形势分析
重建市场信心是缓解流动性危机的有效途径
姜建清 孙 彬 (5)
理论研究
“市场型间接融资”体系与中国融资体制改革取向
孙立行 (12)
中国商业银行破产标准的制度设计与构建
郭向军 董 宇 (20)
中国区域金融市场竞争差异的实证研究——来自1997~2006年的经验证据
曹源芳 (27)
应用研究
商业银行操作风险度量模型的比较与分析
沈怡斐 (32)
基于非直接损失性的商业银行操作风险度量研究
潘建国 王 惠 (37)
上市银行治理机制对风险承担的影响（2000～2007）
曹艳华 牛筱颖 (43)
调研报告
工商银行品牌竞争策略研究
中国工商银行长春金融研修学院课题组 (49)
贷款定价模式与提高市场竞争力——以工商银行福建省分行贷款定价实践为例
王文星 (56)
业务探讨
基于贷款交易业务模式创新的信贷资产组合管理研究
谢 刚 李 勇 (63)
银行跨国并购IT系统整合管理研究
陈友滨 (69)
资本市场发展与银行经营转型——以浙江四大商业银行为例
中国工商银行浙江省分行管理信息部课题组 (75)
重建市场信心是缓解流动性危机的有效途径
姜建清 孙 彬
［摘 要］ 近期发生的美国次级债危机是以流动性危机为主要特征的金融危机。通过回顾并运用危机理论分析这次危机的形成过程，本文发现，市场信心丧失是由货币创造型的流动性过剩转变为流动性危机及“流动性黑洞”的主要原因，同时，维持稳定的信心是市场正常发展的必要条件。因此，在危机爆发时期，政府应极力挽救市场信心，但经济稳定时期也必须注重维持稳定的市场信心。稳定市场信心必须加强预期管理，并提出以下政策建议：引导投资者行为，避免预期趋同化，鼓励提供差异化信息；重视加强市场宏观管理和监管；加强市场微观结构的建设；适当时机可采取国际间协调性的政策措施等。
［关键词］ 流动性危机；次贷危机；市场信心；预期管理
［Abstract］ The sub-prime mortgage crisis in the United States is a kind of financial crisis with the characteristic of liquidity crisis. After reviewing the process of this crisis and using the crisis theories to analyze how the crisis happened, the authors argue that the loss of market confidence is the important reason why the economic environment changed from excess liquidity to liquidity black hole and maintaining the stable market confidence is essential to ensure market development. Therefore, the government should not only adopt a series of actions to rescue market confidence when a crisis breaks out, but also try to restore stable confidence during the calm period. Strengthening expectation management is required to stabilize the market confidence. Then the paper puts forward the following suggestions to improve expectation management: guiding investors' activities to avoid the same expectation and encourage providing different information; attaching importance to the macro-management and supervision to the market; improving the market's infrastructure; adopting international cooperation when necessary.
［Key words］ liquidity crisis; sub-prime mortgage crisis; market confidence; expectation management
“市场型间接融资”体系与中国融资体制改革取向
孙立行
［摘 要］ 本文在剖析中国金融体制存在的融资结构性失衡问题的基础上，指出解决融资结构性矛盾应成为下一步深化金融体制改革的着力点。中国目前并不适宜发展直接金融主导的金融体系，而是应该结合本国的特殊国情，在以间接金融主导的金融体系中引入以功能发挥为基础的“市场型间接融资”新模式，即以金融中介机构为资本市场的主要参与主体，通过开展金融创新业务，向全社会提供依托市场的专业化投融资服务；同时强调这一金融体制改革能否顺利进行取决于金融创新和制度建设能否并驾齐驱，融资体制改革需要改革措施的互补配套，方能实现最佳的改革效果。
［关键词］ 金融体制改革；融资结构；市场型间接融资；金融创新；制度建设
[Abstract］ On the basis of scrutinizing the problem of structural disequilibrium in Chinese financial system, this paper puts forward that resolving this structural contradiction should be the core in the next step of deepening the reform of Chinese financial system. It is not suitable for China to develop the financial system dominated by direct financing. A feasible pattern, combined with China's actual conditions, is to establish an indirect-financing-dominated financial system and moderately introduce a market-oriented indirect financing mode to play its specific function. In detail, financial intermediaries should play the main role on the capital market, and by innovating various financial business, they can provide professional investment and financing services to satisfy the market's demand. At the same time, whether this financial system reform could succeed depends on the development speed of financial innovation and system construction. Only with the coordination between financing system reform and reform measures, could the optimal reform achievement be reached.
