本刊专稿
人民币区域化给中资商业银行带来的机遇与挑战
中国工商银行城市金融研究所课题组 (5)
Opportunities and Challenges Faced by Chinese Commercial Banks Under the Background of Renminbi Regionalization
The Study Group of ICBC Urban Finance Research Institute (5)
市场分析
2009~2010年中国票据市场发展：回顾与展望
汪办兴 (14)
The Development of Chinese Bills Market from 2009 to 2010: Review and Forward
WANG Ban-xing (14)
中国银行间国债市场流动性黑洞的实证检验
马俐丽 顾金宏 (21)
Verification of Liquidity Black Holes in China's Inter-bank T-bond Market
MA Li-li GU Jin-hong (21)
应用研究
次贷危机下商业银行资本监管的反思
张 强 武次冰 (26)
Reflection on Capital Regulation on Commercial Banks Under the Background of Subprime Mortgage Crisis
ZHANG Qiang WU Ci-bing (26)
银行绿色经营的三种境界与赤道原则应用思想的升华
李 菲 (31)
Three Realms of Green Operation in the Banking and the Sublimation of Applied Thinking on the Equator Principles
LI Fei (31)
实证研究
个人持有信用卡与个人统计特征的相关性分析
易秋霖 吕绍娣 王 鑫 (37)
The Correlation Between Personal Credit Card Holding and Holders' Statistical Properties
YI Qiu-lin LV Shao-di WANG Xin (37)
上市商业银行高管薪酬差距的影响因素
朱明秀 (45)
Affecting Factors of Compensation Gap Among Top Executives of Listed Banks
ZHU Ming-xiu (45)
业务探讨
跨境贸易人民币结算业务试点的影响及发展策略——基于中国工商银行深圳市分行的经营环境及业务现状
林 谦 (51)
The Influence and Development Strategies of Pilot Program of Renminbi Settlement of Cross-border Trade Transactions
LIN Qian (51)
人民币银行结算账户管理制度研究
袁 萍 陶能虹 (58)
Management System of Renminbi Bank Settlement Accounts
YUAN Ping TAO Neng-hong (58)
小企业贷款风险非现场监测分析
林跃武 许大庆 王 浩 周 坪 (64)
Off-site Monitoring on Risks of Loans for Small Enterprises
LIN Yue-wu XU Da-qing WANG Hao ZHOU Ping (64)
调研报告
商业银行县域机构变革与发展研究
中国工商银行宁波市分行课题组 (69)
Reform and Development of County Sub-branches of Commercial Banks
The Study Group of ICBC Ningbo Branch (69)
商业银行二级分行绩效考评机制探讨
中国工商银行镇江市分行课题组 (75)
An Exploration in Performance Evaluation System of Tier-two Branches of Commercial Banks
The Study Group of ICBC Zhenjiang Branch (75)
人民币区域化给中资商业银行带来的机遇与挑战
中国工商银行城市金融研究所课题组
［摘 要］ 本文在对发达国家货币区域化、国际化经验进行总结的基础上，分析当前人民币区域化的背景、障碍，并勾勒出下一步政策走向路线图。人民币区域化将给中资商业银行带来中间业务、资产业务、负债业务、金融市场业务发展的机会，促进中资商业银行国际业务、公司业务、个人金融业务甚至银行卡业务的大发展，境内外个人、企业、同业客户资源的拓展将由境内外分支机构共同分享。与此同时，中资商业银行的经营也将暴露在范围更广、威胁更大的风险中。中资商业银行应加强跨境人民币业务的风险防范，并尽快解决一系列内部瓶颈性障碍。
［Abstract］ On the basis of reviewing the experience of developed nations in currency regionalization and internationalization, the paper analyzes the background and obstacles of Renminbi regionalization, and describes the route chart for the next step policy. Renminbi regionalization will provide Chinese commercial banks with opportunities in intermediary business, asset business, liability business and financial market business, and accelerate their development in international banking, corporate banking, personal banking and even credit card business. The expansion in client resource, including domestic and foreign personal, corporate and institutional clients, can be shared by both domestic and overseas branches. At the same time, the operation of Chinese commercial banks will be exposed to risks with broader scope and greater threats. Chinese commercial banks should strengthen their risk precaution capability in cross-border Renminbi business and settle down a series of internal development bottlenecks.
