理论研究
银行国际化经营中的文化风险及跨文化管理策略
李卢霞 刘 亮 张 娜 (5)
Cultural Risk and Cross-Cultural Management Strategies in International Operation of Commercial Banks
LI Lu-xia LIU Liang Zhang Na (5)
利率市场化背景下银行同业存款定价的模型设计
何海峰 (11)
Commercial Bank's Pricing Model on Due to Banks Under the Background of Interest Rate Marketization
HE Hai-feng (11)
流动性冲击的传导机制
方 平 (17)
Transmission Mechanisms of Liquidity Shocks
FANG Ping (17)
应用研究
中国银行业净利差的影响因素
张育红 张宗益 (22)
Affecting Factors of Net Interest Margin of Chinese Banking
ZHANG Yu-hong ZHANG Zong-yi (22)
中国银行间外汇市场的套利机会
邓观明 (28)
Arbitrage Opportunities on China Inter-bank Foreign Exchange Market
Deng Guan-ming (28)
银行董事会特征、CEO报酬与银行绩效——基于对11家股份制银行的数据分析
宋增基 杨天赋 王戈阳 (36)
Characteristics of Bank Board of Directors, CEO Compensation and Bank Performance——Based on the Data Analysis of 11 Joint-stock Commercial Banks
SONG Zeng-ji YANG Tian-fu WANG Ge-yang (36)
中国商业银行的盈利模式与技术效率
周强龙 徐 加 (43)
Profit Mode and Technical Efficiency of Chinese Commercial Banks
ZHOU Qiang-long XU Jia (43)
国债收益率对信贷市场均衡的影响
张建波 杨国颂 (52)
The Impact of Treasury Bond Yield on Equilibrium of Credit Market
ZHANG Jian-bo YANG Guo-song (52)
业务探讨
商业银行客户经理制度建设探讨
中国工商银行江苏省分行课题组 (57)
An Exploration in Establishing Customer Manager System of Commercial Banks
The Study Group of ICBC Jiangsu Branch (57)
商业银行业务经营转型的原则与策略——以中国工商银行江西省分行为例
江西省城市金融学会课题组 (63)
The Principles and Strategies of Business Transformation of Commercial Banks——With the Case of ICBC Jiangxi Branch
The Study Group of Jiangxi Urban Finance Society (63)
商业银行关联交易的管理规制
张 炜 何正启 朱 亚(71)
Management Regulation on Related Party Transaction of Commercial Banks
ZHANG Wei HE Zheng-qi ZHU Ya (71)
调研报告
商业银行客户投诉的成因和对策
余保福 隋 玲 (76)
The Causes of Customer Complaint in Commercial Banks and the Counter-measures
YU Bao-fu SUI Ling (76)
银行国际化经营中的文化风险及跨文化管理策略
李卢霞 刘 亮 张 娜
［摘 要］ 商业银行拓展海外业务，不可避免地会遇到一系列由文化差异引致的文化风险。应对文化风险，商业银行可以采取的跨文化管理策略包括：将文化审慎调查视为跨文化管理的前提和跨国经营计划的重要内容来实施；重视跨文化管理任务的落实，为跨文化管理奠定组织基础；酌情选择合适的跨文化整合模式；将应对文化风险的思维贯穿于海外经营团队建设的全过程；在管理与业务提升运作中提倡并鼓励本地员工参与；构建共同的企业远景，制定完善的规章制度；将内化企业文化机制作为长远目标；积极履行社会责任，努力融入当地社会。
［关键词］ 商业银行；国际化经营；文化差异；文化风险；跨文化管理
［Abstract］ Commercial Banks may encounter a series of cultural risks incurred by cultural difference in the process of expanding overseas business. The feasible cross-cultural management strategies include: (1)regarding prudential culture investigation as the premise of cross-cultural management and the important content of cross-border operation plan; (2) paying attention to the implementation of cross-cultural management to lay down an organizational foundation for cross-cultural management; (3) choosing appropriate cross-cultural integration mode; (4) making the awareness of culture risk run through the whole process of building overseas operation team; (5) encouraging local employees to participate in management and operation improvement; (6) constructing a common company vision and formulate perfect rules and regulations; (7) regarding internalizing culture mechanism as a long-term goal; (8) actively fulfilling social responsibility and endeavoring to integrate themselves with local society.
