《金融论坛》2008年第11期中英文目录及摘要

1、国有商业银行的组织革命及其战略意义
　　朱纯福 (3)
　　The Organization Revolution and Strategic Significance of Chinese State-owned Commercial Banks
　　ZHU Chun-fu (3)

　　2、商业银行信贷投资传导机制的统计分析
　　邓淇中　邹新月 (10)
　　A Statistical Analysis on the Transmission Mechanism of Credit Investment in Chinese Commercial Banks
　　DENG Qi-zhong　ZOU Xin-yue (10)

　　3、我国银行业改制上市效应的比较分析
　　武志 (15)
　　The Comparative Analysis on the Effect of Chinese Banks' Reorganization and Listing
　　WU Zhi (15)

　　4、外资银行在华扩张态势与绩效比较——以外资银行在深圳市场的发展为例
　　何喜有 (20)
　　Expansion Situation and Performance Comparison of Foreign Banks in China——With an Example of Foreign Banks' Development in Shenzhen
　　HE Xi-you (20)

　　5、中国商业银行战略并购策略研究
　　姜海军　田树亮 (27)
　　A Study of Chinese Commercial Banks' M&A Strategies
　　JIANG Hai-jun TIAN Shu-liang (27)

　　6、中国银行业应急管理：问题与对策
　　乔海曙　贺凌华 (33)
　　The Emergency Response Management in Chinese Banking: Problems and Countermeasures
　　QIAO Hai-shu　HE Ling-hua (33)

　　7、银行个人理财服务顾客满意度影响因素
　　刘凤军　吴冠之　欧丹　任莹 (39)
　　Affecting Factors of Customer Satisfaction from Bank's Personal Financing Service
　　LIU Feng-jun　WU Guan-zhi　OU Dan　REN Ying (39)

　　8、银行信贷与股票价格动态关系研究
　　桂荷发　邹朋飞　严武 (46)
　　A Study of the Dynamic Relationship Between Bank Credit and Stock Price
　　GUI He-fa　ZOU Peng-fei　YAN Wu (46)

　　9、网络外部性、银行规模与顾客转移成本
　　张忠平 (53)
　　Network Externality, Bank Scale and Customer Switching Costs
　　ZHANG Zhong-ping (53)

　　10、金融工作者作业效率的影响因素及提升途径
　　刘子斐　覃正 (58)
　　Affecting Factors and Enhancing Approaches of the Efficiency of Financial Workers
　　LIU Zi-fei　TAN Zheng (58)

　　国有商业银行的组织革命及其战略意义
　　朱纯福

　　［摘要］　21世纪初，中国大型国有商业银行进行了以建立现代金融企业制度为核心，实施管理扁平化、综合化、区域化、国际化和信息化为内容的全新银行组织革命，其战略意义在于实现金融功能新突破，由融资中介转变为注重价值创造的现代全能型金融服务供应商。为此，我国大型国有商业银行需加快经营转型，服务和促进经济发展方式根本转变；加强自律和风险管理，发挥经济社会稳定器的保障作用；加快融入全球金融，提高在国际金融舞台上的话语权；改进和加强金融服务，把服务创造价值和以客户为中心的经营理念贯穿到业务流程的每个环节；加强员工队伍建设，培养造就一大批各个层次的优秀金融人才。
　　［关键词］　商业银行；组织革命；目标与原动力；股份制改造；公司治理结构

　　［Abstract］ Early in the 21st century, centering on improving the structure of corporate governance and establishing the modern financial institution system, Chinese large-sized state-owned commercial banks carried out an overall organization revolution to realize a flat, integrated, regionalized, internationalized and informationized management pattern. The strategic significance of this revolution is to create new financial functions and change commercial banks from financing intermediary to modern and all-around financial service suppliers. Therefore, Chinese state-owned commercial banks should quicken their steps in the following aspects: transforming the operation pattern to facilitate the fundamental change of the economic growth; strengthening self-regulation and risk control to stabilize the society and economy; integrating themselves to the global finance as soon as possible to enhance their influence on the international stage; improving the service quality to incorporate the operating idea that service creates value and always centers on customers into each link of the business process; strengthening staff cultivation to forge large amounts of excellent financial elites on each level.
　　［Key words］ commercial bank; organization revolution; target and motive power; share-holding reform; the structure of corporate governance

　　商业银行信贷投资传导机制的统计分析
　　邓淇中　邹新月

　　［摘要］　本文利用4家商业银行1992～2006年经济数据，根据协整理论和VAR模型等方法，从不同角度研究了我国大、中、小型商业银行信贷投资之间的动态关系，定量刻画了大、中型商业银行在小型商业银行信贷投资额波动中作用的大小。实证结果表明：大、中型商业银行与小型商业银行的信贷投资额之间具有长期均衡关系，且大、中型商业银行信贷投资的取向均是小型商业银行信贷投资取向的Granger原因，但大型商业银行之间的信贷传导力度比较微弱；大、中型商业银行信贷投资对小型商业银行投资波动的贡献度都表现出正向效应，相比而言，中型商业银行对小型商业银行信贷投资的传导力度要更大些。
　　［关键词］　商业银行；信贷投资；传导机制；VAR模型

