《金融论坛》2008年第10期中英文目录及摘要

　　1、次贷危机中问题金融机构救助及对我国的启示
　　郑晖 (3)
　　The Salvation of Problematic Financial Institutions in Sub-prime Mortgage Crisis and Its Enlightenment
　　ZHENG Hui (3)

　　2、商业银行视角下的私募股权融资研究
　　王中　卞英丹 (10)
　　The Private Equity Financing from the Perspective of Commercial Bank
　　WANG Zhong　BIAN Ying-dan (10)

　　3、中国银行业收入结构变革对收益的影响
　　王菁　周好文 (15)
　　The Impact of Income Mix Changes on Earnings in Chinese Banking
　　WANG Qing　ZHOU Hao-wen (15)

　　4、中国银行业结构变迁与经济增长的实证研究
　　陈刚　冯艳　杨亮 (21)
　　An Empirical Study on the Structure Changs of the Banking and Economic Growth in China
　　CHEN Gang　FENG Yan　YANG Liang (21)

　　5、金融资源配置与产业结构调整——江苏制造业现状与工商银行经营策略研究
　　中国工商银行江苏省分行课题组 (28)
　　Financial Resource Allocation and Adjustment of Industrious Structure——The Status Quo of Jiangsu Manufacturing and ICBC's Operating Strategies
　　The Study Group, Jiangsu Branch, ICBC (28)

　　6、试论关系借贷促进中小企业融资的机理——基于非标准化信息模型的分析
　　邢英　张伟　乐菲菲 (35)
　　Mechanism of Relationship Lending in Furthering the Financing of SMS Enterprises——Based on the Model of Non-standardized Information
　　XING Ying　ZHANG Wei　YUE Fei-fei (35)

　　7、工商银行竞争力研究——基于工商银行江西分行竞争力现状分析
　　江西省城市金融学会课题组 (40)
　　The Study of ICBC's Competitiveness——Based on the Competitive Situation of Jiangxi Branch
　　The Study Group, Jiangxi Urban Finance Society, ICBC (40)

　　8、我国商业银行经营绩效的比较与驱动因素分析
　　陈莹 (47)
　　Comparison of Performance among Chinese Commercial Banks and Their Driving Factors
　　Chen Ying (47)

　　9、国内商业银行预算管理研究现状及启示
　　陶能虹 (52)
　　The Status Quo of Research on Chinese Commercial Banks' Budget Management and Its Enlightenment
　　TAO Neng-hong (52)

　　10、基于法律视角下商业银行贷款核准制的风险分析与控制
　　任建军　段维明　杨名杰 (58)
　　Risk Analysis on Commercial Bank's Loan Approval System and the Control from the Perspective of the Law
　　REN Jian-jun　DUAN Wei-ming　YANG Ming-jie (58)

　　次贷危机中问题金融机构救助及对我国的启示
　　郑晖

　　［摘要］　次贷危机中欧美金融监管机关以“太大而不能倒闭”为由援助本国濒临倒闭金融机构，但其存在扭曲竞争环境，诱发存款人、金融机构及金融监管机关道德风险等诸多弊端。由于现阶段彻底取消这一政策并不现实，欧美通过立法以达到限制其弊端的目的。我国也存在类似的救助问题金融机构实践，但相关立法并不完善。笔者认为，今后我国相关立法应通过设置高门槛救助决策制度、反垄断执法机关及审计机关对救助决策的事后评估审计制度、存款保险参保银行缴费弥补因救助产生的存保基金亏空制度等加以改进，并进一步完善央行最后贷款人制度等，从而避免以“太大而不能倒闭”为由救助商业银行的情形出现。
　　［关键词］　次贷危机；问题金融机构；太大而不能倒闭；存款保险；金融监管

