1、中国上市银行独立董事制度创新研究
孙君阳 殷世波 (3)
A Study on the Independent Director System Innovation of Chinese Listed Banks
SUN Jun-yang YIN Shi-bo (3)
2、当前上市银行投资者关系管理热点问题研究
王昌盛 孔祥纬 (8)
A Research on Hot Issues of Investor Relations Management of Listed Banks
WANG Chang-sheng KONG Xiang-wei (8)
3、对商业银行基层行监督模式转型改革的思考
王芝斌 (13)
An Analysis of Supervision Pattern Transformation of Basic Business Outlets of Commercial Banks
WANG Zhi-bin (13)
4、工商银行百强县支行竞争状况及策略研究——以工商银行宁波市分行余姚、慈溪支行为例
中国工商银行宁波市分行课题组 (18)
The Competition Situation of Top 100 County Sub-branches of ICBC and the Strategies——With Examples of Yuyao and Cixi Sub-branches, Ningbo Branch, ICBC
The Study Group of Ningbo Branch, ICBC (18)
5、国有商业银行信任与忠诚文化基因研究——基于高素质人才“退出—呼吁”机制的分析
崔 宏 (26)
Trust and Loyalty Culture Genes of Chinese State-owned Commercial Banks——An Analysis of Exit-Voice Mechanism on Top-grade Talents
CUI Hong (26)
6、金融控股公司客户信息问题研究
游 春 (31)
Problems of Client Information in Financial Holding Company
YOU Chun (31)
7、工商银行单证中心模式的实践与进一步探索
原擒龙 苏 辉 (36)
Practice of ICBC Bill Center Pattern and the Further Exploration
YUAN Qin-long SU Hui (36)
8、工商银行面向中小企业融资业务的服务营销
曾焕龙 (41)
The Service Marketing of ICBC Focusing on Financing Business for SMS Enterprises
ZENG Huan-long (41)
9、房地产贷款中的信息不充分及其风险
陆克今 郁洪良 (46)
Information Inadequacy in Real Estate Mortgage and Its Risks
LU Ke-jin YU Hong-liang (46)
10、隐性关联企业贷款风险的观察与思考
林跃武 仇 奕 许大庆 盛瑞源 (51)
A Research on Loan Risks of Implicitly Related Enterprises
LIN Yue-wu QIU Yi XU Da-qing SHENG Rui-yuan (51)
11、结构性衍生产品的定价和风险管理技术
胡新华 (56)
The Pricing and Risk Management of Structured Products
HU Xin-hua (56)
12、上海银行间同业拆放利率报价准确性分析
田 敏 邱长溶 马 雷 (60)
Accuracy Analysis of Quoted Price by Shibor
TIAN Min QIU Chang-rong MA Lei (60)
中国上市银行独立董事制度创新研究
孙君阳 殷世波
［摘 要］ 本文分析了商业银行公司治理的特殊性和独立董事制度的外生性，认为可以由银监会代表中小股东和存款人组成上市银行独立董事管理委员会，向上市银行推选一名独立董事，从而为中小股东和存款人的利益诉求提供通道，与银行绩效挂钩的独立董事薪酬制度将会进一步突出股东—债权人代理问题，建立银行业独立董事市场可以发挥声誉机制在有效约束独立董事和调动独立董事积极性等方面的作用。认定独立董事责任需要引入“尽职免责”制度。为了保障内部监督协调有效，需要重新安排独立董事与监事会的职责。
［关键词］ 上市银行；独立董事；公司治理；制度创新
［Abstract］ Based upon a study on commercial bank's specific characteristics in corporate governance and the exogeneity of independent director system, the paper puts forward that China Banking Regulatory Commission should establish an independent director management committee on behalf of the minorities and depositors and recommend an independent director to each listed bank to provide the minorities and depositors with interest request access. The incentive compensation system of independent director in line with bank's performance will further highlight the principal-agent problem between shareholders and creditors. Establishing the independent director market can fully play the reputation's role in restraining independent directors' behavior and arousing their enthusiasm. It's necessary to introduce ‘idelity exemption’ system in judging their responsibilities. Rearranging the functions of independent directors and board of supervisors is required to ensure an effective internal supervision.