［Key words］ commercial bank; international operation; cultural difference; cultural risk; cross-cultural management
利率市场化背景下银行同业存款定价的模型设计
何海峰
［摘 要］ 随着我国利率市场化进程的不断推进，同业存款已经实现了市场化定价。为了适应利率市场化的形势，进一步巩固客户关系，并为银行业务发展提供低成本的资金来源，需要积极研究完善同业存款定价方法。本文借鉴西方商业银行在存贷款等产品定价方面的研究，结合当前商业银行金融同业业务的具体情况，设计了基于客户综合贡献和银行目标利润的同业存款定价模型，并对此方法做进一步的讨论，提出要将定量分析与定性分析相结合，完善客户关系管理（CRM）系统，结合不同行业同业客户特点提高该模型适用性等建议。
［关键词］ 利率市场化；商业银行；同业存款；存款定价
［Abstract］ Along with the progress of interest rate marketization in China, the market-oriented pricing of due to banks has been put into practice. To adapt to the change brought by interest rate marketization, to further cement customer relationship and to provide low-cost funds for bank's business growth, the study on improving the pricing method of due to banks is highly needed. Drawing reference from western commercial banks in pricing for deposit and loan products and combing with the particular condition of Chinese inter-bank business, the paper designs a pricing model for due to banks based on composite contribution of customers and bank's profit goal. Furthermore, the paper puts forward that in the process of using this model, quantitative analysis and qualitative analysis should be combined, the customer relationship management (CRM) system should be enhanced and the applicability of the model remains to be further improved in combination with the characteristics of different bank customers.
［Key words］ interest rate marketization; commercial bank; due to banks; deposit pricing
流动性冲击的传导机制
方 平
［摘 要］ 流动性可以从市场流动性、融资流动性、资产负债表流动性和流动性需求四个维度来分析。四个维度的相互作用形成了流动性传导的五种机制——借款者的资产负债效应、信贷紧缩效应、对金融机构的挤兑效应、信用传染效应和对不确定性的规避效应。五种传导机制使单个流动性冲击演变为系统性的流动性冲击，将证券市场的流动性冲击传导到其他金融市场，并相互强化形成了流动性的循环。为了防止或减少流动性危机对经济金融的影响，既要提高单个金融机构应对流动性冲击的能力，也要改善金融市场的基础设施。必要时中央银行应向市场注入流动性以增强市场信心。
［关键词］ 次贷危机；流动性；传导机制；流动性循环
［Abstract］ Liquidity can be analyzed from four dimensions——market liquidity, financing liquidity, balance sheet liquidity and liquidity needs. The interaction of the four dimensions creates five transmission mechanisms, which are borrower's asset and liability effect, credit crunch effect, financial institution run effect, credit contagion effect, and the aversion effect of uncertainty. Single liquidity shock can evolve to systematic liquidity shocks through the five transmission mechanisms, which conduct the liquidity shock of capital market to other financial markets. The five transmission mechanisms can mutually reinforce and finally form a cycle of liquidity. In order to prevent or reduce the impact of liquidity crisis on the economic and financial system, it is necessary to raise the ability of individual financial institutions to deal with liquidity shocks, as well as improve the infrastructure of financial system. When necessary, central banks should inject liquidity to the market to enhance confidence.
［Key words］ subprime mortgage crisis; liquidity; transmission mechanism; cycle of liquidity
中国银行业净利差的影响因素
张育红 张宗益
［摘 要］ 在Ho-Saunders领导模型的基础上引入非利差收入、非传统贷款资产及央行基准利差因素，提出了更适合中国银行业现状的多产品纯利差决定模型。采用2000~2008年间23家商业银行的面板数据进行实证分析，结果发现影响净利差的因素有：风险厌恶程度、运营成本、信用风险、资产规模、上年净利差、非利差收入、非传统资产及基准利差等。根据这些因素可以看出，四大商业银行近年净利差波动性较大，而中小股份制商业银行经营日趋稳定。中国商业银行应致力于拓展中间业务及产品多样化，逐步改变传统盈利模式和收入结构。
［关键词］ 商业银行；净利差；利率市场化；中间业务；收入结构
［Abstract］ On the basis of Ho-Saunders model, the paper introduces non-interest spread revenue, non-traditional loan assets and the benchmark interest of central bank and presents a multi-output interest spread pricing model that is more suitable for the status of Chinese banking. The paper uses the panel data of 23 commercial banks during the period of 2000 to 2008 to make empirical analysis. The results reveal that the determinants of net interest margin include risk aversion, operating costs, credit risk, asset scale, net interest margin of the previous year, non-interest spread revenue, non-traditional assets and benchmark interest of central bank. The net interest margin of large state-owned banks has shown a high volatility in recent years, but that of joint-equity banks becomes gradually stable. Chinese commercial banks should dedicate to expand intermediary business and product diversification and gradually change the traditional profit model and revenue structure.
