A 3000-word financial academic paper
Research on the Prevention of Financial Crisis and the Improvement of Financial Audit Immune System
As an important part of national audit, financial audit plays an important role in preventing financial risks and even financial crises. Since 2007, the subprime mortgage crisis in the United States has triggered a chain reaction of the entire financial industry. In 2008, with the takeover of Fannie Mae and Freddie Mac, the bankruptcy of Lehman Brothers, the five major investment banks on Wall Street, and the merger and acquisition of Merrill Lynch, and the joint efforts of the US Federal Reserve and other big banks, the global stock market continued to slump, and the US financial crisis gradually spread to other countries, forming a global financial tsunami and affecting some financial institutions in China. With the financial globalization, China's financial industry has become more and more closely linked with other countries in the world. How to prevent this imported financial crisis, especially strengthening the prevention of financial crisis at the national level, is very important.
In March 2008, Auditor-General Liu Jiayi proposed? National audit immune system theory? Important point of view. As the immune system of national economy and society, the primary task of national audit is to safeguard national security, that is, to safeguard the fundamental interests of the people. National security includes national finance, finance, resources, environment and information security. As an important part of national audit, financial audit is an important means to protect financial security and prevent financial crisis. Therefore, it is the focus of this paper to play and improve the function of financial audit immune subsystem. Facing the new situation of globalization, especially the recent occurrence and spread of the financial crisis in the United States, new requirements have been put forward for deepening the financial audit work. As an important part of China's financial supervision system, financial audit must pay attention to the research on the problems affecting financial security and give full play to its role in ensuring the safe operation of finance. Immune system? Function, implementation? Maintain safety, guard against risks and promote development? Target.
First, the theoretical overview and mechanism of the financial crisis
(I) Overview of Financial Crisis Theory To effectively prevent financial crisis from the perspective of financial audit, we must first understand the financial crisis from both theoretical and practical aspects, and provide theoretical basis and practical experience for the construction of financial audit immune system. The theory of international financial crisis has developed for three generations. From 1979 Krugman (1979), 1994, Obus feld (obstruction, 1994, 1996), Saskatchewan, Tomel and Belas O (saxophone, Tomel,/kloc
The first generation financial crisis model: Krugman's complete foresight model. The model comes from a survey in Mexico (1973? 1982) and Argentina (1978? 198 1) and other countries, emphasizing the relationship between speculative attacks in the foreign exchange market and basic macroeconomic variables. The fundamental reason lies in the disharmony between the government's macroeconomic policies (mainly over-expanded monetary policies and fiscal policies) and the policies for stabilizing the exchange rate (such as the fixed exchange rate system). When the macroeconomic policies pursued by the government are not in harmony with the policies to stabilize the exchange rate, rational speculative attacks will occur, which will eventually lead to the financial crisis (Zhu Bo, 2005).
The second generation financial crisis model: multiple equilibrium and crisis self-promotion model. Because the model of complete foresight ability is not good at 1992? 1993 European monetary system crisis broke out, so the theoretical circle further developed a new model. The model holds that the process of maintaining the exchange rate by the government is a complex policy choice process, and maintaining the exchange rate stability is a cost-benefit balance process of policy target selection, emphasizing the self-promotion nature of the crisis. When the internal and external policies of the government are not coordinated, speculators expect that the exchange rate will eventually depreciate, and they will snap up foreign exchange in advance. As a result, the domestic economic situation deteriorated ahead of schedule, and the cost for the government to maintain the exchange rate increased, which led to the financial crisis.
The third generation financial crisis model includes moral hazard crisis model, financial panic model and crisis contagion model. For 1997? 1998 as a representative, the Asian financial crisis has a reasonable explanation for the financial crisis with world influence, and many new models have emerged. Among them, the moral hazard crisis model holds that the implicit guarantee of the government to the debts of domestic banks will lead to moral hazard problems in the loan policy of domestic banks, which will eventually lead to an increase in non-performing loans of domestic banks and trigger a financial crisis. In the financial panic model, banks invest depositors' deposits in long-term projects. When many depositors withdraw funds from banks, due to the limited liquidity of banks, they have to stop long-term projects supported by loans, which leads to loan losses and eventually to financial crisis. Crisis contagion model mainly includes liquidity crisis contagion in interbank market and international financial crisis contagion; On the one hand, the information externality or the credit relationship between banks makes the bankruptcy between banks contagious. On the other hand, Kodresa and Pritsker( 1998) believe that information asymmetry and cross-market hedging ability are the root causes of the international financial crisis.
