《现代金融导刊》简介
《现代金融导刊》期刊目录
《金融论坛》简介
《金融论坛》期刊目录及摘要
工行风貌研究与交流金融期刊

《金融论坛》2009年第10期中英文目录及摘要

 
  本刊专稿
  风雨同舟 共铸辉煌——新中国成立60年经济与银行业携手前行
  本刊编辑部 (5)
  Economy and the Banking: Going Forward Hand in Hand Through 60 Years of New China
  Editorial Office of FINANCE FORUM

  理论研究
  中国区域信贷配给现状及区域差异分析
  任建军 (12)
  The Status Quo of Regional Credit Rationing in China and the Regional Discrepancy
  REN Jian-jun

  汇丰全球化的经验及对中资银行推进全球化战略的启示
  谷 澍 张红军 (20)
  The Experience of Globalization Development of HSBC Group and the Enlightenment for Chinese Banks to Further Globalization Strategy
  GU Shu ZHANG Hong-jun

  应用研究
  当前经营环境对银行信贷客户影响研究
  谢洁华 李成青 李础蓝 (26)
  The Influence of Current Operating Environment on Credit Customers of Commercial Banks
  XIE Jie-hua LI Cheng-qing LI Chu-lan

  大宗商品价格波动与中国信贷市场运行分析
  苏 明 陆 军 (32)
  Volatility of Commodity Prices and the Operation of Chinese Credit Market
  SU Ming LU Jun

  国有(控股)商业银行员工职业发展机制探讨
  杭州金融研修学院课题组 (40)
  An Exploration on Career Planning Mechanism for Staff of Chinese State-owned (Holding) Commercial Banks
  The Study Group of Hangzhou Institute of Financial Managers

  试论房价波动对商业银行资产的影响
  李 成 尚振宁 黎克俊 (46)
  The Impact of Volatility of Real Estate Prices on Commercial Banks' Assets
  LI Cheng SHANG Zhen-ning LI Ke-jun

  调研报告
  商业银行产品竞争力评估指标体系研究
  中国工商银行产品创新管理部课题组 (54)
  A Study on Evaluation Indicator System of the Competitiveness of Banking Products
  The Study Group of Product Innovation and Management Department, ICBC

  业务探讨
  人民币利率互换市场现状及商业银行的应对策略
  于金酉 王 屯 (62)
  The Status Quo of RMB Interest Rate Swap Market and Counter-measures of Commercial Banks
  YU Jin-you WANG Tun

  碳金融与我国商业银行的业务创新
  陈 游 (69)
  Carbon Finance and Business Innovation of Chinese Commercial Banks
  CHEN You

  我国国有(控股)商业银行道德风险治理研究
  卫功琦 (74)
  Moral Hazard Governance in Chinese State-owned(Holding)Commercial Banks
  WEI Gong-qi

  风雨同舟 共铸辉煌——新中国成立60年经济与银行业携手前行
  本刊编辑部

  [摘 要] 新中国成立60年来,经济和金融取得了巨大的成就。在经济方面,国民经济综合实力明显增强,国际地位和影响力显著提高;人民生活实现由贫困到总体小康的历史性跨越,正向全面小康目标迈进;对外经济实现了从封闭半封闭到全方位开放,对外贸易和利用外资规模均跃居世界前列;经济结构实现由低级到高级、不均衡到相对均衡的巨大调整。在银行业方面,金融机构资产规模不断扩大;存贷款规模不断上升;资产质量大幅改善,抗风险能力进一步增强;盈利能力稳步提升;从一元化、大一统的银行体制发展到多种类型金融机构相互竞争、共同发展的局面。
  [关键词] 新中国成立60周年;经济发展;银行业;改革开放

  [Abstract] Since New China was founded in 1949, China has made great achievements in economy and finance. In economic respect, both comprehensive strength of national economy and international status and influence have been significantly improved; the Chinese people, once inadequately fed and clad, have attained a fairly comfortable life on the whole and are striding toward the goal of building a moderately prosperous society in all respects; Chinese economy has transferred from a closed and semi-closed economy to a all-around open one, and foreign trade and amounts of using foreign capital have taken the lead in the world; economic structure has changed from a rudimentary and unbalanced one to a senior and relatively balanced one. In the aspect of the banking, the asset scale of financial institutions are continuously expanding; the scale of deposits and loans are experiencing a sustained growth; asset quality has been significantly improved and the capability to fend off risks has been further strengthened; profitability has been steadily enhanced; a centralized, large and unified banking system has transformed to the status with competition and joint development of varieties of banks.
  [Key words] New China's 60th birthday; economic development; the banking; reform and opening-up

