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| 书 名： | 建投投资评论（2018年 第一期 总第8期） | ||||
| 英 文 名： | JIC Investment Review | ||||
| 作 者： | 中国建银投资有限责任公司投资研究院 | ||||
| I S B N： | 978-7-5201-2897-1 | ||||
| 丛 书 名： | 中国建投研究丛书·论文系列 订阅 | ||||
| 关 键 词： | 建设投资 研究报告 世界 | ||||
| 出版日期： | 2018-07-01 | ||||
中文摘要
《建投投资评论》为读者提供关于投资理论与实践研究的学术性交流平台，其内容主要阐述投资领域的热点问题与前沿问题，客观评价当前国内外投资领域的发展状况，分析其中需要改善和优化之处，引发与投资相关的行业人士对此进行深入探讨和分析，为广大关注投资的人士提供科学的参考和建议，不断推进投资领域研究的发展和创新。
文章列表
金融安全是国家安全的重要组成部分。2017年12月召开的中央经济工作会议将防范化解重大风险列为三大攻坚任务之首，并明确防控金融风险是重中之重，奠定了未来较长一个时期我国金融业发展的总基调。党的十八大以来，我国金融改革全面深化，守住不发生系统性金融风险底线的能力增强，但也存在经济结构性失衡、重点领域风险突出、监管存在短板等问题。做好新形势下的金融工作，必须坚持底线思维，把防风险放在首位，以服务供给侧结构性改革为主线，围绕“三个良性循环”发力，做好重点领域风险防控，使强监管成为常态。
,AbstractEN:Financial security is an important part of national security. In the Central Economic Working Conference，held in 2017，preventing and resolving major risks was listed the first place in three major targets，and the focus was on the prevention and control of financial risks，which set the general tone for China’s financial industry for a long time to come. Since the 18th National Congress of the Communist Party of China，China’s financial reform has been deepened comprehensively，and the ability to hold the bottom lines of no systemic financial risk has been increased. However，there are also problems such as economic structural imbalance，prominent risks in key areas and weak supervision. In order to do financial work well in the new situation，preventing risk must be put in the first place，and with serving the supply-side structural reform as the main line，make efforts around the “Three Virtuous Circles”，and stick to the bottom-line thinking，and do a good job in preventing and controlling risks in key areas，making powerful regulation the norm.
,KeyWords:31992,101214,20421,39994,342097,EKeyWords:34677,420911,20173,48227,401338,SubjectWords:,LiteratureId:9895986,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120180701X20184079001_000_001,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:wanghan,AddTime:2018-07-26 14:22:36.0,ModifyUser:Admin,ModifyTime:2021-11-03 02:58:37.0,HitCount:91,ShowType:putong,LogoID:0,PdfID:9895988,DownCount:22,AuthorInfos:{"任晶晶":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"任晶晶，中国社会科学院地区安全研究中心副秘书长、研究员，中信改革发展研究院研究员。
"},"沈丽杰":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"沈丽杰，山东大学（威海）商学院硕士研究生。
"},"Ren Jingjing":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Shen Lijie":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:党的十八大以来我国金融风险防控的政策举措与实践效果,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:党的十八大以来我国金融风险防控的政策举措与实践效果,_RowNo:4经济与金融辅车相依，经济决定金融，金融根植于经济，金融服务于经济，金融与经济存在相互影响、相互促进的内在逻辑。然而，目前我国金融与实体经济关系失调，主要表现为“资金空转”现象突出，虚拟经济挤占资本，资金在实体部门使用效率不足。多种因素导致我国金融业服务实体经济的成效不乐观。伴随着经济进入新时代，我国要着力增强金融服务实体经济的能力、提高服务水平，让金融活水更好浇灌实体经济，这不仅是做大做强经济“蛋糕”的根本选择，也是防范化解系统金融风险的必由之路。
,AbstractEN:Economy and finance depend on each other，economy decides finance，finance is based on economy and finance serves the economy. However，the current imbalance between the financial and real economy in China is mainly manifested in the outstanding phenomenon of “capital turnover”，the virtual economy is occupied by capital，and the efficiency of the use of funds in the entity sector is insufficient. A number of factors have led to insufficient strength and inefficient results in the financial sector’s service to the real economy. When the economy enters a new era，it is necessary to enhance the capability and level of the financial services entity economy. Making financial living water better to irrigate the real economy is not only the fundamental choice to make bigger and stronger economic cake，but also a necessary path to prevent and defuse financial risks.
