Change of the Interest Rate of Loan When CommercialBanks Become More Risk Averse

Through the equation of balance sheet between assessment and debt, this paper reformulates the function with two stochastic process of credit risk and interest rate risk under the full consideration of the profile of the losses of bad debts of the commercial banks, deduces the function of loan rate under the maximum utility of profit margin of commercial banks. The Beyer's estimation is used to analyse the changes of the loan rate when the extent of the risk averse of commercial banks. The risk averse extent is raised from the Arrow-Pratt risk averse to Ross risk averse. It is pointed out that the more risk averse of a commercial bank, the even higher the interest rate the bank charges to its borrower.     

Game Analysis Between Center Bank and Commercial Banks Under Asymmetric Information

Modern economy depends on money,but money is created by the bank system.So,as the main body of finance institution in one state,banks have the importance influence upon the economy of one country.Center bank constitutes the money policy and executes the money policy in one country,then it is the core of the whole financial system.But the validity for the money policy must rely on the activity of commercial banks to the money policy.Being based on the money policy transmitting mechanism,this Article analyzes how to establish a kind of bargain relation between Center bank and commercial bank so that commercial bank may work hard toward the aim of the money policy for the center bank under the asymmetric information,which was the bases of the Commercial Banks' innovation.     

地方农作物种质资源库建设的建议与思考

通过对国内外农作物种质资源库建设概况的梳理总结,从种质库的规划设计、施工建设、运行管理3个方面,提出明确规划定位、加强顶层设计,施工建设严把质量关、安全关,运行管理标准化、实现可持续发展,以及给予长期稳定资金投入、构建全国种质资源库协作网的建议和思考。     

Signalling with Firm Debt Maturity Choice

The firm's debt maturity structure is the important part of capital structure. Based on the analysis of credit behavior between bank and enterprise, we study the determination of firm's debt maturity structure. It is shown that when there is the cost resulting from credit rationing, the maturity of the debt can be viewed as a signal about the firm's quality sent to the bank. The high quality firm with stable cash profit tends to the high ratio of short-term debt, and signaling quality of firm to bank.     

Asset- backed Securization--a New Way to the Solution of Finance Problem in Real Estate

In recent 30 years, the asset-backed securization is one of the most important innovations in the international finance field. It promotes the quick development of the capital market. At present, on the one hand most of the Chinese real estate development companies are lack of financial support, on the other hand, the inland commercial banks are facing great potential finance risk. In this paper, how to get rid of the current contrary situation by the financing mode of asset-backed securization is discussed.     

Analysis of Adverse Selection in the Credit Market and the Impact of Mortgage Means

From the impact of mortgage loan on the degreeof investment risk and the expected profit of bank,the authors draw the conclusion that the risk of mortgage loan is larger than the risk of credit loan when the gage is not enough by comparing mortgage loan with credit loan. And they also analyse the relation of the gage, loan rate, and adverse selection. The gage and loan rate are presented which can be use as themeans of examining information for the bank.     

The expansion of Chinese banks along the routes of the Belt and Road Initiative: Following customers and geopolitical relations

Existing studies on the global expansion of banks have been mostly based on the experience of the banks from more developed economies, while little is known about the geographies of internationalization of banks from less developed countries. The expansion of Chinese banks, with state-owned commercial banks in the lead, has been accelerating since the Belt and Road Initiative (BRI) was proposed in 2013. This study contributes to existing research by providing new evidence and explanations based on the case of expansion of Chinese banks along the BRI routes. Chinese banks started to expand from Hong Kong and Macao, then expanded to Southeast Asia and the Arabian Peninsula, and finally reached Central Asia and other regions. The branches of Chinese banks are mainly clustered in Southeast Asian countries rather than other regions. Similar to their Western counterparts, Chinese bank branches are inclined to agglomerate in international or regional financial hubs. The regression analysis shows that two factors are crucial in explaining the spatial distribution of Chinese banks along the routes of the BRI. First, Chinese banks are likely to follow their customers, namely, state-owned firms from the non-financial sectors making direct investments in overseas regions. Second, Chinese banks are more inclined to open branches in countries that have good geopolitical relations with China reflecting the challenging international environment for Chinese banks to seek global expansion.     