　　［Abstract］ During the sub-prime mortgage crisis, the EU and U.S. financial supervision authorities provided financial aids to domestic financial institutions on the verge of bankruptcy, taking ‘too big to fail (TBTF)’ as an excuse. However, such salvation may distort normal competition environment and induce moral hazards of bank depositors, financial institutions and supervision authorities. The EU and U.S. have promulgated laws and regulations to restrict TBTF malpractices because it's unrealistic to abolish this policy thoroughly in the short run. In China, the similar financial salvation also exists, but the relevant legislation cannot satisfy the need of the practice. The author suggests that the authority should set up the absolute majority of vote requirement in salvation decision making, antitrust office and auditing office to optimize the ex post evaluation and audit system and require the insured banks pay the salvation expenditures to make up the loss of the deposit insurance fund. Moreover, the authority should improve 'the lender of last resort' policy as soon as possible. All above-mentioned measures will help restrict the salvation on commercial banks with the excuse of TBTF.
　　［Key words］ sub-prime mortgage crisis; problematic financial institution; too big to fail; deposit insurance; financial supervision

　　商业银行视角下的私募股权融资研究
　　王中　卞英丹

　　［摘要］　中国是一个私募股权融资正在勃兴的巨大市场，私募股权融资不仅有利于我国产业结构的调整、行业的整合，而且可以促进我国多层次资本市场的发展。商业银行特别是大型商业银行为私募股权融资提供服务具备多种优势。商业银行的介入既推动了私募股权融资的发展，也拓展了自身的业务领域，增加了中间业务收入。虽然私募基金和商业银行选择项目都采用定性分析与定量分析相结合的方法，但是它们选择项目的方法论是不同的，前者一般以静止的观点看待企业，而后者则用发展的眼光选择企业，它们选择项目的具体标准存在较大区别。
　　［关键词］　私募基金；股权融资；商业银行；私募股权融资

　　［Abstract］ China is a huge emerging market for private equity financing(PE), which can not only benefit Chinese industrious structure adjustment and integration, but also propel the development of Chinese multi-level capital market. Commercial banks, especially those with large size, possess a variety of advantages in providing service for PE. Commercial banks' involvement can advance PE's development, as well as extend the lines of business and increase the intermediate business income. When selecting projects, both PE funds and commercial banks combine qualitative analysis with quantitative analysis, but they adopt different methodologies. The former assess the enterprise statically, and the latter pay more attention to an enterprise's developing potential. Therefore, there are significant differences between their detailed criteria in project selection.
　　［Key words］ private equity fund; equity financing; commercial bank; private equity financing

　　中国银行业收入结构变革对收益的影响
　　王菁　周好文

　　［摘要］　面临混业趋势的挑战，内外竞争的压力以及市场环境的日益复杂，商业银行传统信贷业务的发展空间受到严重挤压，经营战略转型势在必行。近几年，非利息收入以其稳定收益、改善收入结构、增加多样化收益等优势，成为商业银行的“必争之地”。但是，非利息收入与银行收益之间的关系究竟如何，仍然是值得研究的课题。本文利用我国12家商业银行1999～2006年期间的数据对非利息收入的收益贡献进行剖析，回归结果表明非利息收入与银行资本收益率之间存在显著且稳定的负相关关系，这一结论不同于以往的观点。同时，本文结合当前现状对该结论做出经济解释，并针对问题提出相关政策建议。
　　［关键词］　商业银行；收入结构；非利息收入；ROE

　　［Abstract］ Facing the challenges from the mixed operation, fierce competition and increasingly complicated market condition, commercial banks have to try their best to transform the operating strategy to deal with the inevitable slowdown of traditional credit business. In recent years, non-interest income has attracted all commercial banks' wide attention due to its advantage in obtaining stable earnings, optimizing income mix and realizing diversified earnings. However, the relationship between non-interest income and bank's earnings is still an important topic. This paper empirically analyzes the contribution of non-interest income to bank's earnings with 12 Chinese commercial banks' data from 1999 to 2006. The result shows that there is a significant and stable negative correlation between non-interest income and bank's ROE, which is quite different from the common opinion. Then the paper explains this result from the angle of the economics, combining with the status quo, and proposes several policy suggestions.
　　［Key words］ commercial bank; income mix; non-interest income; ROE