,KeyWords:2695,25818,404393,102913,EKeyWords:2696,81546,404396,102915,SubjectWords:,LiteratureId:9895989,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120180701X20184079001_000_002,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:wanghan,AddTime:2018-07-26 14:22:37.0,ModifyUser:Admin,ModifyTime:2021-11-03 02:58:37.0,HitCount:32,ShowType:putong,LogoID:0,PdfID:9895991,DownCount:11,AuthorInfos:{"文玉春":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"文玉春，博士后，中国建投有限责任公司投资研究院研究员，研究方向为产业发展与产业投资。
"},"朱培":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"朱培，硕士，中国建投有限责任公司投资研究院研究员。
"},"Wen Yuchun":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Zhu Pei":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:新时代引导金融回归服务实体经济本源问题研究,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:新时代引导金融回归服务实体经济本源问题研究,_RowNo:5资本项目开放与汇率自由化、利率市场化改革是我国目前三大金融自由化改革的核心内容。首先，本文梳理了国内外学术界关于资本项目开放与汇率自由化、利率市场化改革模式选择的理论观点；其次，对国际上典型国家（地区）三项金融自由化改革的模式选择及其在改革过程中遭遇的不同类型、不同程度的危机进行归纳；再次，在此基础上，基于国别数据，运用二值响应面板数据模型实证检验改革的不同完成次序对危机爆发的影响及影响程度；最后，基于实证研究结果，提出中国应采取先利率市场化，再汇率自由化，最后完成资本项目全面开放的渐进推进模式进行金融自由化改革等政策建议。
,AbstractEN:The reform of capital account liberalization，exchange rate liberalization and interest rate liberalization are three core contents of the China’s de facto major financial liberalization reform. This paper reviewed the domestic and foreign academics，from theoretical perspectives，on the choices of capital account liberalization，exchange rate liberalization，and interest rate liberalization reforms at first. Then，we summarize the model selection of these three financial liberalization reforms in typical countries （regions） around the world and the different types and degrees of crisis encountered in the process of reform. Based on the above analysis，this research uses the binary response panel data model with country-specific data to empirically test the effect and its degree of different reform completion sequences on the crisis outbreak. Policy suggestions are proposed in the last section，such as China should adopt the gradual advancement models according to the order of interest rate liberalization，exchange rate liberalization，and the entirely completion of capital liberalization，to carry out financial liberalization reforms.