［Key words］ commercial bank； Renminbi regionalization； Renminbi internationalization； risk precaution
2009~2010年中国票据市场发展：回顾与展望
汪办兴
［摘 要］ 2009年，央行推行适度宽松的货币政策为票据市场的发展提供了良好的市场环境。全年票据市场运行受货币政策调整的影响显著，票据签发与贴现交易活跃，票据贴现余额大幅增加，融资规模冲高后回落，票据市场利率在低位区间震荡运行后出现大幅上升，同时票据业务监管日趋严格。展望2010年，央行适度宽松的货币政策的延续和政策微调力度的加大将继续增强票据市场的波动性，市场供需均衡将更趋合理；回购式交易占比将有所提升；利率将震荡上升；电子商业汇票系统运行后的创新效应将有所显现。
［关键词］ 票据市场；票据融资；票据承兑；票据贴现
［Abstract］ In 2009, the moderately loose monetary policy implemented by PBC provided a nice market environment for bills market, which moved under the significant influence of monetary policy adjustment. In detail, the issue and discounted bills business were active, and the balance of discounted bills sharply increased. The financing volume with bills soared highly in the first half year and gradually went down in the second half year. Interest rates fluctuated at a low price interval first and hiked then. Moreover, the supervision on bills business became increasingly rigid. In 2010, the moderately loose monetary policy will be continued and fine adjustment on the policy will be strengthened, both of which will exacerbate the volatility of bills market； the balance between market demand and supply will be more reasonable； the proportion of repurchase deals will increase； interest rates will fluctuate upward； innovation effect triggered by Electronic Commercial Draft System will emerge.
［Key words］ bills market； bills financing； acceptance of bills； discounted bills
中国银行间国债市场流动性黑洞的实证检验
马俐丽 顾金宏
［摘 要］ 本文对我国银行间国债市场流动性黑洞进行了理论分析和实证检验。理论分析表明，虽然市场参与主体范围不断扩大，但实际参与交易的市场交易成员仍具有较高的同质性。通过建立债券收益与交易量双变量自回归模型，利用银行间国债市场逐笔交易面板数据，对银行间国债市场流动性黑洞进行实证检验。结果表明：债券收益率和交易变化量均呈正向自相关关系，交易量指令流的变化导致债券当期收益率的反向变化，滞后的收益率对当期交易产生负向影响，我国银行间国债市场部分债券存在流动性黑洞。
［关键词］ 银行间国债市场；流动性黑洞；双变量自回归模型
［Abstract］ This paper theoretically analyzes and empirically tests China's inter-bank T-bond market liquidity black holes. Theoretical analysis results show that, although the scope of market participants are continuously expanding, the actual members involved in the market transaction still appear highly homogeneous. With a bivariate autoregressive model between bond yields and trading volume, an empirical test on liquidity black holes on inter-bank T-bond market has been done with the transaction panel data. The regression results show that both bond yields and trading volume changes show a positive autocorrelation, instruction stream changes in trading volume cause current bond yields to change reversely, and lagged yields have negative influence on the current trading volume, which means that liquidity black holes exist in some of China's inter-bank T-bond market.
［Key words］ inter-bank T-bond market； liquidity black holes； bivariate autoregressive model
次贷危机下商业银行资本监管的反思
张 强 武次冰
［摘 要］ 次贷危机的爆发导致《新巴塞尔协议》三大支柱之首的资本监管饱受批评和指责，资本监管改革已经势在必行。本文回顾了商业银行资本监管的历史演进，反思次贷危机下商业银行资本监管表现的种种不足，提出了商业银行资本监管改革的方向与对策建议：建立商业银行资本监管逆周期机制，防止资本监管加剧经济的周期性波动；改进商业银行资本充足率计量体系，使得资本充足率计算更加简单化和透明化；强化对商业银行高杠杆运作的资本监管，从而限制商业银行的高杠杆运作行为；建立商业银行资本监管的激励机制，减少资本监管中的套利行为。
［Abstract］ Since the subprime mortgage crisis broke out, capital regulation, the most important one of three pillars in BASELII, had been suffering a lot of criticism, and the reform on capital regulation must be enforced. The paper reviews the evolution of capital regulation on commercial banks, reflects its deficiencies that exposed in the crisis, and proposes the direction of the reform and some suggestion. First, counter-cyclical mechanism on capital regulation should be established to make the calculation of capital adequacy ratio simpler and more transparent. Second, the capital regulation on commercial bank’s highly leveraged operation must be strengthened to restrict such behaviors. Last but not least, an incentive mechanism should be built to reduce arbitrage behaviors in the capital regulation.