　　中国银行业结构变迁与经济增长的实证研究
　　陈刚　冯艳　杨亮

　　［摘要］　何种金融结构更有利于经济增长是一个在理论上存在巨大分歧的问题，中国经济为经验验证金融结构对经济增长的影响提供了一个非常理想的样本。本文以1995～2006年中国29个省级单位的经验数据为样本，采用Difference GMM和System GMM动态面板回归估计方法系统地检验了中国的银行集中度对经济增长及其两个组成部分（TFP增长和资本积累）的影响，得出的主要结论是，中国金融中介整体规模的扩张实际上并未对经济增长贡献更多，在这个环境下，中国当前较高的银行集中度是阻碍了经济增长，这主要表现为较高的银行集中度抑制了劳均资本的积累，其对TFP增长的影响在统计上却是不显著的。
　　［关键词］　银行业结构；经济增长；TFP增长；资本积累

　　［Abstract］ Many theoretical disputes have broken out over which financial structure can benefit economic growth best. Chinese economy provides an ideal sample for testing the impact of financial structure on economic growth. With samples of 29 Chinese provinces' data from 1995 to 2004, the paper tested the influence of bank concentration on economic growth, TFP growth and capital accumulation, using the regression estimation method of Difference GMM and System GMM dynamic panel. The main conclusions are as follows: the expansion of the overall scale of Chinese financial intermediaries fails to benefit the economic growth in fact. Under the current condition, the high bank concentration impedes the economic growth, which mainly embodies in that the high concentration restrains the accumulation of labor capital, and its impact on TFP growth is not statistically significant.
　　［Key words］ the structure of the banking; economic growth; the growth of total factor productivity; capital accumulation

　　金融资源配置与产业结构调整——江苏制造业现状与工商银行经营策略研究
　　中国工商银行江苏省分行课题组

　　［摘要］　现代制造业的优化升级离不开金融业的大力支持，同时现代制造业的发展也有效地推动了金融业的快速、协调发展。本调研报告从现代制造业的发展趋势入手，详细调查了江苏制造业的发展现状、特点和发展前景，深入剖析了影响金融资源在制造业发展中有效配置的内外部制约因素，提出了工商银行支持江苏现代制造业发展的思路和措施，着重从理念提升、政策支撑、打造梯度客户结构、产品服务创新、机制建设、风险控制、金融生态环境改善等七个方面阐述了金融支持的具体路径，对金融与产业发展的融合互赢有着积极的现实意义。
　　［关键词］　江苏省；现代制造业；工商银行；金融资源配置

　　［Abstract］ Without the financial industry's support, modern manufacturing cannot realize optimization and upgrade. At the same time, the latter's growth also impetus the former's fast and harmonious growth. Beginning with introducing stimulates the modern manufacturing's developing trend, this paper expounds Jiangsu manufacturing's status, characteristics and prospects, scrutinizes the external and internal factors that constrain the effective allocation of financial resource in the manufacturing, and puts forward the detailed measures for ICBC to support Jiangsu manufacturing's development from the following aspects: service concept improvement, policy support, multi-level customer structure, product and service innovation, mechanism construction and financial ecology. Such strategies can effectively forward the integrated development of the manufacturing and financial industry.
　　［Key words］ Jiangsu Province; modern manufacturing; ICBC; financial resource allocation

　　试论关系借贷促进中小企业融资的机理——基于非标准化信息模型的分析
　　邢英　张伟　乐菲菲

　　［摘要］　非标准化信息是语义与特定语境相联系、无法编码并准确释义、内涵与外延极为丰富的信息，它在跨空间传递过程中易发生损耗和变异。非标准化信息的普遍存在和传递过程中的损耗和变异使得信息不对称成为一种社会常态。关系借贷可以将更多的信息从非标准化转化为标准化，从而提升企业的信用等级，这里的信用提升通过三种途径实现：一是通过缩短空间距离将更多非标准化信息转化为标准化信息；二是增加信源的信息场的能量，进而扩大传递范围；三是增加信宿的知识场的能量，以增强处理相关信息的能力。因此，关系借贷可以提高中小企业获得贷款的概率。
　　［关键词］　关系借贷；非标准化信息；融资；中小企业