　　［Abstract］ By collecting the economic data of four Chinese commercial banks from 1992 to 2006, the paper analyzes the dynamic relationship of credit investments among large-sized, medium-sized and small-sized commercial banks, and quantitatively describes how large-and-medium-sized commercial banks play the role in the fluctuation of credit investment of small commercial banks with co-integration theory and VAR model. The results show that there is a long-term equilibrium relationship between large-and-medium-sized commercial banks and small commercial banks in their credit investment, and the investment orientation of large-and-medium-sized commercial banks is the Granger cause for that of small ones. However, such credit transmission effect is weak among large banks. Moreover, the credit investment of large-and-medium-sized commercial banks has a positive effect on the fluctuation of that of small ones. By comparison, the transmission effect of medium-sized banks' credit investment on small banks is more significant.
　　［Key words］ commercial bank; credit investment; transmission mechanism; VAR model

　　我国银行业改制上市效应的比较分析
　　武志

　　［摘要］　本文按照国有商业银行、股份制商业银行和城市商业银行三个类别，对我国银行业改制上市的效应进行了比较分析。研究发现，三种类型的银行通过改制上市，在资产规模、盈利能力、不良贷款比率控制等方面均取得了积极成效，尤其在上市融资充实资本金方面更是效果显著。同时，改制上市的积极成效在三种类型的银行之间也表现出一定程度的分化，相对于国有商业银行和城市商业银行，股份制商业银行改制上市的效应发挥得更为显著。其中的原因可能在于股份制商业银行改制上市推行较早，且大多为中型市场规模，良好的规模经济效应更有利于银行改制上市效应的充分发挥。
　　［关键词］　国有商业银行；股份制商业银行；城市商业银行；上市效应

　　［Abstract］ This paper divides Chinese listed banks into three types: state-owned commercial banks, joint-stock commercial banks and city commercial banks, and compares the different effects of their reorganization and listing. Reorganization and listing remarkably advances the asset scale, profitability and NPLs control of all three types of banks, especially their capital adequacy ratio. At the same time, there are also some disparities in the positive effects among three types of banks. Comparing with state-owned banks and city commercial banks, joint-stock banks obtain more significant promotion through reorganization and listing. This phenomenon may result from that joint-stock banks generally went public earlier than the former two types of banks and most of them are middle-sized, so the suitable scale economy maximizes the positive effect of reorganization and listing.
　　［Key words］ state-owned commercial bank; joint-stock commercial bank; city commercial bank; the effect of listing

　　外资银行在华扩张态势与绩效比较——以外资银行在深圳市场的发展为例
　　何喜有

　　［摘要］　2006年末入世过渡期结束，外资银行在中国的扩张与竞争日益深化，不同来源外资银行的经营绩效也出现了明显分化，这一现象以深圳尤为突出。本文首先考察和分析了中国银行业的开放历程及外资银行在华扩张和竞争态势。在此基础上利用企业竞争战略理论深入剖析了港资银行和其他外资银行在深圳市场上经营绩效存在显著差异的原因，具体包括：(1)当地政策环境的变化促使竞争主体调整战略从而带来绩效差异；(2)不同的市场细分和目标客户定位是导致经营绩效差异的关键；(3)业务范围不同直接造成经营绩效分化。本文结论：为实现持续成长，银行必须借助蓝海战略来实现自身价值与顾客价值的双重创新。
　　［关键词］　外资银行；港资银行；深圳；经营绩效；蓝海战略

　　［Abstract］ With the close of the transitional period of China's entrance to WTO, foreign banks' competition in China is increasingly fierce and goes deeper. The operating performance of foreign banks from different countries and regions shows sharp distinction, which is more remarkable in Shenzhen. This paper first elaborates the opening steps of Chinese banking and foreign banks' expansion situation in China. On this basis, by using the theory of enterprise competition strategy, the paper scrutinizes the reasons of performance disparity between Hong Kong banks and other foreign-funded banks in Shenzhen, which includes: (1) the change of local policy environment makes banks adjust their strategies, which results in their different performance; (2) different market segmenting and customer positioning is the key that gives rise to performance disparity; (3) different business scopes directly lead to the disparity. The main conclusion is that to win a sustainable growth, foreign banks have to make dual innovation of self value and customer value with the blue ocean strategy.
　　［Key words］ foreign banks; Hong Kong banks; Shenzhen; operating performance; blue ocean strategy