,KeyWords:173577,62084,420912,24519,EKeyWords:420913,63274,420914,26467,SubjectWords:,LiteratureId:9895992,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120180701X20184079001_000_003,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:wanghan,AddTime:2018-07-26 14:22:37.0,ModifyUser:Admin,ModifyTime:2021-11-03 02:58:37.0,HitCount:31,ShowType:putong,LogoID:0,PdfID:9895994,DownCount:4,AuthorInfos:{"杨达":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"杨达，辽宁大学国际关系学院讲师、辽宁大学转型国家经济政治研究中心研究员。
"},"刘洪钟":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"刘洪钟，辽宁大学国际关系学院院长、辽宁大学转型国家经济政治研究中心主任，教授，博士生导师。
"},"Yang Da":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Liu Hongzhong":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:金融自由化改革模式选择与风险防范：国际经验与启示,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:金融自由化改革模式选择与风险防范：国际经验与启示,_RowNo:62008年世界金融危机爆发以后，主要发达经济体先后出台了一系列非常规货币政策。随着各主要经济体经济复苏势头良好，失业率和通胀率达到政策目标，主要发达经济体陆续启动货币政策正常化改革，这将从资本流动、利率和汇率三个渠道，从短期和长期两个方面对新兴经济体货币汇率变动产生影响。货币政策正常化进程将引发国际资本从新兴经济体流向发达经济体，不仅导致新兴经济体的流动性减少以及资产价格下跌，而且促使发达经济体货币升值、新兴经济体货币贬值。另外，主要发达经济体货币政策正常化不仅提升了短期利率，而且可能改变投资者的风险偏好，提高风险溢价，进而推升其国内的中长期利率，导致发达经济体的真实汇率上升，造成新兴经济体的债务压力增加。此外，主要发达经济体货币政策正常化进程将迫使钉住其货币的新兴经济体同样实行紧缩性货币政策，使其货币承受一定的升值压力，甚至有可能导致新兴经济体爆发危机。
,AbstractEN:After the outbreak of the world financial crisis in 2008，the major developed economies have introduced a series of unconventional monetary policy. With the recovery of the major economies，unemployment and inflation are meeting policy objectives，and the major developed economies are starting to normalize the monetary policy，which will have a strong spillover effect to the exchange rate of emerging economies’ currencies in capital flows channel，interest rates channel and exchange rates channel，in the short-term and long-term. The process of normalizing monetary policy will lead to the international capital flow from emerging economies to advanced economies，resulting in lower liquidity and asset prices falling in emerging economies，as well as the appreciation of currencies in developed economies and the devaluation of currencies in emerging economies. In addition，the normalization of monetary policy in the major developed economies has not only promoted short-term interest rate，and it could change investor risk appetite to raise the risk premium，and then push up its medium-and long-term interest rates，not only to increase real exchange rates in advanced economies，but also to increase the debt pressure on emerging economies to withstand the downward pressure on emerging economies’ currencies. In addition，the process of normalizing monetary policy in the major developed economies will force the emerging economies that peg their currencies to similarly tighten monetary policy，putting their currencies under a certain upward pressure，and may even lead to crisis in emerging economies.
,KeyWords:64394,420915,315230,23608,5183,EKeyWords:27849,88798,315231,23661,4984,420916,SubjectWords:,LiteratureId:9895995,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120180701X20184079001_000_004,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:wanghan,AddTime:2018-07-26 14:22:37.0,ModifyUser:Admin,ModifyTime:2021-11-03 02:58:37.0,HitCount:17,ShowType:putong,LogoID:0,PdfID:9895997,DownCount:16,AuthorInfos:{"王皓":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"王皓，经济学博士，吉林大学量化金融研究中心副主任，吉林大学\u201C一带一路\u201D研究中心研究员。
"},"Wang Hao":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:发达经济体货币政策正常化对新兴经济体汇率的影响,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:发达经济体货币政策正常化对新兴经济体汇率的影响,_RowNo:7特朗普上台后，美国的对外政策出现转向，贸易保护主义成为其政策的关键组成部分。特朗普贸易保护主义的表现是更加的公开化、以公平贸易为借口、转向双边谈判和单边主义。美国实行贸易保护主义将对全球贸易和投资产生重大影响，美国进口商品遭遇贸易保护的份额将显著上升，美国对外投资将减少，为了规避贸易保护主义，更多的外资会流入美国。
,AbstractEN:The US trade policy has undergone a turning-point change since President Trump took office. Trade protectionism becomes a critical part of his policies. Trump’s trade protectionism characterizes more dominant，fair trade as an excuse，turning to bilateral negotiations and unilateralism. Trump’s trade protectionism will have important impacts on global trade and investment. The share of US imports subjects to newly investigations will arise. The FDI from the US will decrease and more FDI will flow into US for avoiding trade protectionism.