［Key words］ listed bank; independent directors; corporate governance; system innovation
当前上市银行投资者关系管理热点问题研究
王昌盛 孔祥纬
［摘 要］ 随着我国资本市场的快速发展，投资者关系管理工作对于上市银行树立良好的资本市场形象，获得投资者信任和支持发挥着日益重要的作用。本文针对股权分置改革后，我国上市银行在投资者关系管理中遇到的下述热点问题进行详细分析并提出了可行的应对策略：（1）禁售期结束后，非流通股股东抛售行为引发的股价波动；（2）股权再融资潜在的失败风险；（3）多种因素引发的股价异常波动；（4）高管层对投资者关系管理的重视有待提高；（5）自愿性信息披露仍需加强；（6）信息不对称下更需要合理引导投资者预期。
［关键词］ 上市银行；投资者关系；股权分置改革
［Abstract］ With the fast growth of Chinese capital market, IRM plays an increasingly important role in shaping good images for listed banks and obtaining trust and support from investors. Focusing on the following hot issues resulted from the shareholder structure reform, the paper makes an in-depth analysis and puts forward the corresponding counter-measures: (1) after lock-up phase, non-floating shareholders' dumping behavior triggers the volatility of share price; (2) equity refinancing has to face many potential failure risks; (3) many factors can result in the abnormal volatility of share price; (4) senior management should pay more attention on IRM; (5) volunteering information disclosure is yet to be strengthened; (6) banks should correctly guide investors' expectancy when facing information asymmetry.
［Key words］ listed bank; investor relations; shareholder structure reform
对商业银行基层行监督模式转型改革的思考
王芝斌
［摘 要］ 商业银行事后监督工作作为其运行管理体系和内部控制体系的重要组成部分，在核算质量管理和操作风险防范方面发挥了重要作用。本文以工商银行现行监督模式为例，剖析其在监督理念、重点、效率以及人员配置、功能发挥等方面的不足，立足于构建安全型、价值型、成本型风险管理平台的需要，提出推进商业银行基层行监督模式由规范操作型向风险管理型、由质量复审型向风险预警型、由职责重叠型向责任互补型、由单一封闭型向合作多样型、由粗放分散型向集约管理型转变的五大转型路径，以期对商业银行在新形势下推进监督工作转型提供借鉴和启示。
［关键词］ 商业银行；基层行；监督模式；转型改革
［Abstract］ As an important part of operating system and internal control system, commercial bank's post-supervision plays a core role in assessment quality management and operational risk precaution. With the example of ICBC, this paper scrutinizes its insufficiency in supervision idea, priorities, staff allocation and function. To satisfy the need of safety-oriented, value-oriented and cost-focused risk management platform, the paper proposes that basic business outlet's supervision pattern should make transformation from five aspects: from standard operation pattern to risk management pattern, from quality review pattern to risk precaution pattern, from overlapping responsibility pattern to complementary responsibility pattern, from single and enclosed pattern to diversified and cooperative pattern and from extensive and decentralized pattern to intensive pattern. The author expects these suggestions can provide helpful inspiration for commercial bank's supervision transformation under the new environment.
［Key words］ commercial bank; basic business outlet; supervision pattern; transformation reform
工商银行百强县支行竞争状况及策略研究——以工商银行宁波市分行余姚、慈溪支行为例
中国工商银行宁波市分行课题组
［摘 要］ 随着新农村建设和城乡一体化的稳步推进，工商银行百强县支行的经营地位日益突显，百强县区域尤其是经济发达区域百强县是工商银行未来业务增长的亮点，也是工商银行必争的领域。本课题以中国工商银行宁波分行所辖余慈区域两个百强县支行为对象，对其主要业务竞争力状况进行了比较分析和评价，然后从总分行、百强县支行两个层面提出了相应的对策建议：总分行要采取加大网点建设、信贷资源和人员的投入，加快产品创新和业务流程改造，优化考核机制等措施来提升市场竞争能力。百强县支行要抢抓当地经济发展机遇，均衡发展业务，加强网点建设，做强中小企业业务，持续改进服务来增强同业竞争能力。
［关键词］ 工商银行；县支行；余姚市；慈溪市；竞争力
［Abstract］ Along with the steady proceeding of new construction of rural areas and the integration of urban and rural areas, the operating status of ICBC top 100 county sub-branches becomes more and more prominent. Top 100 counties, especially those in developed regions, will be the highlight of ICBC business growth in the future and the region that ICBC must exert all energy to win. By using two top100 county sub-branches of ICBC Ningbo Branch in Yuci, the paper makes a comparative analysis and assessment on their competence and proposes the following suggestions from both the head office and branch perspective and the sub-branch perspective: on the one hand, to enhance ICBC's competence in those regions, the head office and branches should strengthen the development of basic business outlets, credit resource and human resource, quicken product innovation and business process reengineering, and optimize the performance evaluation system. On the other hand, the sub-branches in those regions have to grasp the opportunity of local economic growth and realize the balanced business development. Moreover, to improve their competence among peers, they must steadily quicken the construction of basic business outlets, pay close attention to SMS enterprises and continuously upgrade their service quality.
