本刊专稿
国家市场经济与金融危机
［日］坂本正 (5)
National Market Economy and the Financial Crisis
Tadashi Sakamoto (5)
防患于未然，避免泡沫经济的形成与破灭——日本经济盛衰对中国的启示
詹向阳 (8)
Take Preventive Measures to Avoid the Formation and Burst of the Bubble Economy——The Enlightenment of Japan's Economic Rise and Fall to China
ZHAN Xiang-yang (8)
理论研究
银行股权估值方法选择分析
刘亚干 (11)
The Analysis of the Equity Valuation Methods of Commercial Banks
LIU Ya-gan (11)
个人理财业务中银行和客户的义务配置——基于产品和契约类型差异性的分析框架
郭 雳 温 馨 (20)
The Assignment of Bank's and Client's Obligations in Personal Wealth Management Products——An Analysis Framework Based on Differentiating Products and Contractual Relationships
GUO Li WEN Xin (20)
金融危机后美国金融监管改革及其启示
郑仁杰 (27)
The U.S. Financial Supervision Reform after Financial Crisis and Its Implications
ZHENG Ren-jie (27)
应用研究
股权结构对中国商业银行效率的影响
何 蛟 傅 强 潘 璐 (33)
The Influence of Ownership Structure on the Efficiency of Chinese Commercial Banks
HE Jiao FU Qiang PAN Lu (33)
中国股份制商业银行声誉管理能力——以5家上市银行为例
胡 颖 陈成斌 (39)
The Ability of Reputation Management of Chinese Joint-equity Commercial Banks——With Cases of Five Listed Commercial Banks
HU Ying CHEN Cheng-bin (39)
信贷市场分割下中小银行的信贷优势分析
邢 哲 宋志清 (44)
The Analysis of Advantages of Small and Medium Banks' Credit under the Conditions of Credit Market Separation
XING Zhe SONG Zhi-qing (44)
业务探讨
后金融危机时期中资银行国际化的路径选择
温信祥 王佳佳 (50)
Path Selection of International Development in China's Banking Industry after Financial Crisis
WEN Xin-xiang WANG Jia-jia (50)
银行信贷退出的时机与策略选择
黄 伟 史忠良 (58)
The Selection of Timing and Strategy of Bank's Credit Retreat
HUANG Wei SHI Zhong-liang (58)
银行营业网点营销传播系统的建设
中国工商银行宁波市分行课题组 (64)
The Construction of Marketing and Propagation System of Bank's Business Outlets
The Study Group of ICBC Ningbo Branch (64)
调研报告
理财金账户客户行为分析及业务发展策略
杭州金融研修学院课题组 (69)
The Analysis of Customer's Behavior of Elite Club Account and the Development Strategy of the Business The Study Group of Hangzhou Institute of Financial Managers (69)
中国上市银行票据贴现业务的行业角色与运营效率——基于上市银行2009年年报数据的分析
汪办兴 (75)
The Industrial Role and Operational Efficiency of Chinese Listed Bank's Discounted Bills Business——The Analysis Based on the Data in Listed Bank's 2009 Annual Report
Wang Ban-xing (75)
银行股权估值方法选择分析
刘亚干
［摘 要］ 本文以中国商业银行股权估值为研究对象，分析一般企业4种经典股权估值理论和方法，从商业银行经营特性和制度性特征出发，结合中国商业银行最近几年股利政策的变化趋势，研究4种经典估值方法对商业银行股权估值的适用性。研究发现，股利折现法（DDM）是最适宜中国商业银行股权估值的方法，同时应辅以P/B、P/E验证。向国内、国际著名投资银行和机构投资者的分析师、投资者发放近70份调查问卷的结果支持了本文的结论。应加强对机构投资者和散户的培训和教育，使基金经理们逐步从简单使用P/E、P/B估值方法转变到DDM结合P/E、P/B的运用。
［关键词］ 经典股权估值理论；商业银行特性；股利折现法
［Abstract］ This paper studies the equity valuation of Chinese commercial banks. The four classic theories and methods for enterprises equity valuation are analyzed. Based on the commercial bank's operational and institutional characteristics and the trend of commercial bank's dividend policy in recent years, paper analyses the applicability of the four classic equity valuation methods for commercial banks. The study finds that the Dividend Discount Model (DDM), supplemented by P/B, P/E verification, is the most appropriate equity valuation method for Chinese commercial banks. The results of seventy questionnaires, to analysts and investors of domestic and international well-known investment banks and investment institutes, support the findings. The training and education of institutional and retail investors should be strengthened and so the fund managers will gradually change from the simple use of valuation method P/E, P/B to the use of DDM combined with P/E, P/B.