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"},"刘均胜":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"刘均胜，经济学博士，中国社会科学院亚太与全球战略研究院副研究员。
"},"Shen Minghui":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Liu Junsheng":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:美国推行贸易保护主义对国际贸易和投资的影响,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:美国推行贸易保护主义对国际贸易和投资的影响,_RowNo:8随着金融强监管周期的开启，资产管理行业的统一监管也拉开序幕。自2017年以来，监管政策进入密集发布期，资产管理行业各类业务发展环境都发生了极大变化。此外，行业强监管的趋势对其总体风险和创新意愿等也产生了深远影响。在这种情况下，资产管理行业会呈现与以往不同的发展趋势。
,AbstractEN:With the opening of the strong regulatory cycle，the unified regulation of asset management has also begun in China. The regulatory policy which has entered a period of intensive release since 2017 has brought great changes to various business of the asset management industry. In addition，the trend of strong supervision has a far-reaching impact on overall risk and innovation willingness. Under such circumstances，asset management industry will show different trends from the past.
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"},"Yuan Lu":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:强监管对资产管理行业的影响,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:强监管对资产管理行业的影响,_RowNo:9国有资本境外投资具有保障国家能源安全、助力国家经济转型升级、推进“一带一路”建设、提升国有资产价值、树立国家品牌形象等意义。我国的国有资本主要投向能源、金融、交通和房地产等领域，投资集中在东南亚、中亚、南亚和中东等新兴经济体地区。失误率高是国有资本境外投资的一个突出问题。目前国有资本境外投资的风险主要包括决策不当引起的巨额债务风险、政治身份引起的他国保护主义风险、监管缺位引发的国有资产境外流失风险、管理不善引发的投后运营风险、僵化机制产生的审批迟滞风险以及战争和内乱带来的运营中断风险。今后，国有企业应该建立更加严格的风险防控机制，包括投资前充分开展调查、完善决策监督机制、淡化政治色彩、提升公关能力、完善境外监管、强化投后管理、引入国际人才、提高审批效率、加强政治风险防范预警等措施。
,AbstractEN:Overseas investment by Chinese state-owned capital has special meanings，including securing the nation’s energy and natural resources，upgrading low value-added industries，implementing “One Belt，One Road” initiation，increasing state asset value and promoting Chinese brand image. Currently，Chinese state-owned capital mainly invests in areas of energy，finance，transportation and real estate，concentrating on regions of Southeast Asia，Mid-and-South Asia，and Middle East. High failure rate is a prominent problem of overseas investment conducted by state-owned capital. The main risks include huge debt risk due to improper decisions，protection risks from foreign governments，state asset loss due to poor supervision，resource consolidation risk because of poor management，slow approvals due to rigid organization，and operating interruption because of wars and conflicts. Government and state-owned enterprises should pay attention to the following aspects to improve risk aversion capability during overseas investment：1.conducting thorough investigation before decisions are maid；2.increasing supervision of higher level managers；3.increasing the capability of managing public relations；4.improving management capability in post-investment stage；5.increasing approval efficiency；and 6.building warning system to protect firms from wars and conflicts.