　　［Abstract］ Non- standardized information is the information that reveals the connection between the meaning and particular context, cannot be encoded and interpreted accurately, but has abundant comprehension and extension. Such information easily exhausts and mutates in the cross-space transmission, which makes information asymmetry a common social phenomenon, especially with the prevalence of non-standardized information. Relationship lending can effectively make non-standardized information standardized and upgrade enterprise's credit rating. Such credit enhancement can be realized through the following three approaches: (1) changing the non-standardized information to standardized information by shortening the space distance; (2) increasing the energy of information field in the information source to augment the transmission space; (3) enhancing the energy of knowledge field in the information sink to advance information-disposing capacity. Therefore, the relationship lending can increase the probability of small-and-medium-sized enterprises to obtain loans.
　　［Key words］ relationship lending; non- standardized information; financing; small-and-medium-sized (SMS) enterprise

　　工商银行竞争力研究——基于工商银行江西分行竞争力现状分析
　　江西省城市金融学会课题组

　　［摘要］　全面、科学评价商业银行的竞争力，不但要从财务评价的角度对竞争力资产进行定量分析，还要对竞争力形成的内在作用过程进行定性分析。从竞争力资产情况看，江西工行竞争力资产综合排名逐年上升并跃居第一，但构成竞争力过程的流程、渠道、风险控制、创新和人力资源管理等要素还存在机制或体制性矛盾，由此形成的结构性竞争力危机应引起高度重视和认真对待，需要全面深化竞争力战略管理，加快可持续发展步伐。同时，加强“人本管理”，激活竞争力提升的根本要素；强化“作业整合”，全面提升市场竞争效率；倡导“金融创新”，打造市场核心竞争力。
　　［关键词］　商业银行；竞争力；核心竞争力；层次分析法

　　［Abstract］ To evaluate the competitiveness of commercial banks comprehensively and scientifically, we should not only quantitatively analyze the competitiveness assets from the perspective of financial evaluation but also qualitatively analyze the intrinsic process that the competitiveness forms. The competitiveness assets of Jiangxi Branch of ICBC are rising yearly and eventually rank first among the local commercial banks. However, the systematic conflicts still exist in each component that construct the competitiveness, such as the process, , risk management, innovation, human resource management, and so on. The structural crisis on competitiveness resulted from those conflicts should be attached great importance and forces commercial banks to deepen the strategic management and accelerate the pace of sustainable development. In addition, the banks should advance people-oriented management to activate the fundamental elements of competitiveness enhancement, reinforce the operating integration to comprehensively improve the efficiency of market competition and advocate financial innovation to build the core competence.
　　［Key words］ ICBC; Competitiveness; core competence; AHP

　　我国商业银行经营绩效的比较与驱动因素分析
　　陈莹

　　［摘要］　随着我国银行业改革的不断深入，科学合理地进行绩效评价尤为重要。本文运用EVA指标对我国11家商业银行2001~2007年的经营绩效进行了比较分析，并在此基础上进一步考察了绩效的驱动因素。研究发现，近几年我国商业银行的总体经营绩效在不断改善，但整体银行业的绩效水平与国外相比有很大差距。我国商业银行创造的EVA主要来自于资产规模的扩大和贷款规模的增长，而不是经营效率的提高和业务创新；近年来银行业的股份制改革对银行的价值创造有一定的正向作用。最后，根据研究结果为我国商业银行建立EVA绩效评价体系提出了相关建议。
　　［关键词］　商业银行；经营绩效；EVA