［Key words］ classic equity valuation theory；commercial bank's characteristics； Dividend Discount Model（DDM）
个人理财业务中银行和客户的义务配置——基于产品和契约类型差异性的分析框架
郭 雳 温 馨
［摘 要］ 针对银行个人理财业务，以现实案例为基础，本文提出了一个基于产品和契约类型差异性的分析银行和客户所应承担义务的框架。产品风险性、收益性（两者都应考虑程度和概率）、流动性（包括期限和提前终止条件）三大要素的匹配程度可用来度量客户风险和收益的不对称性，从而评判银行适当性和告知义务的履行情况。银行与客户间的契约关系差异也很重要，从一次性契约、多次契约到长期契约，客户的审慎义务有所放松；而对于银行适当性、告知义务的要求也应逐渐降低，但信义义务相应增强，审查重点也更多地转向利益冲突的防范。
［关键词］ 银行个人理财业务；适当性义务；告知义务；信义义务；审慎义务；契约类型
［Abstract］ Aimed at products of personal wealth management and based on real cases, this paper proposes a framework, based on differentiating products and contractual relationships, for the analysis of bank's and client's obligations. The matching extent of three elements, product risk, profitability (both extent and probability should be taken into account) and liquidity (including term and condition for termination ahead of time), can be used to measure the asymmetry degree of client's risk and bank's earnings, and then to judge the fulfillment of bank's appropriateness and notification obligations. The difference in the contractual relationship between bank and client is also important. From one-time contract, several-time contract to long-term contract, client's discretion obligation gradually decreases, so do the bank's appropriateness and notification obligations, but accordingly the bank's credence obligation increases and examination is focused more towards the prevention of interest conflict.
［Key words］ products of personal wealth management； appropriateness obligation； notification obligation； credence obligation； discretion obligation； contract type
金融危机后美国金融监管改革及其启示
郑仁杰
［摘 要］ 金融危机重创了全球经济，也让各国重新审视自身的金融监管制度，强化金融监管成为了各国的普遍共识。中国金融业虽然未在金融危机中遭受重创，但不断出现的金融创新对中国目前的分业监管和监管联席会议的模式提出了严峻的挑战。本文认为中国目前的金融监管存在功能性监管缺失、监管联席会议不具备决策职能和执行决策的能力、割裂金融监管与金融调控关系等问题。故本文提出：明确法律法规的授权，组建一个有明确法律权限、有实体组织的协调机构，以完善中国目前的金融监管制度。
［关键词］ 金融危机；美国金融监管；监管联席会议
［Abstract］ The financial crisis heavily hits the global economy and makes many countries carefully examine their own financial supervisory systems. To strengthen financial supervision becomes a common consensus. Although Chinese financial industry is not heavily hit by the financial crisis, the continuously emerging financial innovations are severe challenges to Chinese current approaches of separated financial supervision and supervision joint conference. This paper argues that there are such problems in Chinese current financial supervision: functional loss, supervision joint conference missing decision-making functions and the capacity of decision-making, separation of financial supervision and financial regulation, etc.. Therefore, the paper proposes that, to improve Chinese current financial supervision, it is necessary to clearly define the rights authorized by laws and set up a coordinating body with clear legal rights.