　　中国商业银行战略并购策略研究
　　姜海军　田树亮

　　［摘要］　我国商业银行战略并购策略要考虑两个维度：一个维度是并购的目的，包括综合化、国际化和优化业务结构3个层面；另一个维度是对并购目标的要求，要考虑战略定位、行业领域、地理区域、规模实力、财务绩效、管理创新、客户资源、机构网点等方面。并购目标规模与并购银行大小相适宜，并购区域应以国内市场和海外市场并重，并购行业应由银行同业逐步走向非银行金融机构，稳健推进并购战略。近年来，我国商业银行正逐步过渡到以内生增长和通过并购实现跨越式发展并重的增长模式，并购将成为下一阶段我国商业银行的发展潮流。
　　［关键词］　商业银行；战略并购；业务综合化；业务国际化；优化业务结构

　　［Abstract］ Two dimensions should be taken into account when Chinese commercial banks fulfill M&A, which are the goal of M&A, including integration, internationalization and business optimization, and the requirements on M&A objects, involving strategic orientation, industry domain, geography area, asset scale, financial performance, management innovation, client resource, branch numbers. To steadily further the M&A strategy, Chinese commercial banks should choose the targets with suitable scale that can match their own. Moreover, the acquirer should watch both domestic and overseas markets, and gradually switch the targets from the banking peers to non-bank financial institutions. In recent years, Chinese commercial banks have been transferring their growing pattern from the endogenous growth to the great-leap-forward development through M&A, so the M&A will become the main developing trend of Chinese commercial banking in the future.
　　［Key words］ commercial bank; strategic M&A; business integration; business internalization; optimization of business structure

　　中国银行业应急管理：问题与对策
　　乔海曙　贺凌华

　　［摘要］　现代银行机构面临的突发灾难性事件主要来自非经济因素，包括自然灾难性事件与社会危险事件。灾难性事件的严重后果将使人们购买银行产品和服务的信心受挫。中国银行业对应急管理存在着强烈的现实需求。目前，银行业应急管理存在的问题主要有：缺少处理金融突发事件的专门法律、法规；应急预案不够全面；灾备建设相对滞后等。综合看来，银行业应急管理的问题主要集中在应急预防阶段。应尽快推出《金融应急法》和《突发金融事件应急处理条例》，以提高立法层次；完善应急预案，加强应急演练，以增强实战能力；完善灾难备份系统，加强业务连续性。
　　［关键词］　银行业；突发事件；应急管理；应急预案；灾难备份

　　［Abstract］ Emergent catastrophic events facing by the modern banking mainly originate from non-economic factors, including nature disasters and social hazards. The severe consequences of those disasters knock customers' confidence when they choose bank's products and service. Emergency response management is strongly required by Chinese banking. Currently, main problems in the emergency management include lacking specific laws and regulations focusing on financial emergency settlement, no overall emergency response planning and the lag of emergency backup construction, which mainly concentrate on the emergency precaution phase. Financial Emergency Law and Response Rules on Financial Emergencies should be promulgated as soon as possible, which can enhance the legislative level. Moreover, banking institutions should perfect their response planning, strengthening the response training and update their backup system to improve the response capability and ensure the business consistency.
　　［Key words］ the banking; emergency; emergency response management; response planning; disaster backup

　　银行个人理财服务顾客满意度影响因素
　　刘凤军　吴冠之　欧丹　任莹

　　［摘要］　提高顾客满意度是个人理财服务快速发展的关键。本文从顾客角度探讨了我国银行个人理财服务销售人员的特征、品牌资产、关系品质、感知风险与顾客满意的关系，从而寻求提高顾客满意度的关键因素。通过建立假设模型、开发测量量表及对中国7家银行的数据统计分析，本文发现：销售人员特征对我国银行的个人理财服务顾客满意度总影响效果最大，其次为感知风险，再次为品牌资产；关系品质对顾客没有直接影响，但会通过感知风险间接影响顾客满意度。理财经理的素质和能力及品牌的塑造是我国银行个人理财服务发展的关键。
　　［关键词］　银行；个人理财服务；顾客满意度

　　［Abstract］ Improving the customer satisfaction is the key point to achieve the fast and healthy development of personal financing service. To find the crucial factors in enhancing customer satisfaction, this paper explores the relationship of customer satisfaction from the personal financial service with sales staff's characteristics, brand asset, relationship quality and perceived risk. The paper builds a hypothesis model and survey scale with data from a questionnaire survey in 7 banks. The results reveal that the impact of sales staff's characteristics on customer satisfaction ranks first. The second is perceived risk, and the third is brand asset. Moreover, relationship quality does not show direct influence on customer satisfaction but can indirectly affect it through perceived risk. The main conclusion is that the brand and financing managers' quality and capability are the key factors to ensure the healthy development of Chinese banks' personal financing service.
　　［Key words］ bank; personal financing service; customer satisfaction

