形势分析
经济调整对中国商业银行经营的影响及对策研究
张亦春 孙君明 (5)
Influence of Economic Adjustment on Chinese Commercial Banks' Operation and the Counter-measures
ZHANG Yi-chun SUN Jun-ming (5)
经济周期对我国商业银行信贷经营的影响及对策
中国工商银行江苏省分行课题组 (10)
The Influence of Business Cycle on Chinese Commercial Bank's Credit Business and the Counter-measures
The Study Group, Jiangsu Branch, ICBC (10)
理论研究
从成本－收益视角看中国银行业监管的路径选择
刘 毅 文 珊 (18)
The Optimizing Approach to Supervise Chinese Banking from the Perspective of Cost-Benefit Analysis
LIU Yi WEN Shan (18)
国际金融危机背景下中国局部银行危机问题研究
彭 科 (25)
Research on Localized Banking Crisis in China Under the Background of Global Financial Crisis
PENG Ke (25)
澳大利亚金融服务督察机制及其对消费者的保护
邢会强 (33)
Australia Financial Ombudsman Service Mechanism and Its Protection on Consumers
XING Hui-qiang (33)
实证研究
金融类上市公司并购绩效的实证研究
金永红 薛婷婷 (38)
An Empirical Study on the Performance of M&A of Publicly Listed Companies in the Financial Sector
JIN Yong-hong XUE Ting-ting (38)
中国上市公司股东投票出席行为研究——基于股权分置改革分类表决的实证分析
邢天才 宗计川 (45)
Study on Shareholders' Voting Participation of Chinese Publicly Listed Companies——Based on the Empirical Evidence from the Reform on Nontradable Shares
XING Tian-cai ZONG Ji-chuan (45)
业务探讨
基于信贷审查与决策形成的信贷周期及其对策研究
卜凡松 周 晶 (52)
Research on the Formation and Counter-measures of Credit Cycle Based on Credit Examination and Approval
BU Fan-song ZHOU Jing (52)
全面风险管理视角下的商业银行市场风险管理体系
林 谦 (59)
Commercial Bank's Market Risk Management System Based on Enterprise-wide Risk Management
LIN Qian (59)
全球金融危机对中国金融创新发展的启示
秦建文 梁 珍 (66)
The Implications of Global Financial Crisis for the Development of China's financial Innovation
QIN Jian-wen LIANG Zhen (66)
商业银行并购贷款风险控制的理论与实践
汪 恒 (73)
Theory and Practice of Risk Control in M&A Loans of Commercial Banks
WANG Heng (73)
理论动态
商业银行票据业务事业部改革探索——票据业务事业部体制创新座谈会综述
陈江伟 (79)
Exploration on the Reform of Commercial Bank's Bill Business into Strategic Business Unit——A Summary of Forum on Institutional Innovation of Bill Strategic Business Unit
CHEN Jiang-wei (79)
经济调整对中国商业银行经营的影响及对策研究
张亦春 孙君明
［摘 要］ 2008年以来，在由美国次贷危机引发的全球金融危机影响下，中国经济已进入调整周期，这对商业银行的经营带来了许多影响。本文首先分析了未来中国宏观经济的发展趋势，认为此次经济调整在短期内难以结束；在此基础上，根据经济调整所引起的国家宏观政策的变化，深入剖析了造成商业银行经营不利影响的三个主要因素：净息差收窄、中间业务收入增速减缓和信贷资产质量下降；最后，本文提出中国商业银行应对宏观经济调整的四个建议：强化资产负债精细化管理、拓宽中间业务收入渠道、坚持特色定位和品牌经营、加强风险预警。
［关键词］ 金融危机；经济调整；商业银行；商业银行经营
［Abstract］ Since 2008, suffering from the global financial crisis, China's economy has entered the adjustment period, which makes significantly influence on commercial banks' operation. The paper first analyzes the development trend of China's economy in future and points out that the economic adjustment is hard to terminate in a short term. According to the changes of macro-economic policy resulting from the economic adjustment, the paper deeply scrutinizes three main factors negatively affecting commercial banks' operation, which are the shrinkage of net interest spread, the slowing growth of intermediary business income and the decrease of credit asset quality. The paper proposes four suggestions for Chinese commercial banking to handle the economic adjustment as follows: enhancing the sophisticated management of assets and liabilities, broadening the channel of intermediary business income, persisting the unique market positioning and brand operation, and paying attention to risk warning.