［Key words］ financial crisis； the U.S. financial supervision； supervision joint conference
股权结构对中国商业银行效率的影响
何 蛟 傅 强 潘 璐
［摘 要］ 本文将具有不同股权结构的商业银行作为研究对象, 采用随机边界法（SFA）分析中国商业银行的成本效率和利润效率,发现不同股权结构的商业银行存在明显的效率差异，四大国有控股银行成本效率较高，但利润效率最低，外资银行利润效率较高；不同股权结构的商业银行在引入外部战略投资者后改善了银行的成本效率，同时还促进了银行利润效率的提升。实证研究表明，中国政府对银行业实施的“财务重组→引入战略投资者→上市→完善治理制度”的改革措施对效率的提升有积极作用，银行业改革的方向是正确的。
［关键词］ 股权结构；银行效率；随机边界法；利润效率；成本效率
［Abstract］ Taking commercial banks with different ownership structures as the object of study, this article, with the method of SFA, analyses the cost efficiency and profit efficiency of Chinese commercial banks. The results show that there are significant differences in efficiency among commercial banks with different ownership structures. The four major state-controlled banks have higher cost efficiency, but lower profit efficiency. The foreign banks have higher profit efficiency. The introduction of strategic investors outside the banks has improved the cost efficiency of commercial banks with different ownership structures, while also promoting the enhance of their profit efficiency. Empirical research shows that the reform "financial restructuring→introduction of strategic investors→stock listing→improving governance system", implemented by Chinese government, has a positive effect on the enhance of efficiency. This shows that banking reform is correct.
［Key words］ ownership structure； bank efficiency； Stochastic Frontier Analysis； profit efficiency； cost efficiency
中国股份制商业银行声誉管理能力——以5家上市银行为例
胡 颖 陈成斌
［摘 要］ 银行声誉作为一种无形资产在银行经营中发挥着日益重要的作用。本文借鉴了国外对于公司声誉的评价方法，并结合中国上市银行的特点来构建声誉管理评价指标，分别从长期投资价值、财务表现、资产使用、管理质量、产品与服务、创新、员工待遇及社会责任等八个大类指标对5家上市银行的声誉管理进行分析。分析表明，招商银行在所有银行中综合得分最高，其主要原因是长期投资价值、公司资产使用、产品与服务、创新等指标的得分要明显优于其他银行；浦发银行、民生银行及中信银行紧随其后；华夏银行综合得分最低，其产品和服务质量需要提高。
［关键词］ 银行声誉；声誉管理；股份制商业银行；上市银行
［Abstract］ Bank reputation, an intangible asset of commercial banks, plays an increasingly important role in bank's operation. By drawing experience of mainstream approaches of foreign countries to evaluate corporate reputation and combing with the characteristics of Chinese listed banks, the paper establishes a reputation management and evaluation system, which includes eight types of indicators——long-term investment value, financial performance, asset usage, the quality of management, product and service, innovation, employee's salary and other benefits and social responsibility. The results show that China Merchants Bank (CMB) obtains the highest composite score in five sample banks, because its sub-item scores in long-term investment value, asset usage, product and service and innovation are significantly higher than other banks. SPD Bank, China Minsheng Banking and China Citic Bank follow CMB closely. The composite score of Huaxia Bank is the lowest, and its product and service quality require to be improved.
［Key words］ bank reputation； reputation management； joint-equity commercial bank； listed bank
信贷市场分割下中小银行的信贷优势分析
邢 哲 宋志清
［摘 要］ 信贷市场存在两种分割：一种是大型企业信贷市场与中小企业信贷市场的分割，另一种是在中小企业信贷市场中高风险企业市场和低风险企业市场的分割。在信息不对称条件下，当大型银行的信贷成本高于中小银行时，中小银行将获得中小企业信贷市场；当两类银行的成本相等时，二者共同占有高风险中小企业信贷市场，而低风险中小企业市场为中小银行所独占。中国中小银行的信贷成本低于大型商业银行，所以不能依靠大型银行解决中小企业融资难问题。可以通过两种途径化解中小企业融资难的问题：降低中小银行进入门槛；降低中小银行的经营成本。
［关键词］ 信贷市场；中小银行；信息不对称；关系贷款；信贷成本
［Abstract］ There are two kinds of credit market separation. The first is the credit market separation of large-scale enterprise and SME credit market. The second is, in the credit market of SME, the credit market separation of high-risk enterprise and low-risk enterprise. Under the conditions of asymmetric information, large bank will occupy the market if its credit cost is higher than small and medium ones', and they will share the credit market of high-risk SME if their credit costs are equal, while small and medium banks will exclusively occupy the market of low risk SME. Because Chinese small and medium banks' credit costs are lower than large banks', solving the difficulty of financing SME can not be relied on large banks. There are two ways to solve the difficulty: lowering the threshold of small and medium banks' entry； reducing small and medium banks' operation costs.
