource failed to reach Pareto Optimality spontaneously, but also destroys the financial ecological environment. By improving the mechanism of protecting financial consumers’ rights and interests, we can cultivate an honest environment of market and steadily promote the development of credit market. By using the game theory, the paper analyzes the game mechanisms, the incentive and constraint mechanisms among financial institutions, financial consumers and the supervision departments in the credit field,and discusses the protection strategies of financial consumers’ rights and interests which adapt to individual rationality.

  Key words: bank credit; game theory; asymmetric information; financial consumers’ rights and interests

  经济法视角下我国AMC不良资产处置的动态博弈分析

  李玉峰1,徐慎晖1,2,黄德春2

  (1.中国长城资产管理股份有限公司江苏省分公司,江苏 南京 210001;2.河海大学 商学院,江苏 南京 211100)

  摘要:在目前经济新常态和国内外疫情影响的双重背景下,不良资产处置已经成为实现经济稳定发展、企业持续运营、金融环境提质的重要措施。如何在不良资产处置中实现债权债务和担保三方的帕累托最优,实现作为国有金融机构的资产管理公司(以下简称“AMC”)债权回收和支持实体企业发展的双重甚至多重目标,通过构建不良资产处置下的三方动态博弈模型,探讨何种博弈策略能够实现博弈参与方的“纳什均衡”,并从经济法视角下得出担保方基于“双重困境”下履约的动机是债务方的重组收益及保证自身通过担保责任获取收益;当债务额度与债务减让之间的差异越大对债务方按时履约存在负向影响时,债务减让能有效降低债务方偿债压力;债权方的行为策略取决于债务本身及政策性债务减让额度,债权方亦面临“市场化”挑战。基于此,构建有序的债务公开市场和交易机制,有助于在经济法视角下实现动态“纳什均衡”,提升不良资产化解效率,有效支持实体经济稳健运行。

  关键词:经济法;AMC;不良资产处置;动态博弈

  文章编号:1003-4625(2021)10-0074-08      中图分类号:F832.39      文献标识码:A

  Abstract: Under the background of the new normal of economic growth and the impact of the epidemic at home and abroad, the disposal of non-performing assets has become an important measure to achieve stable economic development, sustainable operation of enterprises and improvement of the financial environment. How to realize creditor’s rights debt in non-performing assets disposal and guarantee the “pareto optimal”, implement AMC realize creditor’s rights of recovery for financial entities enterprises and support the development of double or multiple targets, this paper, by constructing the three dynamic game model in the case of bad assets disposal, discuss what kind of game strategy can realize the “Nash equilibrium” of game participants, From the perspective of economic law, it is concluded that the guarantor's motivation to perform the contract under the “double predicament” is the amount of the debtor’s income from restructuring and the income from its own guarantee liability. The greater the difference between the debt limit and debt relief has a negative impact on the debtor’s performance on time, and debt relief can effectively reduce the debt repayment pressure of the debtor. Creditors’ behavior strategies depend on the debt itself and the amount of policy-based debt relief. Creditors also face the challenge of “marketization”. Finally, the construction of an orderly debt open market and trading mechanism helps to achieve a dynamic “Nash equilibrium” from the perspective of economic law, improve the efficiency of resolving non-performing assets, and effectively support the steady operation of the real economy.

  Key words: economic law; AMC; disposal of non-performing assets; dynamic game

  互动式信息沟通降低了股价崩盘风险吗?——基于交易所网络平台的研究

  李京京,夏志杰

  (上海工程技术大学 管理学院,上海 201620)

  摘要:以2016—2019年我国A股上市公司为样本,实证检验了交易所网络平台互动式信息沟通对上市公司股价崩盘风险的影响。研究发现,网络平台上投资者提问次数和上市公司回答次数越多,上市公司与投资者互动交流越频繁,上市公司股价崩盘风险越低;在信息不对称程度高的公司中,两者间的负相关关系更加显著。进一步分析上市公司信息环境发现,机构投资者持股比例较低、分析师关注度较低时,网络平台上的信息交流对股价崩盘的抑制效果更加显著。

  关键词:证券市场;互动式信息沟通;股价崩盘风险;信息不对称;机构投资者;分析师关注

  文章编号:1003-4625(2021)10-0082-10      中图分类号:F830.91      文献标识码:A

  薪酬敏感度影响因素实证分析——以我国制造业上市公司为例

  彭 华,王东方

  (武夷学院 商学院,福建 武夷山 354300)