［Key words］ financial crisis; economic adjustment; commercial bank; the operation of commercial banks
经济周期对我国商业银行信贷经营的影响及对策
中国工商银行江苏省分行课题组
［摘 要］ 在当前国际金融危机向经济危机转化、我国经济进入下行周期的大背景下，对经济周期中的银行信贷经营行为进行重点研究已显得尤为重要和迫切。本文运用经济金融周期理论、不完全资本市场理论等，在深入分析经济周期与信贷经营关系的基础上，总结了经济周期对商业银行信贷经营的影响，并从信贷发展战略、信贷经营机制、信贷风险管理、信贷经营模式创新及信贷经营资源配置等方面，提出了应对经济周期波动的对策建议，旨在进一步增强我国商业银行整体经营水平和风险控制能力，提升核心竞争力，打造国际一流金融企业。
［关键词］ 经济周期；商业银行；银行信贷；信贷经营
［Abstract］ Under the background that global financial crisis is switching to economic crisis and Chinese economy has entered the downward cycle, emphasizing the research on commercial bank's credit business in business cycle appears especially important and pressing. By using theories of business and financial cycle and incomplete capital market theory, the paper deeply analyzes the correlation between business cycle and commercial bank's credit business and summarizes the influence of the former on the latter. Furthermore, the paper puts forward several counter-measures against the cyclical fluctuation of economy from the perspectives of credit development strategy, credit operation mechanism, risk management on loans, innovation on credit operation patterns and credit resource allocation. Those counter-measures are aimed to further improve Chinese commercial banks' operating ability as a whole and risk control ability, enhance their core competence and help Chinese commercial banks advance to international first-class financial enterprises.
［Key words］ business cycle; commercial bank; bank credit; credit business
从成本－收益视角看中国银行业监管的路径选择
刘 毅 文 珊
［摘 要］ 近年来，通过监管理念和监管方式的不断创新，中国商业银行监管的现状得以改善，但由于我国银行监管的发展历程毕竟短暂，因此在监管理念、监管技术等方面还存在一定的不足。为此，本文从提高我国银行监管成本－收益有效性的角度，提出了优化监管的路径选择：转变监管理念，从规则导向监管逐步向原则导向监管演进；改进监管方式，提高现场检查有效性，促进非现场监管系统升级改造，提高监管效率；强化市场力量，完善监管外部问责制；通过引入预先承诺制，建立起有效的市场退出新机制。
［关键词］ 商业银行；银行监管；现场检查；非现场监管；外部问责；预先承诺
［Abstract］ Continuous innovation in supervision notion and approaches has been improving the status of supervision on Chinese commercial banks. However, due to the short history of the domestic supervision development, there are many insufficiencies in the supervision notion and techniques. Therefore, from the perspective of enhancing the effectiveness of cost-benefit in Chinese banking supervision, the paper proposes an optimizing supervision approach: switching from a regulation-oriented philosophy to a principle-oriented one; improving the supervision methods to boost the effectiveness of on-site examination and upgrade the off-site supervision system; strengthening the market forces to perfect the external accountability system; introducing the pre-commitment system to set up an efficient market withdrawal mechanism.