［Key words］ small and medium banks； information asymmetry； relationship lending； credit cost
后金融危机时期中资银行国际化的路径选择
温信祥 王佳佳
［摘 要］ 金融危机后，国际金融监管政策出现重大调整，全球金融格局发生新旧更替，人民币国际化、中资企业走出去等外部环境也呈现出新的特点。为全面提升国际竞争力，中资银行有必要通过加快国际化发展推动经营转型，进而实现持续巩固竞争优势和行业领先地位的战略目标。尽管不同银行的国际化路径选择会有所差别，但中资银行国际化发展应坚持市场化运作，灵活采取并购、申设等进入形式，兼顾成熟市场和新兴市场，强化本地化经营，注重物理网点与电子渠道的联合拓展，实现网络拓展与业务拓展的有效协同，构建多维度跨境管理模式。
［关键词］ 后金融危机时期；中资银行；国际化发展；金融监管改革
［Abstract］ Many measures have been taken in strengthening financial supervision and regulation after financial crisis. Global financial structure has undergone change. External environment, concerning with RMB internationalization, Chinese companies operating abroad, etc., presents new features. To enhance international comprehensive competitive power, it is necessary for Chinese banks to drive operational restructuring through accelerating international development and thus continuously consolidate competitive advantage and leading position of the industry. Although there is difference between the different bank's international path , in the process of international development, Chinese banks should adhere to market operation, flexible entrance of M & A, application and establishment, etc., giving consideration to both the mature and the emerging markets, strengthening local operation and joint expansion of physical network and electronic , achieving effective coordination of network expansion and business expansion, building multi-dimensional cross-border management.
［Key words］ period after the financial crisis； Chinese banks； international development； the reform of financial supervision and regulation
银行信贷退出的时机与策略选择
黄 伟 史忠良
［摘 要］ 科学地实施信贷退出是银行防范信贷风险、提高盈利能力的重要手段，对于维护银行信贷业务的稳健经营，实现可持续发展有着极其重要的意义。本文提出在信贷退出时机的选择上要准确把握行业经济周期，适时进行信贷退出；准确把握产业结构演进规律，适时进行信贷退出；准确把握企业生命周期，选择最佳退出时机；准确把握产品生命周期，适时进行信贷退出；准确把握绿色信贷政策，适时进行信贷退出。在信贷退出的策略选择上一是要实施“有序退出”策略，建立和完善信贷退出机制；二是实施“软投入”策略，实现信贷资产退出的“软着陆”。
［关键词］ 银行；信贷退出；信贷退出机制；信贷退出策略
［Abstract］ Scientific implementation of credit retreat is an important means to prevent credit risk and increase profitability. It's extremely important for the stability and sustainable development of bank's credit . The paper proposes that, when bank chooses the timing of credit retreat, it should accurately grasp the industrial economic cycle, the law of industrial structure evolution, the life cycle of the business, the life cycle of product, the green credit policy, and so it can implement timely credit retreat. To choose the strategy of credit retreat, two aspects should be paid attention: first, to implement "orderly retreat" strategy and establish and improve the mechanism of credit retreat； second, to implement "soft investment" strategy and achieve the "soft landing" of credit assets retreat.
