金融生态环境与外资银行在华投资的省域选择
张满银 韩大海
［摘 要］外资银行经营性机构在华投资的省域选择既遵循国际生产折衷理论又明显受到中国大陆省域金融生态环境的差异影响。本文以2009年在华外资银行经营机构为研究样本，利用条件逻辑模型分析了外资银行经营性机构在华投资的省域选择，结果表明：其选择很大程度上受到各省域金融生态环境及其各要素的正向影响；同时，母行实力与文化地理距离及省域对外开放度与金融区位优势也都影响着外资银行机构的在华投资决策。金融生态环境较差的省域在强化金融生态环境建设的同时，要充分利用国家区域扶植政策来吸引外商及外资银行机构的投资。
［关键词］外资银行；金融生态环境；省级区域；国际生产折衷理论
The Financial Ecological Environment and the Provincial Investing Selection of Foreign Banks in China
ZHANG Man-yin HAN Da-hai
［Abstract］ The provincial investing selection of the operating agency of foreign banks in China not only follows the eclectic theory of international production but also is obviously influenced by provincial differences in the financial ecological environment（FEE）.The foreign banks' operating agency before the end of 2009 as the study sample, this paper use Conditional Logic Model to analyse the provincial investing selection of the operating agency of foreign banks in China. The results show that their selections are significantly and positively influenced by the province's FEE and its key assessment elements. Meanwhile, the foreign parent bank strength, the cultural and geographic distance, the provincial opening degree and financial location advantages also have significant effects on the foreign bank's investment decision in China. The provinces that have a poor FEE should strengthen their FEE, and meanwhile, make full use of national regional support policies to attract foreign businessman's and foreign bank's investment.
［Key words］ foreign bank; financial ecological environment; provincial district; eclectic theory of international production
特许权价值、公司治理机制和商业银行风险承担
曹廷求 王 营
［摘 要］本文运用中国34家商业银行2006~2009年的数据，对特许权价值和公司治理机制与银行风险承担的关系进行实证研究发现，特许权价值能够显著降低风险承担；在未上市城市商业银行中，第一大股东持股比例越高风险承担越高，而前十大股东持股比例却与风险承担负相关；董事会规模与风险承担负相关，而对未上市城市商业银行风险承担未产生显著影响；尽管高管持股现象并不普遍，但高管持股能够显著增加银行风险承担；第一大股东性质、独立董事比例以及薪酬最高的前三名高管的平均薪酬并没有对风险承担产生显著影响，表明独立董事尚未充分发挥职能。
［关键词］商业银行；特许权价值； 公司治理；股权结构；高管薪酬；独立董事
Franchise Value，Corporate Governance Mechanisms and Commercial Banks' Risk-Taking
CAO Ting-qiu WANG Ying
［Abstract］Based on the Chinese 34 commercial banks' data from 2006 to 2009, this paper empirically analyzes the relationship between the franchise value,corporate governance mechanisms and the bank's risk-taking. The authors find that the franchise value can significantly reduce the risk-taking. In unlisted city commercial banks, the higher the proportion of the largest shareholders, the higher the risk-taking, while the proportion of top ten shareholders is negatively correlated with risk-taking. The board size is negatively correlated with risk-taking, but it does not significantly affect the unlisted city commercial bank's risk-taking. Although the executive ownership is not a common phenomenon, it can significantly increase the bank's risk-taking. The nature of the largest shareholders, the proportion of independent directors and the average pay of the top three highest paid executives have no significant effect on risk-taking, which indicates that the independent directors have not yet fully perform the oversight, recommen- dations and other functions.