,KeyWords:49092,91594,33973,EKeyWords:49095,33977,34047,SubjectWords:,LiteratureId:9896004,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120180701X20184079001_000_007,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:wanghan,AddTime:2018-07-26 14:22:38.0,ModifyUser:Admin,ModifyTime:2021-11-03 02:58:37.0,HitCount:33,ShowType:putong,LogoID:0,PdfID:9896006,DownCount:14,AuthorInfos:{"马天月":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"马天月，中国建投研究院博士后。
"},"Ma Tianyue":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:国有资本境外投资的风险分析,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:国有资本境外投资的风险分析,_RowNo:10近年来，中国经济的杠杆率不断攀升，尤其是国企的杠杆率过高，可能会引发系统性的金融风险。在我国经济下行压力不减的背景下，如果放任国企的杠杆率继续上升，将会使风险越聚越多，风险一旦爆发，必将引发金融领域甚至整个经济领域的动荡，其后果可能堪比日本“失去的十年”。因此，去杠杆，尤其是去国有企业的杠杆迫在眉睫。国企高杠杆率的原因是多方面的，国企去杠杆是供给侧结构性改革的重要内容，是一个阵痛的过程，必须周密部署，有计划有步骤地实施，要防止去杠杆引发连锁反应，甚至引发金融风险。要通过深化国企和金融改革来建立去杠杆长效机制，从制度上消除国企杠杆率上升的土壤，推动国有企业健康发展。
,AbstractEN:In recent years，the leverage ratio of China’s economy has been rising，especially the leverage ratio of state-owned enterprises，which may lead to systemic financial risks. In the context of China’s economic downward pressure，if the leveraging rate of the state-owned enterprises continues to rise，the more risks will be increased. Once the risk breaks out，the economic and social turbulence will be caused，and the consequences may be comparable to the “lost ten years” in Japan. Leverage，especially the leverage to state-owned enterprises，is pressing. There are many reasons for the high leverage ratio of the state-owned enterprises. The process of the state-owned enterprises to go to the bar is the process of structural adjustment，and it is also a process of pain. It must be carried out carefully and carefully，to prevent the chain reaction caused by the deleveraging and even the financial risk. We should deepen the reform of state-owned enterprises and finance to establish a long-term mechanism of deleveraging，and eliminate the rebound of leverage.
,KeyWords:326333,186241,49223,EKeyWords:354218,40023,94511,SubjectWords:,LiteratureId:9896007,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120180701X20184079001_000_008,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:wanghan,AddTime:2018-07-26 14:22:38.0,ModifyUser:Admin,ModifyTime:2021-11-03 02:58:37.0,HitCount:22,ShowType:putong,LogoID:0,PdfID:9896009,DownCount:10,AuthorInfos:{"张志前":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"张志前，经济学博士，研究员，中国建投投资研究院副秘书长。
"},"Zhang Zhiqian":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:国有企业去杠杆的风险与挑战,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:国有企业去杠杆的风险与挑战,_RowNo:11地方投融资模式转型是基础设施和公共服务领域市场化、产业化改革的必然要求，也是理顺地方政府、企业和金融资本三者责权利关系的必由之路。促进地方投融资从高度依赖地方政府信用的模式走向政府信用与企业/项目信用相结合的双轮驱动模式，有利于减轻地方政府债务负担和降低潜在债务风险，并为社会资本特别是民间资本提供更多更好的投资机会。地方投融资模式转型的主要任务和工作重点包括科学确定地方政府投资边界、合理划分三类项目投融资模式、大力促进地方政府融资平台转型发展和积极审慎引入PPP模式等。
,AbstractEN:The transformation of local investment and financing mode is the inevitable requirement of the market-oriented and industrial reform in the field of infrastructure and public service，as well as the only way to rationalize the right relationship between the three parties，the local government，the enterprise and the financial capital. The transformation of local investment and financing mode should be from a highly dependent mode of local government credit to the combination of government credit and enterprise / project credit，which will help to reduce the debt burden of local government and reduce the risk of potential debt，and provide more and better investment opportunities for social capital，especially among the people. The main tasks and focus of the transformation of local investment and financing models include scientific determination of the investment boundary of local governments，rational division of three types of investment and financing models，the promotion of the transformation and development of local government financing platforms，and the active and prudent introduction of the PPP model.