［Key words］ subprime mortgage crisis； commercial bank； capital regulation； capital adequacy ratio
银行绿色经营的三种境界与赤道原则应用思想的升华
李 菲
［摘 要］ 可持续发展理念历经三次大跨度的渗入，即从国家向生产企业、从生产企业向国际金融业、从国际金融业向中国银行业的渗入，从而使银行业绿色经营呈现三种境界，即把绿色经营当成适应型策略的初级境界，把绿色经营当成经营战略的中级境界，将绿色经营融入企业文化的最高境界。目前，多数银行还在第一、二种境界的交叉处或第二、三种境界的间隙处迂回，需要艰苦努力，才能进入最高境界。最高境界既要升华赤道原则的应用思想，又要实现社会责任与商业责任、个人职业责任互融，使社会责任成为银行全员知行并进的价值观和行动力，这是全球性的重大课题。
［关键词］ 银行；绿色经营；社会责任；赤道原则
［Abstract］ The sustainable development notion has experienced three large-span introgression stages, which are the introgression from nation to manufacturing enterprises, from manufacturing enterprises to the international banking, and finally from the international banking to Chinese banking. This evolution process makes green operation of the banking possess three realms. In other words, green operation notion is taken as an adaptive strategy in the banking at the primary realm, as an operating strategy at the medium realm, and finally it is integrated into the enterprise culture of banks. At present, the majority of banks are between the first and the second realm or struggling in the gap between the second and the third. It will take enormously hard work for banks to reach the final realm, which requires them not only to sublimate the applied thinking of Equator Principles but also to achieve the integration of social responsibility, business responsibility, as well as personally professional responsibility. At the third realm, social responsibility will become the common value and driving force of whole members of a bank, which is a globally important research subject.
［Key words］ bank； green operation； social responsibility； the Equator Principles
个人持有信用卡与个人统计特征的相关性分析
易秋霖 吕绍娣 王 鑫
［摘 要］ 基于对高校学生的调查数据进行的统计分析发现，个人是否持有信用卡与个人每月可支配收入、所学专业相关，与性别、学历无关。朋友影响、银行推销是影响个人是否持有信用卡的主要途径。最被看重的信用卡功能是透支消费，其次是储蓄现金。中间收入层次的人群持有信用卡的比例最高。统计分析结果并不否定对于受教育程度在大专水平以下的人群，其是否持有信用卡与受教育程度有关；商业银行应该重视“朋友影响”对于个人持有信用卡的作用，以提高人们对信用卡的认知与认同度；必须进行持续、动态的调查与统计分析，参考分析结果制定信用卡发展策略。
［关键词］ 信用卡业务；大学生信用卡；个人统计特征；透支消费
［Abstract］ According to the statistical analysis results of the investigation data of university students, whether individuals hold credit cards is correlated with individuals' disposable incomes per month and their majors, and not correlated with their genders and education backgrounds. The influence of friends and marketing activities of banks are main reasons that result in individuals holding credit cards. The most valuable functions in the eyes of card holders are overdrawn consumption and savings. The proportion of card-holding is the highest in the group with moderate disposable incomes. The statistical results do not confirm whether people in the group of junior college level possess credit cards is not correlated with their education degree. Commercial banks should pay attention to the influence of friends on credit card possession in individuals to improve people's cognition and approval on credit cards. Continuous and dynamic investigation and statistical analysis are required for laying down suitable development strategies on credit card business.
［Key words］ credit card business； credit cards held by university students； personal statistical property； overdrawn consumption
上市商业银行高管薪酬差距的影响因素
朱明秀
［摘 要］ 本文以沪深两市14家上市银行2006～2008年数据为样本，分析上市银行高管薪酬差距与组织绩效的关系，揭示高管薪酬差距的影响因素。研究发现：上市银行高管薪酬差距与组织绩效之间呈现正相关性；CEO人力资本特征对高管薪酬差距具有不同的影响，CEO年龄与薪酬差距显著正相关，CEO任职年限对薪酬差距具有正向作用，CEO学历对薪酬差距具有反向作用，但任职年限和学历与薪酬差距的相关性均不显著，上市银行资本充足率对组织绩效和高管薪酬差距均具有显著影响。本文的研究结论支持锦标赛理论，但由于回归系数较小，薪酬差距的激励作用不甚明显。
［关键词］ 高管薪酬差距；人力资本；组织绩效；上市商业银行
［Abstract］ By using the data of 14 Chinese listed banks from 2006~2008, the paper empirically analyzes the relationship between top executives’ compensation gap and bank performance, and explores the factors affecting their compensation gap. The results show that compensation gap is positively correlated with bank performance, and the human capital characteristics of CEOs show different impacts on the compensation gap. In detail, CEO age has significantly positive correlation with the compensation gap, CEO tenure insignificantly positively influences the compensation gap, and the educational background of CEOs has a negative but insignificant correlation with compensation gap. The capital adequacy rate significantly influences bank performance and compensation gap. Tournament theory is supported by the results, but the incentive effect of compensation gap is not significant due to a small regression coefficient.
