1Corporate Governance in the Banking and Financial Services Industries1
银行业金融机构数据治理指引 英文

银行业金融机构数据治理指引英文Guidelines for data governance in the banking and financial institutions sectorIntroduction:Data governance is a critical aspect of the banking and financial institutions sector to ensure the effective management and utilization of data. These guidelines aim to provide an outline of best practices for data governance in such organizations, promoting data integrity, privacy, and security.1. Data Governance Framework:- Establish a formal data governance framework outlining roles, responsibilities, and decision-making processes related to data management.- Define clear objectives and goals for data governance, aligned with the overall organizational strategy.- Ensure that the framework complies with regulatory requirements and industry standards related to data governance.2. Data Governance Committee:- Form a dedicated committee responsible for overseeing and implementing data governance initiatives.- Include representatives from different departments and stakeholders to ensure holistic decision-making.- The committee should have regular meetings to review and assess data governance practices.3. Data Classification and Standards:- Develop a data classification framework based on the sensitivity,criticality, and confidentiality of information.- Establish standardized naming conventions, data formats, and definitions to ensure consistency and accuracy across the organization.- Regularly review and update data classification and standards to accommodate evolving business needs and technology advancements.4. Data Quality Management:- Implement processes and controls to ensure data accuracy, completeness, consistency, and timeliness.- Conduct regular data quality assessments and address any identified issues promptly.- Establish a data quality management framework to continuously monitor and improve data quality practices.5. Data Privacy and Security:- Implement robust data privacy policies and procedures in compliance with applicable laws and regulations.- Safeguard sensitive data by implementing appropriate access controls, encryption, and data backup mechanisms.- Regularly conduct data security audits and vulnerability assessments to identify and mitigate potential risks.6. Data Governance Training and Awareness:- Conduct regular training programs to educate employees about data governance principles, policies, and procedures.- Raise awareness among employees about the importance of data governance and their role in ensuring its effectiveness.- Provide resources and tools to enable employees to adhere to datagovernance practices.7. Data Governance Monitoring and Reporting:- Establish mechanisms to monitor and evaluate the effectiveness of data governance practices.- Develop key performance indicators (KPIs) and metrics to measure the adherence to data governance principles.- Regularly report on data governance activities to senior management and the board of directors.Conclusion:These guidelines aim to assist banking and financial institutions in establishing effective data governance practices. Implementing a strong data governance framework will enhance data quality, privacy, security, and promote informed decision-making based on reliable and trustworthy data.。
公司治理对企业竞争力的影响范文

公司治理对企业竞争力的影响范文英文回答:Corporate governance plays a pivotal role in shaping a company's competitiveness by influencing various aspects of its operations and decision-making processes.1. Strategic Direction and Vision:Effective corporate governance ensures that the company's leadership has a clear understanding of its strategic direction and vision. It fosters an environment where long-term goals are established and communicated throughout the organization. This clarity and alignment enable the company to respond swiftly to market trends, capitalize on opportunities, and mitigate potential risks.2. Risk Management and Internal Controls:Strong corporate governance frameworks prioritize riskmanagement and internal controls, which safeguard the company's assets, reputation, and long-term viability. By identifying and mitigating potential threats, the company can minimize disruptions, protect its financial stability, and maintain stakeholder confidence.3. Financial Reporting and Transparency:Transparency and accurate financial reporting are essential for building trust with investors, creditors, and other stakeholders. Effective corporate governance promotes ethical practices and ensures that financial information is reliable and timely. This enhances the company'scredibility and attracts capital, which is crucial for growth and competitiveness.4. Ethical Conduct and Social Responsibility:Companies with robust corporate governance prioritize ethical conduct and social responsibility. By adhering to high ethical standards, they maintain a positive reputation, attract ethical employees, and build strong relationshipswith customers and suppliers. This alignment with societal norms and values can enhance the company's brand image, attract environmentally conscious consumers, and reduce the risk of regulatory sanctions.5. Stakeholder Engagement and Value Creation:Effective corporate governance recognizes the importance of stakeholder engagement, including shareholders, customers, employees, and the community. By actively involving stakeholders in the decision-making process, companies can gain insights, address their concerns, and foster a sense of ownership, which ultimately leads to enhanced value creation for all parties involved.中文回答:公司治理对企业竞争力的影响。
《金融专业英语》习题答案

Chapter One Functions of Financial Markets 一.Translate the following sentences into Chinese.1.China’s banking industry is now supervised by the PBC and CBRC. In addition, the MOFis in charge of financial accounting and taxation part of banking regulation and management.目前中国银行业主要由中国人民银行和银监会进行监管。
此外,财政部负责银行业监管的财务会计及税收方面。
2.Currently Chinese fund management companies are engaged in the following business:securities investment fund, entrusted asset management, investment consultancy, management of national social security funds, enterprise pension funds and QDII businesses.目前中国的基金管理公司主要从事以下业务:证券投资基金业务、受托资产管理业务、投资咨询业务、社保基金管理业务、企业年金管理业务和合格境内机构投资者业务等。
3.China's economy had 10% growth rate in the years before the world financial crisisof 2008. That economic expansion resulted from big trade surpluses and full investment.Now China is seeking to move away from that growth model. The country is working to balance exports with demand at home.在2008年世界经济危机之前的那些年,中国经济增长速度曾达到10%。
金融英语词汇

金融英语词汇AAccounts payable 应付帐款Accounts receivable 应收帐款Accrued interest 应计利息Accredited Investors 合资格投资者;受信投资人指符合美国证券交易委员(SEC)条例,可参与通常美国非公开(私募)发行的部份机构与高净值个人投资者Accredit value 自然增长值ACE 美国商品交易所ADB 亚洲开发银行ADR 美国存股证;美国预托收据;美国存托凭证[股市] 指由负责保管所存托外国股票的存托银行所发行一种说明持有人拥有多少外国股票(即存托股份)的收据。
ADR通常以美元计价与进行交易,及被视为美国证券。
