东北地区大型国有企业集团国有股份拆分托管经营模式初探

在东北老工业基地改造过程中,大型国有企业集团公司在经历了长期的制度改革后又开始面临新的问题。鉴于大型国有企业集团公司的特殊性质,股份制改造和现代企业制度的建立无法从根本上改变国有资产所有者缺位、企业内部控制制度失效和国有资产流失的客观情况。利用资产管理公司对大型国有集团公司的国有股份进行拆分托管经营是东北老工业基地改造的新途径。     

A Thorny Issue

正Recurring credit crunches in the banking system has exposed problems that require institutional reform China’s banking system suffered another credit crunch at the end of 2013.On December 19,trading in the high-value payment system was extended by an extra half an hour,followed by rumors of breaches of contract among banks.Although relevant departments clarified the rumors,interbank     

地方政府控股下的地方银行制度变迁逻辑与风险防范

地方政府投资参股银行机构,既是一种模糊产权形式,也是一种过渡产权形式。允许地方政府的资本进入银行业,本意是体现责、权、利相匹配的原则。然而,这可能导致地方银行机构成为地方政府的"提款机",信贷扩张增大,政府融资平台贷款持续增加,信贷集中度会更高,地区贫富差距会扩大,弱势群体的贷款难问题会加剧等。因此,作为过渡性产权形式,地方政府股权的退出将是一种必然结果,虽然短期内难以实现,但是这是解决这一问题的必然出路,因而必须壮大民营银行产权并使之成为第一行动集团。只有这样,地方政府才可能逐步退出银行的产权控制领域并让民营银行成为间接融资渠道的主体,实现银行产权的更替,最终分散和化解金融风险。     

THIS WEEK

正GIVING BLOOD,GIVING LIFE A man volunteers to have his blood drawn at a mobile blood drive in Bozhou,east China’s Anhui Province,on June 12.Many people across the nation stepped up to donate in celebration of World Blood Donor Day,which falls on June 14     

调整当前国有企业劳动关系的理论政策探讨

随着经济形势的发展变化 ,我国国有企业内部的劳动关系也在发生深刻的变化 ,并日趋复杂化。这既有企业内部微观因素的变化 ,也有宏观经济因素的影响。在调整国有企业劳动关系时 ,应当澄清认识 ,抓住主要矛盾 ,积极进行政策调整。     

利率市场化及中小银行的对策研究

利率市场化是我国金融改革的重要目标之一 ,势在必行。我国的利率市场化改革必须选择渐进式的改革路径。“入世”将加快这一改革进程。在 WTO过渡期内 ,我国将实行管理浮动利率制。对中小银行而言 ,这既是挑战 ,也是机遇。中小银行的对策包括苦练内功 ,加强合作以及争取相应的政策支持。     

政府与国有银行股权改革：问题、经验与建议

在国有银行股权改革进程中,政府是制度变迁的启动者、提供者,国有银行股权改革体现了政府主导、自上而下、由表及里、渐进式的逻辑特点。由此形成的政府与银行间＂惯性控制＂与＂惯性依附＂的非同寻常＂关系＂对法律产生了＂挤出效应＂,致使法律边缘化、纸面化,即＂法律失灵＂。因此,完善国有银行股权结构,关键是要信守法治理念,清晰地界定政府之于银行的边界,取消政府利用银行体系实现政府广泛政策目标的做法,允许银行根据商业目标做出贷款决策。     

我国商业银行利率市场化问题研究——中小商业银行“被退市”危机及应对策略

2012年我国两次不对称降息政策进一步加快了利率市场化进程,并引发了商业银行利润总额和利润结构的急剧变化。从世界金融发展历史看,存贷利差的缩小,利润水平的大幅下降可能影响商业银行财务的连续性,使其遭遇重组甚至“被退市”的危机。我国的商业银行尤其是中小商业银行如不提前防备,同样面临“被退市”风险。因此,中小商业银行必须高度重视利率因素带来的生存危机,提高应对水平,以求在利率市场化过程中得以生存与发展。     

国有企业权力监督体系研究

近年来,学术界对国有企业权力监督体系的研究日益增多。从研究的内容上来看,大多数学者是从实践的角度对国有企业权力监督体系进行了探讨,而很少有从理论和实践相结合的角度来论述的。文章采取理论和实践相结合的方式,从权力监督和制约的历史渊源、国有企业权力监督的困境、解决国有企业权力监督困境的路径选择等方面对国有企业权力监督体系进行了初步的阐述。     

Comparative Study of Domestic and Foreign Bank Performance in Thailand: The Regression Analysis

This paper studies the performance of domestic and foreign banks in Thailand in terms of profitability and other characteristics after the East Asian financial crisis. The study is based on a micro bank-level panel data on financial statements by pooling cross-bank time-series data with the major balance sheet and income statement ratios for domestic and foreign banks in Thailand for 1995–2000. All banks were found to have reduced their credit exposure during the crisis years, and to have gradually improved their profitability during the post-crisis years. The results indicate that foreign bank profitability is higher than the average profitability of the domestic banks although importantly, in the post-crisis period, the gap between foreign and domestic profitability become closer. This shows some positive results of the financial restructuring program. Saovanee Chantapong (Ms) currently works as a senior economist at the Office of Macroeconomic Policy and Analysis. She received her ph.D. in Economics from the Faculty of Economics and Management at the University of Hannover (Germany) in 2005. Paper submitted to the International West-East Conference 2003: Accounting and Finance in Transition: European and Asian Experiences and Public Policy Considerations, London, 10–12 July 2003. This paper is a revised version of the Kiel Advanced Studies Working paper (May 2002) which was written when the author participated in Advanced Studies Programme (ASP) at the Kiel Institute for World Economics (IFW), Germany. The author is greatly indebted to Dr. Ralph Heinrich, her discussant and Dr. Claudia M. Buch for their valuable comments. The author would like to thank Bussaracum Petchclai and Augsupalee Watcharakiet, her colleagues at the Bank of Thailand for their great help. The paper has benefited from very helpful comments from Felix Hammermann, Om Prakash Mall and Paula Jaramillo. The author is also grateful to Prof. Dr. Lukas Menkhoff, Chair, the Institute of Monetary Economics, Faculty of Economics and Management, University of Hannover. The views expressed in this paper are entirely those of the author only and do not necessarily reflect those of the Bank of Thailand. Remaining errors are under the author’s responsibilities.