安徽农村粮食银行运营现状、存在的问题及发展对策

农村粮食银行近年来在粮食主产区发展明显加快,并且在减少农户储粮损耗、解决农户储粮难题、美化农村居民居住环境、提高农村居民生活质量等方面发挥着越来越重要的作用。调查发现,安徽农村粮食银行普遍存在规模较小、信用较低、农户储粮风险较大等问题。当前,解决上述问题的关键在于构建统一的粮食银行组织领导与监管体系,规范粮食银行运营;建立农村粮食银行准入制度;实行存粮准备粮管理制度;加强风险管理,设立风险准备基金,加强农户参与粮食银行的愿意。     

黄土高原马栏林区主要乔木种更新研究

对黄土高原马栏林区以辽东栎（Quercus liaotungensis）和油松(Pinus tabulaeformis)为优势种的森林群落中5种主要乔木的幼苗和幼树种群进行统计学研究。结果表明：辽东栎、茶条槭(Acer ginnala)和葛萝槭(Acer grosseri)的幼苗和幼树在林冠层下占优势,具有高的密度和出现频率。油松和漆树(Taxicodendron vernicifluum)幼苗虽较多,但幼树数量却较少。辽东栎逆J字型大小级结构表明其幼苗和幼树库的持续存在和较好的更新;辽东栎幼苗倾向于在林窗下出现,说明林窗可能有利于该种的更新;表明辽东栎种群林冠下幼苗库的更新和林窗更新对于维持该种群的稳定都具有较重要的作用。茶条槭和葛萝槭幼苗和幼树耐荫的生态学特性,使其倾向于占据林冠下层,说明茶条槭和葛萝槭林冠下充足的幼苗和幼树库是其更新的主要策略之一。从更新策略的角度来讲,更新生态位的差异可能是物种共存的原因,当然也包括其他的影响因素比如幼苗和幼树不同的生态学特性等。     

我国村镇银行发展问题研究

村镇银行作为一种新型农村金融机构,给当地农户及涉农企业带来了融资帮助、填补我国农村金融的空白,同时也在发展中存在一定障碍。文章以我国村镇银行现状和吉林省三家村镇银行发展情况为背景,分析了村镇银行在发展中存在的问题,包括资金来源不足、规模小、发起人难找、金融生态环境欠佳、贷款风险高等问题,并提出相应改革策略。     

锰矿废弃地几种不同恢复模式土壤种子库与地上植被的关系

土壤种子库技术是矿区废弃地植被恢复的重要方法,弄清不同恢复模式下种子库与地上植被之间的关系是有效利用该技术的前提。以云南建水锰尾矿恢复的醉鱼草(Buddleja officinalis)灌丛、香根草(Vetiveria zizanioides)草丛、肿柄菊(Tithonia diversifolia)群落为对象,以人工林蓝桉(Eucalyptus globulus)林为对照,通过野外调查与室内萌发实验相结合的方法研究了各群落地上植被与土壤种子库的关系。结果显示:1)尾矿起源各群落地上植被(0.50、0.06、2.18、vs. 2.12)与土壤种子库物种多样性(1.32、1.42、1.78 vs. 2.65)均低于对照群落;2)地上植被物种多样性与土壤种子库物种多样性成正相关(R^2=0.187,p=0.005);3)对照群落土壤种子库与地上植被物种相似性较高,尾矿恢复各群落较低,且不同恢复模式间相似性差异较大;4)香薷(Elsholtzia ciliata)与醉鱼草为4个群落土壤种子库共有的优势种,各群落地上植被与土壤种子库优势种不完全同步。研究结果表明恢复措施对土壤种子库物种多样性有重要影响。     

天然沙冬青土壤种子库特征研究

通过野外样方调查、种子鉴定及种子发芽等相结合的方式,对天然沙冬青种群种子库进行研究,以期揭示天然沙冬青土壤种子库特征及与种群更新之间的关系。研究结果显示,天然沙冬青种群土壤种子库比较丰富,平均密度为11粒/m2;种子主要存在于土壤表层,在有结皮存在的情况下,种子才有可能存在于0~2 cm土层中,以下土层没有种子;沙冬青种子发芽率与土壤种子库呈负相关,种子库丰富的地方,种子的发芽率较低,这一对矛盾造成幼苗数量的稀少,进而影响天然沙冬青种群的自然更新。     

Research on Market Targeting Model of Selecting Manager and Cooperation Mechanism in Commercial Bank Based on Stock Option

Selecting manager by market and improving team cooperation efficiency are two basal tasks to construct an effective human resource management system of commercial bank in China,but there are the limitations the traditional methods in explaining the players' cooperation.The paper constructs a market targeting model of selecting manager of commercial bank and a game model of team cooperation based on stock option,and then the talent identification mode and team cooperation mechanism in commercial bank are established.It is concluded that talented managers is selected but talent-less is refused owing to stock option incentive mechanism,and employee and managers holding stock plan is an incentive force to whole team if residual remains of shareholder is less than half team residual remains.     

