本刊专稿
中国经济会步日本经济盛极而衰的后尘吗？
中国工商银行城市金融研究所课题组 (5)
Will Chinese Economy Follow in the Footsteps of Japanese Economy: From Peak to Slump?
The Study Group of ICBC Urban Finance Research Institute (5)
比较研究
跨国银行应对经济周期的战略研究
中国工商银行国际业务部课题组 (13)
Strategies of Multinational Banks to Deal with Business Cycle
The Study Group of International Banking Department, ICBC (13)
银行业全面开放与中国商业银行的效率改进
孙兆斌 (21)
The Banking's Full Opening-up and Efficiency Improvement of Chinese Commercial Banks
SUN Zhao-bin (21)
金融危机冲击下资产负债管理的再审视
孟 艳 (29)
A Review on Asset Liability Management Under the Shock of Financial Crisis
MENG Yan (29)
市场分析
商业银行参与PE业务的现状、问题及策略建议
李卢霞 万 芊 李 圆 (35)
Status, Obstacles and Strategies of Investment of Commercial Banks in Private Equity
LI Lu-xia WAN Qian LI Yuan (35)
金融危机背景下中国金融衍生品市场的发展
王 屯 于金酉 (42)
The Development of Chinese Financial Derivatives Market Under the Background of Financial Crisis
WANG Tun YU Jin-you (42)
业务探讨
金融衍生品对商业银行信贷风险控制的影响研究
胡 阳 李艺凡 王欣然 (49)
Impacts of Financial Derivatives on Credit Risk Control of Commercial Banks
HU Yang LI Yi-fan WANG Xin-ran (49)
私人银行业务法律问题研究
耿丹丹 (55)
Research on Legal Issues Faced by Private Banking
GENG Dan-dan (55)
我国商业银行代发工资业务创新发展策略研究
王向明 (62)
Strategies for the Innovation and Development of Wage Distribution Agency Service of Chinese Commercial Banks
WANG Xiang-ming (62)
调研报告
商业银行客户服务线建设的策略研究——来自中国工商银行宁波市分行的实践
周志方 (67)
Strategies on How to Establish Customer Service Line of Commercial Banks——Based on the Practice of ICBC Ningbo Branch
ZHOU Zhi-fang (67)
我国商业银行分支机构小企业金融业务经营策略研究——以工商银行L市二级分行为例
张德银 (74)
Strategies for Branches of Chinese Commercial Banks to Operate Financial Business for Small Enterprises——With the Case of an Tier-two Branch of ICBC in City L
ZHANG De-yin (74)
新作评介
一本值得商业银行行长学习借鉴的好书——评《从胜任到卓越——商业银行行长领导力模型》
曾康霖 (80)
An Excellent Book for Commercial Bank Presidents
A Review on QUALIFIED TO GREAT——A Model to Evaluate the Leadership of Commercial Bank Presidents
ZENG Kang-lin (80)
中国经济会步日本经济盛极而衰的后尘吗？
中国工商银行城市金融研究所课题组
［摘 要］ 中国经济发展路径与20世纪80年代的日本在表象上存在高度的相似性。但是，中国内需的增长潜力远大于日本，资产价格并没有严重脱离实体经济；中国对日本宏观调控出现的失误，可以引以为戒；中国的商业银行始终对资本市场保持高度警惕；中国的海外扩张具有投资性和稳健性。由此，中国出现类似于日本的泡沫经济全面膨胀和崩溃的可能性很小。中国应当坚持走依靠内需拉动经济的道路，提高经济的内生动力，大力发展新兴产业和服务产业，为过剩资金开辟投资渠道，高度重视资产价格过快上涨的风险，继续坚持渐进的金融改革路径，审慎、稳健、前瞻地实施宏观调控。
［关键词］ 中国；日本；泡沫经济；资产价格；宏观政策；商业银行；海外扩张
［Abstract］ There is seemingly a high degree of similarity between the development route of Chinese economy and that of Japanese economy in 1980s. However, the growth potential of domestic demand in China is far beyond that in Japan, and asset prices in China do not deviate seriously from real economy; China should learn the lessons of Japanese macro-control; Chinese commercial banks always maintain utmost vigilance against capital market; overseas expansion of Chinese enterprises emphasize profitability and prudence. Therefore, the situation of full expansion and collapse of bubble economy that once happened in Japan does not likely appear in China. China should insist on relying on domestic demand to stimulate economy, improve the endogenous dynamic of economy, vigorously develop emerging industries and service industries, create investment for excess capital, attach great importance to the risk resulting from excessive asset price hikes, continue to adhere to the progressive financial reform route, and implement a prudent, steady and forward-looking macro-control.
