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.     

农业高新技术企业债务融资影响因素研究

以农业高新技术企业2010—2012年数据为样本,采用多元回归分析农业高新技术企业债务融资影响因素。实证结果表明：企业规模、资产负债率、营业收入增长率、资产的担保价值与债务融资正相关;每股收益、现金流动负债比率与债务融资负相关;而存货周转率、速动比率、净资产收益率、净利润与债务融资不具有显著的相关关系。最后基于上述分析提出促进农业高新技术企业债务融资政策建议。     

Financial System and the Firm''s FinancialBehavior in Transitional Economy

On the basis of comparative analyses of the capital-market oriented and the bank oriented financial systems in the world, thispaper discusses the specialties of our country's financial system. Under this background, this paper builds an equilibrium model to explain the financial behaviors of firms in soft-budget constraint,the research results show that the soft-budget constraint is the main cause that leads to excessive loans .Because the different targets of governmentand firm, it's hard to optimize the firm's financial behaviors only by banking credit mechanisms, therefore, it is necessary to reduce the soft-budget constraint and establish effective incentive mechanisms of state-owned banks.     

金融支持杨凌农业高新技术企业发展问题研究

杨凌各金融机构给予杨凌示范区农业高新技术企业有力的支持,并积极探索多种信贷方式,以满足企业的需要。尽管如此,仍存在着不能满足企业对贷款的需求、放款不及时、因银行员工素质不高而影响信贷等现象。这既有企业自身的问题,也有信贷准入门槛过高、杨凌金融部门放贷权限不够等原因。为此,我们提出建立农业高新技术企业评价委员会、降低农业高新技术企业信贷门槛、扩大信贷权限、增加资金来源、完善担保体系和提高员工素质等应对策略,以便金融部门更好地支持杨凌农业高新技术企业发展。     

An Analysis on Model of Board Structure and Its Efficiency

The firm governing is a structure with a board as its core, and its goal is to guard the interests and rights of the shareholders and related people thru supervising the management under the condition of firm's ownership and management separation. So, it is very important to know what the board structure is and whether it can work properly. Thru constructing board model and conducting theoretical and empirical analysis, in this paper, a best model of the board including the shareholders, managers and outsiders is proposed. In order to improve the efficiency of the board, attention should be paid to the following: composition of the board, separation of board director and general manager and the incentive scheme to outside board members.     

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。     

Contingent Claims Analysis of Valuation of Risky Debt with Bankruptcy Costs

Research on valuation of corporate risky debt is given when bankruptcy costs are taken into account. Bankruptcy costs are expenditures of enterprise that get into bankruptcy, as a result, enterprise asset value is reduced, and debt value is reduced too because bondholders only receive asset value deducted from bankruptcy costs. Differential equation which risky debt value follows is given and a model about infinite maturity debt is obtained. By applying contingent claims pricing and stochastic calculus methods, the paper derives a risky debt value formula, this formula can illustrate the effect of investment policy and dividend policy on risky debt value. At last the results are comporred with results of Merton and Black and it is found that our results improve Merton and Black's.     

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.     

Operation of Debt-to-equity Swaps in State-owned Enterprise: a Game Theory''s Viewpoint

Operation of Debt to equity Swaps are thought to be a game process of conflict of interest when concerned interest groups seek furthest uses of them and dispute eminent domain of financial resources if state owned enterprise's property right configuration is not to be changed. That is to say, operation of swaps of debt to equity is one game between commercial bank and state owned enterprise firstly, and then it is another game of actualizing contract between AMC and stated owned enterprise. So the corresponding models are constructed according to game theory. The result indicates that enterprise and bank can compass an equilibrium and come to an agreement of swaps of debt equity. Nay, AMC must build up hawkish visualize to supervise and control enterprise's financial affairs and management in order to gain dividend and rights of section is bought back.     

Study on Influence of the Requirement on the Capital Adequacy to Bank''s Yields

In this paper, the model of the maximum utility of profit margin of commercial banks under the credit risk and the interest risk is reformulated with full consideration of the profile of the losses of bad debts for the commercial banks. The influence of the requirement in the capital adequacy by the central bank to the commercial banks on bank's yields is studied.Analysis shows that considering the risk loss and risk cost of the commercial bank,enhancing the capital adequacy to commercial bank will increase margin profit of commercial bank with decreasing absolute risk avoidance under the Ross concep.     

信合保险在信用社小额信贷及农村金融中的作用

中国实施农村信用社发放农户小额信用贷款已经有5年。在实施的过程中，同以往其他贷款一样，出现了呆帐、坏帐、道德风险和产业风险测算不准、信用调查不实和评级不准等问题，不仅造成了信用社的贷款风险过大,而且也使农户贷款愈加困难。及时对农户小额信用贷款中存在的这些问题进行理论和实践上的创新性研究是十分必要的。研究的对象主要是信合保险这种新的金融实体，通过开展信合保险，不仅可以有效降低农村信用社的贷款风险，在一定程度上解决农户贷款难的问题，而且对改善农户生活水平也能起到一定的作用。开展信合保险也能健全农村的信贷保险机制，改善农村金融环境，推动农村经济的进一步发展。     

The Retail Bank CD Market: An Assessment of Geographic Scope

ABSTRACT Over the past fifteen years, legislative, regulatory, and technological changes have occurred which have redefined the concept of a “local” bank deposit market. This study employs an interest rate covariability model to evaluate the geographic extent of bank retail CD markets. Classifying deposits according to both size and maturity, a total of four markets are analyzed using yield data for six major state banking areas. The evidence presented for all four cases supports the view that significant, though not perfect, integration exists. The principal finding is that the geographic scope of retail CD markets is inversely related to both size and maturity.     

