《金融论坛》2008年第4期中英文目录及摘要

　　2、中国股市和债市波动的溢出效应－－基于交易所和银行间市场的实证研究
　　王 璐　庞 皓 (9)
　　The Volatility Spillover Effect of Chinese Stock and Bond Markets－－An Empirical Analysis based on the Exchange and Inter-bank Market
　　WANG Lu　PANG Hao (9)

　　3、股票抵押贷款预期回收率比较分析
　　史健忠 (14)
　　Comparative Analysis on the Expected Recovery Rate of Stock Collateral Loans
　　SHI Jian-zhong (14)

　　4、重构商业银行运营体系的方法与实践
　　薛鸿健 (21)
　　An Approach to Reconstruct Commercial Bank's Operational System and Its Application
　　XUE Hong-jian (21)

　　5、工商银行私人银行业务研究
　　中国工商银行深圳喜年支行课题组 (28)
　　A Research on the Private Banking Business of ICBC
　　The Study Group, Xinian Sub-branch, Shenzhen Branch, ICBC (28)

　　6、中外银行专利及其战略比较研究
　　何崇阳　杨 飞 (34)
　　Comparative Research on Patent Strategies of Chinese and Foreign Banks
　　HE Chong-yang　YANG Fei (34)

　　7、建设东北区域金融中心的城市选址：实证分析
　　艾洪德　武 志 (42)
　　An Empirical Analysis on the City Selecting for the Construction of Financial Center in the Northeast Region
　　AI Hong-de　WU Zhi (42)

　　8、中国上市银行CEO报酬与银行绩效的关系
　　宋增基　陈 全　张宗益 (48)
　　CEO Compensation and Performance of Chinese Listed Banks
　　SONG Zeng-ji　CHEN Quan　ZHANG Zong-yi (48)

　　9、基于核心竞争力的商业银行企业文化研究
　　王延增　曹雅玮 (54)
　　A Study on Commercial Bank's Enterprise Culture Based on the Core Competence
　　WANG Yan-zeng　CAO Ya-wei (54)

　　10、网络金融电子证据问题研究
　　邹龙妹 (58)
　　Electronic Evidences in Network Finance
　　ZOU Long-mei (58)

　　银行间市场基准利率体系选择及Shibor运行分析－－兼析基准利率变动对商业银行的影响
　　中国工商银行城市金融研究所课题组

　　［摘 要］　本文剖析目前债券市场各种具有部分基准利率属性的利率并对其特征进行比较，探讨可以作为基准利率的可能标准，并研判Shibor作为基准利率仍需改进的方向。本文认为，由于受行政干预，传统的商业银行1年期存贷款利率现阶段不适宜充当基准利率；下一步基准利率体系的建设将以Shibor利率和国债二级市场收益率为核心，构建接近无风险的基准利率体系。本文主要结论：一是商业银行应利用基准利率体系改变资产负债业务定价策略，增强商业银行资金定价能力；二是应利用基准利率曲线增强商业银行对固定收益衍生产品的估值水平；三是商业银行应利用基准利率体系加强债券利率风险管理和债券投资组合管理。
　　［关键词］　利率市场化；银行间市场；基准利率；Shibor

　　［Abstract］ Centering on various interest rates that possess part characteristics of benchmark interest rate, this paper compares their characteristics, explores the possible standards to be the benchmark interest and points out the improving measures. Due to the administrative intervention on the traditional commercial bank's one year deposit and loan interest rates, they are not suitable to play the role of benchmark interest rate currently. Therefore, an approximately riskfree benchmark interest rate system should be established focusing on Shibor and the treasury yield on the secondary market. The main conclusions of the paper include the following: first, commercial banks should change the pricing strategy of asset-liability business to strengthen their capital pricing capability. Second, the use of benchmark interest rate curve can help commercial banks to enhance their abilities in evaluating fixed-income derivatives. Third, commercial banks should employ benchmark interest rate to reinforce the risk management on bond interest rate and bond investment portfolios.
　　［Key words］ interest rate marketization; the interbank market; benchmark interest rate; Shibor

　　中国股市和债市波动的溢出效应－－基于交易所和银行间市场的实证研究
　　王 璐　庞 皓

　　［摘 要］　由于我国股市和债市的相对分割，使得对其波动溢出关系的探讨对研究市场间资源配置、信息流动等有更深远的意义。在构建股市和债市DVAR模型的基础上，利用Wald和LR检验发现，两市存在波动溢出效应，但整体溢出影响较低。通过VECM模型分析交易所和银行间债券市场与股市之间的内在波动关系，发现交易所市场较银行间市场对股市波动影响更大，而银行间市场受交易所市场波动更剧烈。总的来看，我国目前金融资源在两市配置效率较低，资本和投资主体未形成有效连动体系，市场风险难以释放分散，因此需构筑市场之间的协调互动机制。
　　［关键词］　股票市场；债券市场；波动溢出效应；交易所债券市场；银行间债券市场