［Key words］ China; Japan; bubble economy; asset price; macro-policy; commercial bank; overseas expansion
跨国银行应对经济周期的战略研究
中国工商银行国际业务部课题组
［摘 要］ 深入剖析经济周期性波动对跨国银行经营发展的影响，研究并制定跨国银行应对经济周期的战略举措，是跨国银行的必然选择。本文运用经济周期理论，以商业银行盈利增长速度和盈利稳定性两个纬度作为评判标准，对长期保持较高盈利且在危机中具有较强减震能力的优秀跨国银行应对经济周期性波动的战略选择及行为模式进行了实证分析和比较分析，从全球机构建设、业务发展、风险管理和支持保障体系等4个方面，提出了商业银行跨国经营应对经济周期波动的核心举措，为商业银行特别是中资银行实施跨国经营战略提供了思路和范式。
［关键词］ 经济周期；顺周期性；金融危机；跨国银行；盈利成长性
［Abstract］ It is an inevitable choice for multinational banks to deeply analyze the impact of cyclical fluctuation of the economy on their operation and development and lay down the strategic measures to deal with business cycle. According to business cycle theory, the paper conducts an empirical and comparative analysis on the strategy selection and behavior patterns of multinational banks to deal with cyclical fluctuation. The selected banks are ones that have maintained long-term high profitability and strong shock absorption capacity in a crisis, and the evaluation criteria are profit growth and profit stability. From the perspectives of global institution building, business development, risk management and support system, the paper proposes a series of core initiatives that multinational banks could take to respond to cyclical fluctuation, which provide ideas and paradigm for commercial banks, especially Chinese commercial banks, to implement cross-border operation strategy.
［Key words］ business cycle; pro-cyclicality; financial crisis; multinational bank; profit growth
银行业全面开放与中国商业银行的效率改进
孙兆斌
［摘 要］ 本文综合利用财务绩效指标和Malmquist全要素生产率指数衡量商业银行的效率状况，对外资银行进入与中国商业银行效率改进的关系进行了实证研究。结果发现，外资银行参股中资银行的行为，对被参股银行的财务绩效改善的作用较为明显，但对其全要素生产率的改进尚未表现出明显的促进作用。而在华业务拓展行为总体上对中资银行的财务绩效有负面影响，对生产率的影响则偏正面，但都不够明显。未来银行业开放的重点在于吸引更多优秀的外资银行机构进入中国市场，对战略投资者撤资的现象则无需过于忧虑，中国银行业应着力从内部因素上改进全要素生产率。
［关键词］ 银行业；外资银行；中资银行；效率改进；Malmquist指数；财务绩效指标
［Abstract］ By using financial performance indicators and Malmquist TFP index, the paper comprehensively measures the efficiency of Chinese commercial banks, and conducts an empirical study on the relationship between foreign-funded banks' entrance and the efficiency improvement of Chinese commercial banks. The results show that foreign equity participation plays a significantly positive role on target banks' performance improvement, but fails to show significant influence on the total factor productivity improvement of target banks. Foreign-funded banks' business development behavior in China, in general, has a insignificantly negative impact on the financial performance of Chinese-funded banks, but have some positive yet insignificant impact on their productivity. In the future, the further opening-up of Chinese banking should attract more excellent foreign-funded banks to enter China, and the phenomena of strategic investors' withdrawal are not vital to the development of Chinese banking, which should try their best to improve the total factor productivity based on their internal factors.