  摘要:经理人薪酬是公司治理的重要议题之一,亦为学术界热衷讨论的课题。有别于以往文献对经理人薪酬研究多侧重于不同薪酬结构对提升公司经营绩效与股东财富的影响或国家持股率与企业价值的关系,通过整合经理人薪酬、国家持股与公司绩效相关研究,利用2009—2017年我国制造业上市公司数据,探讨高级经理人薪酬是否与国家持股比率相关,以及股权分置改革后是否采用相对绩效评估,并进一步将样本公司按国家持股比率进行分组,以差异中之差异法(Difference In Difference, DID)探讨不同国家持股比率对薪酬结构的影响。研究结果显示,制造业上市公司高级经理人薪酬与国家持股比率显著相关,且对高级经理人薪酬采用了相对绩效评估。同时还发现,高级经理人薪酬对公司经营绩效的敏感度因国家持股比率不同呈现显著差异:国家持股比例越高,薪酬对绩效的敏感性越强。

  关键词:公司治理;国家持股;相对绩效评估;薪酬绩效敏感度

  文章编号:1003-4625(2021)10-0092-09      中图分类号:F830.91      文献标识码:A

  乡村振兴视角下土地流转借助信托模式融资分析

  苗 绘1,2 ,王金营1,李海申2

(河北大学 经济学院,河北 保定 071000;2.河北金融学院 金融与投资学院,河北 保定 071051)

  摘要:在实施乡村振兴战略背景下,农村土地流转作为推进“三农”发展的关键,其重要性和迫切性愈加明显。目前,我国农村土地流转仍以传统形式为主,金融支持力度不足,存在效率低、成本高、期限短、规模化效益不明显等弊端,不能满足现代农业发展需要。随着现代金融业的快速发展,应将金融信托模式引入土地流转,大力推进土地银行信托融资、土地资本化、土地收益质押权贷款等金融安排,加大对新型农业经营主体的融资支持及综合金融服务,推动土地高效流转,促进农村经济发展。

  关键词:土地融资;土地流转;信托模式创新;农地金融

  文章编号:1003-4625(2021)10-0101-09      中图分类号:F830.8      文献标识码:A

  基于熵值法与生存模型的新冠肺炎疫情时期普惠型涉农贷款违约风险影响因素分析

  张广庆,汪 磊,任海利,李小欢

  (贵州大学 公共管理学院,贵州 贵阳 550025)

  摘要:党的十九大提出实施乡村振兴战略,之后相继出台了多项措施缩小城乡之间的经济差距、加快农村现代化进程。新冠肺炎疫情发生后,国家进一步向传统农业引流注资,相关金融支农措施迅速落地,也要求工作重心在关注普惠型涉农贷款扩大增量、增速的同时完善相关风险防控机制。通过熵值法与生存模型实证分析我国西部某省新冠肺炎疫情时期的贷款数据,筛选出影响普惠型涉农贷款中8个主要的风险影响因素并进行综合权重排名分析,并与新冠肺炎疫情前做对比。结果表明,是否曾出现逾期、农业保险覆盖率、信用评分、销售渠道是权重排名前四位的主要风险影响因素。建议商业银行与监管机构应在完善科技金融体系、持续增强新冠肺炎疫情时期贷款追踪力度、防控关键风险因素等方向加大关注力度。

  关键词:新冠肺炎疫情时期;风险防范;普惠型涉农贷款

  文章编号:1003-4625(2021)10-0110-09      中图分类号:F830.58      文献标识码:A

  Abstract: The report of the 19th CPC National Congress established the development tone of the Rural Revitalization Strategy, and successively put forward a number of measures to narrow the economic gap between urban and rural areas and speed up the process of rural modernization. After the outbreak, the state further drained and injected capital into traditional agriculture, and the relevant financial measures to support agriculture were quickly implemented. It is also required to focus on the expansion and growth of inclusive agriculture related loans, and improve the relevant risk control mechanism. Through the empirical analysis of the loan data during the epidemic period in a province in Western China by entropy method and survival model, the eight main risk influencing factors affecting inclusive agriculture related loans were selected, and the comprehensive weight ranking analysis was carried out and compared with that before the epidemic. The results show that whether there has been overdue, agricultural insurance coverage, credit score and sales channel are the top four risk influencing factors. At the same time, it is suggested that commercial banks and regulators should pay more attention to improving the science and technology financial system, continuously enhancing the loan tracking ability during the epidemic period, and controlling key preventive factors.

  Key words: during the outbreak of NCP; risk prevention inclusive agriculture related loans; agricultural enterprises

《金融理论与实践》2021年10期之目录(copy)_Print.pdf

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