随着移动支付快速发展及社会经济金融形势变化,区域性现金运行呈现一些新特点,对区域现金服务和管理产生冲击,影响了社会公众对现金服务的获得感和满意度,社会关注度较高.应对这种新形势,亟须加强有效现金管理.为此,本文对区域性现金运行中的新挑战及其表现、成因和影响进行了分析,并结合工作实践对提高现金有效管理的途径进行了探讨,以期补足现金运行短板,优化现金服务流程,提升现金服务质量,满足社会多层次现金服务需求.
With the arrival of the generative AI era,it is about to become a reality for fintech to make the leap to the smart technology level,while the follow-through at the institutional level of risk governance has yet to materialize.The prevention and regulation of fintech data risks in the generative AI phase should become a new and hot legal topic,which urgently needs to be governed by a more advanced and comprehensive legal path.Data quality compliance risk,privacy compliance risk,and monopoly compliance risk of generative AI stage fintech,the legalized system construc-tion of compliance governance is given necessity and legitimacy.However,because it is a new legal formulation,the construction of financial data compliance system in China's generative AI stage has three levels of legalization obstacles,namely,white space in the supply of legal system,dilemma of administrative guidance and supervision,and insuffi-cient judicial protection.It should be targeted to achieve attempts and breakthroughs in the construction of its legaliza-tion system from the three levels of legislative guidance,administrative enforcement and judicial operation,but the le-galization of financial data compliance is not the end point of fintech data risk governance at the stage of generative AI,but only a stage-by-stage result of risk governance in the process of development of fintech,which still requires the emergence of more legalization means.
The promulgation and implementation of the Environmental Protection Tax Law promotes the reform of China's green tax system and is crucial for the green development of heavy polluters.This paper adopts the data of A-share listed companies in heavy pollution industry from 2011 to 2022,and studies the impact of environmental protec-tion tax on green M&A of heavy polluters and its mechanism of action based on Change in Change(CIC).The study finds that environmental protection tax effectively promotes the green M&A of heavy polluters,and influences the green M&A of heavy polluters mainly by promoting the internal initiative to improve the ESG performance of the firms and by increasing the legitimacy requirements externally.Further analysis reveals that environmental protection taxes have different effects on different types of green mergers and acquisitions,with a more pronounced promotion of verti-cal green mergers and acquisitions;at the same time,environmental protection tax has a more prominent role in pro-moting green M&A for small-scale,high risk-taking level and heavy polluters in the growth and maturity period.The study reveals the relationship between environmental protection tax and green mergers and acquisitions of heavily pollut-ing enterprises,which is an in-depth study of corporate environmental protection investment and green transformation,and provides important empirical evidence for further improving China's Environmental Protection Tax Law.
The proliferation of"greenwash"has become an obstacle on the road to ecological civilization and sus-tainable social development.In order to explore the effective solutions for the management of corporate"greenwashing"behavior,this paper takes the relevant data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2021 as the research samples,and empirically explores the impact and mechanism of directors'and supervisors'liability in-surance on corporate"greenwashing"behavior.The study finds that directors'and supervisors'liability insurance can sig-nificantly curb corporate"greenwashing"behavior.Mechanistic analysis suggests that improving the quality of internal control and alleviating financing constraints are intrinsic channels through which directors'and supervisors'liability in-surance can curb"greenwashing"behavior.At the same time,this paper also finds that the governance effect of direc-tors'and supervisors'liability insurance on"greenwashing"is more obvious in state-owned enterprises and enterprises in non-polluting industries.Further analysis shows that,from the perspective of external monitoring mechanisms,there is a certain substitution effect between government regulation and media monitoring and the"greenwashing"governance function of directors'and supervisors'liability insurance,while investor concern plays more of a complementary role in the"greenwashing"governance of directors'and supervisors'liability insurance;in terms of the characteristics of the management team,a higher proportion of women in the board of directors and supervisors,a younger average age,and a higher number of overseas backgrounds can help to strengthen the inhibiting effect of directors'and supervisors'li-ability insurance on the behavior of"greenwashing".The findings of this paper provide a meaningful reference for the development of directors'and supervisors'liability insurance and the regulation of"greenwashing"behavior.
