形势分析
当前经济衰退的性质与宏观经济政策选择
葛兆强 (5)
The Nature of the Current Economic Recession and the Option of Macro-economic Policies
GE Zhao-qiang (5)
理论研究
社会责任投资论
于东智 邓 雄 (12)
A Study on Socially Responsible Investment
YU Dong-zhi DENG Xiong (12)
中国商业银行社会责任评价指标体系构建探讨
萧松华 谭超颖 (20)
An Exploration of Corporate Social Responsibility Evaluation Index System for Chinese Commercial Banks
XIAO Song-hua TAN Chao-ying (20)
我国商业银行履行社会责任问题研究
张 鹏 李克川 (25)
A Research of Corporate Social Responsibility of Chinese Commercial Banks
ZHANG Peng LI Ke-chuan (25)
实证研究
信贷资金分布与宏观经济波动——基于中国2000～2008年的实证分析
潘再见 (30)
The Distribution of Credit Funds and Macro-economic Fluctuation——An Empirical Analysis Based on China(2000~2008)
PAN Zai-jian (30)
对中国商业银行净利差决定因素的实证分析
何 娜 李泽广 (36)
An Empirical Analysis on Determination Factors of Net Interest Margin of Chinese Commercial Banks
HE Na LI Ze-guang (36)
业务探讨
建立最具盈利能力、最优秀、最受尊重的银行
工商银行建设国际一流银行路径研究课题组 (43)
Research on the Route to Build the Most Profitable, Outstanding and Respectable Commercial Bank
The Study Group of ICBC on Approaches to Build World-class Commercial Bank (43)
对我国大型商业银行中间业务持续发展的战略思考
李玉强 (52)
A Strategic Consideration on the Sustainable Development of Chinese Large-sized Commercial Banks' Intermediary Business
LI Yu-qiang (52)
中小企业融资需求结构分析及相应的对策研究
骆守俭 尹邦奇 傅小婧 陈正辉 陈青青 (58)
A Study on the Structure of Financing Demand of Small and Medium Enterprises and the Counter-measures
LUO Shou-jian YIN Bang-qi FU Xiao-jing CHEN Zheng-hui CHEN Qing-qing (58)
刍议商业银行操作风险管理中的人力产权激励
杨益琳 (63)
The Incentive System of Property Rights of Human Capital in Operational Risk Management of Commercial Banks
YANG Yi-lin (63)
商业银行合规风险研究
周 慧 (67)
The Compliance Risk of Commercial Banks
ZHOU Hui (67)
调查报告
我国商业银行服务渠道竞争力与网点转型研究——来自中国工商银行某基层行贵宾理财中心建设的实践
胡 婕 (74)
Research on Competitiveness and Transformation of Service of Chinese Commercial Banks——Based on the Practice of VIP Banking Centers of a Certain ICBC Sub-branch
HU Jie (74)
当前经济衰退的性质与宏观经济政策选择
葛兆强
［摘 要］ 在全球金融危机的冲击下，世界各国陷入了一场持续的经济衰退之中。这场经济衰退不是普通意义上的周期性衰退，而是典型的资产负债表衰退。因而，在应对危机的宏观经济政策选择方面，尽管财政政策是关键的，但财政政策与货币政策的协调配合则是根本。中国目前也出现了资产负债表衰退的迹象，政府出台的“积极的财政政策和适度宽松的货币政策”是正确有效的。但是，基于全球危机影响的长期性以及宏观经济政策实施中暴露出来的诸多问题，有必要对现有的收入分配政策、财政支出政策、货币政策、对外贸易政策以及产业政策等宏观经济政策进行适当调整。
［关键词］ 经济衰退；资产负债表衰退；财政政策；货币政策；产业政策
［Abstract］ In the global financial crisis, countries all over the world are suffering from a sustained economic recession, which is not a cyclical downturn in general sense, but a typical recession of balance sheet. Thus the coordination between fiscal policy and monetary policy is the fundamental choice of macro-economic policy in response to the crisis, although fiscal policy is also critical. At present, China is facing a recession in the balance sheet as well, so our government's pro-active fiscal policy and moderately relaxed monetary policy are correct and effective. However, it is necessary to make further adjustments to the current macro-economic policies, especially in the respects of income distribution, fiscal expenditure, monetary policy, foreign trade and industrial policy, in view of the persistence of global economic crisis as well as the rising of many problems during the process of macro-economic policy execution.