［Key words］ commercial bank; banking supervision; on-site examination; off-site supervision; external accountability; pre-commitment
国际金融危机背景下中国局部银行危机问题研究
彭 科
［摘 要］ 本文以金融脆弱性理论为基础，从银行、存款人、借款人视角说明了银行具有内在脆弱性。由于我国存在的高市场集中度、高政府隐形担保导致了银行脆弱性的表现主要以局部银行危机的形式出现，并且“脆弱+冲击”是其主要的实现途径。在当前金融危机背景下，以稳定存款人心理预期为着力点，从纠正我国最后贷款人制度的错位救助、构建显性存款保险制度赎买国家隐性担保、引入市场约束激励银行审慎经营三个方面，明确市场约束、流动性援助和存款保险激励兼容的局部银行危机处理策略，是构建局部银行危机向系统性银行危机转变的阻断机制的必要现实选择。
［关键词］ 金融危机；金融脆弱性；外部冲击；局部银行危机；存款人心理预期
［Abstract］ On the basis of the theory of financial fragility, the paper expounds the internal fragility of banks from the perspectives of banks, depositors and borrowers. The high market concentration and implicit government guarantees result in that bank's fragility is mainly manifested by localized banking crisis, and the chief approach is "fragility and impact". Under the current background of global financial crisis, by focusing on stabilizing depositors' psychological expectation, the banking system must correct the dislocated relief of the lender of last resort system, establish explicit deposit insurance system to replace government's implicit guarantees and introduce market discipline to encourage banks to cautiously operation. To cut off the localized banking crisis transforming to systematic banking crisis in China, a scientific localized banking crisis disposal strategy must be established, which should satisfy the compatibility among definite market discipline, liquidity relief and deposit insurance.
［Key words］ financial crisis; financial fragility; external shocks; localized banking crisis; depositor's psychological expectation
澳大利亚金融服务督察机制及其对消费者的保护
邢会强
［摘 要］ 为保护金融消费者的利益，澳大利亚成立了金融服务督察机构。金融督察服务机构的独立裁判人员为不能直接与金融服务提供者解决纠纷的消费者和小企业提供免费、公平和易得的争议解决途径。这一外部的争议解决途径作为一个法院程序的替代性解决方案，是建立在金融服务提供者参与的基础之上，能通过协商和让步解决争议。金融督察服务机构的独立争议解决程序涵盖银行、信用、贷款、财务规划、投资、股票经纪、基金管理、集合退休金信托等金融服务领域里的消费者投诉。借鉴澳大利亚的经验，我国应在金融法中引入“消费者”的概念，成立我国的金融服务督察机构。
［关键词］ 金融督察服务；消费者；金融消费者；非诉讼纠纷解决机制；金融法
［Abstract］ To protect the interests of consumers, Australia established Financial Ombudsman Service (FOS). The independent umpires of FOS provide free, fair and accessible dispute resolution for consumers and small businesses that fail to resolve disputes directly with their financial service providers. As an alternative to court procedure, this external dispute resolution is based on the involvement of financial service providers and can help to resolve disputes through negotiation and conciliation. The independent dispute resolution procedure of FOS covers consumers' complaints in financial service fields such as banking, credit, loans, financial planning, investment, stock broking; fund management and pooled superannuation trusts. Drawing the experience of Australia, China should introduce the concept of "consumer" in the financial law and establish Financial Ombudsman Service.
［Key words］ financial ombudsman service; consumer; financial consumer; non-lawsuit dispute resolution mechanism; the financial law
金融类上市公司并购绩效的实证研究
金永红 薛婷婷
［摘 要］ 本文以2004~2007年的25起金融类上市公司的并购事件为样本，将并购划分为关联交易、具有主要控制权的非关联交易、不具有主要控制权的非关联交易三类,分别考察中国金融类上市公司的兼并收购行为。研究发现：具有主要控制权的并购对于提高上市公司的经营绩效发挥了重要作用，对金融上市公司盈利能力的提高产生了正面影响；不具有主要控制权的并购对于金融上市公司的经营绩效的影响相对不大；关联交易类并购有可能使得金融上市公司对于其关联公司承担了过多的职责，偏离了公司价值最大化目标，因此造成这类金融类上市公司并购后经营绩效的不稳定。
［关键词］ 金融类上市公司；并购；并购绩效；关联交易
［Abstract］ This paper chooses 25 M&A events from 2004 to 2007 launched by publicly listed companies in the financial sector as the sample, and classifies the events into related party transactions, non-related party transactions with control power and non-related party transactions without control power. With the sample, the paper investigates the M&A behaviors of Chinese publicly listed companies in the financial sector. The results reveal that non-related party transactions with control power can significantly improve listed companies' performance, especially their profitability; the influence of non-related party transactions without control power is not significant; related party transactions make listed companies assume too many responsibilities, which deviates from the objective to maximize the value of companies and lead to the instability of those companies' performance.