［Key words］commercial bank; franchise value; corporate governance; ownership structure; executive pay; independent director
低碳金融模式研究：实践考察与战略思考
李卢霞 黄 旭
［摘 要］随着低碳经济的产生和发展，相应地衍生出诸多与碳排放相关的金融需求。在国外低碳金融市场，商业银行、投资银行、对冲基金、私募基金等金融机构积极参与，其业务模式可以概括为直接融资、碳交易和银行信贷三种类型；国内商业银行和金融机构也正以多种形式参与碳交易，并积极为新能源和节能减排相关企业提供信贷支持。后危机时代，国内外低碳金融市场发展潜力巨大，我国商业银行可以经由提高“绿色信贷”产品的数量和质量、加强中间业务创新、择机介入碳交易及开发碳金融衍生产品几种模式推动低碳经济发展。
［关键词］商业银行；低碳金融模式；碳交易市场；绿色信贷
Pattern of Carbon Finance: Practice Review and Strategy
LI Lu-xia HUANG Xu
［Abstract］With the emergence and development of low-carbon economy, correspondingly rise a lot of financial needs associated with carbon emissions. Foreign commercial banks, investment banks, hedge funds, private equity and other financial institutions actively participate in financial carbon markets. Their business models can be summarized as direct financing, carbon trading and bank credit. Domestic commercial banks and financial institutions also participate in various forms of carbon trading and actively provide credit support for enterprises related new energy, energy savings and emissions reduction. In post-crisis era, there is a great development potential in domestic and international carbon finance market. By raising the quantity and quality of green credit, enhancing the innovation of intermediary services, joining the carbon trading and involved in carbon trading and developing carbon finance derivatives, the Chinese commercial banks can promote the low-carbon economy.
［Key words］commercial bank; carbon finance model; carbon trading market; green credit
益相关者关系与商业银行经营绩效的相关性
纪建悦 李 坤
［摘 要］本文运用契约理论、期望理论对利益相关者关系影响商业银行经营绩效的机理进行理论分析，发现利益相关者关系是影响商业银行经营绩效的关键变量。在此基础上，对商业银行的利益相关者进行识别，构建利益相关者关系和商业银行经营绩效的指标体系，以中国5家股份制上市银行为样本，运用主成分分析法对利益相关者关系进行综合评价，通过面板数据单位根检验、协整检验和误差修正模型，对利益相关者关系与商业银行经营绩效的相关性进行了实证研究。研究结果表明，利益相关者关系与商业银行经营绩效存在长期和短期均衡关系，且呈正相关关系。
［关键词］商业银行；利益相关者关系；经营绩效；股东关系
The Relevance of the Stakeholder Relationship and Commercial Bank's Operating Performance
JI Jian-yue LI Kun
［Abstract］Based on the contract theory and expectancy theory, this paper analyzes the mechanism that stakeholder relationship impacts the commercial bank's operating performance and finds that stakeholder relationship is the the key variable to impact the commercial bank's operating performance. On the basis of the analysis, commercial bank's stakeholders are identified, the indicators system of the relationship and commercial bank's operating performance are built. The author uses the Chinese five joint-stock listed banks as the sample and employs the principal component analysis method to comprehensively evaluate the stakeholder relationship. By means of the unit root tests, cointegration tests and error correction models of the panel data, the relevance of the stakeholder relationship and the commercial bank's operating performance is examed. The results show that there are long term and short term equilibrium correlation between the stakeholder relationship and commercial bank's operating performance and the relevance is positive.
