Finance and the Business Cycle International, Inte
40本顶级经典金融学书籍英文版
40本顶级经典金融学书籍英文版本顶级经典金融学书籍英文版一、经典中的经典！一、经典中的经典！1、金融学，兹威博迪，罗伯特莫顿（中文版）、金融学，兹威博迪，罗伯特莫顿（中文版）2、Asset Pricing 2005，John H. Cochrane 3、Dynamic Asset Pricing ,Duffie4、Con nuous-Time Finance Robert C. Merton二、固定收益二、固定收益1、Interest Rate- Models Theory and Prac ce (2nd Edi on),Damiano Brigo · Fabio Mercurio2、The Handbook of Fixed Income Securi es 7thE,Frank J. Fabozzi三、投资学三、投资学Investments--Bodie, Kane, Marcus 5ed四、金融工程和数量金融四、金融工程和数量金融1、Principle of financial engineering ，Salih N. Ne ci2、FINANCIAL ENGINEERING AND COMPUTATION,YUH-DAUH LYUU3、Introduc on to the Economics and Mathema cs of Financial Markets,Jak ˇsa Cvitani´c and Fernando Zapatero4、A Benchmark of quanta ve finace,Eckhard Platen5、Dynamic Structure Modeling,SANJAY K. NAWALKHA6、Numerical Methods for Finance,Jhon A.D.Appleby五、公司财务与兼并收购五、公司财务与兼并收购1、Corporate Fiance 6e,Ross−Westerfield−Jaffe2、Corporate Finance-theory prac ce ，Pascal Quiry Maurizio Dallocchio Yann Le Fur Antonio Salvi3、The Theory of Corporate Finance ，Jean Tirole4、Handbook of Corporate Finance1,WILLIAM T. ZIEMBA5、Handbook of Corporate Finance2,WILLIAM T. ZIEMBA6、Principles of Corporate Finance, Seventh Edition,Brealey−Meyers7、Mergers, Acquisi ons and Corporate Restructuring,PATRICK A. GAUGHAN8、Mergers, Acquisi ons and Corporate Restructuring,Chandrashekar Krishnamur Vishwanath S.R.六、金融市场、机构和货币经济学六、金融市场、机构和货币经济学1、The economics of money,banking and financial markets,Mishkin2、Monetary Economics,Jagdish Handa3、Monetary Theory and Policy ，Carl E. Walsh4、Financial Markets and Ins tu ons 5e,Peter Howells and Keith Bain5、Handbook of Finance Financial Markets and Instruments - (2008),Frank J. Fabozzi6、Microeconomics of Banking 2e,Xavier Freixas and Jean-Charles Rochet七、国际金融和汇率七、国际金融和汇率1、The Economics of Exchange Rates,Lucio Sarno2、Handbook of Interna onal Banking 2003,Andrew W. Mullineux3、Interna onal Finance--Pu ng Theory Into Prac ce,Piet Sercu八、行为金融八、行为金融Advances in Behavioral Finance,Richard H. Thaler12月16日更新日更新UNDERSTANDING FINANCIAL CRISES,FRANKLIN ALLEN Understanding Interna onal Bank Risk,Andrew Fight1Frequently Asked Ques ons in Quan ta ve Finance(Wilmo ) 2Paul Wilmo Introduces Quan ta ve Finance,Paul Wilmo Fixed Income Analysis 2ndE Frank J. FabozziFixed Income Markets and Their Deriva ves,Suresh Sundaresan subprime mor gage credit deriva vesPrinciples of Financial Economics,Stephen F. LeRoyFinancial risk manager handbook,PHILIPPE JORION Measuring Market Risk,Kevin Dowd。
西方财政学课程中英文简介
《财政学》课程中英文简介Public Finance课程代码：090012B/090013A/090013B Course Code：090012B/090013A/090013B课程名称：财政学Course Name：Public Finance学时：32 Periods：32学分：2 Credits：2考核方式：考查/考试/考查Assessment：Inspection/Examination/Inspection先修课程：政治经济学、经济学Preparatory Courses：Political Economics, Economics《财政学》是经济、管理类专业的核心课程。
它是一门应用理论学科，在学科体系中起着衔接一般经济理论课和财政业务课的中介作用。
《财政学》课程的设置目的是通过讲授财政的基本理论和基本知识和基本技能，为学生今后相关课程的学习奠定良好的理论基础。
《财政学》的指导思想是以马克思主义的基本原理为指导，立足于中国实际，反映当今中外最新的财政研究成果，特别是借鉴了西方公共财政理论，建立起社会主义市场经济下公共财政理论体系。
本课程力求内容全面、新颖和实用。
课程内容共分为五大部分，即财政的基本理论、财政支出、财政收入、财政管理体制、财政政策等。
内容涉及到财政的概念、财政的职能、财政支出基本理论、购买性支出、转移性支出、财政收入概述、税收制度、国债、国家预算、财政平衡、财政政策与货币政策的配合等。
Public Finance is the core curriculum for the study of economics and management. It’s an applying course which links the curriculum of economic theory and professional financial courses. Having grasped the basic theory, the basic knowledge and basic skill of the public finance, the students may be ready enough to learn other related courses. The main parts of the course are as follows, the basic concept of the public finance, fiscal expenditure, fiscal revenue, the fiscal management system and the fiscal policy. The contents of the curriculum involve the concept and function of public finance, the basic theory of fiscal expenditure, the purchase expenditure, the transfer expenditure, the basic theory of fiscal revenue, the taxation system, the public debts, the state budget, balance of financial revenue and expenditure, the match of the fiscal policies and monetary policies, and etc.505《国有资产管理学》课程中英文简介State-owned Asset Management课程代码：090022B/090023A Course Code：090022B/090023A课程名称：国有资产管理学Course Name：State-owned Asset Management 学时：32/48 Periods：32/48学分：2/3 Credits：2/3考核方式：考查/考试Assessment：Inspection/Examination先修课程：西方经济学Preparatory Courses：Western Economics 财政学Public Finance政治经济学Political Economics本课程是财政学、公共管理等专业的必修专业拓展课。
Integration_Between_Industry_and_Education_in_the_
The four Fashion Weeks in early fall have attracted wide attention from all corners of the world fashion indus-try. World buyers have congregated at shows to seek out new fashion elements. Designers eagerly present their creations representing the latest fashion trends, and fashion enterprises are at hand pre-paring orders for the next season.Designers, buyers, creations and orders are closely connected with fashion education, with the schools of business atfashion colleges being the major platform for building such connections. “The major difference between our school of business compared to other schools is the theme of fashion we have been upholding in our majors and course settings, and our fash-ion practices.” I was deeply impressed by this simple remark made by Zhao Hong-shan, dean of the School of Business of the Beijing Institute of Fashion T echnol-ogy, when she gave an exclusive interview to China’s Foreign T rade .It is widely known that the Beijing40Institute of Fashion Technology was formerly the Beijing T extile Institute of T echnology, which was founded in 1959. It was renamed the Beijing Institute of Fashion Technology and the School of Business was founded in the 1980s.“Integration between industry and education in the fashion business” as a teaching orientationThe School of Business provides both bachelor’s and master’s programs.Integration Between Industry and Education in the Fashion Businessby Guo Yan— Interview with Zhao Hongshan, Dean of the School of Business of Beijing Institute of Fashion TechnologyChina’s Business School that Knows Fashion Management BestThe bachelor’s program includes 5 ma-jors, including international economy and trade (trade and finance), account-ing (CPA major orientation), market-ing (fashion brand management and fashion buying and planning), business management (fashion management, and corporate sales management), and information management and systems (data analyst major orientation). The master’s program includes business management and international com-merce. “The teaching orientation of our school is integrating production with education in terms of the fashion busi-ness. We focused on the establishment of a comprehensive and world-famous business management education systemto become the leader in fashion man-agement education,” explained Zhao Hongshan.According to the needs of the market, the school also added bachelor’s programs for fashion sales management in 2004, fashion brand management in 2011 and fashion buying and planning in 2017. The master’s program now includes the major of business man-agement (including the three major orientations of fashion brand manage-ment, fashion design management and accounting) and the major of interna-tional business management (including the three major orientations of overseas fashion business investment and man-agement, global fashion brand manage-ment and cross-border e-commerce).“The professional master’s program for international business focuses on real capabilities and practices. We normallyhave two professional tutors, but we arecurrently trying to introduce off-campusresources. Last year we invited 5 visitingprofessors, including 1 deputy chairmanof a listed company, 3 foreign professorsand 1 expert from the National Reformand Development Commission. Thisyear we will continue to hire professorsfrom foreign universities to set up cours-es or give academic presentations.” ZhaoHongshan continued by mentioningthat they hope to expand their coopera-tion channels to leverage more resourcesin terms of businesses, universities andacademic experts.The faculty of the School of Busi-ness includes 60 members, with 51 full-time teachers. About 63% of facultymembers are professors or associateThe fashion industryis a sunrise industrythat will benefit fromthe upgrading ofconsumption.41professors. The school also has part-timeteachers, visiting professors, start-up tu-tors and part-time master’s supervisors.Most of the start-up tutors are seniormanagers of enterprises. “Our school hasthree national honors in terms of inno-vation and start-ups. The School of In-novation and Start-ups is also part of theSchool of Business, and mainly provideseducation and training services. Thecourses are developed, organized andtaught by our professors. The innovationand start-up education is for incorpo-rating business education into the entireacademic structure of the university. It isa required course for all students of theuniversity and is worth two academicpoints,” said Zhao Hongshan.The fashion industry is a sunriseindustry that will benefit from the up-grading of consumption. The techno-logical breakthrough, industry contentand model will continuously change.“Our school is keeping up with thetimes. I think the Beijing Institute ofFashion Technology will rival the other211 universities as it plays to its uniquestrength.” Zhao Hongshan explainedthat, in the bachelor’s program, educa-tion, fashion brand management, andfashion buying and fashion manage-ment are the three unique major path-ways of the school. The strength of theschool lies in that it has developed vari-ous courses to support the education.Improving global vision, andintegrating with the Belt andRoad InitiativeThe fashion industry needs toconnect with the world. The School ofBusiness has been working with SeoulNational University, the University ofArts, London, Manchester Metro-politan University, Birmingham CityUniversity, the University of North Al-abama, Texas A&M University, Kings-ville and other foreign universities todevelop inter-disciplinary talent withglobal visions. There have been manycooperation programs, such as “3+1+1”.