政策性农业保险以其金融杠杆的优势，辅以财政补贴的政策优势，日趋成为政府保障农业稳定生产、农民可持续性收入的利器，呈线性增长的趋势。然而，分销渠道较为单一、信息流通受限、信息不对称等约束因素一直制约着政策性农业保险覆盖率更大范围推广。“互联网＋”任何经营模式、生产方式、消费方式已经深度打破传统的时间、空间的禁锢，使得经济利益呈几何增长的态势。“互联网＋”政策性农业保险模式的构建，符合当前农村消费者的消费模式，探底农业生产经营者对于农业保险的需求与承受能力，也更加符合保险公司多维度营销模式。随着国家的“互联网＋”战略的覆盖面推广，其与政策性农业保险的融合，应该率先涉足农产品自然灾害保险和农产品价格保险两种险种，从互联网平台功能界定、供给侧政策扶持、风险转移等角度进行精雕细琢。

当前，共建“一带一路”进入高质量发展阶段，构建长期稳定、可持续的融资安排，提高投融资决策的科学性，对保障“一带一路”资金供给具有重要意义。相较于主权借款和公司融资，项目融资主要依靠项目自身现金流还款，负债具有一定的独立性和封闭性，不对投资人主体和东道国造成额外债务负担，在境外基础设施建设、产能合作等领域已逐渐成为主流融资模式。出口信用保险作为推动对外工程承包和对外投资的政策性工具，可有效对冲海外国别风险和项目商业风险，在境外项目融资中得到广泛应用。本文通过总结分析东南亚某国电力领域的典型融资案例，详细讨论信保在项目融资中的损失补偿和融资推动作用，同时也辩证分析其存在的局限性，形成对认识理解信保的一般规律性总结，以期扬长避短更好发挥信保作用，为构建债务可持续的融资模式、推动高质量共建“一带一路”提供助力。

China frequently suffers from weather related natural disasters and is a source of wide-spread systemic risk throughout large swaths of China. During these periods farmers crops are at risk and for a largely poor population few can afford the turmoil to livelihoods that goes along with drought. Throughout the developing world there is serious interest in index-based weather insurance for agriculture, and in China the China Insurance Regulatory Commission is investigating the insurability of weather related risk. Beyond that little formal research has appeared on either the demand, use or design of index insurance in China. This paper provides a preliminary assessment of farmers’ willingness to pay for drought insurance. Based on a survey of over 890 farm households in Shaanxi and Gansu provinces the results show that while there is significant demand, price may be an issue. Our results show that the majority of farm households would transition from a no-demand state to a demand state as prices fall. This suggests that in order to gain wide gain adoption there may be a need for governmental intervention.

Researchers have recently studied the interactions between corporate and government bond issuances in a variety of countries. Some conclude that government bonds compete with private bond issuances, while others conclude the opposite. We study here the special case of China’s 2017 issuance of two sovereign bonds denominated in U.S. dollars. We find that corporate bonds experienced a decline in yield spreads, bid-ask spreads, and price volatility around the time this sovereign issuance was first announced. The results are particularly strong for corporate bonds with maturities similar to those of the USD sovereigns. We conclude that these new bonds served as useful reference instruments that helped investors price and hedge the risks impounded in Chinese corporate bonds.

This paper examines the efficiency of prediction markets by studying the markets for catastrophe (CAT) bonds, compared to previous studies of prediction markets that used small-scale observational field data or experiments. We collect actual catastrophe loss data, match the defined trigger events of each CAT bond contract, and then employ an empirical pricing framework to obtain the excess CAT premiums in order to represent the market-based forecasts. Our results indeed show that the market-based forecasts have more significantly predictive content for future CAT losses than professional forecasts that use natural catastrophe risk models. Although the predictive information for CAT events is specialized and complex, our evidence supports that CAT bond markets are successful prediction markets that efficiently aggregate information about future CAT losses. Our results also highlight that actual CAT losses in future periods can explain the excess CAT bond spreads in the primary market and provide evidence of market efficiency when pricing CAT risk.