［Key words］ ICBC; county sub-branch; Yuyao; Cixi; competence
国有商业银行信任与忠诚文化基因研究——基于高素质人才“退出—呼吁”机制的分析
崔 宏
［摘 要］ 国有商业银行在促进战略转型的过程中，迫切要求发挥先进文化的生产力转化作用，以提升市场竞争能力。但提出新文化不等于建设新文化，文化“落地”必须依赖企业文化自身进化的基因。本文根据Hirschman（1970）提出的“退出—呼吁”理论，认为国有商业银行高素质人才的行动重心更倾向于退出，而不是呼吁，这对银行竞争力的提升和文化建设十分不利。鉴于信任与忠诚文化基因对高素质人才的“退出—呼吁”机制的决定性影响，文章提出了以激活呼吁为中心，推进国有商业银行信任与忠诚文化基因建设的六条具体政策建议。最后，文章对企业文化建设需要明晰的几个相关命题进行了阐述。
［关键词］ 国有商业银行；文化基因；信任；忠诚；退出—呼吁机制
［Abstract］ The state-owned commercial banks in the strategic transition period are in urgent need of productivity transforming function of the advanced culture to improve their market competence. But proposing a new culture was not equal to constructing a new culture, the 'falling to the ground' of the culture must rely on enterprise's culture evolution gene. Based on Hirschman's theory of exit and voice, this study discusses the characteristics of talents of high quality of the state-owned commercial banks, and points out that they have a tendency to exit but voice, which is very disadvantageous to enhance the bank's competence and culture construction. In view of the decisive influence of cultural gene of trust and loyalty on the exit and voice mechanism of the high quality talents, the paper puts forward six suggestions centering on stimulating 'voice'. Finally, the paper also explains several topics that are important for enterprise culture establishment.
［Key words］ the state-owned commercial bank; cultural gene; trust; loyalty; exit-voice mechanism
金融控股公司客户信息问题研究
游 春
［摘 要］ 随着国内金融控股公司基于交叉销售的综合金融战略的实施，客户信息保护和在现有法律限制范围内的客户信息共享与交叉利用之间的协调变得越来越重要。作者把金融控股公司客户信息分为经客户授权的、未经客户授权的、合作伙伴提供的和公司外购的4类，并分别分析了这些信息在交叉使用时需防范的风险。在此基础上，提出了客户信息使用的6大原则：互惠互利、数据安全、无利益冲突、利益合理分配、保障客户体验和合法合规；3大保护策略：加快客户信息授权工作、建立多渠道客户信息取得途径、依法建立客户隐私政策和制度；此外，还给出了推进交叉销售的建议实施步骤。
［关键词］ 金融控股公司；客户信息；交叉利用
［Abstract］ With the implementation of integrated strategies, on the basis of cross selling, of domestic financial holding companies, the reconciliation between client information protection and client information's share and cross-exploitation within the legal limits appears increasingly important. The paper divides client information of financial holding company into four types, which are clients providing authorization, not providing authorization, recommended by cooperators, and purchased by the company, and analyzes their potential risks in sharing information respectively. Furthermore, the paper puts forward six principles and three safeguard strategies. The former include mutual benefit and reciprocity, data security, no interest conflict, reasonable benefit allocation, guarantee on client experience and compliance with relevant laws and regulations. The latter include quickening the authorization of client information, exploring multi- to obtain client information and legally establishing client privacy policy. Moreover, the paper also proposes the steps to fulfill cross-selling.