,KeyWords:188561,113568,61144,405589,EKeyWords:383131,60738,61144,26467,SubjectWords:,LiteratureId:9896010,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120180701X20184079001_000_009,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:wanghan,AddTime:2018-07-26 14:22:38.0,ModifyUser:Admin,ModifyTime:2021-11-03 02:58:37.0,HitCount:37,ShowType:putong,LogoID:0,PdfID:9896012,DownCount:25,AuthorInfos:{"吴亚平":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"吴亚平，国家发展改革委投资研究所体制政策室主任、研究员。
"},"Wu Yaping":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:促进地方投融资模式转型 防范化解政府债务风险,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:促进地方投融资模式转型 防范化解政府债务风险,_RowNo:12近年来，互联网金融快速发展，在取得重大经济成就的同时，也产生了许多风险。国内学界关于互联网金融研究的文献数量激增，但关于互联网金融风险的综述类研究较为缺乏。本文从互联网金融的概念出发，分析当前互联网金融的整体风险、不同类型的互联网金融业务各自存在的风险、现有的风险防范路径以及已经开展的监管实践。最后，本文基于文献梳理提出了未来互联网金融风险研究的方向和建议。
,AbstractEN:In recent years，the rapid development of Internet finance has brought many risks while achieving major economic achievements. The domestic academic has done a lot of research on Internet finance，but it is short of research on Internet financial risks. At first，the paper analyzes the concepts of Internet finance. Then，the paper reviews the overall risks of Internet finance，and the respective risks of different types of Internet finance in current. And also，the paper analyzes the existing risk prevention methods and the existing regulatory practices. At last，the paper puts forward the direction and recommendations for the research of Internet financial risks in future.
,KeyWords:69669,31992,24519,EKeyWords:95396,34677,26467,32811,420921,SubjectWords:,LiteratureId:9896013,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120180701X20184079001_000_010,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:wanghan,AddTime:2018-07-26 14:22:39.0,ModifyUser:Admin,ModifyTime:2021-11-03 02:58:37.0,HitCount:15,ShowType:putong,LogoID:0,PdfID:9896015,DownCount:3,AuthorInfos:{"蔡琦":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"蔡琦，广西经济管理干部学院会计系教师，经济师。
"},"Cai Qi":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:中国互联网金融风险及其防范路径：基于学术文献的回顾与展望,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:中国互联网金融风险及其防范路径：基于学术文献的回顾与展望,_RowNo:13风险并表管理是金融集团在整体层面评估和管控跨境、跨机构、跨市场等交叉性金融风险的重要工具。伴随着证券行业创新发展的深入，证券公司集团化与国际化经营模式日趋明显，以证券公司为主的金融集团初具雏形，风险并表管理需求日益突出。境内外其他金融机构已开展了一段时间的风险并表管理实践，为证券公司风险并表管理提供了重要借鉴。本文在剖析集团化与国际化经营给证券公司风险管理带来的新挑战，考察境内外金融集团风险并表管理的基本模式，辨析制约证券公司风险并表管理关键因素的基础上，为证券公司风险并表管理提供政策建议。
,AbstractEN:With the deepening development of the securities industry，international and collectivize management becomes the fundamental trends of securities companies，and the demand for risk consolidated management is increasingly prominent. Other financial institutions both at home and abroad have launched a risk consolidated management practice for a long time，which provides an important reference for securities companies. This paper will analyze the new challenges brought by the group and the international management to the risk management of the securities companies，examine the basic models of the risk consolidated management of the domestic and foreign financial groups，and analyze the key factors that restrict the risk consolidated management of the securities companies，and provide the policy suggestions.
,KeyWords:24903,420922,56167,4728,EKeyWords:420923,56169,420924,SubjectWords:,LiteratureId:9896016,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120180701X20184079001_000_011,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:wanghan,AddTime:2018-07-26 14:22:39.0,ModifyUser:Admin,ModifyTime:2021-11-03 02:58:37.0,HitCount:19,ShowType:putong,LogoID:0,PdfID:9896018,DownCount:4,AuthorInfos:{"闻岳春":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"闻岳春，博士，教授，同济大学经济与管理学院博士生导师。
"},"程天笑":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"程天笑，金融学博士，任职于国泰君安证券股份有限公司风险管理部。
"},"Wen Yuechun":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Cheng Tianxiao":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2018-07-01 00:00:00.0,SearchTitle:证券公司风险并表：国内外实践与启示,ISBN:978-7-5201-2897-1,BookTitle:建投投资评论（2018年 第一期 总第8期）,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:证券公司风险并表：国内外实践与启示,_RowNo:14
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