［Key words］ publicly listed companies in financial sector; merger and acquisition; performance of M&A; related party transaction
中国上市公司股东投票出席行为研究——基于股权分置改革分类表决的实证分析
邢天才 宗计川
［摘 要］ 股权分置改革是中国资本市场针对公司治理基础的一项根本性制度变迁，股东投票出席行为是中国资本市场上市公司治理的重要环节。本文利用股权分置改革分类表决数据，从影响投票出席率因素的角度探讨中小股东的投票参与行为以及高通过率与低参与率同时存在的原因。实证研究结果表明：提案通过率与流通股集中度、网投人均持股数和非流通股比例均正相关；投票出席率随流通股集中度、网投人均持股数的增加而上升且随股改进度呈下降趋势。流通股高赞成率与相对较低参与率同时存在的现象表明，众多流通股股东倾向于稳定地选择策略性弃权。
［关键词］ 股权分置改革；投票出席率；投票行为；公司治理
［Abstract］ Reform on nontradable shares is one of the fundamental institutional changes of Chinese capital market which is focused on corporate governance of Chinese publicly listed companies. Voter participation is one of the core parts in corporate governance, so by using the voting data of different types of shareholders in the reform, from the perspective of factors affecting voter participation rate, the paper explores minority shareholders' voting participation and the reasons why high pass rate and low turnout coexist. The empirical results show that proposal pass rate positively correlates with the ownership concentration of tradable shares, average shares per internet voter and the rate of nontradable shares. Voter participation rate increases with the rise of the ownership concentration of tradable shares and average shares per internet voter, and decrease along with the proceeding of reform on nontradable shares. The coexistence of high approval rate and low turnout implies that massive minority shareholders choose to abstain strategically.
［Key words］ reform on nontradable shares; voter participation rate; voting behavior; corporate governance
基于信贷审查与决策形成的信贷周期及其对策研究
卜凡松 周 晶
［摘 要］ 本文从影响信贷审查与决策的因素入手研究信贷活动的顺周期性，首先回顾了相关信贷周期理论，在此基础上结合信贷业务实践，从信用评级、风险计量模型、遵循的国际会计准则、资本充足率要求及抵押品价值五个重要的信贷审查与决策的参考因素系统阐述了信贷周期的成因。基于此，本文提出了降低顺周期性不利影响的对策，具体包括警惕经济繁荣时期的贷款风险，同时采用完整周期法进行信用评级，加强长期发展趋势研究，逆周期调整贷款抵押率，设置合理的分期还款计划及宽限期，以及加强信贷资产的转让与创新。
［关键词］ 金融危机；顺周期性；信贷审查与决策；信贷周期
［Abstract］ This paper studies the procyclicality of commercial banks' credit activities from the angle of factors affecting credit examination and approval. The paper first reviews related theories about credit cycle and expounds the formation of credit cycle resulting from credit rating, risk measurement models, international accounting rules, requirement on capital adequacy ratio and collateral values, the five important reference factors in credit examination and approval. To decrease the negative influence of procyclicality, the paper proposes that commercial banks should watch out for the credit risks during prosperous stages, use the complete business cycle approach to make credit rating, strengthen the research on long-term development trend, counter-cyclically adjust collateral rate on loans, set reasonable periodic repayment plan and grace period and enhance the transfer and innovation of credit assets.
［Key words］ financial crisis; procyclicality; credit examination and approval; credit cycle
全面风险管理视角下的商业银行市场风险管理体系
林 谦
［摘 要］ 伴随着国内商业银行金融市场业务的不断发展与创新，加强商业银行市场风险管理已经成为一项刻不容缓的工作。本文提出商业银行面临的各种风险是紧密关联、相互交织的，因此必须从全面风险管理的角度出发审视市场风险管理体系，兼顾整体性和独特性。在此基础上，本文构建了商业银行市场风险管理体系的一般模型，该模型由市场风险管理的流程体系、组织架构体系、报告体系、工具方法体系和信息系统五部分组成。作者以某商业银行的区域分行为例，重构了该分行的市场风险管理体系。从全面风险管理的视角出发，重构的体系能有效保证风险管理的独立性和时效性。
［关键词］ 全面风险管理；商业银行；市场风险管理体系；巴塞尔新资本协议
［Abstract］ Along with the consistent development and innovation of financial market business of domestic commercial banks, strengthening commercial bank's market risk management has become a pressing task. The paper argues that various risks faced by commercial banks are closely related and interacted, so commercial banks must examine their market risk management system from the perspective of enterprise-wide risk management and strike a balance between the whole and the uniqueness. The paper then constructs a general model of market risk management system for commercial banks, which consists of five parts: the process system, the organization system, the report system, the tool and approach system and the information system. Furthermore, the paper rebuilds the market risk management system of a commercial bank's regional branch. From the perspective of enterprise-wide risk management, the rebuilt system can effectively ensure the independence and timeliness of risk management.