［Key words］ financial holding company; client information; cross-exploitation
工商银行单证中心模式的实践与进一步探索
原擒龙 苏 辉
［摘 要］ 经过两年多的实践，单证中心模式在工商银行显示出巨大的运营优势和良好的发展轨迹，并在中资银行中处于领先地位。但在单证中心发展过程中，也遇到了一些诸如来自分行的阻力、推广速度与人员补给的矛盾、个性化需求与标准化处理之间的矛盾等问题，工商银行根据实际情况，采取了许多对策并卓有成效。但作为新生事物，单证中心仍然面临一些新的问题：分行组织架构调整后，各机构层级如何定位；业务流程缩短后，如何发挥省分行管理职能；单证中心是否应走公司化道路；如何利用网络平台拓宽业务受理范围等。针对上述问题本文给出了一些建议，可作为商业银行推广单证中心模式的参考依据。
［关键词］ 单证中心模式；国际化战略；知识力密集型；集约化经营；系统灾备
［Abstract］ After two years' operation, ICBC Bill Center has shown apparent operating advantage and healthy developing orbit. Although ICBC Bill Center is ahead of that of other Chinese banks, it still faces many problems, such as resistance from branches, contradiction between fast growth and insufficient staff and conflicts between personalized demand and standard processing. ICBC has exercised many feasible counter-measures with consideration of its actual conditions. As a new pattern, Bill Center has to resolve many new problems as follows: how to position all institutional hierarchies after the change of branch's organization, how to make best use of branch's management function after shortening the business process; whether to change bill center to a corporation, and how to expand business scope with internet platform. Centering on these problems, the paper puts forward some suggestions to provide a reference for commercial banks to build bill center pattern.
［Key words］ bill center pattern; internationalized strategy; knowledge-intensive; intensive management; system disaster backup
工商银行面向中小企业融资业务的服务营销
曾焕龙
［摘 要］ 中小企业的成长与发展是近年来中国经济持续稳步增长的重要支撑，但大多数发展中的中小企业都面临着“融资难”的窘境。这就产生了一个矛盾：一方面是中小企业难以获得银行的信贷支持，另一方面是银行的大量资金无法贷出。本文从服务营销的角度出发，回顾了银行服务营销的发展历程，详细分析了我国中小企业发展现状、融资现状，并对工商银行中小企业融资业务的开展情况和面临的环境进行了阐述，在此基础上，作者从产品、促销、人员、过程4个方面，就工商银行如何制定面向中小企业的组合营销策略提出了详细的对策建议。
［关键词］ 工商银行；服务营销；中小企业；融资
［Abstract］ SMS enterprises' growth is the important support for Chinese economy's steady development, but most of SMS enterprises are facing the difficulty in financing. This situation results in a contradiction: on the one hand, SMS enterprise are hard to obtain the credit support from commercial banks; on the other hand, banks fail to switch a great amount of capital into loans. From the angle of service marketing, the paper reviews the developing course of banking service marketing, analyzes Chinese SMS enterprises status quo in growth and financing, and expounds the present situation and operating environment of ICBC financing business for SMS enterprises. Furthermore, centering on how to lay down mixed marketing strategies for SMS enterprises, the paper proposes detailed suggestions for ICBC from the perspectives of product, promotion, people and process.
［Key words］ ICBC; service marketing; small-and-medium-sized (SMS) enterprise; financing
房地产贷款中的信息不充分及其风险
陆克今 郁洪良
［摘 要］ 房地产市场价格波动之所以能够引起银行房地产信贷损失，甚至导致金融市场和宏观经济不稳定的后果，原因是由于房地产抵押贷款中存在的测不准风险或不确定性。本文从信息不充分的视角，提出了房地产抵押贷款中的测不准风险的定义，并分析了测不准风险的特性、形成原因和特殊后果。本文认为，减少或消除不必要的“不可预见和不可描述的不确定性”可能是管理房地产抵押贷款违约风险，提高贷款配置效率的最好途径，这对于分析房地产市场价格波动与金融市场、宏观经济的互动关系，防止房地产价格波动对金融业和宏观经济的冲击至关重要。
［关键词］ 金融稳定；房地产抵押贷款；信息不充分；测不准风险
［Abstract］ The main cause that the price volatility of real estate market can result in the loss of real estate credit of commercial banks and even the instability of the financial market and the macro-economy, lies in unpredictable risks or uncertainties in real estate mortgage. From the perspective of information inadequancy, this paper defines the unpredictable risk and analyzes its features, reasons and unique consequences. The conclusion is that reducing or eliminating unnecessary' unpredictable and undescribable uncertainty' might be the best approach to manage the default risks of real estate mortgage and improve its allocating efficiency. This approach is also vital for judging the interactive relationship between price volatility of real estate market and financial market and macro-economy to prevent such volatility's impacts on the latter.