［Key words］ economic recession; recession of balance sheet; fiscal policy; monetary policy; industrial Policy
社会责任投资论
于东智 邓 雄
［摘 要］ 近年来，社会责任投资在国际投资领域的影响力日益增大，并逐渐成为主流的投资策略和方法之一。社会责任投资可以理解为基于多方利益相关者模型的公司价值的发现过程。本文回顾了社会责任价值贡献的实证发现，构建了社会责任投资的理论框架，并就推动社会责任投资在中国的发展提出了若干政策建议。要推动社会责任投资在中国的发展，监管部门必须加强政策扶持，完善社会责任信息披露制度，鼓励社会责任投资产品的研发；同时商业银行应以绿色信贷为突破口，运用信贷手段参与社会责任投资，推动资源的优化配置，为社会责任投资与可持续发展提供重要支持。
［关键词］ 社会责任投资；公司价值；投资回报；社会责任指数；绿色信贷
［Abstract］ In recent years, the impact of socially responsible investment (SRI) has been increasing in the field of international investment, and SRI has gradually become one of the mainstream investment strategies and methods. SRI can be interpreted as the discovery process of the corporate value based on the multi-stakeholder model. This article reviewed the empirical discovery of the value contribution of social responsibility, constructed the theoretical frame of SRI, and proposed several policy recommendations on promoting the development of SRI in China. To promote the development of SRI in China, the supervision administration should enforce the corresponding support policy, improve the disclosure system of social responsibility information, and encourage the research and development of SRI products. Moreover, commercial banks should actively participate in SRI on the basis of green credit policy, promote the optimization of resource allocation, and provide important support for SRI and sustainable development of society.
［Key words］ socially responsible investment; corporate value; return on investment; SRI Index; green credit
中国商业银行社会责任评价指标体系构建探讨
萧松华 谭超颖
［摘 要］ 商业银行社会责任评价指标体系既可为公正评价商业银行社会责任的状况提供客观依据，也是商业银行改善其社会责任表现的行动指南。本文在构建指标体系原则的指导下，从商业银行对其利益相关者承担社会责任的角度，结合商业银行的行业特点以及中国的国情，设计了含有股东、客户、员工、政府、社区、环境和监管机构等7个方面的一级指标和21个二级指标、具有递阶层次结构的商业银行社会责任评价指标体系，并利用层次分析法确定了不同子目标和指标的权重，以全面而科学地反映和评价商业银行履行社会责任的行为。
［关键词］ 商业银行；社会责任；评价指标体系；利益相关者；赤道原则；层次分析法
［Abstract］ The evaluation index system on CSR can provide both objective basis for reviewing the status of commercial banks to implement social responsibility and guideline to improve their activities. According to the basic principles of index system, a comprehensive CSR evaluation index system is established from the perspective of commercial bank's social responsibility for stakeholders. With combination of the features of the banking and China's actual conditions, this system contains 7 primary indexes, including shareholder, customer, staff, government, community, environment and regulatory administration, and 21 secondary indexes. This system is hierarchically structured and Analytical Hierarchy Process (AHP) is used to weigh the relative importance of different sub-objectives and indexes to reflect and assess commercial bank's CSR activities comprehensively and scientifically.
［Key words］ commercial bank; corporate social responsibility; evaluation index system; stakeholder; The Equator Principles; Analytical Hierarchy Process
我国商业银行履行社会责任问题研究
张 鹏 李克川
［摘 要］ 伴随着商业银行改革发展的不断深入，实现自身业务发展与履行社会责任的有机统一成为商业银行日益关注的问题。本文借鉴国外商业银行履行社会责任的基本经验，阐述了我国商业银行履行社会责任对于实现科学发展、推进改革进程和提升社会形象的重要意义，并对我国商业银行履行社会责任的现状进行了分析。针对目前我国商业银行在承担社会责任过程中面临的一系列问题，本文提出商业银行必须将履行社会责任与自身的长远发展规划相结合，不断提升服务创新意识和水平，采取有效措施降低金融危机的影响，并通过多种方式提高各层次客户的满意度。
［关键词］ 商业银行；企业社会责任；赤道原则；科学发展
［Abstract］ In the process of commercial bank's reform, how to integrate corporate social responsibility (CSR) with the business development has become an increasingly important issue for commercial banks. By drawing experience of foreign commercial banks in implementing CSR, the paper expounds the significance of CSR implementation for commercial banks in achieving scientific development, furthering the process of reform and advancing their social image. Furthermore, the paper analyzes the status quo of Chinese commercial banks' CSR implementation and puts forward the following suggestions to resolve problems faced by commercial banks: commercial banks should combine CSR with their long-term development strategies, continuously improve their innovation awareness and ability, adopt effective measures to minimize the impact of financial crisis and innovate various approaches to comprehensively enhance clients' satisfaction.