　　［Abstract］ Because of the relative isolation of Chinese stock and bond market, the research on the volatility spillover effect between two markets is of far-reaching significance in realizing the effective allocation of resources and information flow. On the basis of a DVAR model, the paper employs Wald and LR test to prove the existence of volatility spillover effect between two markets, but the overall spillover impacts are weak. By using VECM model, the paper analyzes the intrinsic volatility relationships among the exchange bond market, the inter-bank bond market and the stock market. The result shows that the exchange bond market makes greater impacts on the volatility of the stock market than the interbank bond market, while the interbank bond is affected by the exchange bond market much more dramatically. In brief, the efficiency of financial resource allocation is still low between two markets and the capital and investors have not formed an effective chain reaction system, both of which result in that market risks cannot be released. Therefore, it is urgent for China to establish the coordination and interaction mechanism.
　　［Key words］ stock market; bond market; volatility spillover effect; the exchange bond market; the interbank bond market

　　股票抵押贷款预期回收率比较分析
　　史健忠

　　［摘 要］　股票抵押贷款是一种风险较大的产品。股票价值和收益的高波动性造成抵押品价值的回收率不稳定，进而影响贷款预期回收率，使得银行经营风险加大。为了有效估算股票抵押贷款回收率，本文运用预期回收率模型，借助中国色诺芬股票数据库和美国CRSP股票数据库信息，比较分析不同市场情况下预期回收率的区别。分析发现中国市场由于近几年股票波动率加强，整体预期回收率较低，而美国则相反；预期回收率与抵押率、违约概率都成负相关关系，而且预期回收率对于抵押率的变化非常敏感；60%贷款抵押率的设定在美国市场是可行的，而中国市场合理抵押率是54%左右。
　　［关键词］　股票抵押贷款；预期回收率；抵押率；违约概率

　　［Abstract］ Stock collateral loan is a comparatively risky bank product. Because of the high volatility of stock price and stock return, the recovery rate of stock collaterals is unstable, which results in an unstable recovery rate of the stock collateral loan and aggravates commercial bank's operating risks. To accurately calculate the recovery rate of stock collateral loan, this paper uses an expected recovery rate model to reflect the changes of the expected recovery rate under different market conditions. The key point of this model is to calculate the recovery rate according to default rate, so the author uses China stock information dataset from SINOFIN and USA stock information dataset from CRSP. The main conclusions are as follows: the stock market volatility is high in China in recent years, which leads to a low expected recovery rate, and USA is in the opposite direction; both the correlation between expected recovery rate and default rate and that between expected recovery rate and loan-to-value rate are negative, and the expected recovery rate is very sensitive to the change of loan-to-value rate; it is reasonable that the loan-to-value rate is 60% in USA, but it should be 54% in China.
　　［Key words］ stock collateral loan; expected recovery rate; loan-to-value rate; default rate

　　重构商业银行运营体系的方法与实践
　　薛鸿健

　　［摘 要］　不仅银行的交易要通过运营体系来完成，而且客户也要通过运营体系来获得服务，可以说，运营是商业银行存在的基础。商业银行要在降低成本、改善服务和控制风险的基础上实现差异化的竞争优势，就要求商业银行必须用产业化、柔性化和服务化的模式来重构运营体系。为此，本文给出了重构商业银行运营体系的方法及模型，并且用案例展示了运用该方法来重构商业银行结算业务运营体系的实践，通过该方法，案例银行在运作安全、改善服务、提高业务吞吐量方面均取得显著成效。
　　［关键词］　商业银行；运营体系；重构模型；风险控制

　　［Abstract］ Both transactions and services provided for clients need to be accomplished through commercial bank's operational system, so the operation is regarded as the basis of commercial bank's survival. To win competitive advantages in diversified operation based on decreasing costs, improving services and controlling risks, commercial banks are required to reconstruct their operational system according to the pattern that advocates industrialization, flexibility and services. Therefore, the paper provides a model to reconstruct commercial bank's operational system and uses a case to show its application. With such approach, the commercial bank in the case has achieved remarkable improvements in operating security, service quality and business volume.
　　［Key words］ commercial bank; operational system; reconstruction model; risk control