［Key words］ the banking; foreign-funded banks; Chinese-funded banks; efficiency improvement; Malmquist index; financial performance indicators
商业银行参与PE业务的现状、问题及策略建议
李卢霞 万 芊 李 圆
［摘 要］ 在后危机时代，我国商业银行应积极参与PE业务，实现支持经济可持续增长与拓宽盈利渠道的“双赢”。现阶段我国商业银行参与PE业务的基本路径可概括为：“迂回”直投模式、合作模式与间接模式。从外部环境看，我国PE市场发展的税收和政策安排还不够完善，资本市场为PE提供的退出通道较为狭窄，交易透明度有待进一步提高等；而商业银行内部也存在着风险管理、人才筛选等方面的难题。我国商业银行渐进拓展PE业务应制定严格的风险控制导向的业务监督体系和运营操作流程；积极引进和培养专业人才；选择合适的参与方式、投资阶段、投资产业与投资地域等。
［关键词］ 商业银行；私募股权投资（PE）；“迂回”直投模式；合作模式；间接模式
［Abstract］ During the post-crisis era, Chinese commercial banks should actively take part in PE business to support the sustainable growth of economy, as well as broaden their profit source. At Present, Chinese commercial banks participate in PE business mainly through three modes, which are circumbendibus direct investment, cooperation investment and indirect investment. From the perspective of external circumstances, the tax and institutional arrangements about PE market remain to be improved, capital market fails to provide sufficient choices for withdrawal of PE, and trade transparency remains to be improved. From the perspective of commercial banks themselves, they also face difficulties in risk management and talent selection. To further PE business step by step, Chinese commercial banks should establish strict risk-control-oriented business supervision system and operation process, actively introduce and train professional talents and choose suitable participation mode, investment stage, target industry and target areas.
［Key words］ commercial bank; private equity (PE); circumbendibus direct investment mode; cooperation investment mode; indirect investment mode
金融危机背景下中国金融衍生品市场的发展
王 屯 于金酉
［摘 要］ 本轮金融危机被冠以“衍生品泛滥”之名，使得国内对发不发展和如何发展我国金融衍生品市场产生纷争。本文通过分析指出本次危机是系统性危机，金融衍生品是其复杂传导链条中的一个环节，不应担当危机爆发的主要责任。通过中美金融衍生品市场的比较，发现我国金融衍生品市场仍处于初级阶段，与差距逐渐缩小的中美债券市场规模、中美经济总量规模相比，中国金融衍生品市场发展缓慢，市场发展空间巨大。最后指出我们应该深化基础市场建设，逐步建立多层次的金融衍生产品市场结构，并建议商业银行培育自身金融衍生产品的核心竞争力，提升风险管理水平。
［关键词］ 金融危机；金融衍生品；商业银行
［Abstract］ The current financial crisis, described as “derivatives flooding”, triggers many disputes on developing financial derivatives market in China. The paper points out that the current financial crisis is a systematic crisis, financial derivatives are only a link in the complex chain of transmission, and they should not assume the main responsibility. By comparing the financial derivatives market of China and that of the U.S., the paper concludes that Chinese financial derivatives market is still in a primitive stage, which develops very slowly currently and has great development potential, especially relative to the gradually narrowing gap of size between Chinese and American bond market and economic aggregate. China should deepen market infrastructure construction, and gradually establish a multi-layer financial derivatives market. Moreover, commercial banks should cultivate their core competence in financial derivatives and continuously enhance risk management.