“For example, the students ofthe fashion brand management majorworked with their counterparts fromthe arts and fashion design major atManchester Metropolitan University toco-develop the BIFT & MMU Fashionand Promotion Project. Both schoolsstudied the teaching courses and closed the session by presenting their study results and academic exchanges. This project required our students to carry out business planning under a different cultural context and enabled them to understand the differences in marketing environments in different countries,” said Zhao Hongshan.Besides this, the school is working with the University of North Alabama to promote “innovation project” education. The first example of this is a “2+2” model through which students can obtain di-plomas conferred by two universities; and the second is a “3+1” model where stu-dents can obtain a graduation certificate regarding an innovation project offered by the Beijing Institute of Fashion T echnol-ogy, as well as a US-certified diploma for the “innovation project” conferred by the University of North Alabama.“We are also sending our teach-ers to visit foreign universities, attend international symposiums and other types of academic exchanges. In the past 3 years, approximately a dozen of our teachers have been able to go over-seas for academic studies. Our school requires that teachers born after 1985 must provide all-English courses. The overseas exchanges help them improve their English, as well as their academic capabilities,” said Zhao Hongshan.Zhao Hongshan has increasingly felt that China is receiving more world attention as communications with for-eign universities increased. “Each of us serves as a bridge when we go abroad. In the past, foreign countries wanted to know more about the Chinese market and now they treat us as competitors. We have been working with the Uni-versity of Arts, London to implement case studies about China.”Zhao talked about the origin of such cross-border cooperation. As the Univer-sity of Arts, London has an EMBA pro-gram that offers students the chance to travel abroad, due to rich interest in Chi-na, the university intends to arrange for students to travel to China to see the local business development and fashion indus-try model under this new era of network-ing. “We recommend target companies and we hope to recommend one brand for each type of fashion. We are currently also working on the detailed plans. The preliminary list includes Balabala for children’s clothing, Aimer for underwear, Hstyle for network creations, and Y oun-gor and Cotte for smart manufacturing. These are best Chinese companies in the clothing industry.”Besides this, the School of Business is also promoting exchanges with coun-tries along the Belt and Road regions. “We have been in touch with those countries in the past and in recent years we are recruiting more students fromAs the strategy of double innovations has been promoted, the School of Business has established approximately 30 off-campus innovation and entrepreneurial practice bases, as well as creating a team of 40 innovation tutors.42countries in the Belt and Road region. For example, this year we recruited 7 overseas master’s students: 3 of them were from Kazakhstan, 2 from Russia, 1 from Bulgaria and 1 from Benin. The courses are provided in both Chinese and English,” said Zhao Hongshan. Focusing on real practices and finding students’ strengthsAs the strategy of double innova-tions has been promoted, the School of Business has established approximately 30 off-campus innovation and entrepre-neurial practice bases, as well as creating a team of 40 innovation tutors. The prac-tice-based education system has achieved remarkable results. The subject matters covered mainly include computer simula-tion and sand table simulation education to improve the entrepreneurial practice system. The school has also organized themed activities and created practice op-portunities with real companies.“One of the major differences between our business school and other research-type schools is that we focus on real practices, especially through in-ternships and contests.” Zhao Hongshan then further explained that doing an internship is the perfect way to increase cooperation with companies so as to de-velop real-practice courses. The courses about buying and planning are designedthrough communication with companies to better understand their requirements when searching for talent. The courses will be adjusted according to changes in business circumstances and corporate demands. “In this process, as our teachers mainly focus on academic research, we will hire more tutors from the industry and society to supplement this.”The School of Business provides intellectual support for the fashion in-dustry, and now incorporates various research and training institutions, in-cluding the Research Center of Capital Garment Culture and Industry, the Innovation and Entrepreneurial Center, the Fashion Sales Research Center, the Fashion Brand Promotion Center, the Fashion Industry Big Data Management Center, the Garment Manager Training Center, the Huabei Belle School and the Seven Wolves Management School.In addition, the School of Business has been entering its students in various fashion contests, which have included the National College Students Ad-vertisement Competition, the PEMT National Marketing Competition, the China OOH Youth AdvertisementInnovation Competition, the ChinaInternet + Innovation and Entrepre-neurship Competition, the NationalEnglish Competition for College Stu-dents and the PVGO National CampusInnovation Competition. It is estimatedthat, in the last 3 years, approximately100 students have won provincial ornational awards.“We focus on several competitionseach year, and we organize, train and rec-ommend our students for these. The tu-tors will play their role by training the stu-dents, and we hope that each student willparticipate in at least 3 contests during hiscollege years.” Zhao has found that, in thepast, many students were baffled abouttheir future career, but that attendingcompetitions helped them develop theirteam spirit, organization, presentation,and persuasion skills. They will discoverissues regarding business models, finance,marketing and organizational proceduresthrough real practice. Furthermore, thestudents will have the chance to find outwhere their strengths lie. This process willreinvigorate their powers of knowledgeEducation & culturE43and construct a structure where studentswill have a preliminary career plan beforewalking leaving the campus.“We have been telling our stu-dents that affection is the preconditionfor persistence and enthusiasm. Edu-cation is a process of self-discovery andself-realization,” summarized ZhaoHongshan.Because of the close connectionswith the industry and real businesspractices, students are trained in socialabilities. It is known that most businessschool graduates work in the fields oftextiles and garments, fashion adver-tisement, and the manufacturing andnetworking industries, with the em-ployment rate in these areas surpassing95%. Zhao Hongshan said that with therise of emerging industries, the demandfor professional buyers, luxury productmanagers and big data brand managerswill also increase. Such market needscater to their talent development plan.Indeed, it is because of the clear focus onreal business practices that the businessschool students have been very popularin the job market.Wishes from the DeanMission and Responsibility. Great achievements always result from the choices of the era. The purpose of an MBA education is to allow students understand the essence of the era. Since the Chinese economy has been growing towards prosperity since 1978, and has already exceeded expectations in some areas, China should play an important role as a responsible and strong country in the world. Such an endeavor requires a group of talent to shoulder these re-sponsibilities. Students living in this age should have an open mind and global vision to respond to the call of the time and take responsibility for the national revitalization and develop-ment of fashion industry.Continued effort. People differ from each other in terms of their planning and the use of their time. How about simply making a bit of an effort every day? The 365th power of 1.01 is 37.78, while the 365th power of 0.99 is 0.026, which is a difference of 1500-fold. Difficulty always stands hand-in-hand with progress, and the threshold is a precondition for building real abilities. if you continuously seek shortcuts, then you are always making a fool of yourself. Each achievement corresponds to certain costs and requires a certain amount of effort to realize such achievements.Coordinated innovation. The fashion industry has reached a turning point as its scale and quality has devel-oped to a certain level. Chinese fashion brands already account for 1/3 of the four big fashion week exhibitions. The brands that we emulated no longer represent the best of the time. The development of the industry requires new technolo-gy and models. New sales, manufacturing and finances have emerged, and coordinated innovation is a basic quality for MBA students of this new era.Beijing Institute of Fashion Technology Business School is the business school that knows fashion manage-ment best in China, and has nurtured many leading talents in the Chinese fashion industry.。
二级市场的重要性