　　工商银行私人银行业务研究
　　中国工商银行深圳喜年支行课题组

　　［摘 要］　私人银行业务以财富管理为核心，是个人金融业务的高级形式，也是商业银行资源综合运用能力的体现。该业务正是外资银行进入中国后将重点开展的业务，也将是内外资银行竞争的焦点。面对竞争激烈的私人银行业务市场，工商银行必须在打造中国第一零售银行的基础上，不断增强竞争实力，争抢个人高端客户，在私人银行业务上做大做强。本课题即在私人银行业务研究的基础上，结合目前中国私人银行市场现状及工商银行财富管理业务开展情况，对国内商业银行发展私人银行业务策略进行粗浅探讨，以期提供一些参考与借鉴。
　　［关键词］　工商银行；私人银行；财富管理

　　［Abstract］ Centering on wealth management, the private banking business is the advanced form of personal financial business and can mirror commercial bank's capability to comprehensively utilize resources. It is not only one of the core businesses that foreign banks pay attention to, but also the focal point between Chinese and foreign banks. Facing the fierce competition on the private banking market, ICBC has to ceaselessly enhance its competitive power on the basis of establishing China's best retail bank to attract high-end personal customers and strengthen its private banking business. Combining with the private banking business's developing status in China and ICBC's wealth management business, this paper discusses the possible strategies for domestic commercial banks to promote their private banking business.
　　［Key words］ ICBC; private banking; wealth management

　　中外银行专利及其战略比较研究
　　何崇阳　杨 飞

　　［摘 要］　花旗银行、大通银行等外资银行专利“抢注”事件在中国银行界引起轩然大波，表明中外知识产权争夺已经蔓延到金融领域。外资银行以“商业方法专利”为代表的专利申请来势汹汹，并向证券、保险、信托等其他行业渗透，意在实现专利“卡位”，获取专利授权收益及产品垄断优势，打造电子商务战略，对中资银行造成强大压力。本文梳理总结了中外银行专利申请的现状，剖析了中资银行在专利竞争中存在的问题，归纳提出了国内银行业专利保护的策略及措施。
　　［关键词］　商业银行；专利；商业方法专利；比较研究

　　［Abstract］ Shock waves reverberated around the Chinese Banking from the event that foreign-funded banks, such as Citibank and JP Morgan, took the initiative in registering bank patents, which indicates that intellectual property contests between Chinese and foreign enterprises have stretched into the financial domain. Centering on business method patent, foreign banks' patent application behaviors have made tremendous strides and are penetrating into other industries, such as the security, insurance, trust and so on. Their purpose is to set barriers to industry peers, which contributes them to obtain patent licensing earnings, win the monopolistic advantages, establish their e-commerce strategies and impose great pressures on Chinese banks. This paper reviews the status of the patent application among Chinese and foreign banks, scrutinizes problems shown in their competitions in patent application and proposes several feasible strategies for domestic banks on patent protection.
　　［Key words］ commercial bank; patent; business method patent; comparative research

　　建设东北区域金融中心的城市选址：实证分析
　　艾洪德　武 志

　　［摘 要］　基于振兴东北老工业基地的战略背景，建设东北区域金融中心已经形成某种共识，但是具体选择哪个城市实施则还存在许多争议，需要进行更为严谨细致的研究与论证。本文借鉴企业选址区位理论与城市竞争力理论，采用因子分析方法进行实证分析：通过降维处理将大量的样本指标化简，从而以较少的几个能够代表样本指标的综合指标（即因子）进行分析，最后计算各因子得分以及综合得分，并根据得分情况对样本城市进行排序。实证分析的结果表明，大连在东北城市体系中的综合优势最为明显，是建设东北区域金融中心的最佳选择。
　　［关键词］　区域金融中心；城市选址；实证分析；因子分析

　　［Abstract］ To rejuvenate the Northeast old industrious base, the consensus to develop the financial center of the northeast region has been achieved. However, there are still many disputes over the suitable location, which should be chosen through a series of rigorous study. Drawing reference to both the enterprise's location selecting theory and the urban competence theory, the paper exercises an empirical analysis with the factor analysis method. The paper simplifies the sample indexes by reducing their dimensions and uses several synthetic indicators (factors) to represent sample indexes. Then, the paper calculates all factors, sums them up and arranges the order of sample cities according to their scores. The conclusion reveals that Dalian appears to possess the most competitive financial power and thus is the best choice of the financial center in the Northeast region.
　　［Key words］ regional financial center; city selecting; empirical analysis; factor analysis