［Key words］ commercial bank; corporate social responsibility; The Equator Principles; scientific development
信贷资金分布与宏观经济波动——基于中国2000～2008年的实证分析
潘再见
［摘 要］ 本文采用中国2000年第1季度至2008年第4季度的信贷数据，基于H-P滤波分析发现，信贷资金的分布与经济增长率的周期性波动存在明显的内在联系。运用CF带通滤波测算信贷变量与经济增长率之间的交叉相关系数和先行/滞后关系，得到的结论是：中长期贷款和建筑贷款的周期性波动提前于经济增长，工业贷款和商业贷款的周期性波动与经济增长率相对一致。对经济增长率的趋势及其波动成分进行稳健性检验，也证明了中长期贷款和建筑贷款具有更显著的影响。因此，宏观调控部门应积极引导信贷资金流向效应明显的领域。
［关键词］ 宏观经济波动；信贷资金；CF带通滤波；稳健性检验
［Abstract］ By using the credit data of China form 2000 to 2008 and H-P filter approach, the paper finds that there is obviously inherent relationship between the distribution of credit funds and the cyclical fluctuation of economic growth rate. The paper employs the CF band pass filter to measure the cross-correlation coefficient and the leading / lagging relationship between credit variables and the economic growth rate. The result shows that the cyclical fluctuation of medium- and long-term loans and construction loans is in advance of the economic growth, and the cyclical fluctuation of industrial loans and commercial loans is relatively consistent with that of the economic growth. The robustness test on the trend and fluctuation components of economic growth rate also proves that the influence of medium- and long-term loans and construction loans is more significant. Therefore, the administration in charge of macro-control should actively guide credit funds to the fields with significant effect.
［Key words］ macro-economic fluctuation; credit funds; CF band pass filter; robustness test
对中国商业银行净利差决定因素的实证分析
何 娜 李泽广
［摘 要］ 净利差是现阶段中国商业银行收入的主要来源，其水平的高低可以反映出商业银行竞争程度与市场化程度的进展。本文在总结归纳出利差水平决定的“成本驱动效应”、“风险溢价效应”和“规模效应”之后，通过实证分析检验不同效应在中国商业银行的净利差水平中的决定作用。结论支持了后两种效应：风险溢价效应是影响净利差水平的最主要因素，不同规模的商业银行净利差水平的影响因素是不同的。在利率市场化的背景下，银行应提高对自身各种风险的计量能力，并逐步建立适度微调自身净利差水平的机制，使其成为应对环境变化和打造核心竞争力的重要手段。
［关键词］ 商业银行；净利差；成本驱动效应；风险溢价效应；规模效应
［Abstract］ Net interest margin is the main profit resource for Chinese commercial banks, the level of which can reflect their competition status and the extent of market-oriented reform. The paper first raises three hypotheses to explain net interest margin, which are cost-driven, risk compensation and scale effect. Then the paper empirically tests the dominant effect in determining the level of net interest margin. The result indicates that the latter two effects are dominant ones. Risk compensation is the most important factor to determine net interest margin, and commercial banks with different scale are influenced by different factors. Under the background of interest rate liberalization, commercial bank should improve their ability to measure various risks and gradually establish net interest margin adjustment mechanism, which will serve as an important approach to respond to fierce competition and environment changes, as well as forge their core competence.