对很多美国投资者而言,买卖ADR比买卖ADR所代表的股票更加方便、更流淌、成本较低与容易。
大部份预托收据为ADR;但也能够指全球预托收(GDR) ,欧洲预托收据(EDR) 或者国际预托收据(IDR) 。
从法律与行政立场而言,所有预托收据具有同样的意义。
ADS 美国存托股份Affiliated company 关联公司;联营公司After-market 后市[股市] 指某只新发行股票在定价与配置后的交易市场。
市场参与者关注的是紧随的后市情况,即头几个交易日。
有人把后市定义为股价稳固期,即发行结束后的30天。
也有人认为后市应指稳固期过后的交易市况。
然而,较为普遍的是把这段时期视为二级市场AGM 周年大会Agreement 协议;协定All-or-none order 整批委托Allocation 分配;配置Allotment 配股Alpha (Market Alpha) 阿尔法;预期市场可得收益水平Alternative investment 另类投资American Commodities Exchange 美国商品交易所American Depository Receipt 美国存股证;美国预托收据;美国存托凭证(简称“ADR ”参见ADR栏目) American Depository Share 美国存托股份Amercian Stock Exchange 美国证券交易所American style option 美式期权Amex 美国证券交易所Amortization 摊销Amsterdam Stock Exchange 阿姆斯特丹证券交易所Annual General Meeting 周年大会Annualized 年度化;按年计Antitrust 反垄断APEC 亚太区经济合作组织(亚太经合组织)Arbitrage 套利;套汇;套戥Arbitration 仲裁Arm's length transaction 公平交易Articles of Association 公司章程;组织细则At-the-money option 平价期权;等价期权ASEAN 东南亚国家联盟(东盟)Asian bank syndication market 亚洲银团市场Asian dollar bonds 亚洲美元债券Asset Allocation 资产配置Asset Management 资产管理Asset swap 资产掉期Assignment method 转让方法;指定分配方法ASX 澳大利亚证券交易所Auckland Stock Exchange 奥克兰证券交易所Auction market 竞价市场Authorized capital 法定股本;核准资本Authorized fund 认可基金Authorized representative 授权代表Australian Options Market 澳大利亚期权交易所Australian Stock Exchange 澳大利亚证券交易所BBack-door listing 借壳上市Back-end load 撤离费;后收费用Back office 后勤办公室Back to back FX agreement 背靠背外汇协议Balance of trade 贸易平衡Balance sheet 资产负债表Balloon maturity 期末放气式偿还Balloon payment 最末期大笔还清Bank, Banker, Banking 银行;银行家;银行业Bank for International Settlements 国际结算银行Bankruptcy 破产Base day 基准日Base rate 基准利率Basis point 基点;点子Basis swap 基准掉期Bear market 熊市;股市行情看淡Bearer 持票人Bearer stock 不记名股票Behind-the-scene 未开拓市场Below par 低于平值Benchmark 比较基准Beneficiary 受益人Beta (Market beta) 贝他(系数);市场风险指数Best practice 最佳做法;典范做法Bills department 押汇部BIS 国际结算银行Blackout period 封锁期Block trade 大额交易;大宗买卖Blue chips 蓝筹股Board of directors 董事会Bona fide buyer 真诚买家Bond market 债券市场,债市Bonds 债券,债票Bonus issue 派送红股Bonus share 红股Book value 帐面值Bookbuilding 建立投资者购股意愿档案[股市] 包销商用以定价一笔发行的方法。
2024年银行招聘之银行招聘职业能力测验自测提分题库加精品答案

2024年银行招聘之银行招聘职业能力测验自测提分题库加精品答案单选题(共45题)1、According to the job posting, what is an advantage of working for Whirlwinds? ()A.The company will pay for living expensesB.The company offers education scholarshipsC.Workers can choose the countries they go toD.Skilled laborers receive a monthly bonus【答案】 A2、2014 年8 月,英国资产市场迎来了历史最大的抛售潮,一共有270 亿美元的资金流出英国。
而造成这一结果的主要原因是()即将进行独立公投。
A.苏格兰B.爱尔兰C.北爱尔兰D.威尔士【答案】 A3、大兴安岭在我国地理分界上的作用是( )。
A.②②B.②③C.①③D.②④【答案】 D4、40,3,35,6,30,9,(),12,20,()A.15,225B.18,25C.25.15D.25,18【答案】 C5、循环经济实质上是一种自觉的经济形态,需要公共部门、经济主体和金融界三方转变观念,共同__________,在全社会形成发展循环经济的良好__________。
A.营建环境B.努力氛围C.营造局面D.建造局势【答案】 C6、以下说法中,不正确的一项是()。
A.从输出地看,2008年东部地区农民工不足1亿人B.2009年.全国男性外出农民工超过9千万人C.2009年,全国外出农民工中,已婚的与未婚的人数之差大于2千万人D.2009年.月工资在1200元以上的外出农民工不足8千万人【答案】 D7、下列有关国家与本国货币名称不匹配的是()A.英国一欧元B.俄罗斯一卢布C.印度—卢比D.印度尼西亚一盾【答案】 A8、--It's said it's going to turn colder later on.A.As long asB.Ever sinceC.Even ifD.As soon as【答案】 A9、四位厨师聚餐时各做了一道拿手菜。
《财务管理基础第13版》相关章节答案

*Note: Some instructors prefer to cover Chapters 6 and 7 before going into Chapters 3-5. These chapters have been written so that this can be done without any problem.
9 © Pearson Education Limited 2008
Chapter 1: The Role of Financial Management
ቤተ መጻሕፍቲ ባይዱ
ANSWERS TO QUESTIONS
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations. 2. Maximizing earnings is a nonfunctional objective for the following reasons: a. Earnings is a time vector. Unless one time vector of earnings clearly dominates all other time vectors, it is impossible to select the vector that will maximize earnings. b. Each time vector of earning possesses a risk characteristic. Maximizing expected earnings ignores the risk parameter. c. Earnings can be increased by selling stock and buying treasury bills. Earnings will continue to increase since stock does not require out-of-pocket costs. d. The impact of dividend policies is ignored. If all earnings are retained, future earnings are increased. However, stock prices may decrease as a result of adverse reaction to the absence of dividends. Maximizing wealth takes into account earnings, the timing and risk of these earnings, and the dividend policy of the firm. 3. Financial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind. Thus, the function of financial management can be broken down into three major decision areas: the investment, financing, and asset management decisions. 4. Yes, zero accounting profit while the firm establishes market position is consistent with the maximization of wealth objective. Other investments where short-run profits are sacrificed for the long-run also are possible. 5. The goal of the firm gives the financial manager an objective function to maximize. He/she can judge the value (efficiency) of any financial decision by its impact on that goal. Without such a goal, the manager would be "at sea" in that he/she would have no objective criterion to guide his/her actions. 6. The financial manager is involved in the acquisition, financing, and management of assets. These three functional areas are all interrelated (e.g., a decision to acquire an asset necessitates the financing and management of that asset, whereas financing and management costs affect the decision to invest). 7. If managers have sizable stock positions in the company, they will have a greater understanding for the valuation of the company. Moreover, they may have a greater incentive to maximize shareholder wealth than they would in the absence of stock holdings. However, to the extent persons have not only human capital but also most of their financial
金融学专业词汇(中英文对照)
金融学专业词汇(中英文对照)金融学专业词汇(中英文对照)目录1. 货币与货币制度 (3)2. 国际货币体系与汇率制度 (4)3. 信用、利息与信用形成 (5)4. 金融范畴的形成与发展 (7)5. 金融中介体系 (7)6. 存款货币银行 (9)7. 中央银行 (10)8. 金融市场 (10)9. 资本市场 (13)10. 金融体系结构 (14)11. 金融基础设施 (14)12. 利率的决定作用 (15)13. 货币需求 (16)14. 现代货币的创造机制 (17)15. 货币供给 (17)16. 货币均衡 (18)17. 开放经济的均衡 (18)18. 通货膨胀和通货紧缩 (19)19. 货币政策 (20)20. 货币政策与财政政策的配合 (21)21. 开放条件下的政策搭配与协调 (22)22. 利率的风险结构与期限结构 (22)23. 资产组合与资产定价 (23)24. 商业银行业务与管理 (25)25. 货币经济与实际经济 (26)26. 金融发展与经济增长 (26)27. 金融脆弱性与金融危机 (27)28. 金融监管 (27)1.货币与货币制度货币:(currency)外汇:(foreign exchange)铸币:(coin)银行券:(banknote)纸币:(paper currency)存款货币:(deposit money)价值尺度:(measure of values)货币单位:(currency unit)货币购买力:(purchasing power of money)购买力平价:(purchasing power parity,PPP)流通手段:(means of circulation) 购买手段:(means of purchasing)交易的媒介:(media of exchange)支付手段:(means of payment)货币需求:(demand for money)货币流通速度:(velocity of money)保存价值:(store of value)汇率:(exchange rate)一般等价物:(universal equivalent)流动性:(liquidity)通货:(currency)准货币:(quasi money)货币制度:(monetary system)本位制:(standard)金本位:(gold standard)造币:(coinage)铸币税:(seigniorage)本位币:(standard money)辅币:(fractional money)货币法偿能力:(legal tender powers)复本位制:(bimetallic standard)金汇兑本位:(gold exchange standard)金平价:(gold parity)金块本位制:(gold bullion standard)2.