《金融论坛》2008年第12期中英文目录及摘要

　　1、直面挑战　树立信心　实现经济平稳较快增长——对扩大内需政策出台后宏观经济走势的分析与展望
　　詹向阳　邹新　赵新杰 (3)
　　Facing Challenges, Fostering Confidence and Winning the Stable and Rapid Growth of Economy——The Analysis and Forecast of Macro-economic Trend Under the Policy of Expanding Domestic Demand
　　ZHAN Xiang-yang　ZOU Xin　ZHAO Xin-jie (3)

　　2、公司治理结构与现代金融企业制度——中国工商银行公司治理建设研究报告
　　钱毅　张伟武　张春煜 (11)
　　Corporate Governance Structure and Modern Financial Enterprise System——A Study Report on ICBC Corporate Governance Construction
　　QIAN Yi　ZHANG Wei-wu　ZHANG Chun-yu (11)

　　3、中国上市银行公司治理水平的比较评价
　　刘轶　许勇 (19)
　　Comparison and Appraisal of the Corporate Governance of Chinese Listed Banks
　　LIU Yi　XU Yong (19)

　　4、基于共同治理模式下的银行公司治理结构
　　杨元泽 (24)
　　The Corporate Governance Structure of Commercial Bank Based on Co-governance Pattern
　　YANG Yuan-ze (24)

　　5、战略投资者、公司治理与银行绩效——对中国城市商业银行的实证研究
　　陈科　宋增基 (30)
　　Strategic Investors, Corporate Governance and Commercial Bank's Performance——An Empirical Study with Examples of Chinese City Commercial Banks
　　CHEN Ke　SONG Zeng-ji (30)

　　6、商业银行利润效率测度及影响因素分析
　　张红军　叶菲 (37)
　　The Measurement and Affecting Factors of Chinese Commercial banks' Profit　Efficiency
　　ZHANG Hong-jun　YE Fei (37)

　　7、房地产信贷、价格及市场供求关系研究
　　崔光灿 (42)
　　The Relations Among Bank Credit, Price and Demand and Supply on the Real Estate Market
　　CUI Guang-can (42)

　　8、商业银行客户关系管理的价值链模型研究
　　周晓琛　杨青 (48)
　　Research on CRM Value Chain Model of Commercial Banks
　　ZHOU Xiao-chen　YANG Qing (48)

　　9、国有商业银行城市分行竞争力研究——以中国工商银行芜湖分行为例
　　陈明　张成博　任安军 (54)
　　A Study on Competence of City Branches of State-owned Commercial Banks——An Example of Wuhu Branch of ICBC
　　CHEN Ming　ZHANG Cheng-bo　REN An-jun (54)

　　直面挑战　树立信心　实现经济平稳较快增长——对扩大内需政策出台后宏观经济走势的分析与展望
　　詹向阳　邹新　赵新杰

　　［摘要］　通过对当前中国经济形势、经济运行中存在的有利趋势以及未来实现经济平稳较快增长的条件进行分析，笔者提出以下观点：当前中国经济增长的不确定性增强，甚至出现了下行风险的诸多苗头；下一阶段影响中国经济增长的基本面因素不会发生趋势性的转变，如内需拉动（包括城镇化和新型工业化）、高储蓄率、产业结构升级、银行体系稳健性改善以及较好的财政实力和外汇储备实力。下一阶段宏观经济将由2002～2007年的加速增长期向平稳较快增长期转变，GDP增速将有所回落，但仍将保持较快增速，内需在需求结构中的占比进一步提高，尤其是消费对经济增长的贡献度将显著增强。
　　［关键词］　经济；内需；投资；银行

　　［Abstract］ Through analyzing the positive trend of Chinese economic situation and the conditions to realize the stable and rapid growth of future economy, the authors put forward the following viewpoints: the uncertainty of Chinese economic growth is increasingly prominent and some signs of downward risks are emerging; the fundamental factors affecting Chinese economic growth in the next stage will not change their trend, which include the driving of domestic demand (urbanization and new-style industrialization), a high savings rate, the update of industrial structure, the improvement of banking system moderation, strong fiscal strength and sufficient foreign exchange reserves. In the next phase, the macro-economy will transfer from accelerating growth to stable and rapid growth. The growth of GDP will slow down but still keep a comparatively high speed. The proportion of domestic demand in the aggregate demand will further increase. Especially, the contribution of consumption to the economic growth will significantly strengthen.
　　［Key words］ economy; domestic demand; investment; bank