［Key words］ bank； credit retreat； mechanism of credit retreat； strategy of credit retreat
银行营业网点营销传播系统的建设
中国工商银行宁波市分行课题组
［摘 要］ 网点营销传播系统是银行网点服务的有机组成部分，在网点营销宣传过程中发挥着传播产品信息、创造销售氛围和提升企业形象三大功能。工商银行宁波市分行借助自身的经营和区位优势，在推进网点营销传播系统建设上已取得良好成绩，同时也面临系统应用中存在的诸多瓶颈。基于此，本文结合银行网点功能定位、业务分区、不同客户群体需求差异等现实情况，提出以下改进网点营销传播系统、有机整合各类品牌传播渠道的策略建议：建立高效的运行管理机制；加强传播内容与设计管理；注重传播载体的配置与应用。
［关键词］ 工商银行；营业网点；网点营销传播系统；品牌价值
［Abstract］ Marketing and propaganda system is an integrated part of bank's outlet service, which exerts three important functions in the process of marketing and propagation: spreading product information, creating nice marketing atmosphere and improving bank's image. By using its operation and location advantages, ICBC Ningbo Branch has obtained significant achievements in establishing outlet's marketing and propagation system. At the same time, ICBC Ningbo Branch also faces many bottlenecks in the application. Combing the function positioning of bank's outlets, business area division and demand diversity among different customer groups, the paper puts forward the following suggestions to ameliorate marketing and propagation system and integrate various brand propagation : establishing an efficient operation and management mechanism, strengthening the management on the contents and design of propagation, and paying attention to the allocation and application of various propagation carriers.
［Key words］ ICBC； business outlet； marketing and propagation system of business outlets； brand value
理财金账户客户行为分析及业务发展策略
杭州金融研修学院课题组
［摘 要］ 本文通过对工商银行理财金账户客户的现状、特征及行为的分析，提出了理财金账户客户的发展策略。该策略主要包括：一是继续保持长三角地区、环渤海地区和闽粤地区的发展优势，进一步扩大中部地区、西南地区、西北地区和东北地区经济发展较快省份的客户规模；二是重点发展高收入行业客户，提升客户质量；三是全面提高达标客户覆盖率，重点是提高东部经济发达省份达标客户覆盖率；四是严把客户准入门槛，全面提高客户达标率；五是加强理财金账户客户重点资产配置；六是全面提高理财金账户客户产品渗透率。
［关键词］ 工商银行；理财金账户；客户行为；产品渗透率
［Abstract］ Based on the analysis of customer's status quo, characteristics and behavior of Elite Club Account of ICBC, this paper proposes a development strategy of customer. First, to continue the development advantages in Yangtze River Delta, the Bohai Rim region and Fujian and Guangdong, and expand the customer scale in provinces with faster economic development in the central, southwest, northwest and northeast regions. Second, to focus on the customer development of high-income industry and improve customer quality. Third, to increase coverage of customer, especially the customer that meets the standards in economically developed eastern provinces. Fourth, to set up strict access threshold for customer and comprehensively increase coverage of customer. Fifth, to strengthen the allocation of customer's key asset of Elite Club Account. Sixth, to comprehensively improve the penetration of Elite Club Account product.
［Key words］ ICBC； Elite Club Account； customer behavior； product penetration
中国上市银行票据贴现业务的行业角色与运营效率——基于上市银行2009年年报数据的分析
汪办兴
［摘 要］ 2009年，中国上市银行的票据承兑与贴现业务在较好地发挥支持和调节信贷投放作用的同时也获得了良好的收益。本文对中国14家上市银行2009年年度报告中披露的有关票据业务数据进行比较分析后发现，在票据产业链中，中小型银行更侧重于发挥签票承兑的票源供应商的角色，大型银行更侧重于发挥票据贴现融资供应商角色；同时，中小型银行票据贴现业务的收益率和运营效率相对较高。本文还总结了商业银行开展票据业务的几种主要经营模式，即稳健收益功能型、积极收益进取型以及贸易融资型，并提出了发展票据贴现业务的对策建议。
［关键词］ 上市银行；票据贴现；票据业务；票据产业；运营效率
［Abstract］ In 2009, Chinese listed bank's bill acceptance and discounted business played a role of supporting and regulating credit. Meanwhile, the business made good gains. Based on the comparative analysis of bill business data in Chinese 14 listed banks' 2009 annual reports, this paper finds that, in the bill industry chain, small and medium sized banks are more focused on playing bill supplier roles of bill acceptance, and large banks are more focused on playing supplier roles of discounted bill financing. At the same time, the yield and operational efficiency of small and medium banks' discounted bill business are relatively high. The paper summarizes several major modes of commercial bank's bills business: the functional mode of steady gains, the aggressive mode of positive gains, and the mode of trade financing. The paper proposes suggestions for the countermeasures to develop discounted bill business.
［Key words］ listed bank； discounted bill； bill business； bill industry； operational efficiency