［Key words］ net interest margin; cost-driven effect; risk compensation effect; scale effect
建立最具盈利能力、最优秀、最受尊重的银行
工商银行建设国际一流银行路径研究课题组
［摘 要］ 随着金融脱媒化和利率市场化趋势的日趋深入，国际大型商业银行的全球化和综合化步伐进一步加快，盈利进一步集中于少数大银行，非利息收入占比不断增加，公司声誉日益成为银行业的核心竞争力，大银行的公司治理、风险管理也呈现出新的特点。顺应国内外经济形势和银行业发展趋势，工商银行未来应通过继续优化资产负债结构、积极审慎推进综合化、国际化经营实现最盈利银行；通过加强公司治理、完善全面风险管理体系及提升服务水平等实现最优秀银行的目标；通过构建品牌战略，加强企业文化建设，以及切实履行社会责任实现最受尊重银行的目标。
［关键词］ 国际银行业；工商银行；综合化经营；全球化战略；发展路径
［Abstract］ Facing financial disintermediation and interest rate liberalization, international large commercial banks are accelerating their steps of globalization and integrated operation. Earnings are further concentrated in few large banks, and the percentage of non-interest income is continuously increasing. What is more, corporate reputation has gradually become one of the core competences of the banking, and the corporate governance and risk management of large banks also present new features. In line with domestic and international economic environment and the development trend of the banking, ICBC shall carry forward the following strategies to become a world-class international bank: continuously improving the structure of assets and liabilities and advancing integrated and international operation in a proactive and prudent manner to achieve the goal of "the most profitable bank"; strengthening corporate governance, perfecting its enterprise-wide risk management system and improving service quality to achieve the goal of "the most outstanding bank"; forging its brand strategy, emphasizing the cultivation of corporate culture and seriously implementing social responsibility to achieve the goal of "the most respectable bank".
［Key words］ the international banking; ICBC; integrated operation; globalization strategy; development route
对我国大型商业银行中间业务持续发展的战略思考
李玉强
［摘 要］ 本文在深入研究我国大型商业银行中间业务发展历程的基础上指出，提升中间业务发展地位是我国大型商业银行发展战略的主导，创新整合服务是增强中间业务核心竞争力的关键，基础管理建设是推进中间业务可持续发展的保障。作者认为，商业银行之间的竞争既是核心市场、核心客户、核心产品、核心机制以及核心人才的竞争，也是创新能力、客户开拓能力、综合营销能力、风险掌控能力和员工综合能力的较量。因此，未来几年，我国大型商业银行要在全面竞争的金融市场中取得领先地位，就必须确立中间业务发展的核心地位，推进商业银行的经营转型。
［关键词］ 商业银行；中间业务；核心竞争力；可持续发展
［Abstract］ On the basis of deeply studying Chinese large-sized commercial banks' development history, the paper points out that improving the intermediary business's position should dominate those banks' development strategies. Service innovation and integration is the key to enhancing intermediary business's core competence and the construction of basic management mechanism is the safeguard for its sustainable development. The competition among commercial banks does not only cover the core market, core customers, core products, core mechanism and core human resources, but also involve the contest in various abilities, such as innovation, customer development, integrated marketing, risk control and staff. Therefore, to maintain the role of market leaders in the all-around competition of financial market, Chinese large-sized commercial banks must further enhance their core competence, establish the core position of intermediary business and accelerate their business transformation.
［Key words］ commercial bank; intermediary business; core competence; sustainable development
中小企业融资需求结构分析及相应的对策研究
骆守俭 尹邦奇 傅小婧 陈正辉 陈青青
［摘 要］ 中小企业作为国民经济的重要组成部分，长期以来面临着融资难的问题。不同企业在资金需求的类型上存在明显差异，中小企业融资需求可以划分为3种基本类型：研发融资需求、流动资金融资需求和固定资产融资需求。本文对各类融资需求进行了进一步分析，发现不同融资需求应区别对待：研发融资需求是政府应给予重点关注的对象；流动资金融资需求，应从金融体制改革上着手；固定资产融资需求的解决更需要依赖于市场经济的力量，通过市场竞争机制优胜劣汰。最后作者针对中小企业的三类融资需求，提出了相应的管理对策和建议。
［关键词］ 中小企业；融资难；融资对策
［Abstract］ As an important part of the national economy, small and medium enterprises have been saddled with difficulty in financing for a long period of time. There are significant differences in financing demand among different enterprises, which can be classified into three types: R&D financing, working capital financing and fixed asset financing. The paper makes an in-depth analysis on those financing demand and proposes that various financing demand should be treated with different policies: R&D financing demand should attract the most significant attention from the government; the financing demand for working capital should be resolved by the reform of financial system; the financing demand for fixed assets should rely on the force of the market economy, a competitive mechanism of survival of the fittest. Centering on the three types of financing demand, the paper further puts forward several management counter-measures and suggestions.