  中国区域信贷配给现状及区域差异分析
  任建军

  [摘 要] 在全球经济金融危机影响下,信贷成为推动我国经济发展的原动力,但目前我国区域信贷配给差异化现象相当严重,出现“经济发达区域信贷配给弱化,经济落后区域信贷配给强化”的空间差异状况,这在一定程度上影响和阻碍了区域经济发展。文章认为区域经济发展差异、宏观调控货币政策传导机制的区域差异、信贷政策的“一刀切”、存款准备金率的区域一致性和利率实质上的区域差异性、信贷管理体制的变革和信用环境差异等是造成信贷配给区域差异化的原因,正确认识上述原因,是有效消除信贷配给区域性和促进区域经济协调发展的根本前提和重要保证。
  [关键词] 信贷配给;区域差异;区域经济;区域信贷

  [Abstract] Under the background of global financial crisis, credit has become the primary drive to push the development of Chinese economy. However, credit rationing appears severe regional discrepancy, which is characterized by weakening credit rations in developed regions and intensifying credit rations in under-developed regions. Such spatial discrepancy will negatively impact regional economic development to some extent. The paper argues that such phenomenon results from many factors, such as discrepancy of regional economic development, regional difference in monetary policy transmission mechanism, inflexible monetary policies, regional uniformity of deposit reserve ratio versus essentially regional difference in interest rate, the change of credit management system and the regional difference of credit environment. Correctly understanding the above-mentioned causes is the fundamental premise and important assurance to effectively eliminate the regional discrepancy of credit rationing and promote the coordinated development of regional economy.
  [Key words] credit rationing; regional discrepancy; regional economy; regional credit

  汇丰全球化的经验及对中资银行推进全球化战略的启示
  谷 澍 张红军

  [摘 要] 受美国次贷危机的沉重打击,2008年众多欧美国际大型银行出现大幅亏损,而汇丰却实现了微弱的盈利。能够盈利是由于汇丰长期以来秉承了全球化的发展战略,而利润大幅下滑则是因为2008年汇丰在美国市场出现巨额亏损。汇丰能够在短短的几十年内成功推进全球化战略,使得其资产、利润来源分布于全球,主要得益于两大重要支柱:一是全球并购,二是全球上市。汇丰的全球化经验对中资银行推进全球化战略的重要启示有三:一是全球化战略要与银行的整体战略协调一致;二是要综合运用不同的方式拓展海外业务;三是要重点着眼于海外并购后的整合。
  [关键词] 汇丰;全球并购;全球上市;全球化战略

  [Abstract] Heavily shocked by the U.S. sub-prime mortgage crisis, many European and American banks suffered substantial loss in 2008. In contrast, HSBC achieved a slight profit, which mainly resulted from its longstanding globalization strategy. The sharp profit slump of HSBC is blamed for the huge loss in the United States. In short decades, HSBC has successfully realized global operation and distributed its assets and profits all over the world. The accomplishment should be attributed to two important pillars: global M&A and global listing. Drawing the experience of HSBC, the paper summarizes three enlightenments for Chinese banks to further globalization strategy as follows: (1) globalization strategy should be coordinated with a bank's overall strategy; (2) Chinese banks should utilize varieties of approaches to expand overseas business; (3) the integration after overseas M&A must be emphasized.
  [Key words] HSBC; global M&A; global listing; globalization strategy

  当前经营环境对银行信贷客户影响研究
  谢洁华 李成青 李础蓝

  [摘 要] 2008年以来,受金融危机影响,全球经济处于下行周期,受其拖累,我国经济增长放缓,企业经营普遍下滑。在此背景下,银行信贷业务潜在风险有所增加,威胁到银行信贷资产质量,使银行信贷经营面临严峻考验,并相应加大了银行信贷结构调整的难度。为此,本文综合分析当前宏观经济形势,在对A银行信贷客户点面结合进行快速抽样调查的基础上,透析市场环境变化对银行信贷客户的影响,并特别关注了制造行业、外贸类客户的整体运行状态及潜在风险,据此提出应对当前形势的信贷政策和具体措施建议,希望有助于银行防范信贷系统性风险。
  [关键词] 经营环境;商业银行;客户;信贷;风险