　　［Abstract］ With the increasing penetration of Chinese banking reform, it is especially important to make scientific assessment on bank's performance. By introducing EVA indicators, this paper compares the operating performance of 11 Chinese commercial banks from 2001 to 2007 and explores the driving factors accordingly. The results reveal that Chinese banking's operating performance has generally been sustained improved in recent years, but it still lags so far behind that of foreign peers. The EVA created by Chinese commercial banks mainly results from the expansion of assets and the growth of loan, rather than operating efficiency's improvement and business innovation. Moreover, the results show the shareholding system reform of the banking appears the positive impact on bank's value. Finally, the paper proposes some suggestions on the establishment of EVA performance evaluation system according to the research results.
　　［Key words］ commercial bank; operating performance; EVA

　　国内商业银行预算管理研究现状及启示
　　陶能虹

　　［摘要］　预算管理是引导企业上下协调一致实现经营目标的重要手段。目前，国内主要商业银行均面临持续提升盈利能力的压力。要实现经营效益的可持续增长，一个重要的切入点就是继续强化预算管理，而预算管理水平的提高有赖于理论指导和实践经验总结。从目前国内研究状况来看，一般工商企业视角下的预算管理研究已经较为充分，但商业银行视角下的预算管理研究却相对滞后。本文在详细梳理国内商业银行预算管理的相关研究文献后指出后续研究可从预算管理环境、预算管理基础体系、预算管理机制、预算编制执行与业绩评价管理、实际案例剖析等方面展开。
　　［关键词］　商业银行；预算管理；预算管理研究

　　［Abstract］ Budget management is an important method to coordinate each part of an enterprise to realize the operating target. Domestic commercial banks generally face the pressure to continuously enhance their profitability. An essential approach is to strengthen the budget management, which relies on the theoretical instruction and practice review. The research on the budget management from the perspective of general industrial and commercial enterprises is very adequate, but that centering on commercial banks fails to satisfy the need of operating practice. On the basis of reviewing the existing literature about the budget management of Chinese commercial banks, this paper proposes that the follow-up research can be furthered from the aspects of the budget management environment, basic system, mechanism, budget execution, performance assessment and case study.
　　［Key words］ commercial bank; budget management; the study on budget management

　　基于法律视角下商业银行贷款核准制的风险分析与控制
　　任建军　段维明　杨名杰

　　［摘要］　贷款担保核准制要求借款人先落实合法有效的担保并经银行核准之后，再对其发放贷款。这一制度存在许多不足之处，如贷款担保核准制容易引发担保合同法律效力的争议与纠纷，容易造成部分抵押、质押担保丧失法律效力，容易产生民事争议与纠纷，可能导致权力寻租和孳生腐败，已办理抵（质）押担保登记却未能核准放款而引起的违约纠纷等问题。鉴于此，作者提出如下风险防范建议：(1)修改现行的贷款核准制，改贷前担保核准为提款之前核准；(2)完善信贷台账管理系统；(3)允许一份合同使用两种编号；(4)尽量签订最高额担保合同；(5)修改《借款合同》附条件生效约定。
　　［关键词］　贷款担保；核准制；法律风险；商业银行；信贷业务

　　［Abstract］ The approval system of loan guarantee requires that before a commercial bank grants credits to a borrower, the borrower must obtain a legal guarantee approved by the bank. There are a lot of deficiencies in this regulation. For instance, it easily triggers disputes over guarantee contract's legal effect, makes part of collaterals or pledge guarantees forfeit legal effect, results in civil disputes, rent-seeking behaviors and corruption, and gives rise to default disputes when the bank refuses to lend to the borrower after it obtained guarantees, and so on. Centering on these problems, the paper proposes the following risk precaution suggestions: (1) modifying the current loan approval system to approve the guarantee before drawing instead of before credit granting; (2) optimizing the credit account management system; (3) permitting one contract with two numbers; (4) endeavoring to sign the ceiling loan guarantee contract; (5) amending the precondition that the loan contract becomes effective.
　　［Key words］ loan guarantee; the approval system; legal risk; commercial bank; credit business

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