［Key words］commercial bank; stakeholder relationship; operating performance; shareholder relationship
软集合在商业银行客户价值评价中的应用
肖 智 胡 蓓
［摘 要］本文以商业银行贷款企业这一类客户为研究对象，将软集合方法应用于客户价值评价，建立商业银行客户价值评价模型。该模型既包含定量指标，又包含定性指标，能较全面地评价客户价值。基于重庆市某商业银行的数据进行的研究证明该模型合理、有效。研究表明：综合价值高的客户，并非所有指标取值均高，部分指标仍有待改善；综合价值居中的客户，银行应给予较多关注，将其变为综合价值较高的客户；综合价值较低的客户，并非所有指标均低，若采取一定措施后，客户价值提升到较高水平，则继续维持客户关系，否则放任其自然发展，甚至可以放弃该类客户。
［关键词］软集合；商业银行；客户价值；企业贷款
The Application of Soft Set Theory in the Evaluation of Commercial Bank's Customer Value
XIAO Zhi HU Bei
［Abstract］Taking the class of customers, commercial bank's loan enterprise, as the research object, this paper apply soft set theory in the evaluation of customer value and build the evaluation model of commercial bank's customer value.The model includes both quantitative indicators and qualitative indicators, therefore it can more comprehensively evaluate customer value. Based on the data of a city commercial bank in Chongqing, the study proves that the model is reasonable and effective. The results show that: comprehensive high-value customers don't have all high value indicators and some indicators need to be improved; to the comprehensive medium-value customers, banks should be given more attention and change them into higher-value customers; comprehensive lower-value customer don't have all low indicators and if certain measures to be taken, the customer value is at a higher level, then the bank should continue to maintain the customer relationships, otherwise let them naturally develop or even give up such customers.
［Key words］ soft set; commercial bank; customer value; enterprise loans
西部金融发展与区域经济差距——基于面板数据的实证分析
王文胜 柴用栋
［摘 要］ 本文以中国西部大开发战略实施以来东部、中部和西部地区金融与经济发展的数据为样本进行分析。分析发现，金融发展与经济增长之间存在强相关关系，但是金融发展与经济增长的关系表现出明显的区域性差异。西部地区由于金融发展相对滞后，对于经济增长的制约作用较为明显。根据研究结果，作者提出了加快西部金融发展，促进地方经济增长，进一步缩小区域差距的政策建议：做好区域金融体系的选择；发展区域金融货币政策；完善区域金融组织体系；构建区域金融市场体系；实现区域金融与经济政策的协调配合。
［关键词］ 西部大开发；金融发展；经济增长；区域差异；区域政策
Western Financial Development and Regional Economic Disparities——An Empirical Analysis Based on Panel Data
WANG Wen-sheng CHAI Yong-dong
［Abstract］ This paper's analysis is based on the sample data of the financial and economic development in the eastern, central and western regions since the implementation of the strategy of developing western China. The result of the analysis indicates that there is a strong correlation between financial development and economic growth, but the correlation shows significant regional differences. Because the financial development in the western regions is lagged, its affects to constraint economic growth are obvious. According to the result, the authors put forward policy recommendations to speed financial development in the western regions, to promote local economic growth and therefore to narrow the gap between regions: choosing correct regional financial system, developing regional financial and monetary policies, improving regional financial organization system, building regional financial market system, achieving the coordination between regional financial policy and economic policy.
［Key words］ western development; financial development; economic growth; regional differences; regional policy
商业银行经营模式选择与效率提升路径
罗 阳
［摘 要］基于对中国工商银行贵州省分行13家支行的实证研究，发现兼具较好的资产利用效率、灵活的业务经营模式、有效的成本费用管理这三种特点的多元化经营模式能够稳固商业银行的主要利润来源，充分改善收入单一化，最终提高整体经营效率。每种经营模式都有自己的优劣势，在竞争日趋激烈的同业市场、资源极为有限的区域经济市场中，当无法兼顾多元化经营模式时，必须突出有特色的经营模式。效率提升路径选择的原则和方向应该是：努力创新产品和服务，优化结构，降低成本，体现特色，在实现规模经济的同时最大化体现经营效率。
［关键词］贵州；商业银行；经营模式；投入产出；效率提升
The Selection of Commercial Bank's Operating Model and the Path of Improving Efficiency
LUO Yang
［Abstract］Based on the empirical study on the 13 sub-branches of ICBC Guizhou Branch, the author finds that the diversified operating model, which has the features of the good efficiency of asset utilization, the flexible operating model, the effective cost management, can solid the main source of commercial bank's profits, fully improve the single source of income and ultimately improve overall business efficiency. Each operating model has its own advantages and disadvantages. In an increasingly competitive market of the same industry and in a regional economy market that resources are very limited , it is necessary to highlight the distinctive operating model when the diversified operating model is impossible. The principle and direction to choose the path of proving efficiency should be innovating the products and services, optimizing the structure, reducing the costs, reflecting the characteristics and improving the operating efficiency while realizeing scale economy.