［Key words］ top executives' compensation gap； human capital； bank performance； listed commercial bank
跨境贸易人民币结算业务试点的影响及发展策略——基于中国工商银行深圳市分行的经营环境及业务现状
林 谦
［摘 要］ 跨境贸易人民币结算试点在深圳启动，将对深港合作产生深远的战略意义，同时为深圳银行业的发展带来新的机遇和挑战。结合试点启动以来跨境贸易人民币结算业务的开展情况及存在的问题，本文提出工商银行深圳分行应从制度及流程建设、企业培训、客户挖掘、市场营销、产品创新等方面充分利用深港毗邻优势、深圳创新型城市优势和外向型经济的客户资源优势，以此推进跨境贸易人民币结算业务。为了给这一新业务创造更好的发展环境，本文还建议有关部门应出台多赢的普惠政策，加快人民币利率市场化步伐，丰富人民币资金运用渠道，并加强与相关国家和地区的沟通。
［关键词］ 工商银行深圳市分行；人民币区域化；跨境贸易人民币结算；深港合作
［Abstract］ Launching the pilot program of cross-border Renminbi trade settlement in Shenzhen possesses profound strategic significance for Shenzhen-Hong Kong cooperation, which provides Shenzhen banking with fresh opportunities and challenges. In view of the existing situation of cross-border Renminbi trade settlement business since the launch of the program and related problems, ICBC Shenzhen Branch should make full use of the advantages of Shenzhen, such as adjoining Hong Kong, innovative city and rich client resource brought by its export-oriented economy, to further cross-border Renminbi trade settlement business. The detailed measures include institution and process construction, enterprise training, client digging, active marketing, and product innovation. To create a nice development environment for this new business, the paper also suggests that related authorities should promulgate more preferential policies that can benefit extensive market participants, accelerate the pace of market-oriented Renminbi interest rate reform, enrich the to utilize Renminbi and strengthen the communication with related countries and regions.
［Key words］ ICBC Shenzhen Branch； Renminbi regionalization； Renminbi settlement of cross-border trade transactions； Shenzhen-Hong Kong cooperation
人民币银行结算账户管理制度研究
袁 萍 陶能虹
［摘 要］ 银行结算账户是支付体系的基础，是资金流转的基本依托，其制度要求对现代经济金融的顺畅运转具有重要影响。近年来，实务界对我国现行人民币结算账户体系进行了一些探讨，但鲜见系统性研究成果。本文介绍了我国银行结算账户管理制度的发展历程和基本特征，在进行国际比较的基础上分析了我国现行制度在账户管理目的、法律层级、分类管理原则等方面的不足，并提出了对应政策性建议，包括拓展账户管理目标、提升账户管理法规级次、完善罚则、简化账户分类、实施宽进严控的账户监管、采用非现场监测为主的账户监管手段和整合监管资源、建立合作监管机制等。
［关键词］ 支付体系；银行结算账户；人民币银行结算账户；银行结算账户管理制度
［Abstract］ Bank settlement accounts are the basis of payment system, and support the whole funds flow, so the system requirements on banks settlement accounts have significant influence on keeping modern economy and finance running smoothly. In recent years, although professionals have made some explorations on the current Renminbi bank settlement accounts system, few have obtained systematic achievements. The paper first introduces the development history and characteristics of management system of bank settlement accounts in China. On the basis of comparing other countries' practice, the paper analyzes the deficiencies of the current system in China in account management purpose, legal hierarchy and category management, and puts forward some feasible policy suggestions, such as expanding account management purpose, upgrading the legal hierarchy on account management, perfecting punishment regulations, simplifying account category, implementing a "lenient entrance but strict control" account supervision pattern, mainly relying on off-site supervision approach, integrating supervision resources and establishing cooperative supervision system.