［Key words］ enterprise-wide risk management; commercial bank; market risk management system; Basel Ⅱ
全球金融危机对中国金融创新发展的启示
秦建文 梁 珍
［摘 要］ 一场由美国次贷危机引发的全球金融危机，至今仍未探底。这场金融危机的根源是美国实行“新自由主义”的资本主义经济模式，直接原因是脱离实体经济发展滥用金融创新产品，并疏于金融监管。虽然这场危机的直接原因是金融创新，但是我们不能因此停止金融创新，相反，要在吸取这场金融危机教训的基础上不断继续金融创新，并在金融创新中切实做到：金融创新立足于实体经济并服务于实体经济；金融创新与金融监管并重，加强场外监管，保证金融创新的基础资产质量，审慎对待复杂的金融产品创新，规范信用评级，加强风险控制；坚持行之有效的外汇管理政策。
［关键词］ 次贷危机；金融危机；金融创新；金融监管
［Abstract］ U.S. sub-prime mortgage crisis finally triggered a global financial crisis, and the worst is yet to come. The root of the crisis is the so-called "neo-liberal" capitalist economic model implemented in the United State, and the direct reason is the abuse of financial innovative products that has deviated from the need of real economic development, accompanying by the insufficient supervision. Although the financial innovation caused this crisis, we can not stop the progress of financial innovation. On the contrary, we should learn from the crisis and continuously further the financial innovation to achieve the following goals: (1)financial innovation must be based on the real economy and benefit its development; (2)financial innovation and regulation must be attached equal importance, which requires strengthening the off-site supervision, ensuring the quality of underlying assets, cautiously treating the innovation of complex financial products, regulating the credit rating and reinforcing the risk control; (3) an effective foreign exchange policy must be applied.
［Key words］ sub-prime mortgage crisis; financial crisis; financial innovation; financial supervision
商业银行并购贷款风险控制的理论与实践
汪 恒
［摘 要］ 《并购贷款风险管理指引》的推出标志着合格的商业银行可以突破《贷款通则》相关规定，使用银行融资支持企业股权并购项目。本文从战略风险、合规风险、估值风险、价格风险及信誉风险等方面分析了并购贷款区别其他融资产品的风险特征，介绍了主流商业银行对类似并购贷款的高风险融资的风险控制手段，从判断交易可行性、并购贷款金额控制、担保结构设计及还款安排等方面提出建议，并针对并购贷款的交易选择、还款来源、收购方和目标企业是否具有产业相关度、借款人自筹资金安排及利用并购贷款进行二级市场收购等问题进行了探讨。
［关键词］ 商业银行；并购贷款；杠杆融资；风险管理；风险控制
［Abstract］ The promulgation of Guidelines on Merger and Acquisition Loan Business of Commercial Banks symbolizes that qualified commercial banks can break through the restriction of Lending General Provisions to fund firm's M&A projects. The paper analyzes the risk characteristics of M&A loans differentiated from other financing products from perspectives of strategic risk, compliance risk, valuation risk, price risk and reputation risk. Furthermore, the paper expounds risk control methods of main commercial banks in lending business with high risks, such as M&A loans and proposes some suggestions focusing on judgment of trade feasibility, size control of single M&A loan, design on guarantee structure and repayment plan. In addition, the paper explores the following subjects about M&A loans: transaction choice, repayment resources, industry correlation degree between the acquirer and the target enterprise, borrower's plan in raising money and utilization of M&A loans to make M&A on the secondary market.
［Key words］ commercial bank; M&A loan; leveraged financing; risk management; risk control
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