A Study on the Incentive and Restriction System for State-owned Commercial Banks’ Operators

中文摘要进入21世纪以来，我国加快了国有商业银行改革的步伐，确立了国有商业银行产权制度改革与建立现代银行制度的目标，以股份制改革为核心内容的各项改革正紧张进行。笔者以为，国有商业银行改革是一项复杂而艰巨的系统工程，长期以来缺乏对高层经理人员即经营者的有效激励和约束，是我国国有商业银行效率难以根本改善、竞争力难以提高的重要原因。因此，解决经营者的激励约束问题是国有商业银行改革的重中之重。本文通过运用交易费用理论、产权理论、超产权理论、委托代理理论和管理激励理论等与经营者激励约束问题相关的理论，对我国国有商业银行经营者的激励约束机制的现状与存在的问题进行了研究，发现由于激励约束不到位，大部分国有商...Abstract Since the turn of the 21st century, China has sped up the reform of the state-owned commercial bank, establishing the aim of reforming its equity system and of founding a modern bank system. Meanwhile reforms with shareholding system reform as their core are under way. The author holds that the reform of state-owned commercial banks is a complicated and arduous systems engineering, and...学位：经济学硕士院系专业：经济学院财政金融系_金融学(含保险学)学号：X200242008

证券投资基金业市场结构与市场绩效关系的实证分析

市场结构与市场绩效的关系,理论界有不同假说。学者们也通过设置不同模型验证产业的市场结构与市场绩效的关系。文章在借鉴这些理论和模型的基础上,根据实际情况,构建模型,对我国证券投资基金业的市场结构和市场绩效的关系进行实证分析,并得出相关结论。福建省教育科学“十二五”规划2011年度规划课题(FJCGGJ11-035

An Empirical Analysis on the Economic Influence Factors on he China's Holding Scale of U.S. Treasury Bonds——Based on the International Financial Crisis

影响中国持有美国国债规模的经济变量主要包括中国外汇储备、中美汇率水平、美国国债实际收益率和美国国债相对收益率。基于国际金融危机背景的实证分析表明,外汇储备、美国国债实际收益率与中国持有美国国债规模存在正向变动关系,美元汇率与中国持有美国国债规模存在反向的变动关系,而美国相对收益率对中国持有美国国债的影响不显著。中国应适时适度地调整所持的美国国债规模,确保其安全性、流动性和收益性。The scale of U.S.treasury bonds held by China is influenced by some economic factors such as the foreign exchange reserve,the current exchange rate,the real yield and the relative yield of U.S.treasury bonds.An empirical analysis based on the international financial crisis revealed the relationship between the four factors and the scale of U.S.treasury bonds held by China.So China should adjust the scale of U.S.treasury bonds timely and appropriately

基于多重套利模型的短期国际资本流动影响因素分析

文章采用2003~2012年的月度数据,利用“多重套利“模型对我国短期国际资本流动、中美利差、人民币预期升值率、证券市场价格变动、房地产价格变动和中美税差六个变量进行实证检验和分析,研究我国短期国际资本流动的影响因素,探讨各因素对我国短期国际资本流动的影响大小

证券公司经营效率影响因素分析——基于超效率DEA模型与Tobit模型

一、引言证券公司的效率是其竞争力的集中体现,它反映了证券公司在一定的技术条件、管理条件下运用资源控制成本的能力。研究证券公司经营效率的影响因素具有重要意义:一方面可以揭示、确认影响证券公司经营效率的因素、影响的方式和影响程度大小;另一方面为防范证券公司经营风险和提高证券公司经营效率提供了科学依据。近年来基于TObIT模型分析证券公司经营效率影响因素的

当前宏观经济形势与货币政策的选择

本文深刻研究了当前我国宏观经济形势和经济运行中出现的主要问题,并提出了应采取的措施和建议

The Comparison of Islamic Finance with Microfinance and the Implications for the Development of the Rural Finance

以伊斯兰教义贯穿经营活动始终的伊斯兰金融和专门为低收入群体设计的小额信贷，作为异于正规金融的两股新兴的金融力量，各自在解决弱势群体尤其是农村地区的低收入者（包括贫困者）和小微企业的融资难题方面发挥了重要的作用。尽管两者在是否收取利息方面存在明显的分歧，但在强调社会平等的共同信念下，却存在诸多相同之处。通过积极推动伊斯兰金融和小额信贷在我国农村地区的发展，鼓励两者互相借鉴彼此的一些经营方式，以实现产品和服务方式的创新，有利于我国构建多元化、多层次、广覆盖、可持续的农村金融体系。Islamic finance with Islam throughout the course of the business activities and the microfinance which is specially designed for low--income groups, are two new financial forms different from the formal finance. They have played an important role in dealing with vulnerable groups, especially the low--income residents in rural areas （including the poor） and micro enterprise. They have obvious differences on wheth- er to charge interest, but in the common faith of social equality. They have many similarities too. Promo- ting the development of islamic finance and microfinance in rural areas in China, encouraging them to learn the business methods from each other and realizing the innovation of their products and services, are all important ways for China to build a diversified, multi--level, broad coverage, sustainable rural financial system

ETF期现套利的可操作性分析

沪深300股指期货的推出,使ETf的期现套利操作具有实践的可能。通过最小二乘法可以确认深证100ETf与上证180ETf的组合作为拟合沪深300指数的现货变量。套利成本为交易成本和跟踪误差。当股指期货的价格与ETf组合构成的现货价格之差大于套利成本时就可以进行套利操作。用当前的日数据进行实证分析表明,套利空间并不存在。原因可能与套利成本过高,以及市场存在众多套利者使得瞬间出现的套利机会立刻被发现、价格的短暂偏离得到迅速纠正有关。The arbitrage trade between exchanges traded fund(ETF)and the stock index future is available with the introduction of Hushen 300Index Futures.The paper uses OLS to regress the different portfolios of ETF and chooses Shenzhen 100ETF and Shanghai 180ETF.The arbitrage costs include tracing error of the portfolios and the cost of trading.Then it gets the non-arbitrage space through the price minus the costs.The Empirical analysis of daily data reveals that the arbitrage chance doesn 't exist for the high arbitrage costs.Another reason lies in that there are a lot of arbitragers in the investing market and the departure of the price could be corrected immediately