［Key words］ small and medium enterprises; difficulty in financing; counter-measures for financing
刍议商业银行操作风险管理中的人力产权激励
杨益琳
［摘 要］ 本文通过对新巴塞尔协议与操作风险定义的解读，剖析了引致操作风险的因素，提出了对人的管理是操作风险管理的关键因素，科学的人力产权激励制度是商业银行操作风险管理的基础。笔者在对操作风险管理与人力产权激励制度的内在关系进行理论分析，并结合国内商业银行操作风险管理实践的基础上，从建立责权利界定明确的人力资源制度安排、合理规划银行员工的个人职业生涯以及塑造商业银行企业文化等方面提出建设科学的人力产权激励制度从而加强商业银行的操作风险管理。
［关键词］ 商业银行；操作风险；人力产权激励制度
［Abstract］ By explaining the definition of operational risk in BASEL Ⅱ, the paper scrutinizes the factors that result in operational risk and argues that human resources management is the key factor in the course of operational risk management and a scientific incentive system of property rights of human capital is the basis of operational risk management. The paper makes an in-depth analysis on the inherent relationship between operational risk management and incentive system of property rights of human capital. With combination of the practice of domestic commercial banks in operational risk management, a scientific incentive system of property rights of human capital can be established from the following aspects: a human resources system with definite responsibility, rights and interests, a rational staff career planning and perfect corporate culture.
［Key words］ commercial bank; operational risk; incentive system of property rights of human capital
商业银行合规风险研究
周 慧
［摘 要］ 商业银行合规风险是市场全球化、金融复杂化和监管严格化共同作用下，法律风险凸显出来的一个分支，具体是指银行因违反有关外部性规则而产生财务损失、监管处罚、法律制裁和声誉损失的风险。这里，外部性规则指的是适用于商业银行的法律、法规、监管规定和行业准则。合规风险管理应始终置于“守法”这一大框架之下，重点是遵循监管要求。合规风险从属法律风险的性质，决定了商业银行将法律部门设为合规风险归口管理的部门，将实现法律资源的充分利用，有助于商业银行在决策与经营中正确理解和适用法律、法规和行业准则，有效实现合规风险管理的目标。
［关键词］ 商业银行；合规风险；法律风险；操作风险；内审稽核
［Abstract］ Due to market globalization, complication of financial industry and enhancement of regulation, the compliance risk of commercial banks is highlighted as a branch of legal risk, which means the possibility to suffer from financial loss, supervisory punishment, legal sanctions and loss of reputation resulting from the breach of outside rules, such as relevant laws, regulations, codes of practice, etc. The management of compliance risk should always be placed within the legal framework, with a focus on compliance with regulatory requirements. The nature of compliance risk, subordinated to legal risk, determines the compliance function will be more efficient and less-budget if it is implemented by commercial bank's legal department. Such arrangement can help commercial banks correctly understand and apply suitable laws, regulations and codes of practice in the process of decision-making and operation and achieve the goal of compliance risk management.
［Key words］ commercial bank; compliance risk; legal risk; operational risk; internal audit
我国商业银行服务渠道竞争力与网点转型研究——来自中国工商银行某基层行贵宾理财中心建设的实践
胡 婕
［摘 要］ 本文以“贵宾理财中心”这一网点的重要经营形态为研究对象，在对工商银行某基层行7家贵宾理财中心调研的基础上，对贵宾理财中心的建设成效、存在问题等进行了深入剖析。研究表明，贵宾理财中心在提升营销效果、细化优质客户服务、推动利润增长中起到积极作用。但受多方因素制约，目前贵宾理财中心经营中存在业务转型不彻底、业务拓展缺乏特色、精细服务差距显著、联动营销效率不高等显著问题，需进一步更新理念，从增强市场反应能力、客户服务能力、产品营销能力等方面入手，加快实现基层网点由交易结算中心向营销服务中心的转变。
［关键词］ 工商银行；服务渠道；网点转型；贵宾理财中心；竞争力
［Abstract］ Focusing on VIP banking center, one of important outlet forms, the paper deeply scrutinizes the achievements and issues in constructing VIP banking centers on the basis of an investigation of a certain ICBC sub-branch's 7 VIP banking centers. The result reveals that VIP banking center plays an important role in improving marketing effect, refining customer service quality and enhancing the profitability. However, limited by multi-factors, VIP banking centers still face many problems, such as incomplete business transformation, lack of features in business expansion, obvious disparities in service quality compared with peers and inefficiency in the joint marketing. To accelerate the transformation of outlets from transaction clearing house to marketing and service center, commercial banks should further update the operating notion and strengthen their market reaction capability, service capability and product marketing capability.
［Key words］ ICBC; service channel；transformation of outlets; VIP banking center；competitiveness
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