二级市场的重要性海外专稿作者简介安?勒克莱尔,比利时债务局金融市场和前台副主任fluthorAnneLeclercq.DeputyDirector.FinancialMarket&FrontOffice.BelgianDebtAgency显引论然,二级市场已经成为一个涉及面广,内容丰富的课题.可以从法律方面,价格发现过程和分销方面等对其探讨;也可从投资者,银行家和发行方的角度来分析.下文中,笔者将仅从发行方的角度,更准确地说,从市场流动性的重要性为出发点,来探讨二级市场.摘要二级市场流动性是证券价格一个I要的决定因素.时与之一起简化了价格发现过程.更有流动性的欧洲政府证券市场的■立经历了三个发展阶段.欧元的问世显现了提升漉动性的I要性.而电子交易平台的弓1人促进了市场漉动性的长足进步.比利时政府证券市场流动性的提鼻过藿罡墨■好的说明.与竞标方式相比.越来麓多的人到=级市场买入证券.Abst陀ctAsasignificant伯otorinsecuritiespricing.theliquidityofthesecondarymarket increases州∞transparencyandsimplifiestheprlcediscoveryprocess.The liquidGovie8marketexperiencedthreedevelop~stages.ThedebutofEuroindicatedtheImportanceofimprovingiiquio~y,and廿旧InV oduclJonofelecV onlc tradingplatfom18wasahugestepforwardIntheenhancementofIiquidsecondary markets.TheprocessofGovlesmarketik~dRyenhancementInBelgiumisa paredwithauction.moreandmoreInvestorspurchase secudUesfromthesecondarymarket._NTRO.DUOTION:26中国货币市场2006.6marketsforarecurrentissuer;.首先,我将探讨具流动性的二级市场对Secondly1willspeakaboutthedifferentstepsinthedevelopmentof:循环发行者的适用性问题;nq"ldmarketsand;其次,我将讨论具流动性的市场发展过Thirdly1willillustratethisprocesswithalifeexample:thedevelopment?程中的不同阶段; ofaliquidsecondarymarketinBelgium..再次,我将以比利时的具流动性的二级Andfinally1willshowthattheneedforaliquidsecondarymarket:市场为例来讲解这个过程;andgrowssteadily.:最后,我将讲解一个具流动性的二级市RELEV ANCEOFILilRI[L'TUQUIDn'Y?场需要持续稳定的增长. ThefirstdutyofpublicdebtmanagersistofinancetheGovernment.In.一.市场流动性的适用性additiontominimizingthefinancingrisks,however,publicdebtmanagers:公共债务管理者的首要责任就是为政府arealsoexpectedtominimizethefinancingcost.Thebestwayforpublic:融资.他们不但要尽力降低融资风险,还应debtmanagerstodosoistomaximizethepriceatwhichtheycansellthe'尽量减少融资成本.要做到这点,最好的方securitiesthattheyhaveissuedfortheGovernment.t法就是将他们为政府发行的证券以尽可能高priceofasecurityisofcoursefunctionofseveralvariables:amongst.的价格卖出.others,creditworthinessoftheissuer,sizeofthemarket,rarityofthesecurity.:证券的价格是由许多因素决定的,包括Besidesthese,theliquidityofthesecondarymarketisalsoallimportant'发行者的信用,市场容量,证券的稀有程度Iactor.'等.此外,二级市场流动性也是个重要因素.Asweknow,liquidityischaracterizedby4words:theabilitytosel1.众所周知,流动性可用四个词来概括,large,fast,cheapandstable.Thismeans:theabilitytosellorbuyasignificant:即能大量,快速,低廉和稳定地卖出证券的amountofonesecurityinashortperiodoftimeatasmalltransactioncost,'能力.具体的含义是在大量买卖一个证券moreinparticularanarrowbid&offerspread,andwithnoadverseimpact'时,必须具备在短时间内以较低交易成本,onmarketprices..特别地,要保持一个较低水平的买卖差价以Investorspraiseliquiditysinceittamsasecurityintocashatnegligible.避免对市场价格产生负面影响的能力.cost.Itallowsthentoquicklyandadequatelyrespondtointernalormarket'投资者对流动性的偏好源于其能够使得changes.'证券以忽略不计的成本套现,使他们有能力Typically,liquidityalsoenhancespricetransparency,whichistheability.快速有效地应对自身或者市场的变化. toeasilyassesswhatTHEmarketpriceisatanypointintime.Indeeda.较为典型地,流动性也提高了价格的透transparentmarketisonewhereyoucanfindaworkablepriceforadecent'明度,这种价格的透明度为人们在任何一个size.'时间点方便地评估特定的市场价格提供了可Soliquidityandtransparencycombinetohaveafavorableimpacton?能性.事实上,在一个价格透明度较高的市marketprices.Theyreducethepricediscoveryprocesstoaglanceona.场中,人们可以为规范大小的证券标的物寻screeninordertofindtherightbidandofferprice.Publicdebtmanagers:得一个可行的价格. havethusavestedinterestinenhancingboth.'因此,流动性和透明度共同对市场价格SⅡ陌啊硼I陇哪嘲昕OFUQ咖n删I晌日?起正面的作用.它们使得价格发现过程更加Ofcourse,liquidsecondarymarketswerenotcreatedinoneday.Thewhole.简化,在人们想要找到合适的买卖价格时,processtookseveralyears..只需要看一下屏幕上的报价就可以了.从Historically,wecandistinguish3stepsinthecreationofaliquid'而,公共债务管理者应充分重视这两方面. secondarymarketinEuropeanGovernmentSecurities.'二,具有流动性的市场的发展历程Adifficultstart'.当然,建立具有流动性的市场非一目之Thestartoftheprocesscallcertainlybequalifiedasdifficult..功,整个过程往往需要花费好几年的时间. EversincetheintroductionofthePrimaryDealersysteminEurope,all'从以往的经验来看,我们可将建立欧洲政府PrimaryDealer'sCodeofdutieshaveuniformlyincludedaprovisiontothe'证券的具有流动性的二级市场过程分成三个effectthat"PrimaryDealerscommittoquotebid&offerpricesbothto?部分. theircustomersandtooneanother".Therequirementtoquotepricesalsoto.(一)艰难的起步期oneanotherwasmeanttohelpintheformationoftechnicallycorrectprices'整个过程的起步完全可用"艰难"这个EYJUNE20o6词语来形容.自欧洲采用一级承销商制度开始,所有的一级承销商权责手册中都统一地加入了这样的规定:"一级承销商的职责是为他们的顾客以及其他一级承销商提供买卖报价".这种对于他们之间相互报价的要求在技术上有助于形成正确的市场价格,并为市场创造了价格的透明度.然而在实际操作中,一级承销商之间经常关系紧张,而究其源头,正是由一级承销商的相互报价这一职责所导致的.这种紧张往往表现关系在很多一级承销商对于发行方的抱怨中(例如:电话无应答,对相关业务没有兴趣,交易员正在午餐中等等).(二)重要性的逐步体现发展市场流动性过程中的第二阶段始于欧元问世.此时,主权发行者和特别是小型发行者很快就意识到要努力提高二级市场的流动性水平.欧元问世不但为人们提供了很多的机会,而且还增加了发行方之间的竞争, 从而提高了流动性的重要性,这点在吸引境外投资者方面是非常关键的.(三)得到长足的进步在提高二级市场流动性的过程中,电子交易平台的引入至关重要.与声讯经纪交易相比,电子交易这种直接的交易方式可降低交易成本xxx%.此外,在电子交易平台上,权责手册中所要求的一级承销商对买卖报价的承诺能具体实践在某些证券的做市职责中.毫无疑问,这些受到密切监视的报价职责能有效地增加市场深度,提高价格透明度.报价显示在电子交易平台的屏幕上的另一好处也在于它加强了一级承销商的连贯统一.这时,所有的价格必须公布于市,以各种借口逃避巳不再可能.三,以比利时为倒比利时市场流动性的提高过程就是上述过程的最好说明.比利时政府债券市场相对较小.其公债总量在2870{L欧元,债券市场在欧元区排名第五,市场份额为6.2%.上世纪90年代欧元问世前,比利时政府证券市场主要还是一个国内市场,只有10%的债券为境外投资者所持有.采用一级承销商系统,更准确地说是一级发行的竞标方式andtocreateapricetransparencytowardsthemarket.Inpractice,however,theobligationforPrimaryDealerstoquoteprices tooneanother,hasbeenacontinuoussourceoftensionswithinthePrimary Dealersgroup,reflectedinasteadystreamofcomplaintsvoicedbyPrimary Dealerstotheissuers('phonedoesnotanswer,nointerest,dealeratlunch, etc).Growingimportance Thesecondstageofthemarketliquidityprocessstartedattheintroduction oftheeuro.Thesovereignissuers,andmoreinparticularthesmallerissuers quicklyunderstoodthateffortsshouldbedoneinordertoenhanceliquidity inthesecondarymarkets. TheintroductionoftheEuronotonlyopenedawholearrayofpossibilitiesbutalsoincreasedthecompetitionbetweentheissuers,hence thegrowingimportanceofliquiditysincethisiskeytoattractforeign investors.Significantenhancement Theintroductionofelectronictradingplatformswasahugestepforwardin theenhancementofliquidsecondarymarkets. Thestraight—throughprocessinghadapositiveimpactonthetrading cost.WhichcomparedwitllvoicebrokereddealswasreducedwitllXXX%. MoreovertllecommitmentofthePrimaryDealerstoquotebidandoffer prices,asrequestedintheCodeofDutiesWascrystallizedinamarketmaking obligationforcertainsecuritiesontheelectronictradingplatform. Thesequotingobligations,closelymonitored,undoubtedlyincreased boththemarketdepthandthepricetransparency. Anancillarybenefitofquotingonanelectronicplatform,onascreen,is alsothebettercohesioninPrimaryDealersgroup.Priceshavetobeposted; hidingbehindexcusesisnotpossibleanylonger.1E嵋l一一髂删lU一辄l皿O_ TheenhancementofmarketliquidityinBelgiumisaperfectillustrationof theabove—describedprocess. BelgiumisarelativelysmallGoviesmarket.Withapubficdebtofeuro287billion,ourbondmarketranksonlyfifthintheeurozonewithamarket shareof6.2%.Inthe90'S,beforetheintroductionoftheeuro,theBelgiangovernment securitiesmarketwasmainlyadomesticmarketwithonly10%ofthebonds heldbyforeigninvestors. ThecreationofaPrimaryDealerssystem,andmorepreciselythe introductionofauctionsforprimaryissuancehadapositiveimpactonthe costofbondsatissuance.However,eventhoughPrimaryDealershadan obligationtoquotefirmprices,thecomplaintswithregardtoquoting evidencedthefactthatpricetransparencywasimperfectandthatmarketliquiditywasrathershallow.In1999,attheadventoftheeuro,theBelgiangovernment,asanissuer, lostthecompetitiveadvantageofbeingthesoledomesticsovereignissuer.28中国货币市场2006.6 Alsosinceforeignexchangeriskwasabolishedthroughthecreationofthe.在降低债券发行费用方面有着积极的影响.euro,Belgianinvestorscouldnowfishawidepool:theEurocreateda然而,即使一级承销商有职责报价,但对于giganticmarketinwhich10sovereignissuerscompetewithoneanotherto'报价的不满表明市场的价格透明度还不完善,winthefavorsofinvestors,nowfreetoinvestacrossbordersastheyseefit.'市场的流动性还相当差. Thechallengetogettheattentionandtheinterestfromtheforeigninvestor.1999年随着欧元的诞生,作为一个发行communitywasparticularlyacuteforBelgiumonaccountoftheverylarge.人,比利时政府失去了其作为国内市场上唯proportionofthedebthelddomestically.'一主权发行人的竞争优势.同时,由于欧元Multipleroadshowsandprimaryissuanceviasyndicationsincreased'的出现消除了外汇风险,比利时的投资者投foreignholdershipfrom15%to50%inlessthanthreeyearstime.资空间更加广阔了:在欧元创造的这个庞大Butthissuccessstorywasonlypossibleandsustainablebecauseofthe.市场中,l0个主权发行人相互竞争以获得投effortsdonebytheDebtAgencyandthePrimaryDealerstoincreasemarket'资者的青睐,只要投资者认为合适就可自由liquidityandpricetransparency.Thiswasachievedthroughtheestablishment'跨国投资. ofanelectronictradingplatformonwhichPrimarydealerscommittedto?鉴于比利时市场上的债券绝大多数为国quotepricestooneanother~InthisprocesstheBelgianDebtAgencytooka.内投资者持有,如何吸弓1国外投资者的注意verypro—activerole,aswewereconvincedthattherewasaneedfora力和兴趣是一个挑战.通过多次路演和经承transparentsystemprovidingacheckofthequotingcompliance.'销团进行的一级发行,使得国外投资者的持Hencein2000,MTSB,theBelgianlocalelectronictradingplatform'有比例在不到三年的时间内由l5%升至wascreated.ThestrongcommitmentoftheTreasurytothisinitiativewas.50%.但是,如果没有债券代理商和一级交易evidencedbythatfactthatwedecidedtobecomeshareholderinthecompany..商在提高市场流动性和价格透明度方面所做Andthiswasarealsignalofourinterestintheprocess,sincetakingastake'的努力,比利时获得这种成功是不可能的, inaprivatecompanyrequiredalawvotedinParliament.'也是不可持续的.而这一切都归功于电子交But,theeffortwasworthit.Afteroneyear,theaveragedailyturnover.易平台的建立,一级交易商可以通过它相互intheglobalOTCbondmarketalmostdoubled(fromeuro1.5billionto.报价.在这个过程中,比利时债券代理商扮closetoeuro3bilion).Theshareofbondstradedontheelectronicplatform,'演了一个非常积极主动的角色,因为我ff-JSHMTSB,ascomparedwiththetotalmarketremainedstableataround25%.'信,建立一个能检验报价合规性的透明度较Thissuggeststhattransparencyhadaleverageeffectonliquidity.Wehave?高的体系是必要的. hadexactlythesameexperiencewhenweintroducedTreasuryBillsinMTSB.因此,MTSB ——比利时本地的电子交in2001andstripsin2004.Inbothinstances,theactivityintheglobalOTC'易平台于在2000年建立.我们决定成为该公marketalsoincreasedbyamultipleoftheactivityinMTSB.'司股东的事实体现了财政部对此举的强有力Thise~ancedliquidityandtransparencyconcomitantwithapredictable?的承诺.由于在一个私有公司里持股需要议issuancepolicyandfiscaldisciplinecontinuestoattractinvestorsandhas.会投票决议,因此这是我们致力于这一进程resultedinaspectacularperformanceoftheBelgianGovernmentbond的真实体现. spreadsvis矗visthe号benchmark:thebund.TIleissuancespreadfora10'但是,我们的努力是值得的.一年之后,yearbondin2001was41bpovertheGermanBenchmark,inJanuarywe?全球OTC债券市场日均交易量几乎翻了一issuedat6.5bp..番(由l5亿欧元升至将近30亿欧元).在电硼ElMPOR删CEOFSIOON哪删I_睢TsCO帅NUllTOGROW删nTHERE:子交易平台MTSB上交易的债券量占整个市柚E啪IOUSFAcTORSWIIIONTRIGGERTOlSPROCESS'场的份额始终稳定在25%.这表明市场的透1.Rapidlychangingmarketconditionsandfiercecompetitionhaveforced'明度能有效地提高流动性.我们在2001年tradersandfundmanagers(suchashedgefunds)tomovetoanincreasingly.MTSB上交易短期国库券和2004年交易本息activeportfoliomanagement.Afastadjustmentoftheinvestmentstrategy.分离债券的时候,也有同样的经历.在这两requiresdeepandliquidmarkets.'种情况下,MTSB活跃度的增加也大大提高2.Thereisgrowingsecuritiesarbitrageacceleratedbythedemandby'了全球OTC市场的活跃度. investorsforswitchesandthesetupoftradingdesksbymaturitybuckets..流动性和透明度的提高,以及由此带来Marketliquiditybecomesavirtuouscircle..的可预计的发行政策和财政规则继续吸弓1着3.TIlederivativesmarketin号hasgrowndramatically.hedgingof'投资者的目光,同时导致了比利时政府债券。
英国留学国际金融专业
英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
BRIEFING
61 billion
The International Air Transport Association said in its latest report that global airlines may burn through USD 61 billion of cash reserves in the second quarter, and may post a quarterly net loss of USD 39 billion.
In December last year, the CCPIT issued the first country-specific environmental guidelines for business operation in six new foreign countries, i.e. Chile, France, Indonesia, Singapore, Thailand and the United Arab Emirates.
The series entitled “Business Environment Guide for Enterprises Investing in Foreign Countries and Regions” is a branded product developed by the CCPIT to help enterprises develop in overseas markets, and was designed to help enterprises understand the business environment of the relevant countries, facilitate the process of enterprises “going out”, and promote high-quality development of foreign investment cooperation. The guide focuses on those countries’ business environments, foreign investment policies, market potential and competitive industries, the main forms of Chinese enterprises’ investments, financing methods, risk prevention and compliance management. The guide has collated a large amount of data, numerous cases and special suggestions to provide enterprises with objective, accurate and pragmatic information.