Taking the 2017 green financial reform and innovation pilot zone policy as the institutional background,this paper empirically examines the impact and mechanism of green financial pilot policy on carbon emissions of heavy polluters based on the data of 420 listed companies in heavy pollutant industries in Shanghai and Shenzhen A-shares from 2012 to 2021 by using a double difference model.The study finds that the green finance pilot policy significantly reduces carbon emissions from heavy polluters,and the above findings are more significant in non-state-owned heavy polluters,heavy polluters with a high dependence on external financing,and provinces with a high degree of distor-tion in industrial structure.Mechanism analysis shows that the green finance pilot policy,while curbing carbon emis-sions from heavy polluters by promoting environmental governance,also realizes carbon emission reduction in the short term by increasing financial investment and reducing inventory investment in heavy polluters.The research in this paper provides a new evidence for recognizing and evaluating the carbon emission reduction effect of green finance pi-lot policies,and also provides empirical support for promoting the optimization and upgrading of green finance pilot policies.
State-owned capital is of great significance to the transformation of enterprises'green innovation con-cept from"passive compliance"to"management recognition".Based on the data of A-share listed private enterprises from 2007 to 2021,this paper explores the impact of state-owned capital injection,a"reverse hybridization",on their green innovation.The results show that:(1)state-owned capital participation helps to promote green innovation in pri-vate firms,and it works mainly through information governance,resource support and corporate governance mecha-nisms;(2)the green innovation effect of state capital participation is stronger when private firms are not politically connected,are in the mature stage of the life cycle,and are located in areas with stronger environmental regulations and higher economic activity;(3)state-owned capital participation helps to optimize the structure of green patents,which not only promotes the enhancement of green patents for enterprises'own inventions,but also drives the overall green development of the region through the radiation effect.The conclusions of this paper provide useful empirical evi-dence for further deepening the mixed ownership reform and guiding the green transformation of enterprises.
Over the past three years,shocks such as the COVID-19 pandemic,geopolitical conflicts and interna-tional market turbulence have caused profound changes in the relationship between labor supply and demand and work-ing methods,the global energy supply structure and the international trading system.In the face of these changes,en-terprises began to adjust their pricing strategies,significantly increasing the price of products,and the tight supply sit-uation of the labor market has also improved the bargaining power of workers,which has become an important driver of world inflation in 2022.At present,it is unclear whether the price mechanism can regulate the rebalancing of global supply and demand.In this new era of rapid changes and uncertainties in the economic and financial environment,to maintain the effectiveness of monetary policy formulation and the robustness of monetary policy operations,central banks need to adhere to clear policy intentions,flexible analytical methods and humble introspection.
At present,artificial intelligence technology is widely used in the financial industry,or will lead the era of change,boosting the intelligent transformation of financial services.However,the widespread application of AI technology in the financial sector may also trigger tail risk events,exacerbate the hidden,contagious,superimposed and unpredictable nature of financial risks,magnify the vulnerability of the financial system,and threaten financial se-curity and stability.Against the backdrop of the rapid development of"AI + Finance",financial regulators need to ad-just their expectations of financial innovation risk events and formulate new financial regulatory strategies.Based on the analysis of the financial risks that may be caused by the application of artificial intelligence in the financial sector,this article proposes preventive regulatory suggestions aimed at promoting the"forward movement"of financial risk manage-ment,improving the long-term mechanism of financial stability,and maintaining financial security.
Global interest rates are undergoing a new change,with the rise in short-term interest rates trending to-wards a gradual spread to medium-and long-term interest rates,and the current view of central banks and markets on interest rates is gradually shifting from previously low interest rates to higher interest rates over the long term.As the pattern of global economic interconnection is affected by multiple economic and non-economic factors,the role of poli-cy interest rates in stopping inflation from rising has weakened,and the number of variables affecting inflation has in-creased,making it more difficult for central banks to use interest rates as an anticipatory management tool to regulate the macro-economy.This paper proposes that in predicting the short and medium term changes in interest rates,we should not only examine the actual economic conditions of various countries,but also pay attention to the medium and long term factors affecting interest rates,inflation and economic growth,such as total factor productivity,population aging,investment and savings structure changes,etc.These new variables have a deeper impact on the real interest rate,and at the same time mean that the application of interest rate policy tools is more difficult.This paper argues that a prolonged period of higher interest rates will have a negative impact on economic growth and is inconsistent with the realities of the debt economy constraints,as the trend of the long-term interest rate pivot is affected by a combination of short-term factors and long-term variables,and that policy interest rate transmission,if impeded or delayed,will bring new uncertainties to the adjustment of monetary policy.At present and in the coming period,given the constraints on economic growth and financial stability posed by high interest rates,the major central banks around the world need to rethink their monetary policy frameworks,increase inflation tolerance and consider pushing interest rates steadily downward to return to the normalization of monetary policy.Meanwhile,in the face of the interest rate paradigm shift,commercial banks should focus on preventing interest rate policy risks,both to maintain a reasonable and stable level of net interest margin and to enhance value creation capacity.