　　中国上市银行CEO报酬与银行绩效的关系
　　宋增基　陈 全　张宗益

　　［摘 要］　由于银行业在资本结构、监管等方面与一般企业存在显著区别，因此基于一般企业的公司治理结论是否适用于银行业值得商榷。本文采用2002－2006年上市银行样本，在充分考虑银行业特殊性的基础上，对银行CEO报酬与银行绩效间关系进行了实证分析。研究表明，由于银行业治理结构的特殊性，使其在CEO报酬对公司绩效影响方面，与一般企业存在显著区别。研究发现，银行CEO报酬对银行业绩有显著促进作用，而对股东权益却有相反影响。实证结果还表明，银行业绩和规模对银行CEO报酬有显著影响。
　　［关键词］　上市银行；CEO报酬；绩效

　　［Abstract］ Due to distinct differences between banks and general enterprises in capital structure and supervision, whether corporate governance conclusions based on those enterprises are suitable for the banking industry is debatable. By using samples of Chinese listed banks from 2002 to 2006, the paper makes an empirical analysis on the relationship between CEO compensation and listed banks' performance, with full consideration of the banking's peculiarity. The result shows that such peculiarity makes the impact of CEO compensation on bank performance distinctively different from that on general enterprises. Moreover, CEO compensation appears a significant positive correlation with bank performance and a negative correlation with shareholder's equity. The study also reveals that bank performance and its size have significant influences on CEO compensation.
　　［Key words］ listed bank, CEO compensation, performance

　　基于核心竞争力的商业银行企业文化研究
　　王延增　曹雅玮

　　［摘 要］　商业银行企业文化是商业银行在长期为客户提供金融服务的过程中逐渐形成，并得到全体成员信奉和遵守的具有自身特色的价值观念、行为规范和道德规范等内容组成的有机整体。企业文化虽然不是商业银行直接的、显在的核心竞争力，却是塑造核心竞争力的核心要素。任何一家商业银行要想在激烈竞争中保持优势，都必须培育科学的发展文化、健康的风险文化、卓越的客户文化、持续的创新文化、先进的用人文化五种企业文化。富有远见的商业银行董事会和高级管理层应把企业文化建设作为一项重要职责，自觉做企业文化的领导者、组织者、推动者和实践者。
　　［关键词］　商业银行；企业文化；核心竞争力

　　［Abstract］ A commercial bank's enterprise culture is an organic whole with distinctive self-characteristics, involving values, behavior criteria, moral standards, and so on. It is gradually formed in the process to provide financial services for clients and is followed by all enterprise members. Although enterprise culture is not a direct and apparent core competence of commercial bank, it is definitely a key factor to build bank's core competence. To preserve the competitive edge, a commercial bank has to nurture its scientific development culture, healthy risk culture, superior client culture, sustainable innovation culture and advanced human resource culture. A foresighted board of directors or top management should place the enterprise culture construction on a strategic position and automatically play the roles of leader, organizer, dominator and practitioner.
　　［Key words］ commercial bank; enterprise culture; core competence

　　网络金融电子证据问题研究
　　邹龙妹

　　［摘 要］　随着互联网的不断普及应用，传统的金融概念也发生了深刻变化,以电子货币、网络银行、电子证券为代表的网络金融的出现,给我们如何确保网络时代国家的金融安全提出了新的课题。网络金融活动中电子证据已经大量地出现。本文立足网络金融的基本概念和过程控制要素，对网络金融电子证据的概念、电子证据效力的法律认证、电子证据的举证责任分配等方面进行了总结与探讨。
　　［关键词］　网络金融；电子证据；法律效力；举证责任分配

　　［Abstract］ With the increasingly extensive spread of internet, the traditional concept of finance has made profound changes. The appearance of network finance, with symbols of electronic money, e-bank and electronic securities, presents a new subject for us on how to ensure our country's financial security in an internet age. A large number of electronic evidences have emerged in network financial activities. Based on the basic concepts and process-controlling elements of network finance, this paper makes an in-depth analysis on electronic evidence, involving its concept, the certification of legal force, the allocation of the burden of proof, and so on.
　　［Key words］ network finance; electronic evidence; legal force; the allocation of the burden of proof

　　往期内容：
　　《金融论坛》2008年第3期中英文目录及摘要
　　《金融论坛》2008年第2期中英文目录及摘要
　　《金融论坛》2008年第1期中英文目录及摘要