［Key words］Guizhou; commercial bank; operating model; input and output; improving efficiency
城市商业银行跨区域经营模式分析
周好文 刘 飞
［摘 要］ 经营良好的城市商业银行不满足于局限在一个城市经营，纷纷走上了“更名—扩张—上市”的发展路径。中国的具体情况决定了在短期内并购不是中国城市商业银行发展的主要方式。从实践来看，除了少数的省内城市商业银行重组、整体收购其他中小银行以及入股其他中小银行以外，大多数的城市商业银行跨区域经营方式是异地设立分支机构，有超过一半是在省内设立异地分支机构。跨省设立分行时，银行的成本收入比和目标城市的人均贷款额是两个重要影响因素。同时，自身的规模和管理水平、所有权结构决定了目前中国城市商业银行的跨区域发展以设立分行为主。
［关键词］ 城市商业银行；跨区域经营；并购重组；新建投资
An Analysis of the Model of City Commercial Bank's Cross-Regional Business
ZHOU Hao-wen LIU Fei
［Abstract］The well-run city commercial banks are not satisfied with limited operations in a city and have embarked on a develop- ment path“changing its name- expansion-listing”. Because of the specific situation in China, in the short term M & A is not the main way of Chinese city commercial bank's development. From a practical point of view, apart from a few of the city commercial bank restructuring, the overall acquisition of other small and medium banks and the holding of other small and medium bank's shares in the province, most of the city commercial bank's cross-regional business models are to set up branches in different places, and more than half of them are to set up branches in province. To set up Inter-provincial branches, the bank's cost to income ratio and loan amount per capital in target cities are two important factors. At the same time, bank's size, management level and ownership structure determine that establishing branch is the main model of Chinese city commercial bank's cross-regional development.
［Key words］city commercial banks; cross-regional business; M & A; new investment
在韩中资银行的经营环境与发展对策
卜凡松 崔基仟
［摘 要］韩国经济金融市场具有如下主要特征：金融业在韩国经济中处于重要地位，财阀在韩国经济中处于核心地位，电子及造船等行业位居全球前列，利率和汇率波动大，以及债券融资市场相对发达。中资银行在韩经营面临信用供给上限、负债资金来源、资金投向及韩元资产拓展困难的障碍，同时中国对韩直接投资低、母行对在韩分行的经营授权谨慎也是中资银行在发展中面临的困难。文章从积极抓住人民币区域化的历史性机遇、寻求债券承销机会、增强提供一揽子金融服务方案的能力、择机并购本地银行和加强有效的内外联动等5个方面提出在韩中资银行发展对策。
［关键词］中资银行；韩国经济；银行国际化；人民币区域化；金融监管
The Chinese bank's Operation Environment and Development Countermeasures in South Korea
BU Fan-song CUI Ji-qian
［Abstract］South Korea's economic and financial markets have the following main features: financial industry being in an important position in the South Korean economy; chaebol being the core of the South Korean economy; the South Korean electronics and shipbuilding industries being at the forefront in the world; the South Korean interest rates and exchange rate fluctuating greatly and the bond financing markets being relatively developed. The Chinese banks operating in South Korea face difficulties related with the supply limit of the credit, the funding sources of the debt, the investment field of the capital and the won assets hard to develop. Meanwhile, the Chinese banks also face the problems in their development that China's direct investment in South Korea is low and the parent bank carefully authorizes its branches operating in South Korea. This article put forward the countermeasures from five aspects for the Chinese banks' development in South Korea: to seize the historical opportunity of RMB regionalization, to seek the opportunities of bond underwriting, to enhance the ability to provide a package of financial services, to seize the opportunity to merge and acquire local banks and to strengthen effective internal and external linkage.