　　公司治理结构与现代金融企业制度——中国工商银行公司治理建设研究报告
　　钱毅　张伟武　张春煜

　　［摘要］　中国工商银行自2005年实行股份制改革以来，按照全面推进各项改革，转换经营机制，建立现代金融企业的总要求，不断完善现代公司治理架构、制度和运行机制，推进全行发展战略的制定和实施，着力提升核心竞争力，积极承担企业社会责任，维护利益相关者的权益，工商银行公司治理取得了突出的成就。未来工商银行将从本行实际出发，把完善公司治理作为增强竞争力的基础工程，进一步健全公司治理架构，推进治理机制建设，加强公司治理制度建设、信息披露和投资者关系管理，大力推进改革发展战略的实施，继续推进企业社会责任和公司文化建设。
　　［关键词］　中国工商银行；公司治理；董事会；发展战略；企业社会责任

　　［Abstract］ Since the share-holding system reform in 2005 and according to the general requirements of comprehensively pushing forward the reform, transforming the operation mechanism and making ICBC a modern financial enterprise, ICBC has made outstanding accomplishments in improving the modern corporate governance structure, formulating and carrying out the Bank's development strategies, enhancing the core competence, actively assuming social responsibilities and protecting the interests of shareholders. In the future, ICBC will proceed from its actual conditions and make perfecting corporate governance the basic task to strengthen its competence. In details, ICBC will further improve the corporate governance structure, propel the construction of governance mechanism and system, enhance the information disclosure system and investor relations management, vigorously implement reform and development strategies and continue to push forward the establishment of corporate social responsibility and enterprise culture.
　　［Key words］ ICBC; corporate governance; board of directors; development strategy; corporate social responsibility

　　中国上市银行公司治理水平的比较评价
　　刘轶　许勇

　　［摘要］　本文构建了中国上市银行公司治理评价系统,该系统侧重于公司内部治理机制评价。作者依据所构建的评价系统计算出了我国12家上市银行的公司治理评价指数，并进行了比较分析。结果表明，自1999年以来，我国上市银行治理水平呈快速上升趋势，但各银行间治理水平差异较大。从整体上而言，股份制商业银行的治理状况较好，其中招商银行的治理水平居所有样本银行的首位；工、中、建三大商业银行的治理状况相对一般，但它们上市后公司治理水平的不断提升也表明其改革是卓有成效的；已上市的城市商业银行的治理状况则要好于三大商业银行，这对城市商业银行未来的发展具有一定的指导意义。
　　［关键词］　上市银行；公司治理；评价系统

　　［Abstract］ This paper establishes an appraisal system of Chinese listed banks' corporate governance, which emphasizes particularly on evaluating the internal corporate governance mechanism. It figures out a corporate governance index of 12 Chinese listed banks and makes a comparative analysis based on the appraisal system. The result shows that the corporate governance of the banks has been enhanced rapidly since 1999, but there are still disparities among them. Generally, the corporate governance of joint-stock commercial banks is the best among the three types, and China Merchants Bank Ltd. is the best of all banks. Three state-owned commercial banks' governance is relatively worse, but the improvement since their IPO indicates that the reform is fruitful. The governance of city commercial banks are better than that of three state-owned commercial banks, which may provide some guidelines for their development in the future.
　　［Key words］ listed bank; corporate governance; appraisal system

　　基于共同治理模式下的银行公司治理结构
　　杨元泽

　　［摘要］　从公司治理结构的理论和实践发展经验看，企业公司治理模式的选择受到股权结构、市场发育程度和制度环境等多种因素的制约。单纯强调“股东至上主义”思想的单边治理模式与银行的稳健经营原则是相矛盾的，它必然削弱债权人对管理层监控的动力和能力。考虑到我国商业银行股权比较集中，国有股权比例较大，金融市场发育程度远低于西方发达国家以及金融业实行分业监管等基本现实，我国的银行业更适合选择利益相关者理论所倡导的多边共同治理模式。在充分考虑利益相关者的基础上，保持各方利益的均衡，构建一个反映我国银行业发展特点、各利益相关方共同参与、相互制衡的多边“共同治理”模式。
　　［关键词］　商业银行；公司治理；利益相关者；共同治理