  [Abstract] Since 2008, under the shadow of the slump of global economy triggered by the financial crisis, the growth of Chinese economy has slowed down and enterprises have been universally experiencing performance decline. Under this background, the potential risk of commercial bank's credit business is exacerbating, which may threaten the quality of bank's credit assets, impose severe test on commercial bank's credit business, as well as increase the difficulty of adjustment of credit structure. Therefore, on the basis of comprehensive analysis on the current macro-economic situation and the result of quick sampling survey on Bank A's credit customers, the paper expounds the influence of the change of market environment on bank's credit customers, especially the overall status quo and potential risks of customers in manufacturing industry and foreign trade industry. Accordingly, the paper puts forward proposals about feasible credit policy and detailed measures to guard against systematic risks of the credit business.
  [Key words] operating environment; commercial bank; customer; credit; risk

  大宗商品价格波动与中国信贷市场运行分析
  苏 明 陆 军

  [摘 要] 本文基于LA-VAR方法和CCF方法,对大宗商品价格与中国银行信贷市场主要变量之间的关系进行因果检验。检验结果显示:在5%的显著性水平上,大宗商品价格波动是存贷比、短期贷款利差、中长期贷款利差、总贷款余额、短期贷款余额变动的单方向原因。作者利用协整检验、VEC模型、脉冲响应和方差分解技术,分析了大宗商品价格波动对中国商业银行信贷市场的静态与动态影响。本文针对中国商业银行信贷市场的监管提出了两条政策建议:一是密切关注大宗商品价格并稳定大宗商品价格波动区间,二是货币政策的制定过程应纳入大宗商品价格。
  [关键词] 大宗商品;价格波动;信贷市场;LA-VAR方法;CCF方法

  [Abstract] By using LA-VAR approach and CCF approach, the paper empirically tests the causality between commodity prices and several key variables of Chinese banking credit market. The results show that at 5% significance level, the volatility of commodity prices is the cause of variation of the deposit-loan ratio, short-term interest rate spread, medium- and long-term interest rate spread, total loan balance and short-term loan balance. Furthermore, the paper carries out a quantitatively analysis on the static and dynamic impacts of volatility of commodity prices on Chinese banking credit market by using co-integration test, VEC model, impulse response function and variance decomposition technology. The paper puts forward two suggestions for financial authorities to effectively regulate Chinese banking credit market: (1) they should pay close attention to commodity prices and try to stabilize the prices in an acceptable range; (2) they should take commodity prices into consideration in the process of formulating monetary policies.
  [Key words] commodities; price volatility; credit market; LA-VAR approach; CCF approach

  国有(控股)商业银行员工职业发展机制探讨
  杭州金融研修学院课题组

  [摘 要] 随着企业日益重视员工的价值需求,加强员工职业生涯管理已成为具有战略意义的人力资源管理话题。建立职业生涯管理的共赢模式是国际企业职业生涯管理的成功经验。本着这一宗旨,本文提出员工职业发展设计要以人的自我价值实现为目标,以实现个人追求与银行追求的一致性为原则,银行必须为员工的自我价值实现创造适宜的环境,设计全新的组织体制和业务运作模式,引导员工顺利度过职业生涯发展的各个阶段,采取多种措施提升员工素质,激发员工潜能,从而实现员工个人事业与银行业务经营的共赢。
  [关键词] 商业银行;人力资源;职业发展规划;岗位序列

  [Abstract] Nowadays, enterprises are paying more and more attention to employees' value demand, and scientifically planning staff's careers has become an strategic topic for human resource management. Achieving a win-win in career management is the successful experience of international enterprises, so the paper proposes that career planning should take realizing staff's self-value as the goal. Following the principle of uniting staff's personal ideal to bank's objective, a bank should create an appropriate environment for staff to achieve their self-value, design brand-new organizational structure and business operation pattern, instruct employees to smoothly pass each career phase, take diversified measures to improve staff's professional quality and inspire their potentials to achieve the win-win between staff's personal career and bank's business.
  [Key words] commercial bank; human resource; career planning; post category