营运资金管理外文文献翻译
文献出处:Enqvist, Julius, Michael Graham, and Jussi Nikkinen. "The impact of working capital management on firm profitability in different business cycles: evidence from Finland." Research in International Business and Finance 32 (2014): 36-49.原文The impact of working capital management on firm profitability in different business cycles: Evidence from Finland1. IntroductionThis paper investigates the effect of the business cycle on the link between working capital, the difference between current assets and current liabilities, and corporate performance. Efficient working capital management is recognized as an important aspect of financial management practices in all organizational forms. In acknowledgement of this importance, the CFO Magazine publishes an annual study of corporate working capital management performance in many countries. The extensive literature indicates that it impacts directly on corporate liquidity ( Kim et al., 1998 and Opler et al., 1999), profitability (e.g., Shin and Soenen, 1998, Deloof, 2003, Lazaridis and Tryfonidis, 2006 and Ukaegbu, 2014), and solvency (e.g.,Berryman, 1983 and Peel and Wilson, 1994).It is reasonable to assume that economy-wide fluctuations exogenous to the operations of the firm play an important role in the demand for firms’ products and any financing decision. Korajczyk and Levy (2003), for instance, suggest that firms time debt issuance based on economic conditions. Also, given that retained earnings are a significant component of working capital, business cycles can be said to affect all enterprises financing source through its effect on economic growth and sales. For example, when company sales weaken it engenders earning declines, thereby, affecting an important source of working capital. The recent global economic downturn with crimping consumer demand is an excellent example of this. The crisis,characterized by plummeting sales, put a squeeze on corporate revenues and profit margins, and subsequently, working capital requirements. This has brought renewed focus on working capital management at companies all over the world.The literature on working capital, however, only includes a handful of studies examining the impact of the business cycle on working capital. An early study by Merville and Tavis (1973) examined the relationship between firm working capital policies and business cycle. More recent studies have investigated the degree to which firms’ reliance on bank borrowing to finance working capital is cyclical (Einarsson and Marquis, 2001), the significance of firms’ external dependence for financing needs on the link between industry growth and business the cycle in the short term (Braun and Larrain, 2005), and the influence of business indicators on the determinants of working capital management (Chiou et al., 2006). These studies have independently linked working capital to corporate profitability and the business cycle. No study, to the best of our knowledge, has examined the simultaneous working capital–profitability and business cycle effects. There is therefore a substantial gap in the literature which this paper seeks to fill. Firms may have an optimal level of working capital that maximizes their value. However, optimal levels may change to reflect business conditions. Consequently, we contribute to the literature by re-examining the relationship between working capital management and corporate profitability by investigating the role business cycle plays in this relationship.We investigate this important relationship using a sample of firms listed on the Helsinki Stock Exchange and an extended study period of 18 years, between 1990 and 2008. Finnish firms tend to react strongly to changes in the business cycle, a characteristic that can be observed from the volatility of the Nasdaq OMX Helsinki stock index. The index usually declines quickly in poor economic states, but also makes fast recoveries. Finland, therefore, presents an excellent representative example of how the working capital–profitability relationship may change in different economic states. The choice of Finland is also significant as it also offers a representative Nordic perspective of this important working capital–profitability relationship. Hitherto no academic study has examined the workingcapital–profitability relationship in the Nordic region, to the best of our knowledge. Surveys on working capital management in the Nordic region carried out by Danske Bank and Ernst & Young in 2009 show, however, that many companies rated their working capital management performance as average, with a growing focus on optimizing working capital in the future. The surveys are, however, silent on how this average performance affected profitability. This gives further impetus for our study.Our results point to a number of interesting findings. First, we find that firms can enhance their profitability by increasing working capital efficiency. This is a significant result because many Nordic firms find it hard to turn good policy intentions on working capital management into reality (Ernst and Young, 2009). Economically, firms may gain by paying increasing attention to efficient working capital practices. Our empirical finding, therefore, should motivate firms to implement new work processes as a matter of necessity. We also found that working capital management is relatively more important in low economic states than in the economic boom state, implying working capital management should be included in firms’ financial planning. This finding corroborates evidence from the survey results in the Nordic region. Specifically, the survey results by Ernst and Young (2009) indicate that the largest potential for improvement in working capital could be found within the optimization of internal processes. This suggests that this area is not prioritized in times of business growth which is typical of the general economic expansion periods and is exposed in economic downturns.The remainder of this paper is organized as follows: Section 2 presents a brief review of the literature presents the hypotheses for empirical testing. Sections 3 and 4 discuss data and models to be estimated. The empirical results are presented in Section 5 and Section 6 concludes.2. Related literature and hypotheses2.1. Literature reviewMany firms have invested significant amounts in working capital and a number of studies have examined the determinants of this investment. For example Kim et al. (1998) and Opler et al. (1999), Chiou et al. (2006) and D’Mello et al. (2008) find thatthe availability of external financing is a determinant of liquidity. Thus restricted access to capital markets requires firms to hold larger cash reserves. Other studies show that firms with weaker corporate governance structures hold smaller cash reserves (Harford et al., 2008). Furthermore firms with excess cash holding as well as weak shareholder rights undertake more acquisitions. However there is a higher likelihood of value-decreasing acquisitions (Harford, 1999). Kieschnick and Laplante (2012) provide evidence linking working capital management to shareholder wealth. They find that the incremental dollar invested in net operating capital is less valuable than the incremental dollar held in cash for the average firm. The findings reported in the paper further suggest that the valuation of the incremental dollar invested in net operating working is significantly influenced by a firm's future sales expectations, its debt load, its financial constraints, and its bankruptcy risk. Further the value of the incremental dollar extended in credit to one's customers has a greater effect on shareholder wealth than the incremental dollar invested in inventories for the average firm. Taken together the results indicate the significance of working capital management to the firm's residual claimants, and how financing impacts these effects.A thin thread of the literature links business cycles to working capital. In a theoretical model, Merville and Tavis (1973) posit that investment and financing decisions relating to working capital should be made in chorus as components of each impact on the optimal policies of the others. The optimal working capital policy of the firm is, therefore, made within a systems context, components of which are related spatially over time in a chance-constrained format. Uncertainty in the wider business environment directly affects the system. For example, short run demand fluctuations disrupt anticipated incoming cash flows, and the collection of receivables faces increased uncertainty. The model provides a structure enabling corporate managers to solve complex inventory and credit policies for short term financial planning.In an empirical study, Einarsson and Marquis (2001) find that the degree to which companies rely on bank financing to cover their working capital requirements in the U.S. is countercyclical; it increases as the state of the economy weakens. Furthermore, Braun and Larrain (2005) find that high working capital requirementsar e a key determinant of a business’ dependence on external financing. They show that firms that are highly dependent on external financing are more affected by recessions, and should take more precautions in preparing for declines in the economic environment, including ensuring a secure level of working capital reserves during times of crisis. Additionally, Chiou et al. (2006) recognize the importance of the state of the economy and includes business indicators in their study of working capital determinants. They find a positive relationship between business indicator and working capital requirements.The relationship between profitability and working capital management in various markets has also attracted intense interest. In a comprehensive study, Shin and Soenen (1998) document a strong inverse relationship between working capital efficiency and profitability across U.S. industries. This inverse relationship is supported by Deloof (2003), Lazaridis and Tryfonidis (2006), and Garcia-Teruel and Martinez-Solano (2007)for Belgian non-financial firms, Greek listed firms, and Spanish small and medium size enterprises (SME), respectively. There are, however, significant divergences in the results relating to the effect of the various components of working capital on profitability. For example, whereas Deloof (2003) find a negative and statistically significant relationship between account payable and profitability, Garcia-Teruel and Martinez-Solano (2007) find no such measurable influences in a sample of Spanish SMEs.2.2. Hypotheses developmentThe cash conversion cycle (CCC), a useful and comprehensive measure of working capital management, has been widely used in the literature (see for example Deloof, 2003 and Gill et al., 2010). The CCC, measured in days, is the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods. We adopt this as our measure of working capital management in this study. Previous studies have established a link between profitability and the CCC in different countries and market segments.Efficient working capital management practices aims to shorten the CCC to optimize to levels that best suites the requirements of the specific company (Hager,1976). A short CCC indicates quick collection of receivables and delays in payments to suppliers. This is associated with profitability given that it improves corporate efficiency in its use of working capital. Deloof (2003), however, posits that low inventory levels, tight trade credit policies and utilizing obtained trade credit as a means of financing can increase risks of inventory stock-outs, decrease sales stimulants and increase accounts payable costs by forgoing given cash discounts. Managers must, therefore, always consider the tradeoff between liquidity and profitability when managing working capital. A faster rise in the cost of higher investment in working capital relative to the benefits of holding more inventories and/or granting trade credit to customers may lead to decrease in corporate profitability. Deloof (2003), Wang (2002), Lazaridis and Tryfonidis (2006), and Gill et al. (2010) all propose a negative relationship between the cash conversion cycle and corporate profitability. Following this, we propose a general hypothesis stating the expected negative relationship between the cash conversion cycle and corporate profitability:6. ConclusionsWorking capital, the difference between current assets and current liabilities, is used to fund a business’ daily operations due to t he time lag between buying raw materials for production and receiving funds from the sale of the final product. With vast amounts invested in working capital, it can be expected that the management of these assets would significantly affect the profitability of a company. Consequently, companies strive to achieve optimize levels of working capital by paying bills as late as possible, turning over inventories quickly, and collecting on account receivables quickly. The optimal level, though, may vary to reflect business conditions. This study examines the role business cycle plays in the working capital-corporate profitability relationship using a sample of Finnish listed companies from years 1990 to 2008.We utilize the cash conversion cycle (CCC), defined as the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods, as our measure of working capital. We further make use of 2 measures of profitability, return on assets and gross operating income.We document a negative relationship between cash conversion cycle and corporate profitability. Our results also show that companies can achieve higher profitability levels by managing inventories efficiently and lowering accounts receivable collection times. Furthermore shorter account payable cycles enhance corporate profitability. These results, which largely mirror findings from other countries, indicate effective management of firm's total working capital as well as its individual components has a significant effect on corporate profitability levels.Our results also show that economic conditions exhibit measurable influences on the working capital-profitability relationship. The low economic state is generally found to have negative effects on corporate profitability. In particular, we find that the impact of efficient working capital (CCC) on operational profitability increases in economic downturns. We also find that the impact of efficient inventory management and accounts receivables conversion periods, subsets of CCC, on profitability increase in economic downturns.Overall the results indicate that investing in working capital processes and incorporating working capital efficiency into everyday routines is essential for corporate profitability. As a result, firms should include working capital management in their financial planning processes. Additionally, firms generate income and employment. The reduced demand in economic downturns depletes working capital of firms and threatens their stability and, implicitly, their important function as generators of employment and income. National economic policy aimed at boosting cash flows of firms may increase business ability to finance working capital internally, especially during economic down turns.译文营运资金管理对不同商业周期公司盈利能力的影响：证据来自芬兰1.引言本文研究商业周期与营运资本两者之间的联系,流动资产和流动负债之间的区别,以及公司业绩问题。
Int'l Economics
Slide 1-4
1.2 Int‘l Trade and the Nation‘s Standard of Living
• With the global integration, the economic relationship
among nations is more interdependent.
– Currency fluctuations – National default
Slide 1-13
1.4 Organization of the Text
• int‘l economics deals with int‘l trade theory, int‘l
trade policy (microeconomic aspects of int‘l economics), foreign exchange markets and the balance of payments, and open economy macroeconomics (macroeconomic aspects of int‘l
– Climate and resources determine the trade pattern of several goods. – In manufacturing and services the pattern of trade is more subtle. – There are two types of trade:
Slide 1-14
– Foreign exchange markets are the framework for the exchange of a nation‘s currency for another – The balance of payments measures a nation‘s total receipts from and the total payments to the rest of the world
课程名称中英文对照参考表
外国文学作选读Selected Reading of Foreign Literature现代企业管理概论Introduction to Modern Enterprise Managerment电力电子技术课设计Power Electronics Technology Design计算机动画设计3D Animation Design中国革命史China’s Revolutionary History中国社会主义建设China Socialist Construction集散控制DCS Distributed Control计算机控制实现技术Computer Control Realization Technology计算机网络与通讯Computer Network and CommunicationERP/WEB应用开发Application ＆ Development of ERP/WEB数据仓库与挖掘Data Warehouse and Data Mining物流及供应链管理Substance and Supply Chain Management成功心理与潜能开发Success Psychology & Potential Development信息安全技术Technology of Information Security图像通信Image Communication金属材料及热加工Engineering Materials & Thermo-processing机械原理课程设计Course Design for Principles of Machine机械设计课程设计Course Design for Mechanical Design机电系统课程设计Course Design for Mechanical and Electrical System 创新成果Creative Achievements课外教育Extracurricular education。
金融学原理Principles of Finance双语课件PPT 06 Business Organizations and the Tax Environment
Multinational versus Domestic Managerial Finance
Multinational versus Domestic Managerial Finance
Different currency denominations Economic and legal ramifications Language differences Cultural differences Role of governments
Agency Relationships
Owner/principal hires an agent and delegates decision-making authority to that agent to act on behalf of the principal Agency problem exists when conflict of interest between principal and agent
Stockholder wealth maximization Managerial incentives to maximize shareholder wealth
The Goals of the Corporation