国际货币体系与汇率制度浮动汇率制:(floating exchange rate regime)货币局制度:(currency board arrangement)联系汇率制度:(linked exchange rate system)美元化:(dollarization)最优通货区理论:(theory of optimum currency area)货币消亡:(money disappearance)外汇:(foreign currency)外汇管理:(exchange regulation)外汇管制:(exchange control)可兑换:(convertibility)不可兑换:(inconvertibility)经常项目:(current account)资本项目:(capital account)汇率:(exchange rate)牌价:(posted price)直接标价法:(direct quotation)间接标价法:(indirect quotation)单一汇率:(unitary exchange rate)多重汇率:(multiple exchange rate)市场汇率:(market exchange rate)官方汇率:(official exchange rate)黑市:(black market)固定汇率:(fixed exchange rate)浮动汇率:(floating exchange rate)管理浮动:(managed float)盯住汇率制度:(pegged exchange rate regime)固定钉住:(fixed peg)在水平带内的盯住:(pegged within horizontal bands)爬行钉住:(crawling peg)外汇指定银行:(designated foreign exchange bank)货币的对外价值:(external value of exchange)货币的对内价值:(internal value of exchange)名义汇率:(nominal exchange rate)实际汇率:(real exchange rate)铸币平价:(mint parity)金平价:(gold parity)黄金输送点:(gold transport point)国际借贷说:(theory of international indebtedness)流动债权:(current claim)流动负债:(current liablity)国际收支说:(theory of balance payment)汇兑心理说:(psychology theory of exchange rate)货币分析说:(monetary approach)金融资产说:(portfolio theory of exchange rate determination)利率平价理论:(theory of interest rate parity)外汇风险:(exchange risk)中国的外汇调剂:(foreign exchange swap)3.信用、利息与信用形成信用:(credit)利息:(interest)收益:(yield)资本化:(capitalization of interest)高利贷:(usury)利率:(interest rate)债权:(claim)债务:(debt obligation)借入:(borrowing)贷出:(lending)盈余:(surplus)赤字:(deficit)跨时预算约束:(intertemporal budget constraint)资金流量:(flow of funds)部门:(sector)借贷资本:(loan capital)实体:(real)商业信用:(commercial credit)银行信用:(bank credit)本票:(promissory note)汇票:(bill of exchange)商业本票:(commercial paper)商业汇票:(commercial bill)承兑:(acceptance)背书:(endorsement)直接融资:(direct finance)间接融资:(indirect finance)短期国库卷:(treasury bill)中期国库卷:(treasury note)长期国库卷:(treasury bond)国债:(national debt)公债:(public debt)资本输出:(export of capital)国际资本流动:(international capital flow)国外商业性借贷:(foreign direct investment,FDI)国际游资:(hotmoney)4.金融范畴的形成与发展财政:(public finance)公司理财:(corporate finance)投资:(investment)保险:(insurance)财产保险:(property insurance)人身保险:(mutual life insurance)相互人寿保险:(mutual life insurance)信托:(trust)租赁:(leasing)5.金融中介体系金融中介:(financial intermediary)金融机构:(financial institution)借者:(borrower)贷者:(lender)货币中介:(monetary intermediation)权益资本:(equity capital)中央银行:(central bank)货币当局:(monetary authority)存款货币银行:(deposit money bank)商业银行:(commercial bank)投资银行:(investment bank)商人银行:(merchant bank)财务公司:(financial companies)储蓄银行:(saving bank)抵押银行:(mortgage bank)信用合作社:(credit cooperative)保险业:(insurance industry)跨国银行:(multinational bank)代表处:(representative office)经理处:(agency)分行:(branch)子银行:(subsidiary)联营银行:(affiliate)国际财团银行:(consortium bank)中国人民银行:(People’s Bank of China)政策性银行:(policy banks)国有商业银行:(state-owned commercial banks)资产管理公司:(assets management company)证券公司:(securities company) 券商:(securities dealer)农村信用合作社:(rural credit cooperatives)城市信用合作社:(urban credit cooperatives)信托投资公司:(trust and investment companies)信托:(trust)金融租赁:(financial leasing)邮政储蓄:(postal savings)财产保险:(property insurance)商业保险:(commercial insurance)社会保险:(social insurance)保险深度:(insurance intensity)保险密度:(insurance density)投资基金:(investment funds)证券投资基金:(security funds)封闭式基金:(closed-end investment funds)开放式基金:(open-end investment funds)私募基金:(private placement)风险投资基金:(venture funds)特别提款权:(special drawing right,SDR)国有化:(nationalization)6.存款货币银行货币兑换商:(money dealer)银行业:(banking)贴现率:(discount rate)职能分工型商业银行:(functional division commercial bank)全能型商业银行:(multi-function commercial bank)综合性商业银行:(comprehensive commercial bank)单元银行制度:(unit banking system)总分行制度:(branch banking system)代理行制度:(correspondent banking system)银行控股公司制度:(share holding banking system)连锁银行制度:(chains banking system)金融创新:(financial innovation)自动转账制度:(automatic transfer services,ATS)可转让支付命令账户:(negotiable order of withdrawal account,NOW)货币市场互助基金:(money market mutual fund,MMMF)货币市场存款账户:(money market deposit account,MMDA)不良债权:(bad claim)坏账:(bad loan)不良贷款:(non-performing loans,NPL)存款保险制度:(deposit insurance system)金融资本:(financial capital)7.中央银行中央银行:(central bank)一元式中央银行制度:(unit central bank system)二元式中央银行制度:(dual central bank system)复合中央银行制度:(compound central bank system)跨国中央银行制度:(multinational central bank system)发行的银行:(bank of issue)银行的银行:(bank of bank)最后贷款人:(lender of last resort)再贴现:(rediscount)在抵押:(recollateralize)国家的银行:(the state bank)8.金融市场金融市场:(financial market)证券化:(securitization)金融资产:(financial assets)金融工具:(financial instruments)金融产品:(financial products)衍生金融产品:(derivative financial products) 原生金融产品:(underlying financial products) 流动性:(liquidity)变现:(encashment)买卖差价:(bid-ask spread)做市商:(market marker)到期日:(due date)信用风险:(credit risk)市场风险:(market risk)名义收益率:(nominal yield)现时收益率:(current yield)平均收益率:(average yield)内在价值:(intrinsic value)直接融资:(direct finance)间接融资:(indirect finance)货币市场:(money market)资本市场:(capital market)现货市场:(spot market)期货市场:(futures market)机构投资人:(institutional investor)资信度:(credit standing)融通票据:(financial paper)银行承兑票据:(bank acceptance)贴现:(discount)大额存单:(certificates of desposit,CDs)回购:(counterpurchase) 回购协议:(repurchase agreement)隔夜:(overnight)银行同业间拆借市场:(interbank market)合约:(contract)远期:(forward)期货:(futures)期权:(options)看涨期权:(call option)看跌期权:(put option)期权费:(option premium)互换:(swap)投资基金:(investment funds)契约型基金:(contractual type investment fund)单位型基金:(unit funds)基金型基金:(funding funds)公司型基金:(corporate type investment fund)投资管理公司:(investment management company)共同基金:(mutual fund)对冲基金:(hedge fund)风投基金:(venture fund)权益投资:(equity investment)收益基金:(income funds)增长基金:(growth funds)长期增长基金:(long-term growth funds)高增长基金:(go-go groeth funds)货币市场基金:(money market funds)养老基金:(pension fund)外汇市场:(foreign exchange market)风险资本:(venture capital)权益资本:(equity capital)私人权益资本市场:(private equity market)有限合伙制:(limited partnership)交易发起:(deal origination)筛选投资机会:(screening)评价:(evaluation)交易设计:(deal structure)投资后管理:(post-investment activities)创业板市场:(growth enterprise market,GEM)二板市场:(secondary board market)金融创新:(financial innovation)金融自由化:(financial liberalization)全球化:(globalization)离岸金融市场:(off-shore financial center)9.资本市场权益:(equity)剩余索取权:(residual claims)证券交易所:(stock exchange)交割:(delivery)过户:(transfer ownership)场外交易市场:(over the counter,OTC)金融债券:(financial bond)抵押债券:(mortgage bond)担保信托债券:(collateral trust bonds)信用债券:(trust bonds)次等信用债券:(subordinated debenture)担保债券:(guaranteed bonds)初级市场:(primary market)二级市场:(secondary market)公募:(public offering)私募:(private offering)有价证券:(security)面值:(face value)市值:(market value)股票价格指数:(share price index)有效市场假说:(effective market hypothesis)弱有效市场:(weak efficient market)中度有效市场:(semi-efficient market)强有效市场:(strong efficient market)股份公司:(stock certificate)股票:(stock certificate)股东:(stock holder)所有权:(ownership)经营权:(right of management)10.金融体系结构功能主义金融观:(perspective of financial function)金融体系格局:(pattern of financial system)激励:(incentive)公司治理:(corporate governance)路径依赖:(path dependency)市场主导型:(market-oriented type)银行主导型:(banking-oriented type)参与成本:(participative cost)影子银行体系:(the shadow banking system)11.