［Key words］ financial system reform; financing structure; market-oriented indirect financing; financial innovation; system construction
中国商业银行破产标准的制度设计与构建
郭向军 董 宇
［摘 要］ 中国应顺应世界各国银行立法改革潮流，立足中国国情，建立银行破产的专门规则并规定监管性标准。破产标准的设计要满足可操作性和实际性原则，并体现经济性和效率性。适格破产申请人可以基于银行不能支付到期债务，或者银行资不抵债向银行监管机构提出批准银行破产的申请。根据商业银行所表现出来的风险特征与风险水平，依据“风险加权法”确定其风险大小，将商业银行判断为正常、关注、问题和危机4类，对于危机银行采取果断措施，使其稳妥退出市场。监管机构也可综合考虑已达到破产临界点的银行对社会的影响，采取实施救助或申请破产的措施。
［关键词］ 商业银行；监管机构；风险特征；破产标准；监管性标准
［Abstract］ China should go along with the world trend of bank legislation reform, and establish special bank insolvency rules with regulatory standards based on China's national conditions. Insolvency standards should be designed to satisfy the principle of feasibility and the practicality, and can be fulfilled in the most economical and efficient way. A qualified bankruptcy applicant may apply for bankruptcy to bank regulatory agencies if the bank fails to pay the due debt or goes insolvency. According to the level and characteristics of risks demonstrated by the commercial bank, the regulatory agency can use the risk-weighted method to determine the size of risks, and classify the bank into one of four categories: pass, special mention, problematic and crisis. Decisive measures should be taken to make the crisis bank out of the market safely. In addition, regulatory authorities can decide to implement relief or require the bank to file for bankruptcy with consideration of the overall social impacts of the bank on critical insolvency point.
［Key words］ commercial bank; regulatory agency; risk characteristic; insolvency standard; supervision standard
中国区域金融市场竞争差异的实证研究——来自1997~2006年的经验证据
曹源芳
［摘 要］ 各区域市场化进程的不同步导致中国各区域金融市场的发展水平出现差异。文章以勒纳指数为区域金融发展的代理变量，从全国面板数据、各年截面数据和各省市时间序列数据三个角度对各区域金融市场的勒纳指数和发展水平进行了测算。结果显示，中国的金融市场仍具有较高的垄断程度，各区域金融市场发展水平存在着地区差异，且与经济发展程度高度相关。此外，随着金融体制改革的深入，各区域金融市场呈现出发展水平缓慢提高、垄断程度缓慢下降的趋势。为加速金融市场的发展，政府应继续深化金融体制改革，缩小区域金融市场差异并推进全国金融市场一体化发展。
［关键词］ 金融市场；金融垄断；区域差异；勒纳指数；需求价格弹性
［Abstract］ The asynchrony of marketization process among different regions results to their disparities in the development level of financial market. This paper employs Lerner Index to represent the regional financial development, and measures each region's Lerner Index with data from three dimensions: the nationwide panel data, cross-sectional data of each year and time series data of each province and city. The results show that Chinese financial market is still a high monopoly market. There are significant disparities in the development of financial market among regions, which is highly correlated to the level of local economic development. With the reform of financial system, each regional financial market has been improved slowly and the degree of monopoly is decreasing slowly as well. In order to accelerate the growth of financial market, the authority should continue to deepen the reform on financial system, reduce the regional differences and promote the integrated development of the nationwide financial market.