  试论房价波动对商业银行资产的影响
  李 成 尚振宁 黎克俊

  [摘 要] 基于次贷危机的启示,本文构建了在不同的金融发展程度下房地产价格波动对商业银行资产影响的理论模型,并在此基础上对中国的现状进行分析,指出当前对中国的影响主要集中于商业银行基于负债业务发放的贷款领域。进一步地,利用向量自回归模型(VAR)及冲击响应函数对中国房地产价格波动对商业银行贷款的影响进行了实证检验。研究表明:金融创新改变了房地产价格波动对商业银行资产的影响模式;中国房价波动对商业银行资产的影响主要集中在源于银行负债发放的贷款领域,但总体影响有限;中国应加快发展银行资产证券化业务,谨慎发展信用衍生产品。
  [关键词] 房价波动;商业银行资产;资产证券化;信用衍生产品

  [Abstract] On the basis of the inspiration from subprime mortgage crisis, the paper establishes a theoretical model to reflect the impact of volatility of real estate prices on commercial banks' assets under different developing degrees of financial market. The paper then analyzes the status quo of China with the model and points out that such impact in China mainly concentrates on the real estate-related loans based on banks' liabilities. Furthermore, the paper utilizes VAR model and impulse response function to test the impact in China. The main conclusions are as follows: financial innovation has changed the impact pattern of volatility of real estate prices on commercial banks' assets; the impact in China mainly concentrates on real estate-related loans based on banks' liabilities and is limited; Chinese commercial banks should accelerate the pace of asset securitization business but prudentially develop credit derivatives.
  [Key words] volatility of real estate prices; commercial bank's assets; asset securitization; credit derivatives

  商业银行产品竞争力评估指标体系研究
  中国工商银行产品创新管理部课题组

  [摘 要] 银行产品竞争力评估是商业银行产品管理及产品评估的一个重要组成部分,是从产品竞争力角度对银行产品进行评价分析,以了解银行产品在同业竞争中的地位及产品构成要素与同业相比的优劣,为研究、改善和创新银行产品提供更科学的依据。本文从产品创新的角度,研究设计了一套切实可行的银行产品竞争力评估模型,将竞争力结果和竞争力因素分析相结合,并对个人网上银行产品竞争力进行了评估和验证。验证结果表明运用该模型评估银行产品竞争力方法灵活简洁,可操作性较强,具有较好的应用价值,为开展银行产品竞争力评估实践提供了参考。

  [Abstract] Evaluation on the competitiveness of banking products is an important component of product management and evaluation in commercial banks, which helps to understand the status quo of a banking product in the intra-industry competition and product elements compared with that of rivals. Therefore, it can provide a more scientific basis for the research, improvement and innovation of banking products. From the angle of product innovation, a practical evaluation model is established in the paper, which combines competitiveness results with competitiveness elements. Furthermore, the model is used to evaluate the competitiveness of several banks' personal internet banking. The results show that the model offers a flexible and simple method with strong feasibility to assess banking product competitiveness and provides a reference for banks to evaluate the competitiveness of products.
  [Key words] commercial bank; banking product competitiveness; product innovation; evaluation indicator system

  人民币利率互换市场现状及商业银行的应对策略
  于金酉 王 屯

  [摘 要] 人民币利率互换市场作为我国金融衍生市场的基础,近年来得到了持续快速的发展,不仅为市场提供了先进便捷的调整资产负债及规避风险的工具,也推进了我国利率市场化进程。监管部门与市场参与各方应抓住机遇,完善市场基础设施建设,积极培育市场基准利率,拓宽参与主体,提高产品创新水平。同时,商业银行应主动承担做市职责,完善内部组织构架,明确部门职能;提高信用风险管理水平,加强制度保障;丰富组合交易策略,统一利率基准;控制自身及外部需求,拓展交易渠道,推进人民币利率互换市场健康蓬勃发展。
  [关键词] 人民币利率互换;商业银行;信用风险管理;FR007;SHIBOR