金融基础设施金融基础设施:(financial infrastructures)支付清算系统:(payment and clearing system)跨境支付系统:(cross-border inter-bank payment system,CIPS)全额实时结算:(real time gross system)净额批量清算:(bulk transfer net system)大额资金转账系统:(whole sale funds transfer system)小额定时结算系统:(fixed time retail system)票据交换所:(clearing house)金融市场基础设施:(financial market infrastructures)中央交易对手:(central counterparties,CCPs)双边清算体系:(bilateral clearing system)系统重要性支付体系核心原则:(the core principles for systemically important payment system)证券清算体系建议:(the recommendations for central counterparties)中央交易对手建议:(the recommendations for central counterparties)金融业标准:(financial standards)盯市:(mark-to-market)公允价值:(fair value)金融部门评估规划:(financial sector assessment program)12.利率的决定作用可贷资金论:(loanable funds theory of interest)储蓄的利率弹性:(interest elasticity of saving)投资的利率弹性:(interest elasticity of investment)本金:(principal)回报率:(returns)基准利率:(benchmark interest rate)无风险利率:(risk-free interest rate)补偿:(compensation)风险溢价:(risk premium)实际利率:(real interest rate)名义利率:(nominal interest rate)固定利率:(fixed interest rate)浮动利率:(floating rate)官定利率:(official interest rate)行业利率:(trade-regulated rate)一般利率:(general interest rate)优惠利率:(preferential interest rate)贴息贷款:(loan of interest subsidy)年利率:(annual interest rate)月利率:(monthly interest rate)日利率:(daily interest rate)拆息:(call money interest)13.货币需求货币需求:(demand for money)货币数量论:(quantity theory of money)货币必要量:(volume of money needed)货币流通速度:(velocity of money)交易方程式:(equation of exchange)剑桥方程式:(equation of Cambridge)现金交易说:(cash transaction approach)现金余额说:(cash balance theory)货币需求动机:(motive of the demand for money)交易动机:(transaction motive)预防动机:(precautionary motive)投机动机:(speculative motive)流动性偏好:(liquidity preference)流动性陷阱:(liquidity trap)平方根法则:(square-root rule)货币主义:(monetarism)恒久性收入:(permanent income)机会成本变量:(opportunity cost variable)名义货币需求:(nominal demand for money)实际货币需求:(real demand for money)客户保证金:(customer’s security marign)金融资产选择:(portfolio selection)14.现代货币的创造机制纯流通费用:(pure circulation cost)原始存款:(primary deposit)派生存款:(derivative deposit)派生乘数:(withdrawal multiplier)现金损露:(loss of cashes)提现率:(withdrawal rate)创造乘数:(creation multiplier)现金:(currency)基础货币:(base money)高能货币:(high-power money)货币乘数:(money multiplier)铸币收入:(seigniorage revenue)15.货币供给货币供给:(money supply)准货币:(quasi money)名义货币供给:(nominal money supply)实际货币供给:(real money supply)股民保证金:(shareholder’s security margin)货币存量:(money stock)公开市场操作:(open-market operation)贴现政策:(discount policy)再贴现率:(rediscount rate)法定准备金率:(legal reserve ratio)财富效应:(wealth effect)预期报酬率变动效应:(effect of expected yields change)现金持有量:(currency holdings)超额准备金:(excess reserves)外生变量:(exogenous variable)内生变量:(endogenous variable)16.货币均衡均衡:(equilibrium)投资饥渴:(huger for investment)软预算约束:(soft budget constraint)总需求:(aggregate demand)总供给:(aggregate supply)面纱论:(money veil theory)流:(flow)余额:(stock)17.开放经济的均衡国际收支:(balance of payments)居民:(resident)非居民:(nonresident)国际收支平衡表:(statement for balance of payments)经常项目:(current account)资本和金融项目:(capital and financial account)储备资产:(reserve assets)净误差与遗漏:(net errors and missions)自主性交易:(autonomous transaction)调节性交易:(accommodating transaction)偿债率:(debt service ratio)顺差:(surplus)逆差:(deficit)最后清偿率:(last liquidation ratio)资本流动:(capital movements)项目融资:(project finance)外债:(external debt)资本外逃:(capital flight)冲销性操作:(sterilized operation)非冲销性操作:(unsterilized operation)债务率:(debt ratio)负债率:(liability ratio)差额:(balance)18.通货膨胀和通货紧缩通货膨胀:(inflation) 恶性通货膨胀:(rampant inflation)爬行通货膨胀:(creeping inflation)温和通货膨胀:(moderate inflation)公开性通货膨胀:(open inflation)显性通货膨胀:(evident inflation)隐蔽性通货膨胀:(hidden inflation)输入型通货膨胀:(import of inflation)结构性通货膨胀:(structural inflation)通货膨胀率:(inflation rate)。
《金融专业英语》习题答案
Chapter One Functions of Financial Markets 一.Translate the following sentences into Chinese.1.China’s banking industry is now supervised by the PBC and CBRC. In addition, the MOFis in charge of financial accounting and taxation part of banking regulation and management.目前中国银行业主要由中国人民银行和银监会进行监管。
此外,财政部负责银行业监管的财务会计及税收方面。
2.Currently Chinese fund management companies are engaged in the following business:securities investment fund, entrusted asset management, investment consultancy, management of national social security funds, enterprise pension funds and QDII businesses.目前中国的基金管理公司主要从事以下业务:证券投资基金业务、受托资产管理业务、投资咨询业务、社保基金管理业务、企业年金管理业务和合格境内机构投资者业务等。
3.China's economy had 10% growth rate in the years before the world financial crisisof 2008. That economic expansion resulted from big trade surpluses and full investment.Now China is seeking to move away from that growth model. The country is working to balance exports with demand at home.在2008年世界经济危机之前的那些年,中国经济增长速度曾达到10%。
关系型银行跟公司治理(RelationshipBankin资料精
z缓和不完全合约所需要的再谈判问题(renegotiation cost decrease)
{关系型银行的强度指标(intensity of RB)
z时间长度(duration)
z服务范围(scope)
z依赖程度(extent)
高等教育出版社
第15章关系型贷款的公司治理
孙立坚
金融经济学
2. 关系型银行及其评价(续)
reduce)
{财务困境和利率溢价变化的弱相关(interest
premium)
{担保价格的变化和风险分担(Collateral prices)
z摆脱财务困境(get rid of financial distress)
{财务困境的时间周期缩短(short period in distress)
{财务困境的投资表现 (investment performance)
z关系型银行体系的利与弊(merits and
demerits)
长处:
{节省他行的监视成本(economize monitoring cost)
{度过暂时的财务困境(overcome financial distress)
{缓和银企间的利益冲突(mitigate interests conflict)
高等教育出版社
第15章关系型贷款的公司治理
孙立坚
金融经济学
3. 关系型银行问题的实证分析(empirical
analysis)
z 信贷的可得性和流动性约束的缓和(liquidity
constra ratio, relationship banking and low growth)
z 概念(concept)
{监视的三大阶段(stages of monitoring)
ACCA P1 第一部分 scope of corporate governance 背书笔记
考试 5 10 18解决agency problem 可以说成是reduce agency costDirector常说的话11点Accountability is a key relationship between two or more parties. It implies that one party is accountable to, or answerable to, another. This means that the accountable entity can reasonably be called upon to explain his, her or its actions and policies.This means that the accountable party can be held to account and may be required to actually give an account. This has the potential to influence the behaviour of the accountable party, in this case Hayho, because of the knowledge that they will have to answer for it when they give that account.Whilst it is clear that the board is accountable to the shareholders as stewards of their investment, it may be the case, nevertheless, that the board may need to account to WB because of its influence among politicians and in wider society, as outlined below.