［Key words］ financial market; financial monopoly; regional difference; Lerner Index; price elasticity of demand
商业银行操作风险度量模型的比较与分析
沈怡斐
［摘 要］ 本文着眼于商业银行操作风险度量模型中的三种自上而下的度量方法：收入模型、基本指标法和支出模型，分别运用上海浦东发展银行、深圳发展银行和中国民生银行2002年第1季度至2007年第2季度的数据进行实证分析。经过实证研究发现，三家银行的操作风险收入模型比较符合中国国情。三种不同方法计算得到的操作风险资本有比较大的区别，但是都远远小于银行操作风险损失的大小，其中，收入模型所要求的风险资本最大，基本指标法所要求的次之，支出模型所要求的最小。由此可见，操作风险度量模型在我国的适用程度仍然不高。
［关键词］ 商业银行；操作风险；操作风险资本；收入模型；基本指标法；支出模型
［Abstract］ This paper focuses on three top-down models to measure commercial bank's operational risks, which are the income model, the basic index model and the payout model, and makes an empirical analysis with the data of Shanghai Pudong Development Bank, Shenzheng Development Bank and China Minsheng Banking Cop. from 1Q 2002 to 2Q 2007. The results indicate that three banks' income model on operational risks is consistent with Chinese conditions. Three models lead to different operational risk capitals, all of which are less than the banks' operational risk loss. Among them, the risk capital required by the income model is the largest, the second is the basic index model and the third is the payout model. Generally, operational risk measurement models fail to work very well in China.
［Key words］ commercial bank; operational risk; operational risk capital; the income model; the basic index model; the payout model
基于非直接损失性的商业银行操作风险度量研究
潘建国 王 惠
［摘 要］ 目前，操作风险度量研究还很不成熟，各种模型都存在一些严重的缺陷，数据问题是制约操作风险度量的重大障碍，而其主要原因在于沿用传统风险度量的思路，依赖于市场损失数据建模。操作风险产生于企业内部经营过程中，企业内部活动依赖于企业内部科层组织的行政命令，不能直接用市场价值来衡量，操作风险具有非直接损失性特点。商业银行内部控制评价、基于内部控制评价的基本指标法和标准法、基于作业的操作风险度量贴近商业银行风险管理实践，其复杂性和风险敏感性依次增强，是适用于不同管理需要的三种基于非直接损失性的操作风险度量方法。
［关键词］ 商业银行；非直接损失；操作风险度量；经济资本
［Abstract］ So far, researches about measuring operational risks are still not mature, and all available models have some serious drawbacks. Data problem is the most serious obstacle in measuring operational risks, for the traditional approaches to measure risks, to a large extent, rely on the data of market loss to build the model. In fact, operational risks originate from the process of an enterprise's internal operation, which depends on the administrative orders among its internal hierarchies. Therefore, such risks cannot be evaluated by the market value and are indirect losses. Commercial bank's Internal Control Evaluation, the Basic Indicator Approach and Standardized Approach based on the internal control evaluation and Activity-based Operational Risk Measurement are three basic approaches based on indirect loss to measure operational risks. The three approaches are close to commercial bank's risk management practice, and the complexity and risk sensitivity go stronger one by one, so they can satisfy various management demands.
［Key words］ commercial bank; indirect loss; the measurement of operational risk; capital at risk
上市银行治理机制对风险承担的影响（2000～2007）
曹艳华 牛筱颖
［摘 要］ 本文以我国14家上市银行2000～2007年的年报为数据来源，对上市银行治理机制对风险承担的影响进行了实证分析。结果表明，股权集中度对风险承担产生了显著的影响，其中第一大股东持股比例越高风险承担越高，而前五大股东持股比例越高风险承担越低；非上市流通股比例、董事会规模、独立董事比例以及薪酬最高的前三名高管的平均薪酬均与银行风险承担负相关；银行董事长（或副董事长）同时兼任行长（或CEO）在一定程度上倾向于增加银行的风险承担；国有股比例、第一大股东性质和高管持股状况没有对风险承担产生显著影响。
［关键词］ 上市银行；治理机制；风险承担；股权集中度
［Abstract］ This paper empirically analyzes how the corporate governance mechanism can affect the risk-taking in listed banks with data of 14 listed banks' annual reports from 2000 to 2007. The results show that concentration of ownership has a significant impact on risk-taking. The higher the largest shareholder's shareholding percentage, the higher the risk-taking is; the higher the top five shareholders' shareholding percentage, the lower the risk-taking is. The percentage of untradeable shares, the size of the board of directors, the proportion of independent directors and the average remuneration of top 3 senior executives with the highest remuneration are negatively correlated to the risk-taking. However, the situation that the chairman or vice chairman concurrently holds the post of president or CEO increases the bank's risk exposures to a certain extent. Proportion of state-owned shares, the nature of the largest shareholder and the executives' shareholding have no significant impact on risk-taking.