［Key words］ financial crisis; financial derivatives; commercial bank
金融衍生品对商业银行信贷风险控制的影响研究
胡 阳 李艺凡 王欣然
［摘 要］ 近年来，许多中国企业从事金融衍生品交易受到重创并陷入财务困境，给相关银行带来巨大的信贷风险。本文从商业银行信贷风险控制的角度，首先探讨了企业利用金融衍生品进行套期保值的积极意义以及该业务一旦转化为投机给企业带来的巨大风险，发生这种转化的关键原因是其内部控制失效。商业银行不应对正常套期保值的企业“惜贷”，但必须对涉及金融衍生品交易的企业贷款提高风险意识，一方面要严格监控贷款企业的相关内部控制机制，另一方面也要建立银行自身与衍生品交易企业贷款有关的内部控制机制，这一机制包括事前防范、事中监控和事后处理三个方面。
［关键词］ 金融衍生品；信贷风险；套期保值； 商业银行；内部控制
［Abstract］ In recent years, many Chinese enterprises were seriously hit by their financial derivatives trade and trapped by financial distress, which brought on huge credit risk for related commercial banks. From the perspective of credit risk control of commercial banks, the paper first introduces the positive significance of hedging with financial derivatives and great risks of speculation on financial derivatives faced by enterprises. The key reason resulting to the transformation from hedging to speculation is the failure of internal control. Commercial banks should not hesitate to lend to enterprise clients that engage in normal hedging business, but raise the risk awareness against enterprise clients with derivatives trade. On the one hand, commercial banks need to closely monitor the internal control mechanisms in such clients. On the other hand, banks should establish their own internal control mechanisms to monitor the loans for those clients, which should include three links: precaution, process monitoring and post processing.
［Key words］ financial derivatives; credit risk; hedging; commercial bank; internal control
私人银行业务法律问题研究
耿丹丹
［摘 要］ 我国经济的稳步增长带来了社会财富总量的扩大和个人财富的集中，这为私人银行业务带来了巨大的市场发展潜力，中外资商业银行都在积极抓住这一难得的历史机遇。在为客户提供私人银行服务的同时，中外资商业银行也必须关注新兴业务带来的法律风险，并采取有效的措施加以防范。本文在对私人银行业务的发展历史、特点、现状进行详细分析的基础上，提出：现阶段法律法规应明确界定私人银行机构的业务范围以及私人银行机构与客户的关系，完善外汇管理方面的法律法规，同时私人银行机构也要关注反洗钱方面的监管规定，确保依法合规开展私人银行业务。
［关键词］ 私人银行业务；商业银行；高净资产个人；法律风险
［Abstract］ The steady growing of Chinese economy brings the expansion of social wealth aggregate and the accumulation of personal wealth, which creates great potential for private banking. Both foreign-funded and Chinese-funded commercial banks are actively grasping this rare historical opportunity. However, they must attach great importance to legal risks resulting from the emerging business and take effective counter-measures. On the basis of analyzing the development history, characteristics and status quo of private banking, the paper puts forward that laws and regulations should clearly define the business scope of private banking institutions and the relationship between clients and the institutions. Moreover, regulations about foreign exchange management should be improved, and private banking institutions should comply with regulations on anti-money laundering in their business practice.
［Key words］ private banking; commercial bank; high net worth individuals (HNWIs); legal risk
我国商业银行代发工资业务创新发展策略研究
王向明
［摘 要］ 代发工资业务是各家银行竞相发展的一项重要的个人中间业务,是撬动整个零售业务最重要的支撑点之一，大力促进其发展具有非常重要的意义。本文认为我国商业银行需要创新代发工资业务处理方式，增加交易渠道，培育客户自助水平，营造新的金融消费环境，为客户提供高品质服务，解决排队等问题；通过把握营销机遇，挖掘客户需求，做好组合营销,不断满足代发工资客户日益增长的金融需求；通过产品创新，经营代发工资业务品牌，加强风险管理，打造独特的竞争优势；通过公私联动、整合营销，提高营销效率，扎实推进薪酬市场客户拓展工作，提升商业银行的核心竞争力。
［关键词］ 商业银行；代发工资业务；组合营销；创新策略
［Abstract］ As one of essential supports of retailing business, wage distribution agency service (WDAS) is an important personal intermediary business that each bank is striving to develop. Chinese commercial banks should innovate the disposal methods of WDAS, increase trade , provide training for clients to improve their self-service ability, create a fresh financial consumption environment, provide clients with high-quality services and resolve problems that perplex clients in the process of service, such as long queue. Moreover, commercial banks should grasp various marketing opportunities, exploit clients' demand, and flexibly employ marketing mix to continuously satisfy the increasingly growing demand of clients for WDAS. By combining corporate and personal business and conducting integrated marketing, commercial banks can significantly improve marketing efficiency, steadily expand WDAS market and enhance their core competence.