目录第一章Scope of corporate Governance (5)1.Definition and Concepts of corporate governance (5)1.1 Definition of corporate governance(两点) (5)1.2 Purpose of corporate governance (POSIA) (5)1.3 Concept of good corporate governance frameworks (5)2. Agency theory (6)2.1 Definition of agency relationship (6)2.2 Accountability and fiduciary duty(对象不同)CPBOS (6)2.3 Agency in the context of corporate governance (7)2.4 Agency problems and agency costs (7)<1> Agency problems in delegation(2定义4原因) (7)<2> Agency costs 控制监控成本 (7)<3> Resolving the agency problem: alignment of interest(4点) (7)2.5 Transaction costs theory(按照买东西的三个顺序来想三个cost) (8)3. Stakeholders theory (8)3.1 Definition and components of stakeholders (8)3.2 Classifications of stakeholders(四种) (8)3.3 Stakeholder theory(4点2个不同的view) (9)3.4 Role and interest of stakeholders (9)3.4.1 Internal stakeholder(都是讲自己的利益) (9)3.4.2 External stakeholder(自己的利益和公司的利益) (11)3.5 Institutional investors (12)<1> Definition (12)<2> Four types of institutional investor: (12)<3> Role of institutional investors (13)<4> Means of exercising institutional investor’s i nfluence (13)<5> problems (13)3.6 Stakeholder power interest Matrix (Mendelow)三个选择防止进化策略4个问题 (13)3.7 Compare stakeholder theory with agency theory and company law (14)4 Major issues in corporate governance (15)第二章Approaches to corporate governance (15)1. Distinguish between public company, private company and NPO (15)<1> Principal stakeholders and accountability (15)<2> Monitor and disclosure (16)<3> Structure of board (corporate governance) (16)<4> Transparency (16)2. Principles-based approach and rules-based approach (16)2.1 Principles-based approach (16)<1> Feature: (16)<2> Advantage(flexible三点emphasis三点再加定义开始两点) (17)<3> Disadvantage (5点) (17)<4> Application (17)<5> Example (17)2.2 Rules-based approach(compliance三点) (18)3. Influence of ownership system (18)3.1 Insider system (18)3.2 Outsider system (19)4. Relevant Codes (19)4.1 Driving forces of development of corporate governance codes (5点) (19)4.2 Developments of corporate governance codes (20)4.2.1 UK codes (20)4.2.2 US codes (Sarbanes-Oxley Act) (21)<1> Background: the Enron Scandal (21)<2> Detail provisions 9点关键改变点6点 (21)<5> Criticisms of SOX (3点) (23)4.2.3 King report of South Africa (23)4.2.4 Singapore code of corporate governance (23)4.3 International corporate governance codes (24)4.3.1 OECD Guidance 2004 (the Organization for Economic Co-operationand Development) (24)<1> Objectives (24)<2> Principles (24)a. The rights of shareholders (24)b. The equitable treatment of shareholders (24)c. The role of stakeholders (24)d. Disclosure and transparency (25)e. The responsibilities of the board (25)4.3.2 ICGN report 2005 (International Corporate Governance Network) (25)4.3.3 Convergence of international guidance (26)4.3.4 Advantage of international codes (26)4.3.5 Limitations of international codes 4点 (27)4.3.6 Contribution of international codes(5点) (27)4.3.7 Impact of corporate governance codes (27)第三章Principles and Best Practices (27)1. The board of directors (27)1.1Roles and responsibilities (27)1.2 Board structure and members (28)1.2.1 Composition and structure of board (28)<1> Composition (28)<2> Attributes and skills of broad (29)<3> Balance of board (diversity的优点gender diversity的优点quota的优缺点) (29)<4> Unitary boards and Two – tier boards (29)1.2.2 Broad members – chairman and CEO (30)<1> Chairman(7点从收到信息) (30)<2> CEO (6点) (30)<3> Division of responsibilities between chairman and CEO (6点) (31)<4> Alternative arrangement (31)1.2.3 Broad members –NEDs (no executive / managerial responsibilities) (32)<1> Purposes of NEDs (32)<2> Role of NEDs – Higgs report (32)<3> Number of NEDs (32)<4> Independent of non-executive directors (5点safeguard) (32)<5> Advantages of NEDs (根据4点role来扩展) (33)<6> Problems of NEDs (7点) (34)1.3 Legal and regulatory framework of director (34)1.4 Introduction and CPD (Continuing professional development) of directors . 351.5 Performance evaluation of directors (36)2. Broad committee (37)2.1 Brief introductions of broad committee (37)2.2 Nominations Committee (6点) (38)2.3 Remuneration committee (38)<1> Consideration of remuneration committee 3 (38)<2> Role and function of remuneration committee 4 (39)2.4. Directors’ remuneration (39)<1> Purpose of director’s remuneration (39)<2> Remuneration policy (39)<3> Remuneration packages – Linking remuneration to company strategy: 6个 (39)<4> Other consideration associated with directors’ remuneration (9点) (40)3. Corporate governance: reporting and disclosure (41)3.1 Communication with shareholders (41)<1> General principles (41)<2> AGM (Annual General Meeting) (41)<3> EGM (Extraordinary General Meeting) (41)<4> Proxy votes (42)3.2 Disclosure with shareholders (annual report) (42)<1> General principles (42)<2> Specific requirement (combined code 2003) (42)<3> Mandatory and voluntary disclosure (43)a. Definition (43)b. Examples of voluntary disclosure (43)c. The reasons for voluntary disclosure (43)d. The principles of voluntary disclosure (44)第一章Scope of corporate Governance1.Definition and Concepts of corporate governance1.1 Definition of corporate governance(两点)<1> A set of relationships between the company’s directors, its shareholders and other stakeholders<2> The system by which organizations are directed and controlled, in theinterests of shareholders and stakeholders1.2 Purpose of corporate governance (POSIA)<1> Set best practice guidelines, provide a framework for an organizationto pursue its strategy in an ethical and effective way.<2> Operate an adequate and appropriate system of control for risk management.<3> Attract new investment and safeguard resources owned by investorsin a company.<4> Improve corporate performance and accountability, increase shareholder’s value.1.3 Concept of good corporate governance frameworks<1> Fairness: balanced by taking into account all stakeholders and respecting their rights and views.<2> Openness/transparency: voluntary disclosure (above the minimumrequired by law) of reliable information to stakeholders in F/S, managementreport and other communication media, set transparent relationship with shareholders to reduce agency cost.<3> Independence: need for independent non-executive directors who caneffective monitor the company and promote the interest of shareholder and stakeholder (free from conflicts of interest).<4> Probity/honesty: telling the truth and not misleading.<5> Responsibility: use a system to allow corrective action and penalizing mismanagement, accept liability in decisions making, set the company on theright path<6> Accountability: directors should answerable for consequence of theiractions, to shareholders and stakeholders<7> Reputation: public perception or expectations. The price of publiclytraded shares is often dependent on reputation and reputation is often avery valuable asset of the organization.<8> Judgment: making decisions that enhance the prosperity of the organization.<9> Integrity:straightforward dealing and completeness, F/S should behonest and give a true and fair view of the company.2. Agency theory2.1 Definition of agency relationship“A contract under which one or more persons (the principals) engageanother person (the agent) to perform some service on their behalf which involves delegation some decisions making authority to the agent.”<1> Agents: one person is employed by others (principal) to carry out atask on their behalf.<2> Principles: one person employs others (agent) to carry out a task onhis behalf.