［Key words］ listed bank; corporate governance mechanism; risk-taking; concentration of ownership
工商银行品牌竞争策略研究
中国工商银行长春金融研修学院课题组
［摘 要］ 品牌是企业对外核心竞争力的汇聚，是一种沉淀下来的话语权。工商银行历来重视企业文化建设和企业形象的宣传推广，尤其是股改上市以后，对品牌文化的研究日趋重视，品牌建设的步伐也在明显加快,并在经营中发挥着积极的正面导向作用，品牌已经成为企业核心竞争力的重要组成部分。品牌建设是企业同员工、企业同消费者进行心灵对话的过程。在企业品牌建设中，首先要给品牌以鲜明的定位，并让这种品牌在消费者心目中占有优势地位。要探索品牌竞争力提升的策略和途径，不仅要从企业内部去铸造、打造品牌，还要从企业外部去维护、推广品牌。
［关键词］ 工商银行；品牌建设；品牌定位；品牌策略；核心竞争力
［Abstract］ Brand is the external symbol of an enterprise's core competence and an accumulated right to speak. ICBC always emphasizes the construction of enterprise culture and the promotion of enterprise image. Especially since going public, ICBC has been paying more and more attention to the study of enterprise culture. The brand establishment is obviously accelerating and playing a positive instruction in the operation. The brand has become an important part of an enterprise's core competence. Brand construction is the process that an enterprise communicates with its employees and customers. In the course of establishing an brand, first, the enterprise must position the brand definitively and attract customers to accept it and appreciate it. To probe the strategies and approaches to enhance a brand's competence, we must forge the brand from the inside of enterprise, as well as maintain and promote the brand from the outside of enterprise.
［Key words］ ICBC; brand construction; brand positioning; brand strategy; core competence
贷款定价模式与提高市场竞争力——以工商银行福建省分行贷款定价实践为例
王文星
［摘 要］ 本文以工商银行福建省分行人民币贷款产品定价的实际情况为例，分析了受资金供求、风险考核、竞争环境和信息不对称等因素影响，该行贷款产品呈现利率下浮贷款所占比重与客户信用等级正相关、利率下浮贷款中短期贷款所占比重偏高、沿海与内陆区域定价水平差异较大和在同业市场上贷款定价水平偏低等特征。在此基础上，本文提出工商银行应以贷款定价的基本原理为指导，合理进行贷款风险量化；在实践中不断改进和修订已有的定价方法，逐步建立“以市场价格为参考、变动成本为下限、充分考虑客户风险及银－客整体关系”的贷款定价机制，提高工商银行在贷款市场上的竞争能力。
［关键词］ 工商银行；浮动利率；贷款定价；同业竞争
［Abstract］ By analyzing the RMB loan pricing practice of ICBC Fujian Branch, the author points out that affected by fund supply and demand, risk assessment, competition environment and information asymmetry, the loan products of Fujian Branch show the following characteristics: the proportion of downward floating rate loan is positively correlated to clients' credit rating, the short and medium term loan accounts for the largest part in the downward floating rate loan, there are obvious disparities in the loan pricing between coastal areas and inland areas, and the loan price of ICBC is lower than that of the peers. Furthermore, the paper proposes that ICBC should adopt suitable measures to quantify the loan risks under the instruction of the basic principles of loan pricing. ICBC has to constantly improve and modify its loan pricing approach, and gradually establish a scientific loan pricing mechanism, referring to the market price, making the variable cost price floor, and fully considering client risks and the overall relationship between ICBC and clients. Such pricing mechanism will effectively enhance ICBC's competitiveness on the loan market.