　　银行信贷与股票价格动态关系研究
　　桂荷发　邹朋飞　严武

　　［摘要］　本文采用五变量VAR模型对我国银行信贷与股票价格之间的动态关系进行实证分析，发现股票价格的上涨会导致银行信贷的扩张，但银行信贷扩张不是股票价格上涨的原因。基于此，本文提出对银行信贷的调控要考虑股票市场的影响。在股票市场繁荣的时候应该通过增加股票供给、丰富投资产品等措施防止股市泡沫的扩大，降低市场对股价升幅的预期，同时密切关注银行信贷资金的流向，防止资金由实体经济大量流向股票市场；而在股票市场萧条的时候，放松银行信贷并不能阻止股票价格下跌，稳定股票市场的关键是增强投资者信心，改善投资者对未来股票价格的预期。
　　［关键词］　银行信贷；股票价格；VAR模型

　　［Abstract］ This paper empirically analyzes the dynamic relationship between Chinese bank credit and stock price with a 5-variable VAR model. The result shows that the rise of stock price can cause the expansion of bank credit, but the latter is not the reason of the former. Based on this finding, the paper proposes that the supervision department should take the impact of stock market into account in the process of controlling bank credit. In detail, during the bull market, the supervision department can increase stock supply and investment products to prevent the expansion of the bubble, and guard bank credit funds against flowing from real economy to stock market. On the contrary, during the recession period, because loosing bank credit cannot stop stock price falling, the crucial point to stabilize the stock market is strengthening investors' confidence and changing their expectation on the stock price.
　　［Key words］ bank credit; stock price; VAR model

　　网络外部性、银行规模与顾客转移成本
　　张忠平

　　［摘要］　顾客转移成本与银行规模相关是前人在研究中发现的现象，出现这种现象的原因是网络外部性的存在使不同规模银行的顾客所获得的银行服务的价值不同，因而造成顾客的转移成本不同。网络所有者可通过价格手段将网络外部性内在化，并改变顾客转移成本。银行间差别定价就是一种内在化网络外部性的手段，采用这种定价政策可提高市场有效性，给银行提供按市场规律运行的环境，有利于向顾客提供多层次的银行服务，并有助于形成顾客在银行之间的合理分布。因此，根据银行规模差别定价是适合我国银行业现状的交易账户业务定价策略。
　　［关键词］　商业银行；交易账户；转移成本；网络外部性；网络外部性内在化

　　［Abstract］ It is a phenomenon discovered by previous researchers that the scale of banks correlates with customer switching costs. This phenomenon is caused by the existence of network externality which gives rise to the value difference of bank services that customers can obtain from banks with different scale. Such value difference further results in customers' different switching costs. The owners of network can utilize price to internalize the network externality and change customer switching costs. Discriminatory pricing policy according to bank's scale is an approach to reach this goal, which can improve market efficiency and help banks operate under the market laws and provide multi-level services for customers. Moreover, this policy is helpful to form the rational custom distribution among banks. Therefore, this policy is a suitable transactional account pricing strategy for today's Chinese bank.
　　［Key words］ commercial bank; transactional account; switching cost; network externality; internalization of the network externality

　　金融工作者作业效率的影响因素及提升途径
　　刘子斐　覃正

　　［摘要］　在金融创新日趋活跃的今天，金融业工作者的效率提升为金融业实践及理论界所关注。金融业是知识密集型行业，金融工作者作为典型的知识型员工，是金融业最重要的资本。金融工作是一项无形的、知识性、非规律性、协同性、创新性的智力活动，其过程较难监控，并且结果难以计量，其工作效率的提高会受到工作者自身因素、工作任务因素、组织管理因素和组织环境因素的影响。因此，有效设计工作环境、优化工作流程、引入先进科学技术以及科学的管理方法成为金融工作者效率提升的有效途径，金融实践案例和相应的数据提供了佐证。
　　［关键词］　金融业；金融工作者；作业效率；招商银行

　　［Abstract］ With the increasingly dynamic financial innovation, how to improve financial workers' efficiency has attracts the extensive concerns of enterprises and the theory circle. As the financial industry is a knowledge-intensive industry, financial workers are typically knowledge-based employees and therefore, the most important capital of the financial industry. Financial job is an invisible and knowledge-based intellectual activity, emphasizing non-regularity, collaboration and innovation. It is hard to monitor its process and evaluate the result. The working efficiency will be affected by the factors such as workers themselves, tasks, management pattern and organization environment. Therefore, scientifically designing the working environment, optimizing the workflow and introducing advanced technology and management pattern will be the effective ways to improve staff's efficiency. The cases and data in the financial practice also prove the above-mentioned conclusion.
　　［Key words］ financial industry; financial worker; working efficiency; China Merchants Bank

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