Stockholder wealth maximization Managerial incentives to maximize shareholder wealth Social responsibility
Structuring management incentives
executive stock options performance shares
Stockholders versus Creditors
绿色金融对经济增长的影响英语作文
绿色金融对经济增长的影响英语作文全文共5篇示例，供读者参考篇1The Importance of Green Money for Growing Our EconomyHave you ever thought about how the money grown-ups use can help or hurt the environment? It's called green finance, and it's really important for keeping our planet healthy while also growing our economy.What is Green Finance?Green finance is when banks, investors, and big companies put their money into projects and businesses that are good for the environment. Instead of investing in dirty factories that pollute the air and water, green finance supports clean energy like solar panels and wind turbines. It also helps businesses that reduce waste, use less plastic, and protect forests and animal habitats.Why is it Important?There are a few really important reasons why we need green finance:It helps fight climate change - Climate change is causing big problems like rising temperatures, melting ice caps, and extreme weather. Green finance funds projects that create less greenhouse gas emissions that cause climate change.It protects nature - Cutting down too many trees and polluting damages habitats for animals like pandas, polar bears and elephants. Green investments protect forests, oceans and wildlife.It creates new jobs - Growing green industries like renewable energy, electric cars and sustainable farming creates lots of new jobs and businesses. Building wind farms requires engineers, construction workers and maintenance crews. More green jobs means more people working!It saves money long-term - Things like solar power, energy efficient lights and sustainable farming methods end up saving money over time after the upfront costs. The savings can then grow the economy in other ways.How Does it Help Economic Growth?You might be wondering how putting money into environmental projects actually grows the entire economy. Here are some of the main ways:New Industries and InnovationInvesting in clean energy, green transportation and other eco-friendly sectors creates whole new industries with innovative companies. As these new businesses grow, they hire more employees, buy equipment and supplies, and pay taxes that fund public services. All of this economic activity increases a country's overall production of goods and services, which is how we measure economic growth.Resource EfficiencyGreen finance also supports more efficient ways to use limited natural resources like forests, metals and fresh water. Being efficient means not wasting resources and getting more value out of them. This allows economies to keep growing without quickly running out of raw materials they depend on.Avoided Future CostsClimate change, pollution and environmental damage create huge future costs if left unchecked. These include healthcare costs from dirty air, repairing damages from natural disasters, and economic losses in industries like tourism, fishing and agriculture. Green investments today avoid paying massive bills down the road.Many economists agree that sustainable economic growth depends on shifting towards a "green economy" that values natural and human resources. While getting there requires upfront investments, green finance allows us to grow in a smarter way now to avoid bigger problems later.Real Examples Around the WorldLet me share some real-life examples of how green finance has already helped economic growth globally:Renewable energy has become one of the fastest growing industries, driven by green investments. In 2021 it created over 12 million new jobs worldwide!Countries like Costa Rica and Bhutan earn income from "eco-tourism" that protects rainforests and wildlife. This sustainable tourism helps their economies grow.The World Bank has invested billions in clean energy projects in developing countries, helping economic growth while also reducing poverty.So in summary, financing environmentally sustainable activities isn't just good for the planet - it's also good for creating new business opportunities, jobs and long-term economic health.I hope grown-ups make smart choices to invest more in greenfinance to grow our economies in a way that also protects the Earth for kids like me!篇2The Impact of Green Finance on Economic GrowthHi, my name is Sam and I'm going to tell you all about green finance and how it affects the economy! It's a really important topic that grown-ups like to talk about a lot.First, what even is green finance? Well, it's money that is used for green projects and businesses. Green projects are things that are good for the environment, like solar farms that make electricity from the sun instead of burning coal or oil which pollutes the air. Green businesses try their best to not hurt the environment with the products they make or the energy they use.Why is green finance so important? The biggest reason is because of climate change. Climate change is when the whole planet is getting warmer due to pollution from burning fossil fuels like gas, coal and oil. This causes major problems like rising sea levels that flood coastal cities, more extreme weather like hurricanes and droughts, and animals losing their habitats. Yikes!By funding green projects and businesses with green finance, we can develop renewable energy sources and sustainable practices that don't rely on fossil fuels as much. This helps reduce greenhouse gas emissions that cause climate change. It's a way to build an economy that can keep growing without destroying the environment.So how exactly does green finance impact economic growth? There are a few key ways:Jobs in Green IndustriesWhen we invest money into green projects like wind farms, solar panel manufacturing, and electric vehicle production, it creates tons of new jobs in those growing industries. People need to build, operate and maintain all that green infrastructure and technology. More jobs means more people earning money which they can spend at stores and businesses. That spending drives economic growth.Innovation and CompetitivenessTo develop all the cool new green tech, companies have to do a lot of research and come up with innovative solutions. That innovation helps make their products and services better than competitors. It also helps create intellectual property like patentsthey can profit from. Being market leaders in green tech allows those companies to capture global market share as the world transitions to a low-carbon economy. This boosts exports and economic productivity.Resilience to Climate ImpactsClimate change is going to have huge economic costs from damage to property, infrastructure, agriculture and more from extreme weather events and other effects. Green finance helps fund projects to adapt to climate impacts, like building sea walls to protect against rising ocean levels. It also helps mitigate future climate risks by reducing emissions. This increases our resilience and avoids major economic disruptions.Resource EfficiencyMany green practices aim to use natural resources more efficiently through recycling, sustainable product designs and circular business models. This reduces costs for raw materials and wasteful energy consumption for companies. Households can also save money on things like energy-efficient appliances and electric vehicles with lower fuel costs. Those savings get spent elsewhere in the economy, promoting growth.Of course, shifting to a green economy also has some costs and challenges. Investing in new green infrastructure requires a lot of upfront capital that has to come from somewhere. There can also be job losses in traditional fossil fuel industries that have to be managed through retraining programs. Some companies may face higher operational costs initially from changing to sustainable practices.Overall though, study after study has shown that the economic benefits of taking climate action through green finance outweigh the costs in the long run. It sets us up for stable, sustainable growth that doesn't degrade the natural environment that all economic activity ultimately depends upon.World leaders understand how critical green finance is, which is why they've committed hundreds of billions of dollars to funding it through agreements like the Paris Climate Accord. But we all have a role to play too! Things like recycling, conserving energy and water, and reducing waste in our daily lives helps protect the environment. We can also voice our support for green policies to our elected officials.At the end of the day, prioritizing environmental sustainability through green finance just makes good economic sense. It creates jobs, drives innovation, increases resilience, anduses resources more efficiently. Plus, it's important for ensuring we have a healthy planet to live on for many generations to come. That's something I care a whole lot about as a kid! I hope this essay helped explain why you should care about green finance too. Let's go green and grow our economy at the same time!篇3The Impact of Green Finance on Economic GrowthHi there! Today I want to talk to you about something called "green finance" and how it can help make our world a better place by helping the economy grow in a sustainable way.First, what is green finance? It's money that is invested in environmentally-friendly projects and businesses. Instead of using money for things that harm the planet like dirty factories or gas-guzzling cars, green finance provides funding for clean energy sources like solar panels and wind turbines. It also helps businesses that reduce waste, use recycled materials, or protect nature.Why is green finance so important? Well, our planet is facing some big challenges from climate change and pollution. The way we produce energy and make products is damaging theenvironment through things like deforestation, air pollution, and plastic waste in the oceans. If we don't make changes, the planet could become an unhealthy place for humans, animals and plants to live.But transitioning to eco-friendly ways of doing things costs a lot of money. Green finance provides the funds needed to develop new clean technologies and transform businesses to be more sustainable. It's a way to grow the economy while also protecting the environment instead of damaging it further.Let me give you some examples of how green finance can create jobs and economic opportunities in an environmentally responsible way:Renewable EnergyFossil fuels like oil, gas and coal cause lots of pollution and greenhouse gas emissions that contribute to global warming. Green finance helps fund clean energy projects like wind farms, solar power plants, hydroelectric dams and more. Building and maintaining these projects creates many construction and engineering jobs. Households and businesses can use this renewable energy which is cheaper long-term and doesn't damage the planet.Electric VehiclesCars, trucks and buses that run on gas or diesel pollute the air we breathe. Green finance allows companies to develop electric vehicles powered by rechargeable batteries instead of engines that burn fossil fuels. Workers are needed to manufacture these zero-emission EVs as well as the charging stations and batteries. As EVs become more affordable, it creates a cleaner transportation industry.Green BuildingsThe houses, offices and stores we live and work in use tons of energy for heating, cooling and electricity. Green finance makes it possible to construct buildings that use sustainable materials and are ultra energy-efficient, saving money on utility bills. This creates opportunities for green construction workers, architects, and companies that supply eco-friendly building supplies.Sustainable AgricultureThe way we currently grow crops can contribute to soil damage, deforestation and water pollution from fertilizers and pesticides. Green finance supports farmers who use organic methods that protect the land and avoid harsh chemicals. It alsohelps grow urban farming and vertical gardens to produce food close to where people live. There are new jobs in areas like hydroponic farming, beekeeping, and compost production.So in all these areas, green finance drives economic growth and employment in industries that are sustainable over the long run instead of damaging the environment. It creates opportunities for people to have good careers while being part of the solution in healing the planet.Now I know what you might be thinking - how can we afford all of these big costly projects when money is already tight? Well, governments can provide incentives like tax credits to promote green investments. And investors are increasingly choosing to put their money into environmental funds because they see long-term profits in the growing green economy. After all, we can't have a healthy economy if we don't have a healthy planet!Green finance isn't just good for the Earth, it's also good for economic growth. As we shift towards more eco-friendly ways of living, working and doing business, it will create millions of new jobs and innovative industries for people around the world. We can have a prosperous future that protects the wondrous nature around us that we all depend on to survive and thrive.What an exciting time to be alive as we work together to build a better, greener world! I hope after learning about green finance, you're inspired to study areas like science, technology and business so you can contribute to this important movement. Our future is in the hands of your generation to create an economy and society that lets both humanity and our planet flourish.篇4Here's an essay on the impact of green finance on economic growth, written in a simple style suitable for elementary school students, around 2000 words long:The Green Money WorldDo you know what green money is? It's money that helps the planet! Sounds weird, right? Money is just coins and bills. How can it be green? Well, let me tell you all about the awesome world of green finance!Green finance is when people use money in ways that are good for the environment. Instead of investing in dirty factories that pollute the air and water, green finance means investing in clean energy like solar panels and wind turbines. It also meansinvesting in businesses that recycle materials instead of throwing them away.Why is green finance so important? Because planet Earth is our home, and we need to take care of it. The way we use money can either hurt or help the environment. By using green finance, we're helping to protect nature and all the plants and animals that live on our planet.But green finance doesn't just help the environment – it also helps the economy grow! That means more jobs and more money for everyone. How does that work? Let me explain.Imagine a town that has a big factory that makes a lot of pollution. Over time, the dirty air and water from the factory will make people sick. They'll have to spend money on doctors and medicine, which means they have less money to spend on other things. Businesses might have to close because people are too sick to work or buy their products.But now imagine that same town uses green finance to build a huge wind farm instead of a dirty factory. The wind farm creates clean energy without any pollution. It also creates lots of new jobs for people to build and operate the wind turbines. With more jobs, people have more money to spend at local businesseslike restaurants, shops, and movie theaters. Those businesses can hire more workers and make more money too!That's how green finance helps the economy grow. By investing in clean energy and environmentally-friendly businesses, we create new jobs, support local communities, and keep people healthy so they can work and spend money.Of course, switching to green finance isn't easy. It costs a lot of money to build new clean energy projects or change how businesses operate. But in the long run, green finance saves money by reducing pollution and waste. It also makes our planet a healthier, cleaner place to live.Imagine a world where the air is fresh and the rivers are clear. Imagine cities with parks and gardens instead of smoggy skies and landfills. That's the kind of world we can create with green finance!Governments, banks, and big companies all have a role to play in supporting green finance. But we can all do our part too, even as kids. We can learn about green finance and share what we know with our families and friends. We can recycle, turn off lights when we leave a room, and ask our parents to support businesses that are eco-friendly.The more we use green finance, the stronger our economy will grow – and the healthier our planet will be for generations to come. So let's go green with our money and create a cleaner, brighter future for everyone!