［Key words］ commercial bank; wage distribution agency service; marketing mix; innovative strategy
商业银行客户服务线建设的策略研究——来自中国工商银行宁波市分行的实践
周志方
［摘 要］ 客户是商业银行赖以生存和发展的基础，建设客户服务线是商业银行实现可持续发展的关键。本文以中国工商银行宁波市分行为例，详细描述了商业银行客户服务线的内涵，阐述了商业银行客户服务线建设的必要性，分析了该行客户服务线建设的现实基础及面临的问题。本文认为，建设客户服务线必须在转变经营理念、客户发展策略、服务渠道建设、客户关系维护、产品营销方式、各项机制创新等方面下工夫。本文对商业银行建设客户服务线、提高各项业务经营水平、增强盈利能力、提升核心竞争力具有较大的参考和应用价值。
［关键词］ 商业银行；工商银行宁波市分行；客户服务线；建设策略
［Abstract］ Customers are the basis for commercial banks to survive and develop, and establishing customer service line is the key to obtaining sustainable development. With the case of ICBC Ningbo Branch, the paper describes the connotation of commercial bank's customer service line in detail, and expounds the necessity to establish customer service line, the realistic basis and possible problems. The paper argues that establishing customer service line must be furthered in several important aspects at the same time, such as the change of operation philosophy, strategies of client development, service channel construction, customer relationship maintenance, approaches to marketing products and mechanism innovation. The paper can provide valuable reference for commercial banks to establish customer service line, improve the operation level of whole business line, strengthen their profitability and enhance their core competence.
［Key words］ commercial bank; ICBC Ningbo Branch; customer service line; establishment strategy
我国商业银行分支机构小企业金融业务经营策略研究——以工商银行L市二级分行为例
张德银
［摘 要］ 随着《国务院关于进一步促进中小企业发展的若干意见》的出台，如何进一步加快小企业金融业务发展，客观地摆在了商业银行从业人员面前。笔者以工商银行L市二级分行的现状为例，提出商业银行在加快小企业金融业务发展的经营策略上，应从5个方面引起注意：一是要进一步提高小企业金融业务人员的综合素质；二是要加快小企业金融业务产品的创新步伐；三是进一步优化小企业金融业务的组织架构；四是使现有的小企业贷款业务激励机制逐步升级；五是在风险可控的前提下，力争小企业金融业务准入在基层支行层面上逐步、全面放开。
［关键词］ 商业银行；小企业金融业务；工商银行；分支机构；经营策略
［Abstract］ Since the State Council promulgated Suggestions to Further Promote the Development of Small-and-medium-sized Enterprises, how to further accelerate the development of financial business for small enterprise has been an important task faced by commercial banks. With the case of an tier-two branch of ICBC in city L, the paper puts forward related strategies from 5 aspects as follows: first, the comprehensive quality of employees of financial business for small enterprises should be further improved; second, the innovation of related financial products should be accelerated; third, the organization of related business should be further optimized, fourth, related incentive mechanism should be gradually updated; the last but not least, under the premise of sufficient risk control, financial business for small enterprises should be gradually and all-around opened for sub-branches.
［Key words］ commercial bank; financial business for small enterprises; ICBC; branch; operating strategy