［Key words］ commercial bank; net interest margin; interest rate liberalization; intermediary business; revenue structure
中国银行间外汇市场的套利机会
邓观明
［摘 要］ 对于人民币远期汇率是否满足利率平价，目前国内理论界与实务界还存在一定的分歧。本文任意选取2009年6月1~30日中国银行间外汇市场美元/人民币汇率连续实时的买卖报价等数据，首次对该市场的套利机会进行了测度。研究发现：（1）从抵补套利角度看，国内银行间中短期限（1年以内）的远期汇率定价符合利率平价理论；但因定价基准利率（SHIBOR）未能充分发挥基础利率的功能，致使1年期左右的人民币远期汇率存在潜在抵补套利机会，然而其收益率很低。（2）银行间外汇市场几乎随时都存在收益率可观的单边套利机会。（3）银行有足够的时间进行套利交易。
［关键词］ 利率平价；抵补套利；单边套利；银行间外汇市场
［Abstract］ At present, domestic theoretical circles and professional circles remain apart on the question whether Renminbi forward exchange rate is priced based on interest rate parity. By randomly choosing the real-time and continuous bid and ask quotes of exchange rates for USD/CNY from June 1st 2009 to June 30th 2009 on China inter-bank foreign exchange market, this paper tests whether there are arbitrage opportunities on the market. From the perspective of covered interest rate arbitrage, the forward exchange rates with maturity less than one year satisfy the theory of interest rate parity. For SHIBOR fails to fully play the function of benchmark interest rate, arbitrage opportunities still exist in Renminbi forward exchange rates with maturity around one year. However, the yields of those arbitrages are low. Furthermore, there are many unilateral arbitrage opportunities with considerable yield on inter-bank foreign exchange market at almost any time everyday. Commercial banks have sufficient time to conduct arbitrage transactions.
［Key words］ interest rate parity; covered interest rate arbitrage; unilateral arbitrage; inter-bank foreign exchange market
银行董事会特征、CEO报酬与银行绩效——基于对11家股份制银行的数据分析
宋增基 杨天赋 王戈阳
［摘 要］ 本文通过采集2005~2008年11家已上市的全国股份制商业银行的数据，实证分析了银行董事会独立性与CEO报酬之间的关系，并在考虑银行CEO报酬内生性基础上，进一步检验了银行董事会独立性、CEO报酬和银行绩效的关系。研究结果显示：长任期的CEO、CEO兼任董事长、较大比例的内部董事和较大的董事会规模构成了中国上市银行的监管障碍。银行CEO的高薪酬是不足为奇的，因为高薪酬对应的是银行业绩的显著增长。CEO报酬是银行公司治理的强化机制，授予银行CEO合理的激励报酬可以克服银行监管障碍，提高银行治理水平。
［关键词］ 商业银行；董事；董事会特征； CEO报酬； 银行绩效；公司治理
［Abstract］ With the data of 11 Chinese listed commercial banks from 2005 to 2008, the paper empirically analyzes the relationship between the independence of board and CEO compensation and further examines the relationship among board independence, CEO compensation and bank performance with consideration of the endogeneity of CEO compensation. The results show that CEO with long tenure, CEO who concurrently holds chairman of the board, higher proportion of inside directors in board and larger board pose obstacles to supervising Chinese listed banks. The high compensation of CEO is not surprising, because the high compensation corresponds to a significant increase of bank performance. The results imply that CEO compensation is a reinforcing mechanism of corporate governance, so granting CEO with incentive compensation can overcome supervision obstacles and improve bank--s governance.