篇5The Impact of Green Finance on Economic GrowthHi there! Today I want to talk about something called "green finance" and how it can help our economy grow in a good way. Green finance means using money to protect the environment and fight climate change. It's really important because taking care of our planet is super duper important!You might be wondering, what does finance have to do with the environment? Well, finance is all about money - saving it, investing it, lending it out. And money can be used to do things that are good or bad for the planet.For example, if a company wants to build a big factory that pollutes the air and water, they need money to do that. But if they want to build a solar farm or wind turbines to make clean energy instead, they also need money. The money they use makes a big difference for the environment!So green finance means directing money towards clean and environment-friendly activities. Instead of giving loans to oil companies to drill more oil, banks can give loans to companies making electric cars. Instead of investing in coal mines, investors can put their money into companies that make renewable energy like solar panels.This is great for the planet because it helps us move away from dirty fossil fuels that cause climate change and pollution. But it's also really good for our economy! Here's why:First, green businesses create lots of new jobs in cool fields like renewable energy, electric vehicles, energy efficiency and more. People can get hired to install solar panels, build wind turbines, manufacture batteries and design green buildings. More jobs mean more people have money to spend, which helps businesses grow.Second, investing in green technology now will pay off big time later. For example, if we develop awesome new batteries for electric cars today, we can sell those batteries to the whole world in the future and make a ton of money! Countries that get ahead in green tech can become global leaders.Third, green investments protect us from future problems caused by climate change. Stuff like rising sea levels, extremeweather, droughts and other yucky effects could massively disrupt our economy if we don't prepare. But if we work on clean energy and adapting now, we can avoid those huge costs down the road.Fourth, green policies make our air and water cleaner, which keeps people healthier. Healthier people can work more productively and spend less on medical bills. Cleaner environments also attract more businesses and tourism.Finally, green finance creates a more sustainable economy that can keep growing for a really, really long time. If we depended only on fossil fuels that will eventually run out, our economy would stall once they're all gone. But renewable energy like sun and wind will literally never run out! So an economy powered by green energy can keep expanding forever.Of course, shifting to a green economy isn't always easy. Sometimes it costs more money upfront to build solar farms instead of coal plants. And industries that depend on fossil fuels, like oil drilling, might see job losses at first.But many countries have plans to retrain those workers and help them shift into new green jobs. And the long-term benefits of green growth are so huge that it's worth going through a transition period.In the end, green finance is a win-win-win. It wins for the environment by fighting climate change and pollution. It wins for the economy by creating long-term jobs, business opportunities and sustainable growth. And it wins for all of us by giving us cleaner air, water and a healthier planet to live on.So I think every country, every bank, every company and every person should get on board with the green finance movement. The sooner we do, the better off our planet and our economies will be. We only have one Earth, so we need to take good care of it while also taking care of our future economy. Green is definitely the way to go!。
经管类顶级期刊杂志目录
B+
Journal of International Economics
17
B+
Journal of Labor Economics
18
B+
Journal of Law and Economics
19
B+
Journal of Monetary Economics
20
B+
Journal of the American Statistical Association
Journal of Health Economics
44ห้องสมุดไป่ตู้
B
Journal of Industrial Ecology
45
B
Journal of Law, Economics & Organization
46
B
Journal of Mathematical Economics
47
B
Journal of Regional Science
31
B
Review of Derivatives Research
32
B
Review of Financial Economics
序号
等级
General & Strategy
1
A+
AcademyofManagementJournal
2
A+
AcademyofManagementReview
3
A+
Administrative Science Quarterly
British Accounting Review
哈佛商学院的这10门课程让我受益终生！
哈佛商学院的这10门课程让我受益终生！和优秀的人一起成长，做牛逼闪闪的职场青年本文英文版由 Ellen Chisa 创作，她是哈佛商学院校友和Lola Travel 的产品副总裁。
在哈佛商学院的第一年，每个学生都会学习一系列核心课程（如下）：1. Finance 1 (FIN1)2. Finance 2 (FIN2)3. Leadership and Organizational Behavior (LEAD)4. Technology and Operations Management (TOM)5. Financial Reporting and Control (FRC)6. Marketing (MKT)7. The Entrepreneurial Manager (TEM)8. Strategy (STRAT)9. Business, Government, and the International Economy (BGIE)10. Leadership and Corporate Accountability (LCA)那么，在 Ellen 心中，她从每节课得到的最大收获是什么呢？现在就让她为大家一一讲述吧。
Finance 1 (FIN1)股价代表的是投资者们眼中此公司的最大价值我以前一直不懂，为什么当一个公司公布了财务收益后，股价会波动很大，而发布了新产品之后，股价却通常不会波动那么大。
现在我明白了：因为股价是反映公司价值的晴雨表。
我们可以将此处的“价值”理解为此公司能产生的金钱收入的总和。
而财务收益是预测未来现金流的可靠参考标准之一。
如果我们手上有某公司的损益表和资产负债表，以及一些同行业其他公司的业绩用来做对比，那么我们也可以计算出此公司大概的股价，听起来是不是挺酷？这种算法叫做现金流折现法（DCF）,这背后的主要原理就是以后的钱不如现在的值钱。
用这个办法，我们就可以判断一只股票是被高估还是低估了。
中国国际经济贸易仲裁委员会金融争议仲裁规则
中国国际经济贸易仲裁委员会金融争议仲裁规则文章属性•【制定机关】中国国际经济贸易仲裁委员会,中国国际商会•【公布日期】2003.04.04•【文号】•【施行日期】2003.05.08•【效力等级】行业规定•【时效性】已被修改•【主题分类】仲裁正文*注：本篇法规已被修订，新法规名称为《中国国际经济贸易仲裁委员会金融争议仲裁规则》（发布日期：2005年3月17日实施日期：2005年5月1日）中国国际经济贸易仲裁委员会金融争议仲裁规则（中国国际经济贸易仲裁委员会、中国国际商会2003年4月4日通过，2003年5月8日起施行）第一章总则第一条为公正快速地解决当事人之间的金融交易争议，特制定本规则。
第二条中国国际经济贸易仲裁委员会（又名中国国际商会仲裁院，下称仲裁委员会）以仲裁的方式独立、公正地解决当事人之间因金融交易发生的或与此有关的争议。
金融交易，是指金融机构之间以及金融机构与其他法人和自然人之间在货币市场、资本市场、外汇市场、黄金市场和保险市场上所发生的本外币资金融通、本外币各项金融工具和单据的转让、买卖等金融交易,包括但不限于下列交易：1、贷款；2、存单；3、担保；4、信用证；5、票据；6、基金交易和基金托管；7、债券；8、托收和外汇汇款；9、保理；10、银行间的偿付约定。
第三条仲裁委员会受理的金融争议案件，当事人约定适用本规则的，适用本规则；当事人未作约定的，适用《中国国际经济贸易仲裁委员会仲裁规则》。
当事人对于双方之间的争议是否属于因金融交易发生的或与此有关的争议提出异议，或者当事人对于案件是否应适用本规则提出异议的，由仲裁委员会决定。
第四条当事人对仲裁程序有特别约定且仲裁委员会同意的，从其约定。
第五条仲裁委员会有权对仲裁协议的存在、效力以及仲裁案件的管辖权做出决定。
当事人对仲裁协议的效力有异议的，如果一方请求仲裁委员会作出决定，另一方请求人民法院作出裁定，则由人民法院裁定。
当事人对仲裁协议和仲裁案件管辖权提出异议的，不影响仲裁程序的进行。
Sovereign_Debt_Management_in_Developing_Countries
T he sovereign debt issue of developing countries standsout in global governance and international development cooperation. Due to the COVID-19 pandemic, Ukraine crisis and interest rate hikes in developed economies, among other factors, the most broad-based increase in debt experienced by developing countries since 2008, is turning into the fourth round of debt crisis. About 15% of low-income countries are already in debt crisis, 45% are at high risk of debt distress, and 25% of emerging markets face risks akin to debt default. Four coun-tries have applied to restructure their debt with the G20 Common Frame-work for Debt Treatments beyond the DSSI (Debt Service Suspension Initiative for Poorest Countries, DSSI), or Common Framework in short, and seven countries are on the brink of default. More countries are seeking financial assistance from the International Monetary Fund (IMF) or looking for alternative sources of financing. Some Western powers have adopted irresponsible financial policies, and become notably more reluctant to assume their interna-tional obligations and provide global public goods. The politicization of debt issue has aggravated divisions, and the deficit in global governance.POLITICAL FACTORS BEHINDTHE SOVEREIGN DEBT ISSUE OFDEVELOPING COUNTRIESThe sovereign debt issue and itsmanagement have everything to dowith the international political land-scape. Since the birth of the BrettonWoods system, finance has alwaysbeen used by Western powers toseek hegemony and exert influenceon developing countries. The rise ofemerging markets, China in particu-lar, is driving profound changes inthe global financial system. One ofthe implications is the increasinglydiversified sources of foreign debtfor developing countries, which hasmade it more difficult to coordinatedebt relief and management. Rapidresponse becomes harder when a sov-ereign debt crisis occurs, so does theprevention of new crises.First, fragmented debt relief ef-forts as a result of diversified sourcesof debt. Despite being the largestcreditors of developing countries,private creditors hardly participatein collective debt relief. Multilateralfinancial institutions, while dominat-Sovereign Debt Managementin Developing CountriesZhou YuyuanOn March 7, 2023, US Federal Reserve Chairman Jerome Powell appeared at a hearingbefore the US Congress in Washington, D.C., and said that the Federal Reserve mayraise the federal funds rate to a higher level than expected at a faster pace.(Photo/Xinhua)31ing collective debt management, often opt out of debt relief in consid-eration of their credit ratings. Official bilateral creditors are cautious about whether and how to take part in debt relief, due to political, economic and financial factors at home. Differences also exist between their governments and financial institutions.Second, the coordination of debt relief efforts. Compared with the top-down approach often adopted in multilateral or collective debt relief, bilateral bailouts are often bottom-up. In other words, creditors and debtors need to reach bilateral consensus first before a bailout is possible. When the sovereign debt relief is led by mul-tilateral financial institutions, they often seek to push through collectiveconsensus, and require official bilat-eral creditors to follow it through. Bilateral creditors, on the other hand, expect multilateral institutions to provide greater financial and liquid-ity support. In fact, even the top-down collective relief approach varies markedly in practice, due to the dif-ferent national conditions of debtor countries.Thirdly, the compatibility among debt management approaches. The Paris Club used to dominate debt relief for developing countries, but its relevance in sovereign debt treat-ment is in decline as the share of offi-cial loans from Western countries has dropped. In contrast, emerging econ-omies including China are becoming major sources of bilateral loans for developing countries. In the case of China, it has developed its own prin-ciples for sovereign debt treatment, including greater emphasis on sus-tainable development and the reluc-tance to write down loans directly. In the meantime, debtor nations have begun to explore a third way of debt management, including setting up groups of borrowers corresponding to groups of creditors. Private creditors have also adopted more sophisticatedmeans of debt treatment based oncontracts or collective action clauses.There is a need indeed to integratethose debt treatment efforts.IMPLICATIONS OF THE SOVEREIGNDEBT POLITICIZATIONDue to geopolitical competitionand major country rivalry, the debt is-sue, which should be on the develop-ment agenda, has been politicized. A sseveral developing nations are miredin debt crisis, some countries havelaunched the “Blame China” cam-paign to hurl groundless accusationsat China, by framing the debt traptheory and exaggerating issues suchas invisible debt and transparency. Indisregard of the fact that debt restruc-turing negotiations are time-consum-ing and difficult, they are blamingChina for the slow progress. Debtpoliticization is taking a great toll oninternational debt management, asit has formed a wrong perception ofthe debt issue, held back the estab-lishment of mechanisms and normsin debt cooperation, and exacerbatedthe collective action dilemma in debtrelief.First, a false perception of the debtissue is formed. It is nothing unusualfor nations to have debts, which canbe attributed to both domestic andinternational factors. Once the debtissue is politicized, the root causesbehind can hardly be recognized. Thespread of conspiracy theories and an-ti-intellectual arguments among thepublic, media, politicians and evenpolicymakers has further entrenchedthe negative image of China, whichmay lead to biased and irrationaldecision-making at national level.It has greatly distorted the percep-tion of China by the internationalcommunity and stood in the way ofcooperation that could have takenplace. For instance, although the so-called debt trap has been disprovedby research, some Western politiciansare still reluctant to interpret China’spolicies in an objective way, still lessacknowledge China’s contributionand role. In the same vein, the UShas accused China of failing to prop-erly follow through the DSSI, eventhough China, holding only 30% ofthe total repayable debt, has contrib-uted to 63% of debt relief. A s a result, Dollar interest rate hike is the last straw that broke the backbone of Sri Lanka’s economy.People are pictured protesting in Colombo, Sri Lanka on April 12, 2022.(Photo/IC Photo)32attention has been distracted from the fundamental obstacle for the coordination among creditors, which is their competing interest. Other priorities of greater significance for developing countries may also be overlooked, including investment, trade and new financing.Second, sovereign debt relief becomes more difficult. The politi-cization of the debt issue has exag-gerated differences between China and traditional creditors, widened the China-US trust deficit, and held back debt relief consensus and solutions. The US accuses China of adopting unconventional practices that dif-fer from those of Western countries, including excessive confidentiality requirements, lack of transparency, circumvention of Paris Club terms, and reluctance to write down debts. In China’s view, however, the US’ shunning the issue of private credi-tors is the crux of debt default by developing countries. Mistrust be-tween China and the US has become a major factor standing in the way of international debt cooperation.Third, debt relief is hardly effec-tive. Debt politicization has distracted efforts to address the debt issue, thus impairing the effectiveness of in-ternational debt relief. The reasons behind are three-fold. Firstly, major creditors including private and mul-tilateral financial institutions do not participate in debt relief and man-agement. The limited debt relief can only be enjoyed by low-income coun-tries. Secondly, the limited debt relief as a result of arduous negotiations can be easily undermined by finan-cial policies of developed economies, which will once again impose heavy burdens on developing countries. For example, the interest hike of the US dollar was the last straw to bring Sri Lanka to its knees. Currency devalu-ation has led Ghana’s foreign debt to soar by $ 6 billion, which has resulted in its announcement to stop payingmost of its debts. Thirdly, becauseof the deficit in global governanceand the lack of coordination amongmajor countries, benefits unleashedfrom debt relief can be easily coun-teracted by challenges such as thehigh inflation caused by price surgeof food and fuel.RESPONSIBILITY OF MAJORCOUNTRIES IN RESPONDING TOTHE SOVEREIGN DEBT CRISISThe debt crisis has highlightedthe importance of global political,economic and financial stability,and of coordination and cooperationamong major countries. The debt cri-sis faced by developing countries canhardly be addressed without greaterinternational cooperation, and amore equitable international debtmanagement framework put in placethrough the coordination among ma-jor countries.I. Strengthening Coordination andCooperation Among Major Countriesin International Debt ManagementFirst, trust is the basis of interna-tional cooperation. The top priorityfor now is for major countries torebuild mutual trust. They need toreach the common understandingthat developing countries are not thearena for major country rivalry, butthe stage for international coopera-tion, and shoulder their moral dutiesin global governance. Major coun-tries should abandon the Cold Warmentality, and perceive each other’spositive role in international develop-ment cooperation in an objective andrational manner. They should stopthe wrong practice of asking devel-oping countries to take sides, focusinstead on solving their debt crisisand development challenges, andpromote the de-politicization of inter-national development cooperation.Second, major countries shouldassume their international responsi-bilities. When they formulate policies,the spillover effects on developingcountries must be fully considered.Advanced economies should drawlessons from the great damage theirinterest hikes have done on develop-ing countries, and move faster tomeet their financing commitments,including those on special drawingrights and new financing support.Developed economies including theUS should do more to adopt andadjust macroeconomic policies andlaws from the perspective of prevent-ing debt crises, so as to ensure thestability of the international financialsystem, and that less developed na-tions can also benefit from liquidityexpansion.Third, true multilateralism shouldbe acted upon to enable multilateralmechanisms such as G20 to play agreater role in dealing with the debtcrisis. The G20 was instrumental inaddressing the 2008 financial crisis.Such experience should be drawn bymajor countries to step up coordina-tion and cooperation in multilateralmechanisms, and come up with vi-able solutions to the debt crisis con-fronted by developing nations.II. Promoting the Building of anInternational Debt ManagementSystem That is Fair, Fquitable andEffectiveInternational debt relief has al-ways been controversial, be it in theform of the Heavily Indebted PoorCountries (commonly addressed asHIPC) in the 20th century or theDSSI. International debt manage-ment is complex and painstaking,which cannot be measured simply interms of bailout or moral standards.As we provide emergency debt relief,it is of greater significance to reflecton the structural conundrum thatwhy such relief cannot prevent new33crises from happening. Systematic solutions are needed to address the debt and development problems of developing countries.First, mechanisms, procedures and rules for sovereign debt relief must be optimized to stay relevant. To get the emergency financial sup-port from the IMF, the applicant country must first get done the debt restructuring with its creditors. The reality is, however, that debt restruc-turing is often time-consuming. It means that countries in debt distress are often unable to obtain emergency support within a short time. With the collective approach of bilateral first, then private, the fair sharing of re-sponsibility in debt relief can hardly be addressed. This has become one of the largest barriers in debt relief. It is imperative to provide flexible and pragmatic debt relief arrangementsin light of specific