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.     

高温逼熟等级对早稻品质与产量特征的影响

为了解不同高温逼熟等级对早稻品质和产量影响的差异,探讨现有高温逼熟指标划分的科学性,丰富高温逼熟指标的应用依据,提高水稻高温逼熟预警服务产品的内涵,按照典型高温逼熟的不同等级,采用人工气候箱控制及大田对照进行早稻高温逼熟试验,同步开展粗脂肪、粗蛋白、粗纤维、垩白度等品质要素及千粒重、灌浆速度、结实率、籽粒/茎秆等产量要素观测,并结合历史高温逼熟对产量特征的影响作为补充分析。结果表明,高温逼熟造成稻谷粗脂肪含量下降,稻米垩白度随高温逼熟等级升高而上升。且高温逼熟处理比未经高温逼熟对照的粗纤维、粗蛋白含量要高。受高温逼熟愈重灌浆高峰愈集中,当发生重度高温逼熟时成熟期明显提前。高温逼熟造成早稻千粒重、结实率、籽粒/茎秆等重要产量因素下降。高温逼熟愈重对稻米外观、食味、商业价值的影响加大,同时灌浆高峰集中而灌浆持续性较差,茎秆营养向籽粒输送转化不充分,最终产量性状差;目前高温逼熟等级指标的划分与试验结果一致;在实际服务中,应依据高温逼熟灾害级别,选择相对应的防灾减灾对策。     

Application of Modern Credit Risk Measurement and Management

A model of credit quantitative measurement and management widely used in foreign countries is introduced, and its limitation which appears while the model is used in China is analyzed. According to the chaos time serials constituted by various period credit grades' transition probability of an enterprise and the average value of its ratio of callback due to breach of faith, applying the theory of the chaos time serials and the local prediction method, a credit grades' transition matrix and a matrix of the average ratio of callback due to breach of faith is established. Which is applied to Chinese enterprises. Thus, a credit risk quantitative measurement and management model which is adapted to commercial bank is established, which is important in theory and practice.     

Conditional Value-at-Risk and Its Use in Credit Risk Measurement of Banks

Credit risk, the major risk of bank, is more and more intense during the period of economic restructuring in China. In view of the flaw of present risk measurement system, Conditional Value-at-Risk is used for the credit risk measurement which is better than Value-at-Risk. This paper creates the model ,while gives the method and procedure for solving it. So CVaRof credit combination is produced, which is just the early warning value of credit risk. At last, it is concluded that the CVaRrisk measurement is too difficult to use widely at present in china, then some advice is provided.     

钾营养对高品质棉株不同部位纤维成熟度影响的研究

 研究了钾营养对高品质棉杂交种科棉3号和常规种科棉4号不同部位纤维成熟度的影响。结果表明,施钾肥并通过合理的运筹能有效地促进高品质棉株中、上部纤维成熟度提高、特别是棉株上部纤维成熟度的提高,从而使得棉株上部与中部纤维成熟度的差距缩小,有利于提高整株纤维成熟度。本试验条件下,氯化钾施用量在225 kg·hm^-2时,最有利于纤维成熟度的增长,高品质棉杂交种科棉3号钾肥运筹以基肥和花铃肥的比例为5：5,常规种科棉4号基肥和花铃肥的比例为7[JX-*5]：[JX*5]3时更有利于提高棉株中、上部的纤维成熟度,而且上部与中部的成熟度差异最小。     

Empirical Analysis of Corporate Intellectual Capital and Corporate Performance

The principal purpose of this study is to investigate the association between the efficiency of value-added by a major components of a firm's resource (human capital,physical capital and structural capital) and corporate performance (profitability).Data consists of 30 firms are drown from computer area.Empirical analysis is conducted with correlation and linear multiple regression analysis.Findings from empirical analysis indicate that association between physical capital and profitability is statistically significant,there is a positive relation between human capital and firm performance,but not statistically significant.Accordingly, we analyse the factors that probably affect the findings.     

Handicap to Banking''s Reform by Scarcity of Credit Culture

This paper demonstrates that if the credit culture of the public product does not have a ownership of exclusiveness,the credit of the whole society will be explo ited excessively. That leads the whole societyforfeits sincerity. The authors use an example for guiding, expands foreign capitals bank to the recessive crisis in the whole society of China, and points out the importance of sincere construction.     

Game Analysis of Housing Consumer and Commercial

According to our country's conditions, 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 in our country.