［Key words］ ICBC; floating rate; loan pricing; competition among peers
基于贷款交易业务模式创新的信贷资产组合管理研究
谢 刚 李 勇
［摘 要］ 信贷资产组合管理机制的发展可有效地转移和降低银行传统经营模式下所独自承受的信用风险，通过信用产品交易拓展银行的经营领域，增加银行的整体竞争力和收益，成为促进银行发展的重要因素。德意志银行的经验表明，国际领先商业银行信贷资产组合管理机制创新提高了其风险防范和管理能力。中国商业银行在信贷资产组合管理机制创新方面已有初步的探索和研究，但还需要借鉴国际经验和工具，以贷款交易为基础逐步形成信贷资产组合管理机制，其具体模式可以从基础的交易产品开始，包括贷款参与、贷款更新与贷款转让。
［关键词］ 银行信贷资产；信贷资产组合管理；贷款交易；机制创新
［Abstract］ The development of credit portfolio management can effectively transfer and decrease the credit risk, which has to be shouldered solely by commercial bank under the traditional operating pattern. By expanding bank's operating domain and improving the competitiveness and income, credit product trade becomes the essential factor to further bank's development. The experience of Deutsche Bank shows that the mechanism innovation of credit portfolio management in international leading commercial banks could enhance their risk precaution and management capability. Chinese commercial banks have made preliminary explore on the mechanism innovation of credit portfolio management, but they still need to learn from international experience and tools to establish themselves credit portfolio management mechanism on the basis of loan trade. The exact pattern can begin with the basic tradable products and gradually cover loan participation, loan update and loan assignment.
［Key words］ credit assets of commercial bank; credit portfolio management；loan trade; mechanism innovation
银行跨国并购IT系统整合管理研究
陈友滨
［摘 要］ 在银行跨国并购中，IT系统整合是一个不可回避的问题，IT系统整合能力也是银行自身是否具备并购整合核心能力的重要评价标准。本文从核心能力构筑为中心的并购整合和国际银行业跨国并购实践出发，在银行并购的系统框架下，分析了IT系统整合在银行跨国并购中的特殊重要地位，提出了以下IT系统成功整合的关键因素：确保IT系统整合在并购战略指导下与并购交易的协同；构建有利于IT系统整合快速推进的并购整合组织管理机制；构建与并购整合相适应的IT管理机制与平台；构建与IT系统整合相适应的知识技能转移扩散机制与平台等。
［关键词］ 银行并购；跨国并购；IT系统整合
［Abstract］ In the process of bank cross-border M&A, IT system integration is an inevitable issue and the capacity to integrate the IT system is also regarded as a key element to evaluate the acquirer's integration capacity. This research, based on establishing core capacity of bank in the M&A integration and the practices of bank cross-border M&A, analyzes the outstanding status of IT system integration in bank cross-border M&A under the systematic framework of bank cross-border M&A, and proposes the key elements ensuring the success of IT system integration, including the coordination between the M&A transaction and the IT system integration, the establishment of suitable overall M&A integration management mechanism to promptly implement the IT system integration, the establishment of IT management mechanism and platform in accordance with M&A integration, and the construction of suitable knowledge transfer mechanism and platform matching the IT system integration.
［Key words］ bank merger and acquisition; cross-border M&A; IT system integration
资本市场发展与银行经营转型——以浙江四大商业银行为例
中国工商银行浙江省分行管理信息部课题组
［摘 要］ 我国资本市场的日益壮大迫使金融“脱媒”现象成为不可逆转的趋势，而且这将是一个渐进的、不断深化的过程。资本市场的发展将对浙江四大商业银行的资金来源、贷款业务、产品创新以及盈利模式等方面产生较为深远的影响。因此，四大商业银行必须顺应资本市场的发展，结合本地经济金融和同业竞争特点，从优化客户结构，突出理财业务，加强同业合作，积极发展间接银团贷款、资产证券化业务、投行业务和金融衍生产品等方面，持续推进经营转型进程。论文最后提出统一选择市场营销目标、完善营销体系、提高人员专业素质、加强与外部专业机构合作四方面转型保障措施。
［关键词］ 资本市场；四大商业银行；经营转型；金融脱媒
［Abstract］ Financial disintermediation becomes irreversible with Chinese capital market getting stronger day by day. This process will be gradually progressive and deepening. The development of the capital market makes profound impacts on source of fund, loan business, product innovation and profit mode of Big Four commercial banks in Zhejiang Province. Therefore, the Big Four have to follow the development of capital market, and proactively launch the financial innovation to accelerate operating transformation, such as indirect syndicate loan, asset securitization business, investment banking and financial derivative business. Moreover, the paper puts forward the safeguard measures from four aspects: making uniform standards on choosing marketing target, perfecting the marketing system, enhancing the professional quality of the staff and reinforcing the cooperation with the external professional institutes.
［Key words］ capital market; Big Four commercial banks; operating transformation; financial disintermediation
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