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.     

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.     

Study on the Combined Housing Mortgage Loan Model

The combined housing mortgage loan is different from the pure housing accumulation fund loan and the commercial housing mortgage loan because of the special requests of applicant, gage, term of loan and rate. To study the combined housing mortgage loan, we established a theory model for it. Through this model, we can work out the term of loan, the repayment of capital and interest every year. Then we suggested the current mode of repayment be changed from average repayment to increased repayment by degrees according to the increase of family income. The term of loan can be lessened by this repayment mode. At last, we established a combined housing mortgage loan model containing savings contract loan. Through it, the model out the term of loan, the repayment of capital and interest every year can be worked out including the savings contract loan.     

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.     

Study on Institutional Defect of Mortgage-Backed Securitization and Countermeasures in China

Mortgage-backed securities(MBS),originated in the U.S.and introduced into China in 2005,is a vehicle for real estate finance.This paper describes their history,mechanism,development,theory and experiences in the USA and other countries.In China,the real estate finance is partitioned into four stages: first,non-finance stage(1949-1977);second,sprouting stage(1978-1997);third,inceptive stage(1998-2004) and the fourth,developing stage(2005-),and it is distinguished from the finance of Real Estate Development firm.The differences between them are in following aspects: object,objective,mode and risk.This paper analyzes the institutional defects in view of the policy environment,the primary market of MBS,the secondary market of MBS,and offers countermeasures: first,setting up National Housing Mortgage Management Institution,second,enlarging the service scope of housing mortgage-backed loan,third,differential loaning,fourth,regularly issuing the pricing of housing construction;fifth,normalizing the institutional investors.     

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。     

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.     

中东欧四个转型经济体国家的农村信用担保计划及其经验借鉴

[内容摘要] 在农村贷款市场上,由于农业的市场化程度不高、高风险低收益以及缺少贷款担保品,很多农户和农村中小企业不符合农村金融机构的贷款担保条件而得不到贷款。为缓解这种困境, 在中东欧转型经济体中很多国家都构建了以服务农民和农村经济发展为目的的信用担保体系,有效的缓解了农村贷款难的问题。当前我国正在积极构建农村信贷担保机制,本文在详细分析了四个中东欧转型经济体的农村信用担保基金和计划的运作模式和作法的基础上,总结并提出可供我国借鉴的方法和经验。     

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.     

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。     

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.     

An Analysis of ESO and Manager Behavior by Game Theory

After reform of state -owned firms mechanism, many companies appeal for ESO, but there have not been any clear theories for operation in practice until now. On the basis of principal-agent theory of the firm, this paper regards owners and managers as the two sides to game and builds the game model which analyses the behaviors of owners and managers. As a long-term stock based incentive system, ESO will align the goal of owners and managers and make them reach Nash Equilibrium to maximize their utility, and lower agency cost to solve the agency problem in modern firms.     

Discussion about the Characteristics of the Main Factors Influencing the Monthly Payment of Housing Mortgage Loan

By extending the period of housing mortgage loan, the burden of monthly payment of housing buyers, the interest rate risk of monthly payment and of total interest payment increase.In this paper, the main factors influencing the monthly payment and its characteristics are analyzed.It is pointed out that the housing buyers should weigh up whether to lighten the burden of monthly payment or to increase interest rate risk while choosing the loan amounts and load period.     

Theory On Internal Control In The Real Estate Enterprise

Whether the international economic and financial environment pressure or domestic economy grows dynamical inadequacy suggests that the economy may enter a downward cycle in 2012. Policy is still the most important factor which will determine the trend of the real estate market. In the face of tighter monetary environment, limiting the purchase, credit limit, limit and strict regulation of real estate and the rapid growth of the low-income housing supply, housing price quantity fall into a downward trend, market situation is complex and severe. Strengthening the construction of internal control in the real estate enterprise is effective means to manage enterprise strictly, innovate in management, improve management efficiency ,prevent various risks, achieve business objectives and goals .Through the internal control principle in the real estate and the necessity of analysis , the paper presents the main control measures in the real estate development process.     

The Purchasers'' Risks and Its Precautions in the Pre-Selling of Commercial Houses

With the development of innovation in economic system,the real estate business became more and more active in recent years.In order to fit the innovation in housing system,the commercial housing pre-selling emerged,as the times require.Because the commercial housing pre-selling is still in the first phase in China,and the legal relations of the business are comparatively complicated,the legislation is not perfect correspondingly.So there are some new problems in the pre-selling of commercial houses.Hence the purchasers' risks and the precautions in the pre-selling of commercial houses are discussed in this paper.     

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.     

Matter-element Evaluation Model on the Personal Credit of University Students Loan and It''s Application

This paper analyzes the current situation of university students' credit evaluation and set up an evaluation index system of university students' credit to compensate a loan.Based on this index system,this paper sets up a matter-element evaluation model on the individual credit of university students loan by means of extensible engineering method.The grade of individual credit and the index for evaluating the level of individual credit are made as matter-element,meanwhile,the classical field,the segment field,the weight coefficient are obtained.Dependence function is established based on the grade of individual credit and then the grade is judged by calculating the synthetic dependence degree.Finally,this paper presents the evaluation method by giving an example.This method is simple in calculation,reasonable in evaluation with high applicability.     

A Game Analysis of Small-loan to Farmer

Small sum credit is a efficient way to help farmer shake off poverty. The opportunity cost of win the loan, refinancing rat and the probability of success of have effects on the development of this item. In many areas, if the loan can't be paid in time, farmer will be punished. The way has great efficiency on the farmer who owes the loan on purpose. But the effect on the farmer who doesn't owe the loan on purpose of the way hasn't been studied. The relationship between the probability of winning the loan and these factors has been studied by a simple method in this paper. The conclusion is, the decrease in the opportunity cost and refinancing rat, the increase in the probability of success can help farmer win the loan. If there is no outstanding payment on purpose, the punishment has no advantage.     

Main Influences of Credit and Loan Adjustment Policy on the Real Estate Enterprises and Their Countermeasures

In conjunction with the current situation of the real estate market in China, the main influence caused by the credit and loan adjustment policy is analyzed. On this basis, it has proposed some suggestions on how to strengthen the competitiveness and ability to resist risk of the real estate enterprise. At the end, it is emphasized, that the credit and loan adjustment policy not only makes the enterprise under enormous pressure, but provides a great opportunity of reducing rivals and expanding its own scale to those really powerful real estate enterprises. The real estate enterprise should seize this opportunity to meet the challenge to expand and strengthen itself.     

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.