realities throughclose communication at bilateral andmultilateral levels, and also with pri-vate creditors.Second, mutual learning is need-ed to leverage the complementaritybetween traditional and emergingcreditors. Developed countries, repre-sented by the Paris Club, and privatefinancial institutions, mostly in theWest, have gained much experiencein sovereign debt treatment, whichhas given rise to rules, standards andapproaches that underpin the currentinternational debt governance. Chinaand other emerging economies havecarried out a host of debt relief andrestructuring at bilateral level, withremarkable results in some countries.Traditional and emerging creditorsshould strengthen the sharing ofprinciples, approachesand best practices indebt treatment, so as tobring out the best effectin sovereign debt man-agement.Third, greater effortsshould be devoted to thebalance between debtand development sus-tainability. The debt is-sue, in essence, is aboutdevelopment. Address-ing the debt issue, at theend of the day, hingesupon national devel-opment. In the samevein, the priority ininternational debt treat-ment should be to helpdeveloping nations re-store and improve theireconomic capability.To achieve the end, theinternational develop-ment cooperation shallbe comprehensive, co-ordinated and effective,and the role of trade,investment, assistance and financingwell leveraged. Developed countriesand emerging markets also need tobetter coordinate and cooperate, so asto jointly promote global economicgovernance and uphold the interna-tional financial architecture.CONCLUSIONThe international debt manage-ment is characterized by the com-plexity, fragmentation and politiciza-tion of the debt issue. As developingcountries are faced with greaterchallenges in development, the defi-cit in global governance becomesmore prominent. To a large extent,the slow progress and ineffectivenessin international debt relief can be at-tributed to the lack of coordinationamong major countries as a result oftheir political rivalry. The dilemmanowadays in international debt man-agement is more of a product ofgeopolitical competition and majorpower confrontation. Therefore, thefundamental solution in preventingand coping with the debt crisis liesin putting in place an internationaldebt management system that isfair, equitable and effective. Debtmanagement will not get improvedwithout efforts of major countries torestore trust, assume responsibilityand strengthen cooperation. Facedwith the debt issue in the develop-ing world, Western countries shouldrefrain from politicizing the prob-lem, step up communication andcooperation, genuinely aim for thewell-being of developing countries,and promote the building of a moreeffective system of international debtmanagement.——————————————Zhou Yuyuan is Deputy Director at theCenter for West Asian & African Studiesof Shanghai Institutes for InternationalStudiesOn July 15, 2022, the G20 Finance Ministers and Central Bank Governors Meeting opened in Bali, Indonesia. (Photo/IC Photo)34。
绿色金融对经济增长的影响英语作文
Green Finance and Its Impact on EconomicGrowthIn the contemporary era, the intersection of finance and sustainability has gained significant attention, leading to the emergence of green finance. Green finance, an innovative financial approach, aims to promote environmental protection and sustainable development by redirecting capital flows towards eco-friendly projects and initiatives. This shift not only addresses environmental concerns but also presents new opportunities for economic growth.The fundamental premise of green finance is to align financial decisions with environmental and social objectives. It involves the mobilization of private and public capital to finance projects that have positive environmental impacts, such as renewable energy, sustainable transportation, and waste management. By doing so, green finance not only reduces the environmental footprint of economic activities but also creates new jobs, industries, and technologies that contribute to economic growth.One of the most significant impacts of green finance on economic growth is its ability to drive innovation. As capital flows towards green projects, it encourages businesses and research institutions to invest in clean technologies and sustainable business models. This innovation, in turn, leads to the creation of new products, services, and markets that contribute to economic expansion. For instance, the development of renewable energy sources has created jobs in the manufacturing, installation, and maintenance of solar panels, wind turbines, and other clean energy technologies.Moreover, green finance can also enhance the resilience of the economy to environmental risks. As climate changeand environmental degradation pose increasing threats to economic stability, green finance can help mitigate these risks by financing projects that reduce carbon emissions, adapt to climate change, and protect ecosystems. Bybuilding resilience, green finance contributes to the long-term sustainability and growth of the economy.Another key aspect of green finance is its potential to attract foreign investment. As the world increasinglyrecognizes the importance of sustainability, investors are looking for opportunities in green projects and businesses. By developing a robust green finance framework, countries can attract foreign capital, which can provide additional funding for green projects and contribute to economic growth.However, it is worth noting that the implementation of green finance also poses certain challenges. Ensuring the effective allocation of capital towards sustainableprojects requires robust regulatory frameworks, transparent disclosure standards, and strong institutions. Additionally, the transition to a green economy may involve costs and adjustments for businesses and consumers, which need to be carefully managed to avoid any negative impacts on economic growth.In conclusion, green finance presents a unique opportunity to align economic growth with environmental sustainability. By redirecting capital flows towards eco-friendly projects, it can drive innovation, enhance economic resilience, and attract foreign investment. However, to fully harness its potential, it is essential toaddress the challenges associated with its implementation and ensure that green finance is integrated into national development strategies.**绿色金融对经济增长的影响**在当今时代，金融与可持续发展的交汇点引起了广泛关注，从而催生了绿色金融。
Playing_a_Bridging_Role
THE 2008 financial crisis changed the course of global economic development. The intro-duction of quantitative easing monetary pol-icy by major Western economies has caused the dramatic volatility in international financial markets, and the decline in exchange rates have be-come one of the major external risks to the develop-By SHEN YIment of many emerging and developing economies. More and more emerging countries are real-izing that the global economic system dominated by the West can no longer serve the needs of the world’s current development and therefore there is an urgent need to create a new system of economic governance, one that is more equitable, fair, and inclusive.It is in this context that the BRICS grouping was formed. In July 2014, the five countries officially launched an initiative to establish the New Develop-ment Bank (NDB), and in July 2015, the NDB began its operations with headquarters in Shanghai. In less than a decade, this development finance insti-tution with the status of an independent interna-tional legal entity for emerging economies has made a number of remarkable achievements, providing important funding to emerging economies in areas such as infrastructure financing, fighting against COVID-19, and green energy development assis-tance, playing an important role in supporting thePlaying a Bridging RoleThe New Development Bank is funding the building of a sustainable future.The NDB headquarters in Shanghai’s Pudong New Area on June 17, 2022.COMMENTARYdevelopment of the BRICS countries, and becoming a new force that cannot be overlooked in the cur-rent international financial system.Both in terms of cooperation among the BRICS countries and the impact on the current global financial system, the NDB is of great practical and strategic importance.A Practical MechanismThe NDB is a mechanism that provides a model for implementing and realizing the concept of BRICS cooperation, and deepens pragmatic cooperation among the five BRICS countries in a multidimen-sional manner. As one of the major achievements of practical cooperation among BRICS countries, the NDB is the first multilateral development bank es-tablished and managed by developing and emerging economies with the aim of providing financing for infrastructure construction and sustainable develop-ment in the countries concerned. In addition to the BRICS countries, the United Arab Emirates, Uruguay, Bangladesh, and Egypt have also become official members of the bank, while Saudi Arabia, Argentina, Kazakhstan, and Iran have applied for membership or expressed their intention to join. This significant progress in membership development marks thebeginning of the NDB’s emergence as a global mul-tilateral development bank. The first regional center established by the NDB, the African Regional Center in Johannesburg, South Africa, has become the Bank’s “window to Africa” and represents an innovative and successful attempt at financial cooperation among developing countries. Since its inception, the NDB has implemented 11 projects in South Africa with total financing of US $5.4 billion. Some of the largest investments have been in areas such as combating COVID-19 pandemic, transport infrastructure con-struction, clean energy development and energy ef-ficiency improvements.The NDB complements existing financing mechanisms and addresses the real development needs of emerging economies. Compared to other international multilateral banks, the NDB takes a beneficiary-driven approach by giving equal voting rights to its founding members, providing loans without political strings attached, and emphasizing equality of relationships between the financing andfinanced countries.Unlike other international banks that assess ben-eficiary country conditions against “best interna-tional standards,” thereby imposing their own crite-ria on others, the NDB assesses borrowing countriesbased on their own national standards and systems,thus applying more flexible and applicable “country-specific criteria” that give beneficiary countriesgreater autonomy to determine their own develop-ment paths according to their own circumstances.In addition, the NDB offers emerging economiesthe opportunity to diversify their settlement op-tions and free themselves from the constraints andlimitations of existing mechanisms. While tradi-tional multilateral banks offer preferential loans,they are mainly denominated in US dollars, whichexposes borrowing countries to the risk of exchangerate fluctuations and prevents them from havingfull control over their own development plan. Thisbecomes one of the main causes of the developing US $32.8billionTotal amountof financingapproved96Total numberof projectsapproved17,000 kmRoads tobe built orupgraded withthese projects820Bridges tobe built orupgraded35,000Housingunits to beconstructed1,390 kmWater tunnel/canal in-frastructureto be built orupgraded13.2milliontonnes/yearCarbon dioxideemissions tobe cutStatistics onNDB Mechanismcountries’ debt problem.The NDB has always prioritized the use of local currencies and has used currencies other than the US dollar for payments, such as the renminbi, rand, and Swiss franc, to increase financial autonomy, reduce currency risk for emerging economies, and mitigate their longstanding dependence on the Western world.The NDB is a symbol of emerging economies’ transformation as rule-setters and provides an im-portant platform for their active participation in re-forming the global financial system. The governancedecisions and structures of the World Bank and the International Monetary Fund, traditionally led by the G7, appear outdated and conservative in light of the changes in the current global economic landscape. The BRICS countries now have a larger GDP than the G7, with the will and ability to make their voices heard on the global economic stage. However, in the current system of global economic governance, the representation and free expression of these coun-tries is often overlooked and marginalized due to the hegemonic position of the West.The NDB therefore provides an important plat-form for emerging economies to put forward joint proposals and represent their own interests. As a multilateral development bank jointly supported byemerging economies, the expan-sion of its scope of activities, the broadening of its investmentspectrum, and the strengtheningof its influence not only solve the dilemma of collective action by emerging economies in reform-ing the global economic order,but also mark the emergence of the Global South as an importantpole in the multilateral order of the global financial system.Promising ProspectsThe NDB is in line with the common internal will of the BRICS countries, meets their internal needs, and strengthens their internal impetus for develop-ment. According to the NDB’s overall strategy for the period 2022-2026, the NDB aims to become a leading global multilateral development bank in the future, providing more practical and efficient solutions for infrastructure construction and sustainable develop-ment in emerging and developing countries. Going forward, the NDB is expected to make further prog-ress in the following areas:The first such progress is multiplying local cur-rency settlements. Since 2018, when the NDB first introduced settlement operations in local currency, it has already gained some experience in dealingwith US dollar-dominated fiscal policy. With theThe NDB is in line with the common internal willof the BRICS countries,meets their internal needs, and strengthens their internal impetus for development.growing call for “de-dollarization” of emerging mar-kets advocated by the BRICS countries, the removal of financial sanctions by the Western countries has become a common call among most emerging mar-kets. Driven by this strong collective voice, the NDB is committed to expanding its areas of operation to play a greater role among emerging economies.The second progress is to expand the circle of member countries. Currently, the NDB has already established regional centers for Africa and the Americas in Johannesburg and São Paulo, and a regional center for Eurasia is planned in Moscow. Based on the existing regional centers, the NDB can further enhance its regional functions, strengthen regional linkages and communications, and actively recruit more promising emerging economies to join the grouping. This will continuously expand the group, allowing more countries to take advantage of local currency settlement and financing opportuni-ties offered by the NDB.And the third is to build capacity for sustainable development. BRICS countries are also important players in addressing global climate change and face many challenges in promoting green development. By increasing its investment and financing in green technologies, the NDB can continue to play a bridg-ing role to facilitate exchanges and cooperation on environmental protection and energy transition, and help emerging economies to make greater prog-ress in environmental governance and sustainable development. CSHEN YI is director of the Centre for BRICS Studies at the Fudan Development Institute.The container terminal at the Port of Durban in South Africa on April 21, 2022. It is part of an expansion and modernization project for the Port of Durban funded by the NDB.。
财经法规与会计职业道德 英文
财经法规与会计职业道德英文Financial Regulations and Accounting Professional EthicsFinancial regulations play a crucial role in ensuring the stability and integrity of financial markets. These regulations are designed to govern the conduct of financial institutions and professionals, and to provide transparency and accountability in financial reporting.In many countries, financial regulations are implemented by regulatory bodies such as the Securities and Exchange Commission (SEC) in the United States or the Financial Conduct Authority (FCA) in the United Kingdom. These regulations cover various aspects of financial activities, including securities trading, banking operations, and insurance activities.Accounting professional ethics, on the other hand, refer to the set of principles and guidelines that guide the behavior and conduct of accountants. These ethics promote the integrity, objectivity, confidentiality, and professional competence of accountants, and ensure they act in the best interest of their clients or employers. The accounting profession is governed by professional bodies such as the American Institute of Certified Public Accountants (AICPA) or the Association of Chartered Certified Accountants (ACCA), which establish and enforce ethical standards for their members.Both financial regulations and accounting professional ethics are essential for maintaining the credibility and trustworthiness of financial information. They ensure that financial statements areaccurate, reliable, and in compliance with relevant accounting standards. Furthermore, they safeguard investors' interests by preventing fraud, misrepresentation, and unethical practices. Financial regulations and accounting professional ethics work hand in hand to ensure the integrity of financial markets and the accounting profession. By complying with these regulations and adhering to ethical principles, financial institutions and accountants contribute to the overall trust and confidence in the financial system.。
ontheinternation...