(2) The mechanism of financial crisis ranges from Mexican financial crisis of 1994, Asian financial crisis of 1997, Russian financial crisis of 1998, American financial crisis of 2008 and even global financial tsunami. These financial crises are wide-ranging, strong, destructive and long-lasting. Therefore, we should carefully analyze the mechanisms of these financial crises. Although every country's financial crisis has its special economic and political reasons at home and abroad at that time, there are also some * * * reasons behind these financial crises.
First of all, countries in financial crisis are generally highly dependent on foreign capital, and the foreign debt structure is unreasonable. For example 1992? From 65438 to 0994, Mexico's annual inflow of foreign capital was as high as 25 billion? 3.5 billion US dollars, while foreign trade exports did not increase significantly, while the proportion of foreign trade imports in GDP rose from 9.4% in 1987 to 3 1% in 1993, resulting in a current account deficit of 23 billion US dollars.
Secondly, the high growth of overdraft economy and the expansion of non-performing assets have hit investors' confidence. For example, the 1997 Asian financial turmoil first broke out in Thailand, and its overseas investors lost confidence in investment projects, leading to a large number of capital flight. When the conditions for rapid growth are insufficient, in order to maintain the speed, these countries turn to foreign debt to maintain economic growth. However, due to poor economic development, by the mid-1990s, some Asian countries were unable to repay their debts. In Southeast Asia, the real estate bubble led to a large number of non-performing assets of banks, which dampened investor confidence.
Third, the linkage between the foreign exchange market and the stock market, financial policy and the impact of hot money in the international financial market. During the Mexican financial crisis, the government announced the devaluation of the currency in order to prevent the outflow of funds, encourage exports and curb imports, so as to improve the country's international balance of payments. However, in the case of social and economic instability, it is easy to cause inflation, and it also makes foreign investors who invest in the stock market suffer losses due to the devaluation of the peso, which leads to the stock market falling. In the Asian financial turmoil, some countries have improper foreign exchange policies. In order to attract foreign investment, maintaining a fixed exchange rate on the one hand and expanding financial liberalization on the other hand provide opportunities for international speculators. When the Asian financial turmoil occurred, about $7 trillion of international capital flowed around the world.
Finally, the negative impact of economic globalization. Economic globalization makes the economic ties around the world closer and closer, but its negative effects can not be ignored, such as the intensification of interest conflicts between nation-States, the enhancement of capital mobility, and the difficulty of preventing crises. The financial crisis has a far-reaching impact and exposed the deep-seated problems in the economic development of countries in economic crisis. In this sense, the financial crisis provides an opportunity to improve China's financial supervision and improve the immune system of financial audit.
3000-word financial academic papers II
Countermeasures for Innovating Financial Management and Service
As the lifeblood and core of the national economy, financial industry plays a very important role in the allocation of resources in contemporary countries. At present, the financial industry is facing all kinds of complicated risks. This paper analyzes the causes of financial risks faced by China's financial industry at present, and puts forward four countermeasures to improve financial management and service, with a view to promoting the healthy and sustainable development of the financial industry through innovative financial management and service.
Keywords: financial industry; Financial risks; Financial management office
First, the financial industry is facing financial risks
As the lifeblood and core of the national economy, financial industry plays a very important role in the allocation of resources in contemporary countries. The so-called risk, in short, refers to an act that may bring both benefits and losses. So, what does financial risk mean? Uncertainty or possibility of economic subject's loss in financial activities. In other words, what is the probability that the expected income of economic entities deviates from the actual income in financial activities? [ 1]。 Generally speaking, financial risks are hidden in financial activities under the market economy environment and can only be controlled within a certain limit. Once the risk is too large, financial risks will break out and even lead to financial crisis.
So, what are the main reasons why the financial industry is facing financial risks? Can be analyzed from the following points.
First, judging from the layout and development of the financial industry, there is a problem of simplification in China's financial industry at present. In China, since the implementation of bank restructuring, several major state-owned banks in China are still in an absolute dominant position in capital allocation, and there has been no change. The capital chain is mainly controlled by state-owned commercial banks, and the financing channel is single. Due to the lack of investment channels for the masses, more people choose to deposit money in the bank in the face of the rising cost of food, clothing, housing and transportation. At the same time, if an enterprise wants to develop, it must have a high ability to absorb external funds. However, due to the restriction of state-owned commercial banks, direct financing cannot develop freely, and people lack investment channels. Enterprises can only survive and develop by borrowing from commercial banks. This leads to a single financing channel and rigid structure, which makes the bank risk at a high level.
Second, from the operational point of view, financial institutions have operational risks. Operational risk, as its name implies, refers to the risks existing in the actual operation process, which is manifested in the financial industry and is the risk generated in the daily business operation of banks. This operational risk is manifested in the following points: first, the personal quality risk of financial industry staff; Secondly, the business operation process lacks standardization and has no rules to follow. Financial activities are multi-agent interactive economic activities, all aiming at profit. Due to different interests, financial activities are alienated.