［Key words］ payment system； bank settlement accounts； Renminbi Bank settlement accounts； management system on bank settlement accounts
小企业贷款风险非现场监测分析
林跃武 许大庆 王 浩 周 坪
［摘 要］ 国内商业银行小企业信贷业务在高速发展过程中可能集聚着一定的潜在风险，而运用传统的人工方式逐户识别、计量风险会在人力、时间和效率上难以满足以万户计的工作量的需求。因此，根据小企业贷款的运行特点和风险特征有针对性地设计和运行业务监测模型，是识别、计量和管理这些潜在风险的有效途径。本研究重点围绕关联关系、资金流向、还款能力、民间借贷和综合贡献等方面对小企业贷款风险进行监测，以期为小企业贷款市场的拓展指明方向，为贷款的主动退出圈定准确的目标，为银行提供需要关注的贷款对象，为银行挖掘存款潜力和提高综合收益明确要求。
［关键词］ 商业银行；小企业贷款；银行贷款；风险监测；非现场监测
［Abstract］ Potential risks are accumulating in the process that domestic commercial banks accelerate to develop credit business for small enterprises. Traditional manual approach to identifying and measuring risks case by case cannot satisfy the requirement of workloads of tens of thousand of businesses. Therefore, aiming to the operation and risk characteristics of loans for small businesses, designing and implementing business monitoring model is an effective approach to identifying, measuring and managing those potential risks. The paper monitors the risks of loans for small enterprises from the perspectives of related parties, money flow, repayment ability, private lending and comprehensive contribution to chart the orientation for loans for small enterprises, set clear targets for credit withdrawal, point out valuable lending targets and present specific requirements for commercial banks in digging deposit potentials and improving comprehensive earnings.
［Key words］ commercial bank； loans for small enterprises； bank loans； risk monitoring； off-site monitoring
商业银行县域机构变革与发展研究
中国工商银行宁波市分行课题组
［摘 要］ 本文从工商银行宁波市分行县域机构发展的视角出发，分析比较了工、农、中、建四大国有（控股）商业银行在宁波市各县域地区的主营业务经营情况、人员和网点资源投入现状，指出工商银行宁波市分行县支行经营形势不容乐观，主营业务市场占比不理想。通过剖析商业银行县域机构发展中存在的诸如客户评级授信审批权限不匹配、小企业信贷政策过严、新产品风险评估体系尚未建立、网点转型较慢等问题，从加强考核激励、加大资源分配、优化业务流程、提高经营授权和完善工作机制等方面提出了推进县域机构变革与发展的策略构想。
［关键词］ 工商银行宁波市分行；县域机构；业务结构；网点建设；人员配置；资源倾斜
［Abstract］ From the perspective of county sub-branches of ICBC Ningbo Branch, the paper compares the business status, human resource and basic business outlets allocation of county sub-branches of ICBC, ABC, BOC and CCB in Ningbo, and points out that the business situation of ICBC in county areas of Ningbo is very serious and the market share of core business is far from satisfying. By scrutinizing the problems in the development of county sub-branches, such as mismatch of customer credit rating approval limits, over-strict credit policies for small enterprises, failure to establish new product risk assessment system and slow transformation of basic business outlets, the paper puts forward the following suggestions to push the reform and development of county sub-branches: strengthening performance evaluation, increasing resource allocation, optimizing business process, improving approval limits and perfecting business mechanisms.
［Key words］ ICBC Ningbo Branch； county sub-branch； business structure； outlet construction； human resource allocation； favoring resource allocation policy
商业银行二级分行绩效考评机制探讨
中国工商银行镇江市分行课题组
［摘 要］ 建立科学、合理的绩效考评机制对商业银行二级分行改善经营管理、提升竞争力、实现可持续发展具有十分重要的作用。本文在回顾工商银行镇江市分行绩效考评改革的基础上，系统剖析了现行绩效考评体系在考核导向偏重即期指标、考核维度单一、考核指标设计随意等方面存在的弊端，指出绩效考评机制应具有科学性、灵活性、实用性和创新性。结合镇江市分行的经营实践，本文提出了构建科学绩效考评机制的有关建议：理清绩效考评思路，创新绩效考评机制，完善绩效考评指标体系，健全绩效考评办法。
［关键词］ 二级分行；工商银行镇江市分行；绩效考评；绩效考评指标体系
［Abstract］ Establishing a scientific and reasonable performance evaluation system is of great significance for tier-two branches of commercial banks to upgrade operation and management, enhance their competitiveness and achieve sustainable development. On the basis of reviewing the reform process of performance evaluation system of ICBC Zhenjiang Branch, the paper systematically scrutinizes the malpractices of current performance evaluation system, such as overemphasis on short term performance, single evaluation dimension and random selection in evaluation indicators. An ideal performance evaluation system should be scientific, flexible, practical and innovative. Combining the practice of Zhenjiang Branch, the paper proposes some suggestions to establish a scientific performance evaluation system as follows: sorting out performance evaluation thoughts, innovating performance evaluation mechanism, perfecting evaluation indicator system, and improving evaluation approaches.
［Key words］ tier-two branch； ICBC Zhenjiang Branch； performance evaluation； performance evaluation indicator system