［Key words］ commercial bank; directors; characteristics of board of directors; CEO Compensation; bank performance; corporate governance
中国商业银行的盈利模式与技术效率
周强龙 徐 加
［摘 要］ 本文使用数据包络分析方法，对中国16家全国性银行2005~2008年间的技术效率值进行了测算和评价，并利用16家银行的混合截面数据，使用回归方程考察了银行盈利模式与效率的关系，具体分析了收入结构对技术效率影响的动态变化。研究结果表明：中国银行业整体效率水平仍然不佳；国有银行和股份制商业银行间的差距逐渐加大；非利息收入占比对银行效率呈现正向效应逐渐减弱的趋势，其作用受到银行不同类型业务费用控制能力的制约。本文还同时考察了银行资产实力、成本费用控制能力和公司治理决策水平与技术效率间的关系，并提出了相关的政策性建议。
［关键词］ 商业银行；盈利模式；收入结构；技术效率；数据包络分析
［Abstract］ In this paper, the method of Data Envelope Analysis (DEA) is applied to calculate and evaluate the technical efficiency values of 16 national banks in China from 2005 to 2008. Furthermore, by using the mixed cross-sectional data of the 16 banks, the paper establishes a regression equation to inspect the relationship between profit mode and efficiency of the banks and analyzes the dynamic change of the influence of income structure on technical efficiency. The results indicate that (1) the overall efficiency of Chinese banking is still low; (2) the gap between state-owned banks and joint-stock commercial banks is gradually widening; (3) the positive effect of non-interest income proportion on bank efficiency is gradually reduced, which is constrained by the ability of banks to control various kinds of operating expenses. The paper also explores the relationships among asset size, the ability to control costs and expenses, the ability of corporate governance and decision-making and the technical efficiency of banks. Then the paper raises some relevant policy-oriented recommendations to increase the efficiency of the banking.
［Key words］ commercial bank; profit mode; income structure; technical efficiency; Data Envelope Analysis
国债收益率对信贷市场均衡的影响
张建波 杨国颂
［摘 要］ 国债市场规模的扩大可以满足机构投资者的收益性和流动性偏好，机构投资者投资组合的调整使得国债具有影响信贷市场均衡的功效：国债收益率变化影响信贷市场利率和信贷市场均衡规模。实证研究表明，在协整关系上国债收益率和信贷资金增长率具有负相关关系，表明国债收益率上升对信贷资金增长率具有降低作用，不过效果不明显，不足以成为影响信贷市场资金规模的原因。国债收益率和信贷资金增长率不互为因果关系，这与中国国债规模偏小、持有者结构不合理和交易所国债市场逐渐边缘化的趋向有关。
［关键词］ 国债收益率；信贷市场；机构投资者；流动性偏好
［Abstract］ The expansion of treasury bond market contributes to satisfying institutional investors-- preference to profitability and liquidity. Treasury bond can influence the equilibrium of credit market when institutional investors adjust their portfolios: the change of treasury bond yield can affect interest rates of credit market and its equilibrium. Empirical study shows that there is a long-term negative cointegration relationship between treasury bond yield and the growth rate of credit funds, which means that the increase of the former can decrease the latter. However, such effect is not significant, so the former can not be regarded as the cause of affecting the scale of credit funds. The result that there is no causal relationship between treasury bond yield and the growth rate of credit funds can be explained by the following facts: small scale of Chinese treasury bond market, unreasonable structure of bond holders and gradual marginalization of exchange-based treasury bond market.
［Key words］ treasury bond yield; credit market; institutional investor; liquidity preference
商业银行客户经理制度建设探讨
中国工商银行江苏省分行课题组
［摘 要］ 商业银行客户经理制度有助于实现商业银行客户资源配置优良化、推进金融服务商品化、增强银行自身竞争力，已经成为商业银行业务发展不可或缺的经营模式。当前国内商业银行客户经理制度建设面临着客户经理队伍素质偏低、管理机构设置不合理、考核激励机制欠科学、培养教育机制不健全等问题，借鉴国际同业的经验，本文从调整组织管理模式、优化人员选聘机制、创新能力素质评价模式、健全激励约束机制、构筑安全管理机制、强化教育培训机制六个方面提出进一步完善商业银行客户经理制度的建议及策略。
［关键词］ 商业银行；客户经理；客户经理制度
［Abstract］ Customer manager system of commercial banks can contribute to optimizing customer resource allocation, pushing forward financial service commercialization and strengthening the competitiveness of commercial banks, so it has become an indispensable operating pattern to the business development of commercial banks. Currently, domestic commercial banks face a series of problems in establishing customer manager system, such as low quality of customer manager team, irrational setting of management departments, unscientific incentive mechanism and unsound training mechanism. Drawing reference from international peers, the paper puts forward the following strategies to further improve customer manager system: adjusting organization management pattern, optimizing human resource selection mechanism, innovating evaluation model on capability and quality, improving incentive and restraint mechanism, building a security management mechanism and strengthening training mechanism.