Thirdly, from the change of interest rate, there is an increasing interest rate risk in China's financial industry. In China, due to the strict control of the process of interest rate marketization, commercial banks cannot adjust interest rates independently. The change of interest rate is uniformly and systematically scheduled, which brings greater systemic interest rate risk. Today, the process of interest rate marketization is imperative, and the fluctuation of bank interest rate will become frequent. Because banks' assets and liabilities mainly exist in the form of financial products, they are greatly influenced by changes in interest rates. Since then, in the process of interest rate marketization, due to the lack of ability of financial institutions to cope with interest rate fluctuations, interest rate risks will be brought.
Fourth, from the perspective of credit, financial institutions always have credit risks. Credit risk management is the primary goal of bank risk management, because credit risk generally exists in banks. Commercial banks generally have the impulse to over-lend, because the more loans, the bigger the business, and may eventually get a good return. However, there is a risk of blind lending. Because most of the lent funds flow to high-risk industries, it is easy to form bad debts and bad debts, which implies huge financial risks. From the borrower's point of view, they are also looking for various means to meet their own interests, so as to try their best to avoid the obligation to repay the loan and pass the risk on to the bank, so that the bank can bear the losses. As a result, there have been many phenomena, such as risk transfer, loan fraud, loan default and so on, which have increased the credit risk of banks.
Fifth, from the perspective of financial liberalization, the proliferation of various financial institutions has formed the risk of liberalization. With more and more funds in the hands of ordinary people, the state began to relax the control of the financial market, which promoted the development of the banking industry. In addition, some people also use various means to absorb scattered funds and form underground financial markets, while some small and medium-sized enterprises are easy to seek informal financial channels such as underground financial markets when it is difficult to raise funds from formal financial channels. And those formal financial institutions also need to get more benefits than before liberalization, so it is easier to engage in risky activities.
From the above five aspects, in the face of various complicated and intertwined reasons, it is imperative to deal with financial risks, strengthen the system to deal with financial risks, and control and prevent financial risks.
Second, measures to improve financial management and services
Today, the financial industry is facing many risks and challenges. It is a very arduous task to find effective ways to deal with these risks and challenges from practical difficulties, constantly innovate ways and means of financial management and service, prevent and resolve risks, and promote the sustainable development of the financial industry. The author summarizes the following points to strengthen and improve financial management and services.
First, change traditional ideas and innovate financial service products with modern vision. The so-called financial product service innovation mainly refers to the form of value cohesion provided by the financial industry to customers, including the types of tools used for investment, hedging or financial operation convenience, and other labor values attached to these products. ? [2] The traditional financial industry mainly helps customers by providing traditional financial instruments. The development of modern financial industry requires financial institutions to actively use consulting and information services to promote the modernization and civilization of services through new financial tools such as bank cards, stocks, checks, bonds, bills of exchange, futures and insurance policies. In addition, the environment for providing financial services to customers, including objective environment and subjective environment, should be more humanized and pleasing to the eye.
Second, strengthen the legal prevention and control of financial risks from the perspective of legislation. At present, the prevention and control of financial risks is not a question of whether to implement it, but a question of how to implement it more effectively. First of all, it is necessary to fundamentally improve financial legislation and standardize the legalization of financial institutions and financial subjects from the legal level. In addition, it is necessary to strengthen the ability of financial supervision.
Third, from the perspective of access system, strict market access system should be implemented. Does the market access system reflect state intervention in the market? Can you see it? The role of the hand. Market access is not only the first pass to manage the financial market and guard against financial risks, but also the foundation of a series of other financial supervision systems under the market economy. Strengthen the construction of market access system, strictly review the registration, approval and trading qualifications of various financial instruments and trading institutions, so that those unqualified financial institutions can not enter the financial market.
Fourth, from the management itself, we should innovate financial management. Modern management is an important part of optimizing the development of financial institutions and ensuring their healthy development. Financial institutions should strengthen the construction of their own incentive mechanism and actively innovate in personnel organization, posts, processes, training, assessment and marketing methods. Especially in today's endless stream of new financial instruments, it is necessary to train employees' personal professional quality and moral quality in order to gain a good reputation and enhance their soft power.
References:
[1] weeks. Research on the legal mechanism of financial risk prevention and control [J]. Exploration of economic problems, 2011(1):145.
[2] He Dong. Financial management and service innovation countermeasures [J]. Mall modernization, 2011(1):188.
3000-word financial academic papers
On internet financial model and its development.