　　［Abstract］ According to the theory and practice of corporate governance, the selection of suitable corporate governance pattern is constrained by many factors, such as ownership structure, the degree of market development, institutional environment, and so on. The unilateral governance model simply focusing on the shareholder-oriented thinking is contradicted to the moderate operation principle of banks, because such model will inevitably weaken creditors' motivation and capability to monitor bank's management. Chinese commercial banks generally have high ownership concentration and high state-owned equity ratio. Moreover, the development degree of Chinese financial market is far behind that of western developed countries and Chinese banking is still implementing separate supervision. This situation decides that a co-governance model, initiated by stakeholder theory, is more suitable to Chinese banking. On the basis of fully considering and balancing the interests of all stakeholders, Chinese banking can establish a co-governance pattern to reflect its own developing characteristics and achieve stakeholders' mutual participation and constraint.
　　［Key words］ commercial bank, corporate governance, stakeholder, co-governance

　　战略投资者、公司治理与银行绩效——对中国城市商业银行的实证研究
　　陈科　宋增基

　　［摘要］　基于中国8家城市商业银行的数据,采用截面数据和序列数据相结合的方法，对战略投资者参与中国城市商业银行治理的理论机理及其影响城市商业银行绩效的途径进行的分析表明：境外战略投资者可以促进城市商业银行改善公司治理，从而提升中国城市商业银行的绩效；国有股权比例与银行盈利性、第一大股东持股比例与银行资本充足率、董事会规模与银行盈利性均成负相关关系；股权集中度对银行盈利性和安全性均成正相关关系；管理层介入董事会比例对银行的盈利性和安全性的影响都不显著；独立董事比例对银行的盈利性有很强的正面影响。
　　［关键词］　城市商业银行；公司治理；境外战略投资者；实证研究

　　［Abstract］ By using the panel data of 8 Chinese city commercial banks, this paper expounds the mechanism of strategic investors' participation in city commercial bank's corporate governance and the approaches to influencing bank's performance. The followings are main conclusions: (1) foreign strategic investors could promote city commercial bank's corporate governance and enhance its performance; (2) the following three pairs of variables all show negative correlations respectively: the state-owned equity ratio and bank's profitability, the first major shareholder's equity ratio and bank's capital adequacy ratio and the size of the board of directors and bank's profitability; (3) the concentration of ownership positively correlates with bank's profitability and security; (4) the management's participation in the board of directors is not significantly correlating with bank's profitability and security; (5) the independent director ratio shows strong positive influence on bank's profitability.
　　［Key words］ city commercial bank; corporate governance; foreign strategic investor; empirical study

　　商业银行利润效率测度及影响因素分析
　　张红军　叶菲

　　［摘要］　本文以中国14家商业银行1996~2006年的数据为样本，运用随机前沿分析法测度这些银行的利润效率状况及变迁趋势，并基于测度结果，运用面板数据检验影响中国商业银行利润效率水平的因素。随机前沿分析结果表明，样本期内14家商业银行的利润效率水平呈现下降之势。面板数据实证分析结果发现：外资银行进入会影响中国商业银行的利润效率水平，但统计上不显著；而中国经济的高速增长显著影响中国商业银行利润效率水平；银行自身变量中的银行资产收益率、净利息收入率以及贷款规模显著影响其利润效率水平，而银行产权结构、非利息收入对利润效率水平影响不显著。
　　［关键词］　商业银行；利润效率；随机前沿分析

　　［Abstract］ This paper measures the profit efficiency level (PE) and the evolution trend of 14 Chinese commercial banks from 1996 to 2006 with Stochastic Frontier Analysis. Then, the paper examines the factors affecting the PE of Chinese commercial banks based on the pooled GLS. The results indicate that 14 banks' PE decreased during the sample period. The pooled GLS results show: (1)foreign banks' entrance negatively impacts Chinese banks' PE, but the result is not significant; (2)the rapid growth of Chinese economy affects their PE significantly; (3)the ROA, net interest margin and loan scale affect the PE significantly, but the influence of bank's equity structure and non-interest income is not significant.
　　［Key words］ commercial bank; profit efficiency; Stochastic Frontier Analysis

　　房地产信贷、价格及市场供求关系研究
　　崔光灿

　　［摘要］　本文通过对2000年以来上海房地产信贷与房地产市场关系的实证分析，发现房地产信贷对房地产市场的影响主要表现在需求方而不是供应方，房地产信贷增长对房地产价格和房地产销售量增长有明显的促进作用，但对房地产开发投资没有明显的影响。房地产信贷增长主要由银行流动性状况决定，而不取决于房地产市场状况，但房地产市场供需状况会影响到房地产信贷结构变化，在价格上升时个人购房贷款增长明显，在价格下降时开发贷款增长明显。在短期内，银行信贷可作为平稳房地产市场波动的手段之一，但对于长期而言，只有构建完善的住房供应体系才能保持房地产市场的长期稳定。
　　［关键词］　银行信贷；房地产信贷；房地产价格；房地产市场