1、Situation of accounting internationalizati on in ChinaInternationalization of Chinese accounting standards has been vigorously advanced over these years. In June 2005, the Ministry of Finance promulgated the Accounting Standards for Business Enterprises—Basic Standards (Exposure Draft). On February 15, 2006, the Ministry released new accounting standards, marking the establishment of the accounting standard system for busi-ness enterprisesin China based on International Financial Re-porting Standards.The substantialcontents of newly-released accounting standards evidently converge to those of interna-tional financial reporting standards. For example, the four clas-sifications and corresponding measurement about financial as-sets originate from IAS 39; previous off-balance sheet disclo-sure of financial derivatives is likewise altered inon-balance sheet accounting with fair value measurement adopted, and the change of fair value is recorded into d into currentprofit or loss, or owner’s equity.Through years of development, Chinese accounting standards have made huge breakthroughs in coordination with international accounting standards, but there are still differences between them. The differences are partly attributed to China’s spe-cific political, legal, economic and cultural environments, and partly to technical problems in international accounting standards. Therefore, importance should be attached not only to the ac-counting internationalization in China, but also to the charac-teristics of the Chinese accounting system.2、Diff erences between Chinese and international accounting standards2.1 D if fer enc e in con te ntFirstly, Chinese accounting standards feature a lack of con-ceptual framework and insufficient number, whereas interna-tional accounting standards and those of most countries are based on a conceptual framework. Without a systematic framework of concepts, regularization of some accounting practices will eas-ily lead to inter-system contradictions. Secondly, China has never introduced any rules for some accounting issues, such as finan-cial derivatives, financial statements in an economy plagued by virulent inflation and retirement benefit plan, which are com-monly existing business activities or phenomena in the account-ing field. Thirdly, specifications of some accounting standards are hugely different from those of international accounting standards.2.2 Diff erence in f ormThe formal provisions of Chinese accounting standards are brief while those of international accounting standards are detailed. International accounting standards set up several dif-ferent levels, including technical bulletin,application guidance and so on, but China is yet to establish such a framework.2.3 D if fer enc e in for mul ation me ch ani smIt is mainly the Ministry of Finance that formulates Chinese accounting standards. During the formulation process, the ranges of investigation and opinion solicitation are limited and trans-parency can hardly be guaranteed. International accounting standards, on the other hand, have strict formulation procedures and transparency requirements. For example, solicited public opinions, discussion of commission members and voting are all publicized, hence high transparency.3、Inevitability of accounting interna tiona lization in China3.1 Need of internationalization of Chinese marketIn the contemporary world, one of the most important trends of economic development is that the market has broken the tem-poral and spatial boundaries into a global unified one. As a member of the world economic family, China will unavoidably enterthe international market and take part in the interna-tional competition. The internationalization of market requires accountants to provide true, fair and comparable accounting in-formation that can meet international decision-making needs for enterprises to follow the tide, so China’s accounting prac-tices must converge towards international accounting practices.3.2 Ac co un ti ng i nter nati on al izatio n an i ne vi tabl e r e qui r e m e n to f m u l ti n ati o nal s’ dev e l o pme n t Owing to intensification of international competition, ad-justment of industrial structure and acceleration of technical progressas well as ever-changing market, multinationals have obtained rapid development as a new form of business organization. This entails elimination of accounting differences among coun-tries around the world. Besides, business transactions of multi-nationals should be handled and reported according to interna-tionally-accepted principles and methods, which calls for inter-nationalization of Chinese accounting system.3.3 Acc ou nti ng in te rnatio nalization n ece ss ary f or dev el opm en t of in te r nati on al tr adeOn the Internationalization of Chinese AccountingStandardsJU Ling JiaoTianjin University of Finance and EconomicsTianjinChina【Abstract】Accounting internationalization has become an inexorable trend of world economic development. This paper begins with the analysis of the situation and trend of accounting internationalization in China. Then, based on the differences between Chinese and international accounting standards (IAS), it illustrates the inevitability of accounting internationalization in China. Finally, the research provides suggestions for problems existing in the process of accounting internationalization in the country.【Key Words】Accounting standardsinternational accountingstandards; internationalizationsuggestions472 Economic Vision2015. 1In the recent decade, increasing bilateral and multilateral trade activities across the world have promoted the globalization of world economy. In foreign trade, enterprises must analyze and assess capital strength, credit status and risk profile of clients through their financial statements. Therefore, accoun-tants should provide comparable and effective accounting in-formation in accordance with international accounting practices, so as to improve the efficiency of international trade.3.4A c c o u n ti n g i n te r n ati o n al i zati o n r e qu i r e d by in te rn ation al c api tal fl owCurrently, as more and more international financial activi-ties such as multinationals listing and bond issuing are taking place, internationalization of the capital market is being enhanced. During the process of international capital flow, not only the supply and demand parties of capital should know about the financial situation of each other to meet their own demands, but international securities regulation bodies should also strictly review financial statements of transnational financing compa-nies according to international standards. This requires compa-nies which are raising funds in the international capital market to prepare financial statements according to internationally accepted accounting standards. With further expansion and de-velopment of financing scale in the international capital market, Chinese enterprises must provide true, fair and comparable ac-counting information for international investors and creditors based on international practices.4、S ug g e st i o ns f o r a d va n c em e n t o f accounting internationalization4.1 Define accounting internationalization and wellh a n d l e t h e c o n t r a d i c t i o n b e t w e e n a c c o u n t i n g in te rn atio nalizatio n an d natio nali zati onSince the contradiction between accounting nationalization and internationalization is irreconcilable and China is still in the initial stage of market economy, Chinese accounting stan-dards can only be internationalized partly while keeping its own characteristics, which is also anecessary stage of international-ization development. Due to differences of economic environ-ment among different countries, however, global unification and standardization of accounting standards are hard to achieve. Therefore, the coexistence of accounting internationalization and national characteristics is an unavoidable reality problem, which is also the theme of international accounting coordination. Only by admitting nationalization of accounting can Chinese ac-counting standards be better coordinated with their interna-tional counterparts, thus enhancing the development of accounting internationalization. Accounting nationalization should be sub-ordinated to accounting internationalization which is realized by constantly drawing upon international practices. Thus, how to use international accounting standards for reference is an im-portant content of accounting internationalization.4.2P r o p e r l y h a n d l e t h e r e l a t i o n s h i p b e t w e e n ac cou nti ng i nte rnatio nal izatio n an d C hin a’s nation al c o n di ti o n sWhile advancing internationalization of Chinese accounting standards, we must also take China’s national conditions into consideration, paying attention to representing Chinese char-acteristics while absorbing and learning from advanced account-ing theories and methodologies. In the current economic scenario, China’s national conditions determine that internationaliza-tion of Chinese accounting standards must be based on realities of the country to gradually get connected to international practices. Firstly, when revising accounting standards for busi-ness enterprises and setting out new standards, we should fully draw upon experience of international accounting organizations and major countries, especially some new dynamics, so as to avoid discrepancies between newly-released standards and interna-tional practices, thus resolving disputes and inconsistencies. Secondly, with regard to regular business transactions, pro-gressive reform can be carried out according to international accounting practices to gradually narrow and even close the gap between Chinese and international accounting systems. Thirdly, it is necessary to integrate into international accounting prac-tices by referring to them on the whole.4.3 Strengthen the legal construction and im provec o rpo r ate g o ve r n an c e str u c tu r eAccounting reform must go in line with other reforms,other-wise it cannot be implemented in an all-round manner. Some existing rules and regulations are incompatible with interna-tional accounting standards in China. In addition, from the per-spective of corporate governance structure, the absence of owner in state-owned enterprises, equal shares yet unequal rights and government intervention in enterprises surface from time to time. Therefore, some laws and regulations should be revised to build a complete accounting regulation system and provide a good legal environment for China to coordinate its accounting standards with international practices.4.4A c c e l e r a t e c u l t i v a t i o n o f i n t e r n a t i o n a l ac c o u n ti n g ta l e n t s an d i m p r o v e o v e r al l qu al i t y o f ac co u n ti ng pr o fe s s i o nal sFormulation of international accounting standards is prin-ciple-based, which imposes high requirement on professional judgment of accounting practitioners. Currently in China, the follow-up education of accountants is not satisfactory, so ef-forts should be made to improve the system of follow-up educa-tion for accountants to establish more scientific and reasonable systems of accounting professionals admittance and social evalu-ation of accounting talents, incorporating the cultivation of ac-countants into legal system, enhancing professional judgment of accountants, improving professional ethnics of certificated public accountants, raising their awareness of being independent, objective and just, thus making them adaptable to international accounting standards.References[1]Frederick D.S.Choi&Gary K.Meek , International Accounting （sixth edition）,2008.[2]Ministry of Finance of China, Accounting Standards for Business Enterprises, Economic Science Publishing House ,2006.[3]BPP ,ACCA Paper P2 Corporate Reporting(International and UK Stream)(sixth edition),2012.[4]Pan Shang Yong,“Research on Chinese accounting standards”, 2005.Economic Vision 4732015. 1。
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Matías Braun
The Anderson School at UCLA
Borja Larrain
Harvard University
December 12, 2003
Production growth Recession – Production growth non-Recession
• 3b) Asset hardness across industries (industry tangibility)
• Extends the evidence across countries and in time • Identification: Change in investment opportunities should not be
Motivation and Previous Evidence
• Financial frictions might help propagate primitive shocks
– External financiers do not want to provide funds: Williamson (1987), Bernanke
• 2) Rajan and Zingales (1998)’s industry external finance dependence. Industry median of (capx - cash flow from oper) / capx based on U.S. public firms. Ranking is maintained across countries.
related to financial development. Asset hardness evidence adds an additional restriction to alternative stories.
Results at a glance
Differential Impact of Recessions
Finance and the Business Cycle: Outline
• Motivation and Previous Evidence • Basic Idea and Implementation • Main Results • Robustness and further Results • Conclusion
comercial
• Difficulties
– Most evidence comes from a few developed countries and a few shocks – Identification: “constrained” group might just be differently affected by
• 1) Shock: every recession there has been. Response: real production growth.
• If the financial mechanism is present:
– Industries more dependent on external finance should be more affected by recessions
shocks (i.e. small firms are naturally more affected by recessions).
Basic Idea and Implementation
• Data: Industry (28) x Country (>100) x Years (1963-99).
and Gertler (1989), Kiyotaki and Moore (1997).
– External financiers (banks) cannot provide funds: Bernanke and Blinder (1988),
Stein (1998).
• Do they?
– Usual strategy: identify a-priori a set of more fina group thereof) and compare their response to a negative shock to a control group.
– Especially if they are subject to more financial imperfections
• 3a) Financial Development across countries (accounting standards, creditor rights, legal origin…)
– A-priori constrained: small (most), more leveraged (Sharpe, 1994), no access to public bond markets (Kashyap, Lamont and Stein, 1994).
– Response: employment (Sharpe, 1994), inventories (Kashyap, Lamont and Stein, 1994), pricing strategies (Chevalier and Scharfstein, 1996), investment/investment sensitivity (Oliner and Rudebush, 1996), sales and short-term debt (Gertler and Gilchrist, 1994; Bernake, Gertler and Gilchrist, 1996),