Taking China's A-share listed companies from 2012 to 2021 as the research object,this paper adopts a fixed-effects model to test the relationship between the auditor's decision and the risk of stock price collapse,and inves-tigates the role played by executive compensation incentives between the two.The results of the study show that both au-dit opinions and audit fees are significantly and negatively related to the risk of stock price crash,and the conclusions still hold after robustness and endogeneity tests;executive compensation incentives can strengthen the relationship be-tween audit opinions and the risk of stock price collapse and can weaken the relationship between audit fees and the risk of stock price crash.Mechanism tests show that audit opinions can reduce the risk of stock price crashes by increasing the transparency of corporate information.Starting from the perspective of external regulation,this paper incorporates the internal governance mechanism of enterprises into the research framework,explores the impact of internal and ex-ternal factors on the risk of stock price collapse,and provides a theoretical basis for urging enterprises to improve the quality of information disclosure and create a healthy and stable capital market.
Pension finance is an important focus for actively responding to population ageing,and its rapid devel-opment requires strong support from fiscal policy.The experience and practice of some countries that have entered the ageing society earlier in the international arena in using fiscal policy to cultivate and support the development of pension finance is worth learning from.Based on the three levels of pension finance,pension service finance and pension in-dustry finance,this paper systematically combs through and summarizes the experience of foreign fiscal policy to sup-port the development of pension finance,and on this basis,combining with China's actuality,builds a fiscal policy framework to promote the development of pension finance in China.
如何实现商业银行差异化发展是金融供给侧结构性改革的重要内容之一.数字经济浪潮下,商业银行数字化转型能否激励其求新求变,形成各自比较优势,实现差异化发展呢?本文利用2010-2021年沪深A股上市商业银行年度数据,采用非平衡面板固定效应模型检验数字化转型对商业银行差异化发展的影响.研究发现,数字化转型对商业银行差异化发展具有显著的促进作用,内生性与稳健性检验后仍可获得一致的结论.中介效应检验表明,数字化转型通过激励商业银行主动风险承担来发挥作用.异质性检验表明,数字化转型对投资类业务和贷款类业务差异化发展具有显著影响.边际效应检验表明,伴随着商业银行差异化水平上升,数字化转型的边际效应存在先上升后下降的变化趋势,即数字化转型不会激励商业银行过度追求差异化发展.
借名贷款①涉及名义借款人、实际用款人等多方主体,法律关系复杂难辨,还款责任较难认定.这增加了贷款追偿难度,成为金融机构不良资产形成的重要原因.因此,准确界定借名贷款的法律关系,促进金融机构采取有效措施保全信贷资产,有利于金融机构稳健经营和贷款市场良性发展.
共同富裕是中国特色社会主义的本质要求,是中国式现代化的重要特征.在助力脱贫攻坚、消灭绝对贫困取得全面胜利的基础上,促进共同富裕是下一步普惠金融工作的重点.理论分析表明,普惠金融能够通过降低金融服务门槛、促进经济增长等机制缩小收入差距,促进共同富裕.但普惠金融市场"精英俘获"现象、经济机会不足、金融素养匮乏影响普惠金融对收入分配的改善作用,甚至可能加大收入不平等.对86个实证研究模型的Meta回归分析显示,普惠金融对共同富裕的影响受到普惠金融指数构造、样本时间与区域范围等研究特征的显著影响.未来应继续大力发展普惠金融,提升低收入群体的金融服务覆盖面、可得性和满意度;同时更注重产业培育等"造血"机制建设,加强金融消费者教育,提升消费者金融素养,疏通金融发挥作用的渠道.