First, the Internet financial model
There are four main modes of Internet finance: third-party payment, P2P online lending, crowdfunding mode and Internet financial management.
(1) Third Party Payment
With the rapid development of high information density, people's demand for payment system is getting higher and higher. Therefore, the third-party payment system has gradually realized various functions of online and offline integrated applications from the initial system limited to payment use, and has set foot in various fields of people's lives. Third-party payment is divided into two categories according to the purpose. The first is an independent third-party payment model. This mode is limited to the payment of e-commerce websites, such as yeepay. The second is the third-party payment mode that relies on B2C and C2C to provide guarantee function. The guarantee function provided by this model is that the third-party platform is responsible for the custody payment, and informs the merchants to collect and deliver the goods. After the buyer receives the goods and confirms the satisfaction, he informs the third-party platform to pay the merchants. The platform transfers money to the seller's account to complete the transaction of the whole payment process, such as Alipay of Taobao, Tenpay of Tencent and so on.
(B) P2P online lending model
P2P(peer to peer) online loan is a person-to-person online loan, which allows borrowers to enjoy online loans conveniently and efficiently. With the continuous expansion of the scale of P2P online lending, according to the report "Online Lending Platform Development Index Rating in March 20 15", by March 20 15, the P2P online lending platform in China had increased to the top ten P2P online lending platforms, including lufax, Renren Loan, Pleasant Loan, Building Block, Investment Earning Network, Microfinance Network, Auction Loan and Favorable Network. P2P online lending model is mainly composed of direct financing, providing principal and interest guarantee and securitization of credit assets. Among them, direct financing forms such as auction and loan only provide pure information matching for borrowers and borrowers; The guarantee platform for providing principal and interest operates in the form of a guarantee institution, and the workflow is to find and screen customers, provide guarantees and match funds; Credit Asset Securitization is an Internet financial model represented by lufax and Wang You.
Crowdfunding model
Crowdfunding refers to the public and the masses raising funds. It refers to an internet financial model that raises project funds from netizens on the internet platform in the form of group purchase+pre-purchase. The crowdfunding model allows more people to join the entrepreneurial ranks, because it uses the online platform to raise funds from the public, which greatly reduces the financing cost. At the same time, he raised a small amount of funds from the public, which further dispersed the risks of investors. Crowdfunding model provides a fair, open and just platform for all kinds of projects, and provides opportunities and unlimited possibilities for entrepreneurs while obtaining project start-up funds through crowdfunding model. For example: Zhu Jiang, the founder of micro-media, was in Taobao shop in June 20 12? Meiwei membership card online direct sales store? This membership card is the most representative one, which can own 100 original micro-media shares and enjoy electronic magazine subscription rights. Another example is JD.COM, Li Danni 2015? Marriott plan? It is the first commercial crowdfunding brand of WeChat in JD.COM.
(D) Internet financial management
With the rapid development of Internet finance, Internet financial products are constantly emerging. The thirty-fourth survey report of China Internet Information Center (CNNIC)20 14 shows that the number of users of wealth management products in China has reached 63.83 million, and the utilization rate data is 10. 1%. The report analyzes the long tail effect of Internet wealth management products and the phenomenon of personal scattered funds returning, which not only improves the commercial status of Internet wealth management operators, but also makes the scale of users grow rapidly due to the high income of personal scattered funds. Take the cumulative ranking chart of ten thousand incomes from 2065438 to July 2005 as an example, as shown below.
Second, the development of Internet finance research
By constantly optimizing the user experience, the Internet has created a new economic and financial era, and started a subversive development journey of the financial industry with a brand-new way of thinking and business model. Social progress and development need innovation, and Internet finance also needs innovation in future industry competition. For example, the current third-party payment mode is mainly based on password payment. Brush your face? The emergence and testing of payment system is the innovation and perfection of payment system, and there will be more scientific and safer payment system to enrich the third-party payment mode in the future. Based on the rapid development of mobile Internet, the main platform of PC Internet will gradually develop in the direction of mobile Internet finance, and more Internet financial products and services will rely on the mobile Internet, especially the huge user base in personal finance. With the gradual introduction of Internet financial supervision policies, Internet financial risks are frequent, and the mixed situation will gradually enter a formal development. In the P2P online lending model, some restrictive factors and conditions will also appear together, such as: the annual income must reach a certain amount to invest, and the investment amount cannot exceed a certain proportion of investable assets.
Internet financial model will change and increase with the passage of time. In order to adapt to the development of social economy, the whirlwind development of internet finance is becoming more and more specialized and will surely become the main force in the financial field. Internet payment, online loan, financial portal and financial management system will bring convenience to everyone and be safer, more efficient, more reasonable and more scientific.
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