<3> Agency is acting on behalf of another (principal) in dealing with others.2.2 Accountability and fiduciary duty(对象不同)CPBOS<1> Accountability: in the context of agency, means that the agent is answerable under the contract to his principal and must account for the resources of his principal and the money he has gained working on his principal’s behalf.<2> Fiduciary duty: a duty imposed upon certain persons because of theposition of trust and confidence in which they stand in relation to another. (Directors own a fiduciary duty to the company not to individual shareholders)a. Full disclosure of information held by the fiduciary (agent)b. A strict duty to account for any profit received as a result of the relationshipc. A duty to avoid conflicts of interest<3> Accountability in agency theory and corporate governancea. Performance: agent has a contractual obligation to perform agreed legaltask with reward be paid.b. Obedience: agent must act strictly in accordance with his principal’slawful and reasonable instruction.c. Skill: agent should maintain the standard of professional skill and care.d. Personal performance: agent owes a duty to perform his task himselfand not to delegate, except a few special circumstances (required by law, etc)e. No conflict of interest: agent owes a duty not to conflict of interest withhis principal.f. Confidentiality: agent must keep confidence with principal’s affairs evenafter the agency relationship has ceased.g. Benefit: agent must hand over all benefit to his principal unless it isallowed to retain.2.3 Agency in the context of corporate governance2.4 Agency problems and agency costs<1> Agency problems in delegation(2定义4原因)a. The principal and agent have a conflict of interest, or they have differentattitude in risk management.b. It is difficult and expensive for the principal to verify what the agent isactually doing (introduce mechanisms to control; spend time, money andresource to monitor).<2> Agency costs 控制监控成本a. The principal spend time, money and resources to monitor the activitiesof agents. (Information Asymmetry)b. To introduce mechanisms to control the activities of the agent<3> Resolving the agency problem: alignment of interest(4点)a. Profit-relate pay / economic value added payb. Reward manager with shares: management buy-in/buy-out, managersbecome joint owner-managers.c. Executive share option (ESOPs):increase in company value lead toincrease in share price.d. Monitoring mechanisms (monitor mangers’behavior): NEDs,management audit, additional report, and significant shareholder engagement.2.5 Transaction costs theory(按照买东西的三个顺序来想三个cost)<1> Definition: companies try to keep as many transactions as possiblein-house (vertical integration) in order to reduce uncertainties aboutdealing with suppliers (purchase price and quality).a. Search and information costs (find the supplier)b. Marketing, bargaining and decision costs (purchase component)c. Policing and enforcement costs (monitor quality)<2> Relationship with agency theorya. Difference: transaction costs theory focus on opportunistic; agencytheory focus on agency problem and costsb. Similar: they all deal with conflict of interest, managers should pursue shareholders’best interests rather than their own3. Stakeholders theory3.1 Definition and components of stakeholders<1>Definition: any entity (person, group or possibly non-human entity) thatcan affect or be affected by the actions or policies of an organization. It is abi-directional relationship. Each stakeholder group has different expectationsabout what it wants and different claims upon the organization.<2>Components: directors; employee; suppliers; customers; bank; lenders; regulators; government; community and environmental pressure groups, etc.3.2 Classifications of stakeholders(四种)<1> Internal, connected, and external stakeholdersa. Internal: employees, managementb. Connected: shareholder, customers, suppliers, competitors, trade unionsc. External: government, the public, pressure group, opinion leaders<2> Narrow and wide stakeholders (affected by the organization’s strategy,how much the organization affects the stakeholder)a. Narrow (most affected): managers, employees, supplies, dependent customers, shareholdersb. Wide (less affected): government, wide community, less dependent customers<3> Primary and secondary stakeholders (level of participation will affect the company’s continuing as a going concern or not, how much the stakeholder affected the organization)a. Primary (most affected): customers, suppliers, governmentb. Secondary (less affected): broad communities, management<4> Active and passive (seek to participate in the organization’s activities)a. Active: managers, shareholders, regulators or pressure groupsb. Passive: shareholders, local communities, government3.3 Stakeholder theory(4点2个不同的view)<1> Content of stakeholder theorya. Stakeholders’ contribution and requirement: stakeholders contributefor company’s development and expect the company to satisfy their interest.b. Different goals and claims of stakeholder: each stakeholder group has different goals and expectations, so they have different claim upon the organization.c. Company’s corporate responsibility: companies should take corporate accountability to not only shareholder but also a broad range of stakeholder.d. Manager’s reconciliation of conflict of interest: management, as agent to all other stakeholders, should try to reconcile the competing interests of stakeholders based on maximum of long-term value. (Mendelow Matrix)<2>Stakeholders’ claima. Definition: what does stakeholder want from an organization?b. The legitimacy of each stakeholder’s claim will depend on your ethical and political perspective on whether certain groups should be considered as stakeholders.<3> Different views of organizations’ reaction to stakeholder concernsa. Instrumental view –mainly economic/legal responsibilities with the aim of maximizing profits and no moral standpoint of its own. (Company believes fulfilling the responsibility to stakeholders will increase their profits.)b. Normative view –ethical/philanthropic responsibilities as well as economic/legal, and have moral duties toward stakeholders. Company accepts a responsibility to sustain social cohesion.3.4 Role and interest of stakeholders3.4.1 Internal stakeholder(都是讲自己的利益)<1>Directora. Roles:(a) Executive director responsible for corporation management of the company(b) NEDs focus on monitor and control company in best interest of stakeholdersb. Interests:(a) Remuneration package(b) Status/reputation/power<2> Company secretarya. Roles:(a) Ensure compliance with company laws and regulations and keep board members informed of their legal responsibilities(b) Attend meetings and prepare minutes to follow up, administer company’s affairs(c) Help board to deal with corporate governance matters and improve corporate governance of listed companyb. Interests:(a) Remuneration package(b) Security