　　［Abstract］ This paper empirically studies the relations between real estate market and bank credit in Shanghai since 2000. The results show that the influence of bank credit on real estate market mainly concentrates on the demand but the supply. The growth of bank credit significantly stimulates the increase of price and sales volume of the real estate but has not such influence on investment in real estate development. The credit increase on the real estate is mainly decided by bank liquidity rather than the market situation. However, the supply and demand can lead to the change of credit structure on the real estate market. In detail, when the price is rising, personal mortgage loans increase significantly, and the development loans do so when the price is declining. In the short term, the bank credit can smooth the fluctuation in the real estate market, but only a perfect housing supply system can keep the long-term stability of the market.
　　［Key words］ bank credit, the real estate credit, the real estate price, the real estate market

　　商业银行客户关系管理的价值链模型研究
　　周晓琛　杨青

　　［摘要］　本文在系统比较关于价值链的四大主要理论基础上，以波特的传统价值链模型为基础，结合商业银行以客户为中心的经营特点，构建了适用于商业银行客户关系管理的价值链模型，它将银行的价值活动分为由识别挑选客户、获取客户、保持客户、升级客户和退出客户等环节构成的基本活动，以及由领导和经营思想、人力资源管理、组织结构、组织文化和技术支持等环节构成的辅助活动两大类，该价值链的最终目标在于通过这些活动在银行与客户之间建立一种长期的、互利互惠的关系，银行如果能比竞争对手更好地、灵活地开展这些活动，就能赢得竞争优势。
　　［关键词］　商业银行；客户关系管理；价值链模型

　　［Abstract］ On the basis of comparing the four theories of value chain, this paper integrates Port's traditional value chain model with commercial bank's customer-oriented operating character to build a value chain model applicable to commercial bank's customer relationship management (CRM). This model divides bank's value activities into basic activities and auxiliary activities. The former focuses on identifying and selecting customers, obtaining customers, maintaining customers, updating customers and withdrawing from customers. The latter includes leader's operation philosophy, human resource management, organization structure, organization culture and technical support. The goal of the value chain is to establish a long-term and mutually beneficial relationship between bank and customers. If a bank can carry out these activities more successfully and flexibly than its rivals, it will achieve competitive advantages.
　　［Key words］ commercial bank; customer relationship management; value chain model

　　国有商业银行城市分行竞争力研究——以中国工商银行芜湖分行为例
　　陈明　张成博　任安军

　　［摘要］　本文通过对中国工商银行芜湖分行竞争力的实证研究发现：国有商业银行在当前国内激烈的市场竞争中具有较强的竞争力，主要业务基本占据市场主导地位。但进一步提升竞争力面临三个深层次矛盾：低层次服务能力与高层次客户需求之间的矛盾；相对粗放的考核评价与精细化业务管理之间的矛盾；滞后的员工队伍建设与快速发展的业务形势之间的矛盾。据此提出以下建议：建立以“客户为中心”的营销、支持和审批体系，提升服务效率和服务水平；扩大对城市分行的业务和管理授权，提升经营主体活力；完善考核激励体系，建立科学的分配体系；建设“快、准、狠”的执行体系，提高组织执行力。
　　［关键词］　商业银行；工商银行芜湖分行；城市分行；竞争力

　　［Abstract］ The paper makes an empirical study on the competence of Wuhu Branch of ICBC. The results reveal that state-owned commercial banks show strong competence in the fierce domestic competition and dominate most of business on the market. However, they have to resolve three deep-rooted contradictions to further enhance their competence, which are the contradiction between low-level service capability and high-level customer demand, the contradiction between extensive performance evaluation and intensive business management and the contradiction between the slowness of staff team building and the rapid development of overall business. The paper puts forward the following suggestions: (1) establishing a customer-oriented marketing, support, examination and approval system to improve the service efficiency and quality; (2) broadening city branch's authority on business management to strengthen its operating vitality; (3) perfecting the performance evaluation and incentive mechanism to build a scientific distribution system; (4) establishing a rapid, accurate and effective executive system to promote organization's executive power.
［Key words］ commercial bank; Wuhu Branch of ICBC; city branch; competence

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