美国金融监管框架的重构：路径与趋势
邹伟康 于海纯
Restructuring Financial Regulatory Framework in the US: New Trajectory and Trend
ZOU Wei-kang, YU Hai-chun
资产证券化发展与商业银行风险——影响机制与经验证据
李 佳 王 晓 邓修英
The Development of Asset Securitization and the Risks of Commercial Banks——Impact Mechanism and Empirical Evidence
LI Jia, WANG Xiao, DENG Xiu-ying
金融教育投入与家庭投资行为——基于中国城市居民家庭消费金融调查数据的实证分析
贾宪军 王爱萍 胡海峰
Financial Education Investment and Household Investment Behavior——An Empirical Analysis Based on the Survey Data of Consumption Finance of Chinese Urban Households
JIA Xian-jun, WANG Ai-ping, HU Hai-feng
企业战略激进程度与债务期限结构
翟淑萍 孙雪娇 闫红悦
Corporate Strategic Radicalization and Debt Maturity Structure
ZHAI Shu-ping, SUN Xue-jiao, YAN Hong-yue
大股东认购、定价基准日选择与定向增发折价
陆宇建 史晓楠
Major Shareholder Subscription, Selection of Pricing Base Date, and Discount of Private Placement
LU Yu-jian, SHI Xiao-nan
基金家族内部竞争、主动性管理策略与基金业绩
杨 晨 郭荣琛 张晓强
Internal Competition of Fund Family, Proactive Management Strategy and Fund Performance
YANG Chen, GUO Rong-chen, ZHANG Xiao-qiang
高铁开通对股票流动性的影响
韩 琳 程小可 李昊洋
The Impact of the Opening of High-Speed Railway on Stock Liquidity
HAN Lin, CHENG Xiao-ke, LI Hao-yang
美国金融监管框架的重构：路径与趋势
邹伟康 于海纯
本文结合对2016-2018年美国金融监管相关重点立法、金融改革措施，以及特朗普所颁布的相关行政令全面而深入的分析，参考相关立法文件、美国国会立法辩论资料以及其他有关法案的研究报告，研究特朗普执政以来美国金融监管框架所做的修订，其对现有金融监管体制的影响，以及金融监管改革方案出台的深层次原因与背景，在此基础上，探讨这些金融立法与改革本身的潜在问题与缺陷，及在未来真正实施过程中可能遇到的障碍与困难。
The present paper thoroughly studied the major financial legislation, key financial regulatory reforms, and executive orders by Trump administration during 2016-2018, along with relevant legislative documents, legislative debates at the US Congress, and other research reports. The research intends to investigate the reforms initiated by Trump administration with regard to the existing financial regulatory framework, and find out the reshaping of the present financial regulatory regime, and the backgrounds and reasoning of the financial regulatory “re-reform” in the US. Furthermore, the paper explores the potential problems and deficiencies of this new round of financial reforms, and the hardship and hindrance at the future implementation stage.
资产证券化发展与商业银行风险——影响机制与经验证据
李 佳 王 晓 邓修英
本文基于中国银行业样本数据，研究资产证券化对银行风险的影响。研究发现：资产证券化显著降低银行风险，并且银行流动性、资本充足状况与盈利水平的提高，及加权风险占比的降低是资产证券化缓解银行风险的中介渠道；从不同银行类别来看，资产证券化有助于降低非上市银行，或规模较小银行的风险；在纳入政策因素的分析后，资产证券化仍显著降低银行风险。
Based on the sample data of China’s banking industry, the authors of this paper research the impacts of asset securitization on bank risks. It is found that asset securitization could reduce bank risks through the intermediary channels of improving bank liquidity, capital adequacy and profitability, as well as reducing weighted risk ratio; from the perspective of bank categories, the asset securitization helps to reduce the risks of non-listed banks or smaller banks; with policy factors added into the analysis, asset securitization could still significantly reduce bank risks.
金融教育投入与家庭投资行为——基于中国城市居民家庭消费金融调查数据的实证分析
贾宪军 王爱萍 胡海峰
本文使用中国城市居民家庭消费金融调查数据，对金融教育投入与居民股票投资行为之间的关系进行实证分析。结果表明，金融教育投入对居民投资股票起到显著的正向作用，但是，其与股票投资占金融资产比重之间存在显著的倒U型关系；受过金融教育的人群，其风险态度对投资行为的影响显著大于未受金融教育人群，即金融教育能够促使居民做出更符合自身偏好的投资决策。
Based on the survey data of the consumption finance of Chinese urban households, the authors of this paper empirically analyze the relationship between financial education investment and residents’ stock investment behavior. The results of the paper show that financial education investment plays a significantly positive role in residents’ stock investment; however, there is a significant inverted U-type relationship between financial education investment and the proportion of stock in family’s financial assets; as for people who have received financial education, their attitudes toward risks have greater impact on their investment behaviors than people without financial education, which indicates that the financial education could encourage residents to make investment decisions in line with their own preferences.