  [Abstract] As the foundation of financial derivatives market in China, RMB interest rate swap market has developed continuously and rapidly in recent years. RMB interest rate swap does not only provide the market with an advanced and convenient instrument of asset-liability adjustment and risk aversion, but also accelerate the process of market-oriented interest rate in China. Regulatory authorities and market participants should take the opportunity to improve market infrastructure, cultivate benchmark interest rates, extend the scope of market participants, and raise the quality of product innovation. At the same time, as the market maker, commercial banks should actively promote a healthy and flourish RMB interest rate swap market from the following aspects: to improve the internal organizational structure and define the function of each department; to enhance the management of credit risk and the safeguard of regulation; to enrich trading portfolios and unify benchmark interest rate; to cultivate new demand and extend trading .
  [Key words] RMB interest rate swap; commercial bank; credit risk management; FR007; SHIBOR

  碳金融与我国商业银行的业务创新
  陈 游

  [摘 要] 碳金融是金融体系应对气候变化的重要机制创新。自《京都议定书》生效以来,碳交易市场已经发展成为全球最具发展潜力的商品交易市场。对于我国商业银行来说,既要减缓气候变化对经济金融体系的负面效应,又要在适应气候变化中把握机遇,提供管理气候风险的金融产品和服务,最终实现减排目标。本文总结了兴业银行开展碳金融业务的实践经验,分析了我国碳金融市场发展的隐患,提出我国商业银行要配合节能减排项目调整授信结构,积极支持绿色信贷,加快环境金融创新;同时我国要尽快出台碳金融业务的扶持政策,促进相关中介组织的建设,推动碳金融业务在我国的发展。
  [关键词] 碳金融;京都议定书;绿色信贷;清洁发展机制;经核证的减排量;金融创新

  [Abstract] Carbon finance is an important mechanism innovation of financial system to cope with climate change。Carbon market has become a global commodity market with the greatest development potential since Kyoto Protocol came into effect. Chinese commercial banks should shoulder the responsibility to reduce the negative effects of climate change on economic and financial system,as well as seize opportunities to provide financial products and services that are designed to manage climate risk to achieve the goal of energy saving and emission reduction. This paper summarizes the experience of Industrial Bank Co. Ltd. in carbon finance business and scrutinizes the hidden dangers in the development of Chinese carbon finance market. Chinese commercial banks should adjust their credit structures to coordinate with energy saving and emission reduction projects,actively support green credit and promote environment-friendly financial innovation. At the same time,China should promulgate supporting policies of carbon finance business as soon as possible and encourage to establish related intermediary agents to promote the development of carbon finance business in China.
  [Key words] carbon finance; Kyoto Protocol; green credit; clean development mechanism; certified emission reductions; financial innovation

  我国国有(控股)商业银行道德风险治理研究
  卫功琦

  [摘 要] 道德风险普遍存在于商业银行经营管理之中,严重影响银行的稳健经营和持续发展。本文回顾了道德风险治理的基本理论,探讨了我国国有(控股)商业银行道德风险的主要表现、治理经验和监管新原则。文章认为,产权主体缺位、激励机制不当、政府隐性担保以及社会信用缺失是诱发我国国有(控股)商业银行道德风险的主要因素。最后文章结合我国实际,从完善公司治理、实施激励相容监管、强化市场约束和文化建设等方面,提出了我国国有(控股)商业银行道德风险治理的建议,以提高防范和控制银行道德风险的能力和水平。
  [关键词] 商业银行;道德风险;委托-代理理论;激励相容;监管原则

  [Abstract] The widely existing moral hazard in commercial banks' operation and management have already restricted the steady and sustainable development of commercial banks. This paper reviews the basic theory of moral hazard governance and discusses the main forms of moral hazard, governance experience and new regulation principles. The paper points out that the main factors inducing moral hazard include absence of property right subject, inappropriate incentive mechanism, implicit guarantee of government and lack of social credit. With consideration of China's actual conditions, the paper proposes that Chinese state-owned (holding) commercial banks should take measures to improve their ability in guarding against and controlling moral hazard from the perspectives of corporate governance, incentive compatible regulation, market discipline and corporate culture construction.
  [Key words] commercial bank; moral hazard; the principle-agent theory; incentive compatibility; regulation principle

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