公司债能否合理定价反映了中国资本市场是否公正、有效地运行。针对中国尚不成熟的金融市场，在分析公司债信用利差时，除了关注微观因素外，更加应该重视宏观因素。本文选取的样本数据为2007年至2016年共10年的中国公司债到期收益率的周面板数据；宏观因素不仅包括如消费者物价指数、采购经理人指数、股票市场指数等传统宏观因素的指标，同时纳入了对于中国金融市场而言影响力度日益增大的固定资产投资额、货币供应量、以及工业发电量等多维度的宏观指标。利用控制时间效应的固定效应模型，实证分析了以上宏观因素对公司债信用利差的影响方向和内在传导机制。结果表明：结构化模型的解释力随公司债信用评级的降低而升高；货币供给量M1与M2的增幅与中国公司债信用利差为正相关，但回归结果不十分显著；消费者物价指数的回归系数在不同评级的债券中出现了显著正负交替的现象，这可能是受中国市场主体近年来对持续的物价上涨，存在适应性与理性这两种不同的预期所致；在与公司债信用利差正相关的宏观因素中，除了采购经理人指数、沪深300股指以及工业发电量外，固定资产投资额最为显著，表明固定资产投资对公司债定价影响最大。

政府补助是激励绿色技术投资的常用手段。我们利用中国公司的数据发现，有关政府补助能否持续的不确定性，会抑制政策的预期效果。我们的识别基于能影响官方空气质量文本的外生天气变化，因为政府补助的分配依赖于之。我们发现，在由于天气原因导致政府补助波动较大的城市里，公司对绿色技术的投资、专利申请、研发人员都更少，特别是采矿业、制造业、绿色技术产业。本文认为政策稳定性能鼓励长期绿色技术投资，实现生态文明的目标。

小微企业在我国规模小，数量巨大，作为市场经济中最活跃的主体，但小微企业一直存在融资困难的瓶颈，其生存发展问题令人堪忧。随着互联网向金融方向的发展，并在2013初步形成互联网金融的雏形，互联网与创痛金融的结合，打破了传统金融的壁垒，给小微企业融资难得问题带来希望。本文正是从互联网金融和小微企业之间的联系出发，寻求小微企业融资问题的突破口，找到二者的共同发展之路。

This paper documents a stock-dividend premium of around 10% when controlling for optimistic earnings growth and liquidity improvement. We propose an alternative explanation for the effect of stock dividends from the perspective of investor recognition. First, we find that stock-dividend premiums are positively related to an increase in investor base, particularly for firms with a small investor base. Second, an increase in investor base is due to individual investors, as they, especially those with a stronger propensity to gamble, are net buyers around the announcement of stock dividends, while institutional investors behave in the opposite manner. Finally, we show that after paying stock dividends, firms experience significant increases in speculative features, which are caused by clientele shifts toward individual investors.. As a whole, our results also indicate that an increase in investor base could be related to investors' gambling preferences.

2018年受去杠杠政策影响，大量民营企业陷入流动性危机，为此，国家号召各地政府成立纾困基金纾困上述民营企业。本文以政府对民营上市公司股权纾困的130个样本为例，基于各地政府响应国家号召对民营企业纾困这一准自然实验，用DID等方法检验了政府纾困民营上市公司的经济后果，研究发现：（1）在短期内，政府纾困起到了稳定市场的作用。具体而言，接受政府纾困的民营上市公司公告之后市场有显著的正面反应，同时被纾困方股权质押风险得到了缓解。（2）但在长期来看，政府纾困并没有改善被纾困民营上市公司的经营绩效，这体现在纾困完成后，公司的经营业绩表现更差。（3）并且，在纾困中，纾困双方信息不对称程度越高、代理问题越严重，政府的长期纾困效果越差。换言之，纾困方越有可能成为“接盘侠”。本文为政府维护金融市场稳定发展提供了实证依据，也为后续进一步规范政府纾困行为提供指导性的政策参考。