近年来,我国积极推动个人养老金健康发展,但与不少发达国家相比,我国个人养老金起步较晚,在监管中仍存在法律制度有待健全、配套制度亟待完善、监管权责界定不够细化、自律监管组织和社会监管机制缺乏、监管方式较为单一等问题.本文分析了我国个人养老金监管的优势和挑战,选取个人养老金发展相对成熟且模式各异的美国、德国、日本、加拿大和新加坡等国家,从参与环节、投资环节和领取环节三个方面探讨个人养老金监管的国际先进经验,并从我国现实出发,提出了加强个人养老金监管、规范个人养老金市场发展的建议.
本文采用2016-2020年县域面板数据,从场景嵌入的角度探讨了农村电商发展对县域数字普惠金融发展的影响.研究发现,农村电商发展有助于提升县域数字普惠金融发展水平;就细分指标而言,农村电商发展对县域数字普惠金融的覆盖广度、使用深度和数字化程度均有显著正向影响,从而验证了数字金融发展的场景嵌入机理.进一步研究发现,农村电商发展对县域数字普惠金融发展的促进作用主要出现在市场化程度高、产品市场和要素市场发展程度高、法治水平高的地区以及南方地区;农村电商发展也能够显著降低金融发展面临的地理排斥.鉴于此,推动县域数字普惠金融发展,应该注重农村电商等数字乡村场景建设,同时地方政府也应提升法治化、市场化水平,以优化金融发展环境.
问责制被运用于地方政府债务领域,对加强地方政府债务监管、防范化解债务风险具有重要意义.从现行制度看,问责监管集中在隐性债务领域,显性债务领域存在问责缺位问题.由于显性债务规模急剧扩张、偿债压力日益显现、债务风险愈加现实,应当确立对隐性债务进行风险问责、对显性债务进行绩效问责的合并问责监管,同时积极推进问责监管的制度化、法治化,并确立穿透式监管原则.
基于调查问卷方法,以山东省为例,从银行类型、真实性审核、银行展业、考虑因素四个维度,探索各因素在银行开展贸易外汇收支真实性审核中的依赖程度,构建基于结构方程的银行真实性审核依赖路径模型,并在此基础上提出存在的问题及未来银行真实性审核方式转变的路径.研究结果表明,银行展业仍是贸易收支真实性审核的首要依赖路径,当前银行展业能力不足以有效支撑真实性审核转型,外部监管因素一定程度上阻碍了银行真实性审核转型升级,银行性质、层级对真实性审核质量存在显著的影响.
不同评级机构对同一家公司给出的ESG评级存在分歧,这会给企业带来怎样的冲击?本文以2015-2021年沪深A股上市公司作为研究样本,从关键审计事项披露的视角切入,实证检验ESG评级分歧对审计师风险应对行为的影响.研究发现:ESG评级分歧促使审计师披露更多的关键审计事项来应对风险;机制检验表明,ESG评级分歧通过提高经营风险、代理成本和声誉风险促进关键审计事项披露数量的提升;进一步研究发现,对非国有企业和市场化水平较高地区的企业而言,ESG评级分歧与关键审计事项披露的正向关系更加显著.本文弥补了国内ESG评级分歧相关研究的不足,也为审计师规避风险、保障审计监督质量提供了重要借鉴.
20世纪90年代以来的全球化成就了世界范围内的低通货膨胀和高增长,这使各国逐渐忽视了通货膨胀指标的警示作用,也使政策制定者高估了扩张性的财政政策和货币政策对经济增长的促进作用.政府长期不计成本地使用扩张性政策,政策效果的叠加与累积使得各国财政政策和货币政策逐渐失去了回旋余地,突破了"稳定区域"的安全边界,最终导致全球经济面临通货膨胀高企与金融不稳定的双重挑战.因此,要想抑制通货膨胀,实现金融稳定,必须克服财政政策和货币政策的非对称效应,建立健全宏观审慎框架和微观审慎框架,承认宏观政策的不完善性,将财政政策和货币政策维持在"稳定区域"的安全边界内.