企业战略激进程度与债务期限结构
翟淑萍 孙雪娇 闫红悦
本文以2005-2017年中国A股上市公司为样本，实证检验企业战略激进程度对债务期限结构的影响及其影响机理。结果发现，在不同战略下，企业债权人、股东和管理层对债务期限结构的偏好具有明显差异，债务期限结构是各方博弈的结果：企业战略越激进，债务期限结构越短；这一决策以增加流动性风险为代价降低企业信息不对称程度和代理成本，同时也有助于企业在激进战略下灵活调整资本结构和降低融资成本。
Based on the samples of China’s A-share listed companies during 2005-2017, the authors of this paper empirically test the influences of corporate strategic radicalization on debt maturity structure and the influencing mechanism. It is found that the preferences of creditors, shareholders and managers for debt maturity structure vary significantly in different strategies, and the debt maturity structure is the result of game among all parties: the more radical the corporate strategy is, the shorter the debt maturity structure becomes; this decision reduces the degree of information asymmetry and agency costs at the expense of increasing liquidity risk; meanwhile, it helps companies adjust capital structure and reduce the financing cost.
大股东认购、定价基准日选择与定向增发折价
陆宇建 史晓楠
上市公司大股东在定向增发中通过选取定价基准日压低发行价格，以攫取利益。本文基于2014-2016年定向增发的样本进行分析，结果发现：大股东认购比例越高，上市公司越可能选取董事会决议公告日为定价基准日，定向增发折价率也相应越高；定价基准日的选取在大股东认购比例与定向增发折价率之间发挥中介作用。大股东认购比例对折价率具有直接效应。
The major shareholders of listed companies benefit from selecting the pricing base date to depress the private placement price. The analysis based on the samples of private placements during 2014-2016 shows that the higher the subscription proportion of major shareholders is, the more probably the listed company selects the announcement date of board resolution as the pricing base date, and the higher the discount rate of private placement becomes; the selection of the pricing base date plays an intermediary role between the subscription proportion of major shareholders and the discount rate of private placement. The subscription proportion of major shareholders has a direct effect on the discount rate.
基金家族内部竞争、主动性管理策略与基金业绩
杨 晨 郭荣琛 张晓强
本文引入内部竞争，对基金家族主动管理提出新解释，在通过锦标赛模型论证家族成员主动性管理动机的基础上，以基金相对于家族共同持股的偏离度作为指标，衡量基金家族主动管理的能力。运用2006-2017年的数据研究发现：基金家族内部主动性管理存在上升趋势；基于基金全持仓的持股偏离度适合作为衡量主动性管理的指标，且持股偏离度越高的基金其投资收益率也越高；主动性管理策略可以有效提升基金业绩。
The authors of this paper use the internal competition theory to propose a new explanation for the proactive management of fund family. With the tournament model the authors analyze the motivation of family members’ proactive management, then use the shareholding deviation between individual fund and the fund family, as an indicator of the proactive management ability of fund family. Based on the data during 2006-2017, the analysis shows that, there is an upward trend of proactive management in the fund family; the shareholding deviation based on the fund’s full position is a suitable indicator for proactive management, and the greater the shareholding deviation is, the higher the rate of investment return becomes; the proactive management strategy can effectively improve fund performance.
高铁开通对股票流动性的影响
韩 琳 程小可 李昊洋
基于信息透明度视角，本文采用双重差分模型研究在高速铁路通车后，中国A股上市公司股票流动性的变化。研究结果表明，相比于非高铁途经城市的上市公司，位于高铁途经城市的上市公司在高铁通车后，公司的股票流动性显著增加，这种情况在信息透明度较差的公司更明显；高铁开通带来的时空距离压缩效应提升公司办公所在地的交通可达性，使上市公司能够吸引更多的分析师对其进行实地调研；高速铁路加速资本市场中的信息流动，降低信息不透明度，改善信息效率，从而提高股票流动性。
From the perspective of information transparency, the authors of this paper use the difference-in-difference (DID) model to study the change in stock liquidity of China’s A-share listed companies after the opening of high-speed railway. The results of the paper show that, stock liquidity of listed companies, especially of those with poor information transparency, increase more significantly in cities with high-speed railway than in cities without; the space-time reduction effect due to the opening of high-speed railway enhances the transportation accessibility to the company’s office, which attracts more analysts to field investigation; the high-speed railways accelerate the flow of information in capital market, reduce information opacity, improve information efficiency, thus improve stock liquidity.