［Key words］ commercial bank; customer manager; customer manager system
商业银行业务经营转型的原则与策略——以中国工商银行江西省分行为例
江西省城市金融学会课题组
［摘 要］ 商业银行业务经营转型是一个渐进的、动态演化过程，工商银行加快业务经营转型不但有其强烈的内在要求，外在压力也正在快速聚集。在当前国际、国内经济金融环境下，推进工商银行业务经营转型需要遵循理念转型为先、在发展中实现转型、以资本约束为框架等基本要求，进一步明确转型发展战略，并通过变革组织架构、优化业务流程、调整资产结构、拓展个金业务领域、加快金融创新、强化风险控制、完善考核激励和资源配置体系等多种路径，促进业务经营转型，不断提升核心竞争力，确保实现股东价值最大化，进而打造国际一流现代商业银行品牌。
［关键词］ 商业银行；工商银行；经营转型；结构调整；核心竞争力
［Abstract］ Business transformation of commercial banks is a dynamic process and requires to be furthered step by step. ICBC faces both strong internal requirement and quickly accumulated external pressure to speed up the pace of business transformation. Under the current international and domestic economic and financial background, pushing forward business transformation requires ICBC to follow a series of basic principles, such as notion transformation coming first, achieving transformation in the process of development and submitting to capital restraint. Then the paper puts forward the following strategies for ICBC to advance its business transformation: changing the current organizational structure, optimizing business process, adjusting asset structure, expanding the scope of personal banking, accelerating financial innovation, strengthening risk control and improving assessment, incentive and resource allocation system. The strategies will contribute to enhancing ICBC--s core competence, maximizing shareholder value and making ICBC a first class financial institution in the world.
［Key words］ commercial bank; ICBC; business transformation; structure adjustment; core competence
商业银行关联交易的管理规制
张 炜 何正启 朱 亚
［摘 要］ 关联交易可以实现资源互补，但也可能损害商业银行自身利益。关联交易规制有利于健全银行的公司治理与控制风险。关联交易的立法目的在于规范关联交易行为，遏制关联交易的负面作用，维护商业银行及股东整体权益，保障金融安全。商业银行应该从以下六个方面加强关联交易管理：强化关联交易风险意识，提高重视程度；完善关联交易管理制度，强化执行力度；区别关联交易风险程度，增强管理的科学有效性；建立关联交易管理系统，提升信息化水平；兼顾关联交易信息披露及其豁免原则的适用；加强集团成员关联交易风险管理。
［关键词］ 关联交易；商业银行；管理机制；风险控制
［Abstract］ While contributing to resources complementation, related party transaction may also impair commercial bank--s interest. Related party transaction regulation is beneficial to bank's corporate governance and risk control. The legislation on related-party transaction aims to regulate such transactions to limit their negative effects, safeguard the interests of commercial banks and the overall interests of shareholders and assure financial security. Commercial banks should strengthen the management on related party transaction from the following six aspects: enhancing risk awareness on related party transaction and paying more attention to it; improving relevant management regulation and intensifying the enforcement of regulation; distinguishing the risk degree of different related-party transactions to strengthen the scientific validity of the management; establishing relevant management system to improve the level of information technology; taking into account of both information disclosure of related party transactions and the applicability of immunity principles; intensifying the risk management of related party transactions among group members.
［Key words］ related party transaction; commercial bank; management mechanism, risk control
商业银行客户投诉的成因和对策
余保福 隋 玲
［摘 要］ 针对目前商业银行对客户投诉工作存在重视不足、管理不到位等问题，本文对商业银行客户投诉的成因进行归纳，主要包括因后台支撑问题导致的客户投诉；因员工服务质量问题导致的客户投诉；因客户自身原因导致的投诉；因银行之外的第三方原因导致的客户投诉等。在此基础上提出如下建议：商业银行应提高管理层和员工对客户投诉工作重要性的认识，建立标准化服务规范和投诉处理的快速反应机制，并通过采取加强对银行员工的技能培训，制定科学的客户投诉考核制度等措施，从而建立起完善、有效的客户投诉管理机制。
［关键词］ 商业银行；客户投诉；客户投诉管理；服务质量
［Abstract］ In view of problems in customer complaint disposal of commercial banks, such as inadequate attention and management, the paper summarizes the causes of customer complaint, which generally result from problems in background support, service quality, customers themselves and the third parties. Then the paper proposes the following suggestions: commercial banks should improve the understanding of the management and staff to the significance of customer complaint disposal, establish standard service specification and rapid response mechanism on complaint disposal, strengthen skill training on staff and lay down scientific assessment system on complaint disposal. Through above-mentioned measures, a perfect and effective management mechanism on customer complaint disposal will be established.
［Key words］ commercial bank; customer complaint; customer complaint management; service quality