and job stability(c) Career path and development(d) Status/position<3> Sub-board managementa. Roles:(a) Day to day running of business and implement board policies(b) Risk management and internal control of the company(c) Concern with corporate governance and report to board of directorb. Interests:(a) Remuneration package(b) Security and job stability(c) Career path and development(d) Status/position<4> Employeesa. Roles:(a) Implementation of strategy and comply with the corporate governance systems in place and adopt appropriate culture(b) Perform routine activities and comply with internal controls(c) Give feedback, report breaches to senior management or boardb. Interests:(a) Remuneration package(b) Security and job stability(c) Career path and development(d) Status/position<5> Trade unions(公会)a. Roles:(a) Distribute information to employee and protect employee interests(b) Secure employee benefit and enforce government regulations/employee legislations, e.g. protection of whistleblowersb. Interests:(a) Influence/ power/impact3.4.2 External stakeholder(自己的利益和公司的利益)<1> Suppliersa. Roles:(a) Provide material as operation input, giving financial credit through discount and extension of payment periodb. Interests:(a) Profitable sales, payment of goods, long-term relationship(b) Cost and quality of materials, reliability of delivery<2> Customer:a. Roles:(a) Realize company value through purchase of its productb. Interests:(a) Value for money of goods and services (material needs and deeper moral needs)(b) Customer power increase and take their business elsewhere<3> Auditorsa. Roles:(a) Independent review of company’s F/S (whether it’s give a true and fair view)(b) Increase investors’confidence (together with company’s auditor committees and effective accounting standard)b. Interests:(a) Audit fees(b) Reputation(c) Quality of relationship(d) Compliance with audit requirements<4> Regulatorsa. Roles:(a) Establish rules and standards(b) Carry out inspections and audit to maintain shareholder/stakeholder confidenceb. Interests:(a) Compliance with regulations<5> Governmenta. Roles:(a) Control of taxes regulations(b) Establish and determine the overall regulatory and control climate (laws) in a country(c) Provide funds or offer tax incentives to encourage investment(d) Influence companies and the relationship between companies.b. Interests:(a) Compliance with laws(b) Taxes revenue(c) Level of employment(d) Social and environment responsibility<6> Stock exchangea. Roles:(a) Provide a means for companies to raise money and invertors to transfer shares(b) Establishing rules and regulations for listed company, impact the way corporate governance is implementedb. Interests:(a) Compliance with rules and regulations<7> Institutional investorsa. Roles:(a) Monitoring and performance(b) Intervention to improve good corporate governanceb. Interests:(a) Security of funds invested(b) Value of shares and dividend payments(c) Timely information received from company<8> Small investorsa. Roles:(a) Limited power and influenceb. Interests:(a) Maximization of shareholders’ value(b) Be treated equally3.5 Institutional investors<1> DefinitionInstitutional investors manage funds invested by individuals<2> Four types of institutional investor:a. Pension fundsb. Insurance companiesc. Investment and unit trust (set up to invest in portfolios of share)信托基金d. Venture capital organization (invest in expending companies)<3> Role of institutional investorsa. Monitoring performance (voting on the board, attending meeting, contributing to decision making and corporate governance)b. Intervention (unsuitable or risky strategy; poor operational performance;NEDs failing to hold management to account; major failures in internal controls;failure to comply with laws and regulations or governance codes; excessivelevels of directors’remuneration; poor attitudes towards corporate social responsibility)<4> Means of exercising institutional investor’s influencea. One-to-one meeting to discuss strategy, whether objectives are being achieved, how the company is achieving its objectives, the quality of management.b. Voting (in AGM or EGM)c. List of underperforming companiesd. Contributing to corporate governance rating system (that measure key corporate governance performance indicators such as number of NEDs, role ofthe broad and the transparency of the company)<5> problems3.6 Stakeholder power interest Matrix (Mendelow)三个选择防止进化策略4个问题<1> Power/Interest matrixa. The framework is often used to understand the influence that each stakeholder has over an organization’s objectives and strategy.b. It estimates which stakeholders have the most influence by evaluatingeach stakeholder’s individual power and interest to the organization’s affairs.The stakeholders with the highest combination of power and interest are likelyto be those with the most actual influence over objectives.c. It describes the political context within which an individual strategy wouldbe pursued by classifying stakeholders in two dimensions:(a) The power they hold(b) The extent to which they are likely to show interest in supporting or opposing a particular strategy<2> The matrix indicates the type of relationship which organizations typically might establish with stakeholder groups in the different quadrantsa. Segment A: minimum effort (such as small investors)b. Segment B: keep informed, they have limited ability to influence strategybut they can influence more powerful stakeholders by lobbying (such as community representatives)c. Segment C: keep satisfied, they can move to segment D so that theyshould be treated with care (such as large institutional shareholders)d. Segment D: key player, they participate in decision making and strategymust be accepted by them (such as major customer)<3> Two steps in completing the matrix:a. Place the stakeholder in the appropriate quadrant of the matrixb. Assess their attitude with ‘+’or ‘-’<4> Each of these group has three basic choices:a. Loyalty. They can do as they are told.b. Exit. E.g. by selling their shares, or get a new jobc. Voice. They can stay and change the system. Those who choose voiceare those who can influence the organization<5> Scholes (1998) suggests the following strategies to deal with each quadrant:a. Segment A –Direction(a) Lack of interest and power(b) Open to influence(c) Normally accept what they are told and follow instructionsb. Segment B –Education / Communication(a) For supportive stakeholders: may lobby others to support the strategy(b) For dissenters: stop them joining forces with more powerful dissentersin C or Dc. Segment C –Intervention / Persuasion(a) Keep the occupants satisfied to avoid them gain interests and shiftinginto D(b) Reassuring them of the likely outcomes of the strategy well in advanced. Segment D –Participation(a) Major drivers of change or major opponents(b) Firstly education / communication , then discuss the implementationissues3.7 Compare stakeholder theory with agency theory and company law<1> Agency theory: Agent (manager) and principal (shareholders); Makeas much money as possible, in the interest of the owners.