［Key words］the Chinese banks; the Korean economy; bank internationalization; RMB regionalization; financial regulation
江苏低碳经济发展与商业银行金融支持路径研究
中国工商银行江苏省分行课题组
［摘 要］本文阐述了江苏低碳经济的现状和特点，并从区域规划、产业分布、项目培育等多角度展望了江苏低碳经济的发展前景。通过分析金融资源在低碳经济发展中有效配置的影响因素，文章指出商业银行支持低碳经济发展是推动江苏实现“第三次经济战略转型”目标和银企双赢的必然选择。作者结合工商银行江苏分行的实际提出确立支持低碳经济发展的金融服务重点、变革支持低碳经济发展的金融服务机制、创新支持低碳经济发展的金融服务方式、完善支持低碳经济发展的金融风险防范制度等战略思路，其对新形势下金融与低碳经济的融合发展具有重要的现实指导意义。
［关键词］江苏；低碳经济；商业银行；金融支持；战略转型
A Study on the Development of Jiangsu Low-Carbon Economy and the Path of Commercial Bank's Financial Support
The Study Group of ICBC Jiangsu Branch
［Abstract］This article describes the status quo and characteristics of Jiangsu low-carbon economy and from the multiple perspectives of regional planning, industrial distribution, project building, etc., looks ahead to the development prospects of Jiangsu low-carbon economy. Based on the analysis of the factors that impact the efficient allocation of the financial resources in the development of low-carbon economy, the article points out that, to promote Jiangsu achieves “the third round of economic strategic transformation” and the bank's and enterprise's win-win goal, it is an inevitable choice that the commercial banks support the development of low-carbon economy. Combining with the ICBC Jiangsu Branch's actual situation, the article proposes the strategic thinkings that establish the priorities of the financial services, change the mechanism of the financial services, innovate the pattern of the financial services and improve the risk prevention system to support the development of low-carbon economy. The thinkings have important and practical advising significance for the convergence of finance and low-carbon economy in the new situation.
［Key words］Jiangsu; low-carbon economy; commercial bank; financial support; strategic transformation
地区金融环境与中小企业融资行为——基于苏州、无锡中小企业调查问卷的研究
万 芊 刘 力
［摘 要］本文基于苏州和无锡地区中小企业的调查问卷分析，总结了我国中小企业融资的行为特征，分析了影响中小企业融资和负债政策的内外部因素，尤其是外部经营金融环境变化对中小企业运营的影响。通过问卷调查发现，银企关系对中小企业融资具有重要影响力，但中小企业获取外部融资的难度还是比较大，对金融发展依赖也较大，且依赖渠道单一。在中小企业发展的金融环境总体水平不高的情况下，我们既需要加强金融机构、担保体系、信用评级体系的建设，推进金融环境建设，也要鼓励中小企业丰富融资渠道，发掘内部潜力，加强中小企业自身的资本积累。
［关键词］苏州；无锡；中小企业；地区金融环境；金融发展；融资行为
Regional Financial Environment and SME's Financing Behavior——Based on the Questionnaire of the SMEs in Suzhou and Wuxi
WAN Qian LIU Li
［Abstract］Based on the questionnaire of the SMEs in Suzhou and Wuxi, the paper summarizes the behavioral characteristics of the SMEs' financing and analyses the internal and external factors to impact the policy of the SMEs' financing and debt, in particular the external financial environment to impact SME's operation. Through the questionnaire, we find that it's difficult for the SMEs to access external financing. The SMEs rely on financial development more and the channel to rely on is single. While the level of the overall financial environment of the SMEs' development is not high, we should not only strengthen the construction of the financial institutions, guarantee system, credit rating system and financial environment, but also encourage SMEs to expand financial , explore their own internal potential and strengthen capital accumulation.
［Key words］Suzhou; Wuxi; SMEs; regional financial environment; financial development; financing behavior