丹皮(垫江)生产的经济分析

摘要 目的：指导丹皮产业化生产。方法：以2008年重庆市垫江县社会经济发展状况、丹皮市场行情为基础,采用农业项目投资评估的方法,开展丹皮生产（20 hm2,r=10%）的经济分析。结果：估算投入93.5 万元,投资利润率8.4%、NPV 5.29 万元、IRR 13.3%,产量及就地销售价格的盈亏平衡点（动态）分别为4 830 kg?hm-2、11.2 元/kg,销售价格对NPV的影响最敏感。结论：具有一定经济、社会效益,但存在市场风险。     

Analysis on Unbalance of Real Estate Investment Goal under the Environment of High Profit Margin

With incessant development of Chinese real estate market, the amount and size of real estate corporations are enlarging rapidly and the real estate corporation investment goal is tending to become divertive. So it is especially important to understand rightly the investment goal of the real estate corporations. This paper analyzes the unbalance phenomena of real estate corporation investment under the environment of high profit margin and discusses the serious aftereffect from this unbalance. Finally this paper brings forward the right order of investment goals for the real estate corporations in order to contribute to a nicer performance of real estate corporations in establishing sustainable development stratagem.     

桉树人工林土壤种子库研究

为了了解桉树人工林土壤种子库的物种组成、密度、垂直分布等特征,以2年生桉树人工林为研究对象,相邻的大叶栎人工林作对照,取其土壤,通过室内种子萌发的方法,研究桉树人工林土壤种子库分布特征。结果表明：（1）各土壤层种子萌发的规律基本一致,大约从第7天开始进入种子萌发高峰期,第19天萌发高峰期基本结束,随后进入缓慢萌发期,至最后停止萌发;（2）桉树人工林土壤种子库储量较大,种子密度为9804粒/m2（对照为3614粒/m2）,共计物种15种,分属于9科,其中禾本科的弓果黍为优势种,种子密度为8849粒/m2,占土壤种子库总量90.26%;（3）种子库垂直分布格局显示,80%以上的种子储存在枯枝落叶层和0~5 cm的土壤中。2年生桉树人工林土壤种子库的种子密度大于大叶栎人工林,其组成以草本为主,灌木次之,种子多集中在枯枝落叶层和浅层土壤中。     

Model of Real Estate Portfolio Investment Based on the Least Risk

The high-speed development demands new real estate investment theory. Using the experiences of the Western developed countries for reference in property investment and modern portfolio investment theory, the paper introduces the conception of systematic and unsystematic risk with the centre of risk and profit. Consequently, the model of real estate base on least risk and anticipated profit is studied in the discussion of its concerned hypothesis and determining the concerned parameters. With living example analysis, we reach the conclusion that portfolio investment risk is smaller than single investment if the investor adjusts the tactics of portfolio investment.     

白术生产的财务分析

摘 要：【研究目的】指导白术产业化生产。【方法】以2008年重庆市酉阳县社会经济发展状况、白术市场行情为基础,采用农业项目投资评估的方法,开展白术生产（20hm2,r=10%）的财务分析。【结果】估算投入57.18万元,投资利润率2.5%、NPV 0.6万元、IRR13.9%、产量及就地销售价格的盈亏平衡点（动态）分别为2 960 kg/hm2、9.9元/kg、销售价格对NPV的影响最敏感。【结论】白术生产具有一定社会、经济效益,存在一定市场风险。     

Capital Scarcity and Banking Industry Structure in Montana

Capital scarcity is widely believed to impede regional economic growth. We examine whether the distinctive nature of Montana's local banking markets exacerbate capital scarcity, either by reducing bank lending or raising bank loan rates.     

A Game Analysis of Credit System and Mortgage Backed Securitization

This essay illustrates the importance of credit to the supply of asset pool and the operation of MBS from the accept and the basic operation process of MBS. According to our country's conditions, this essay states from two sides. Through the game of housing consumer and commercial, for one thing, housing consumer desides applying for loan or not,and commercial bank desides granting loan or not; for another ,housing consumer selects prepaying loan,paying loan on time or branking contract,and commercial bank selects lawsuiting or not. Through the game analysis of two sides , it discusses relations between the loan of bank and the development of credit system,and give us some suggestions in order to the development of MBS.