<2> Company law: managers have fiduciary and legal obligations to maximize shareholder wealth.<3> Stakeholder theory: Managers as agents to all other stakeholders, tryto reconcile their interests; emphasis on the ethical and social responsibility.4 Major issues in corporate governance<1> Duty of directors: fiduciary duty to act in the best interests of the company, use their power properly, avoid conflict of interest and exercise a dutyof care<2> Composition and balance of the board: balance in member (directorand NEDs), skills and talents (specialist), level and age (help succession planning)<3> Reliability of financial reporting and external auditors: together withexternal auditors, greater regulation of practices led to greater transparency andreduces the risk of investors<4> Directors’remuneration and rewards: corporate governance codesavoid directors being paid excessive salaries and bonuses<5> Responsibility of the board for risk management and internal control system: set up adequate system for measurement and reporting of risk<6> Right and responsibility of shareholder: shareholders should have theright to receive all material information which may affect the value of their investment and to vote on measures affecting the organization’s governance<7> Corporate social responsibility and business ethics: mutual benefit relationship between company and shareholder create sustained businesssuccess and steady long-term growth in corporate value<8> Public and non-governmental corporate governance: governance andnon-governance bodies should also apply corporate governance (integrity, supervise, ensure appropriate control and risk management and reporting system)第二章Approaches to corporate governance1. Distinguish between public company, private company and NPO<1> Principal stakeholders and accountabilitya. Public company: Shareholdersb. Private company: Shareholdersc. NPO: Donors, fund providers, regulators, general public, members<2> Monitor and disclosurea. Public company: F/S financial statementb. Private company: F/Sc. NPO: F/S, other financial and non-financial measures<3> Structure of board (corporate governance)a. Public company: Executive directors and NEDs, appointment throughformal process in line with governance requirementsb. Private company: Executive directors, appointment may be the result of shareholding or other recruitment processed.c. NPO: Executive board and stakeholder board, appointments through recruitment or recommendation process<4> Transparencya. Public company: In line with corporate governance requirementb. Private company: Limited disclosure requirementc. NPO: Limited disclosure requirements due to methods of funding, but itmust ensure all funds are used appropriately, in accordance with organizations’objective and corporate governance requirement.2. Principles-based approach and rules-based approach2.1 Principles-based approach<1> Feature:a. Focus on objectives of good corporate governance, rather than the mechanism by which those objectives will be achievedb. Works on a comply or explain bases, companies should act in accordingwith the principles and guidelines laid down in the code, otherwise they shouldexplain the reason and level that they have not apply。
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Journal of Financial Intermediation10,105–106(2000)
doi:10.1006/jfin.2001.0307,available online at on
ANNOUNCEMENT
Corporate Governance in the Banking and Financial
Services Industries
A Conference Jointly Sponsored by the Federal Reserve Bank
of New York and the Journal of Financial Intermediation
Federal Reserve Bank of New York,October4–5,2001
The Federal Reserve Bank of New York solicits submissions of research papers on the corporate governance of banking andfinancial servicesfirms.Better understanding of sound corporate governance practices infinancial institutions is of particular concern to regulators,taxpayers,and investors in light of the special role these institutions play in both domestic and global economies.These concerns take on added weight due to recent consolidations in the banking andfinancial services industries.
The conference organizers encourage research in all areas of corporate governance in the banking andfinancial services industry.Possible topics of interest include,but are not limited to:
•An examination of the role that regulators and regulations play in the corporate governance of financial institutions.
•The potential conflicts between the goals of regulators and those of shareholders,and how these conflicts affect the ability of boards of directors to serve these potentially divergent interests.•The accountability of the boards of regulatedfirms versus unregulatedfirms,and whether it affectsfinancial institutions’ability to attract talented board directors.
•The prevalence as well as motives of interlocking boards of directors infinancial institutions compared with that offirms in other industries.
•The potential conflicts of interest owing to borrowers sitting on the boards offinancial institutions.•The presence and role of blockholders in thefinancial services industry.
•The evolution and current role of managerial stock ownership in thefinancial services industry.•A comparison of board size and structure infinancial servicesfirms versus those infirms in other industries.
•Compensation levels and structures infinancial institutions relative to those infirms in other industries.
•The role of corporate governance in the debate over bank’s issuance of subordinated debt.
The conference will be held at the Federal Reserve Bank of New York.Hamid Mehran of the Federal Reserve Bank of New York will organize the conference.There is no charge for submitting papers to the conference.All papers accepted for the conference are eligible for consideration for publication in a special issue of the Journal of Financial Intermediation devoted to the conference.Along with your submission,please indicate whether you would like the paper to be considered for publication in the
105
Copyright c 2000by Academic Press
All rights of reproduction in any form reserved.
106ANNOUNCEMENT
JFI.If you choose to also submit to the JFI,the submission fee will be waived.Your paper’s acceptance to the conference does not guarantee publication in the JFI.All papers must pass the journal’s formal refereeing process.
The conference organizers will provide accommodations and reimburse travel expenses to authors whose papers are selected for the program.
The submission deadline is April15,2001.Please sendfive copies of your paper to:
Professor Anjan V.Thakor
Business School
University of Michigan
701Tappan,Room D6214
Ann Arbor,Michigan48109-1234。