［Key words］ financial stability; real estate mortgage; information inadequacy; unpredictable risk
隐性关联企业贷款风险的观察与思考
林跃武 仇 奕 许大庆 盛瑞源
［摘 要］ 国内各商业银行日益重视企业显性关联并采取了一定的风险控制措施，但企业隐性关联尚未引起银行的足够重视。由于隐性关联难以识别，不少企业试图通过该种方式来避免银行实施的关联管理和授信总量控制。本文在对关联企业的含义、特点及其三种主要表现形式加以解释的基础上，详细阐述了隐性关联企业贷款的潜在风险及国内银行对隐性关联企业贷款风险存在控制缺失的现状，进而从改善内外部环境、建立风险识别信息系统和强化最后保障性控制措施等方面提出了加强风险防范的应对措施。
［关键词］ 隐性关联；关联企业；贷款风险
［Abstract］ Although the explicit relationship among enterprises has attracted domestic commercial banks' attention and they have adopted appropriate measures to make risk precaution, implicit relationship among enterprises is yet to obtain adequate attention. Because such relationship is hard to identify, many enterprises use it to escape commercial bank's related-party management and control on lines of credit. Beginning with the introduction of implicitly related enterprise's definition, characteristics and main forms, the paper expounds the potential risks of loans to such enterprises and the situation that domestic banks fail to have effective control on those risks. Furthermore, the paper puts forward some risk precaution measures from the following perspectives: upgrading the internal and external environments, establishing risk identification system and strengthening safeguard measures of last resort.
［Key words］ implicit relationship; related enterprise; risk on loan
结构性衍生产品的定价和风险管理技术
胡新华
［摘 要］ 准确可靠的定价能力不仅是银行增加资金业务收益、提高风险管理水平的重要前提，而且也是增强银行核心竞争力的技术保障。结构性衍生产品的定价过程通常由三部分构成：一是准确理解和描述产品的结构，二是选择适当的定价模型、市场数据和校准方法,三是选择最优的数值算法，定价过程最终都借助计算机程序来实现。定价的本质就是准确度量风险的价值，实现风险的对冲。最好的风险管理技术应该采用动态Delta、Vega、Gamma对冲。中国银行业在结构性衍生产品交易领域起步较晚，先引进外部定价软件，在此基础上逐步自主开发是实现定价能力和风险管理的现实选择。
［关键词］ 结构性衍生产品；定价；风险管理；动态对冲
［Abstract］ The reliable pricing ability will help banks to increase treasury operations income, improve risk management and enhance its core competence. The process of pricing for structured products is composed of three parts: (1) product structure descriptions; (2) selection of pricing model, market data and calibration method; (3) selection of optimal calculation approach. The whole process relies on computer programs to be completed. The essence of pricing for derivatives is to accurately measure the value of risks and to hedge them accordingly. The best choices for risk management include Delta、Vega and Gamma hedging. Given a late start of derivative products in China, the realistic choice for Chinese banking is to introduce foreign pricing software first and gradually develop ourselves pricing system independently.
［Key words］ structured products; pricing; risk management; hedging
上海银行间同业拆放利率报价准确性分析
田 敏 邱长溶 马 雷
［摘 要］ 上海银行间同业拆放利率（Shibor）作为新的货币市场基准利率指标体系，为货币政策调控逐步从数量调控转为价格调控提供了条件。Shibor推出后，以Shibor为基准的利率互换交易不断增加，在债券市场、票据市场和衍生品市场，越来越多的交易以Shibor作为基准，因此，Shibor报价行的报价准确性与真实性将直接影响Shibor的有效运行。本文运用统计方法对2007年Shibor报价银行团中16家商业银行的报价，从总体水平与报价基点差两方面进行分析，统计结果表明：中国工商银行报价准确性相对最高，地方商业银行整体报价能力优于股份制商业银行，外资银行仍需进一步改进。
［关键词］ 同业拆放利率；货币市场基准利率；商业银行；货币政策调控
［Abstract］ As a new monetary market's target interest rate index system, Shibor creates conditions for the change of monetary policy from quantity control to price control. The trading volumes of interest rate swap based on Shibor are growing up. More and more trades are quoted based on Shibor in the bond market, bill market and derivative market, so the accuracy and authenticity of prices provided by quotation banks directly influence the effective operation of Shibor. This paper uses statistic approaches to analyze the prices quoted by 16 commercial banks sampled from the Shibor quotation bank group, from both overall levels and basic point spread. The result shows that the accuracy of price quoted by ICBC is relatively high, the overall quotation ability of local commercial banks is superior to that of shareholding commercial banks and foreign-funded banks' quotation ability need to be improved.
［Key words］ interbank offered rate; target interest rate of the monetary market; commercial bank; monetary control policy
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