人民币国际化现状及中资银行策略
刘明坤 (3)
The Status Quo of RMB Internationalization and the Strate gies of Chinese Banks
LIU Ming-kun (3) 从银行业视角看宏观审慎政策的微观影响
刘胜会 (9)
The Micro-Influence of Macro-Prudential Policy from the Perspective of the Banking
LIU Sheng-hui (9)
羊群行为下商业银行的信贷传导机制
邹新月 甄文真 赵永启 (17)
Credit Transmission Mechanism of Commercial Banks under the Influence of Herd Behaviour
ZOU Xin-yue ZHEN Wen-zhen ZHAO Yong-qi (17)
复杂产品系统理论与商业银行公司金融业务战略转型
焦卢玲 毕 毅 李卢霞 (25)
The Theory of Complex Product Systems and Strategic Transformation of Corporate Banking of Commercial Banks
JIAO Lu-ling BI Yi LI Lu-xia (25)
A股上市银行可转换公司债券发行策略研究
吕 宇 陈 明 (32)
A Study of Issue Strate gies of A-Share Listed Bank’s Convertible Corporate Bonds
LV Yu CHEN Ming (32)
银行衍生品交易的决定因素
戈建国 周继忠 (40)
The Determinants of Derivatives Transaction of Banks
GE Jian-guo ZHOU Ji-zhong (40)
银行业竞争与风险承担
郭立宏 季 琳 董建卫 (50)
Banking Competition and Risk-Taking
GUO Li-hong JI Lin DONG Jian-wei (50)
政府监管、市场约束对商业银行风险承担行为的影响
陈其安 黄悦悦 (56)
The Effects of Government Regulation and Market Discipline on Risk-Taking Behaviours of Commercial Banks
CHEN Qi-an HUANG Yue-yue (56)
商业银行电话营销研究
宋建华 (62)
Research on Telemarketing of Commercial Bank
SONG Jian-hua (62)
商业银行市场势力综合评估指标体系的构建
汪贵浦 徐凯雯 (67)
The Construction of Comprehensive Evaluation Index System for Market Power of Commercial Banks
WANG Gui-pu XU Kai-wen (67)
中小企业信用风险评价指标体系的构建——基于供应链金融视角的研究
夏立明 宗恒恒 孟 丽 (73)
The Construction of Assessment Index System of SME Credit Risks——Based on the Perspective of Supply Chain Finance
XIA Li-ming ZONG Heng-heng MENG Li (73)
人民币国际化现状及中资银行策略
刘明坤
［摘 要］ 金融危机之后，人民币国际化的步伐显著加快。人民币现已具备了贸易支付结算、融资、投资等功能。但人民币国际化过程中存在进出口贸易跨境人民币结算不平衡、境外对人民币的实体需求尚不高、人民币投资、回流途径尚缺乏等问题。为了进一步促进人民币国际化，政策方面需要充分利用人民币升值期的有利时间窗口，增强人民币的流动性、收益性和安全性。中资银行的应对策略则包括扩大、加强现有业务；渐进性地推动跨境人民币业务的开展；创新、开发多元化的人民币产品以及争取能够成为人民币产品交易的做市商。
［关键词］ 人民币国际化；跨境人民币业务；中资银行；跨境贸易
[Abstract]After the financial crisis, the pace of RMB internationalization is obviously accelerated. Now RMB has the functions of trade payment, trade settlement, financing, investment and other functions. However, in the process of RMB internationalization, some problems still exist, such as the imbalance of cross-border RMB settlement between import and export trade, the lack of substantive overseas demands, RMB investment and return channels, etc. In order to promote RMB internationalization, policy makers should seize the opportunity of RMB appreciation and enhance the liquidity, profitability and safety of RMB. The tactics for Chinese banks include expanding and strengthening existing business, promoting the cross-border RMB business progressively, innovating and developing diversified RMB products and striving to be market makers for RMB products.
[Key words] RMB internationalization; cross-border RMB business; Chinese banks; cross-border trade
从银行业视角看宏观审慎政策的微观影响
刘胜会
The Micro-Influence of Macro-Prudential Policy from the Perspective of the Banking
LIU Sheng-hui
［摘 要］ 汲取国际金融危机教训、维护金融体系稳定，迫切需要加强和完善宏观审慎监管，通过实施逆周期政策以及跨市场、跨行业的全面监管，克服金融体系和微观监管上的顺周期波动，防范和化解系统性金融风险。宏观审慎政策要求将具体体现在资本充足要求、动态拨备机制、杠杆率指标、流动性指标、系统性风险管理与系统重要性机构的监管、信贷增长的控制以及加强金融基础设施建设等方面。而宏观审慎政策的实施，不可避免地会对商业银行资本运营、资产管理、风险控制、创新等行为产生影响，评估上述影响，无论对宏观审慎政策的实施，还是对商业银行经济管理都具有重要意义。
［关键词］ 宏观审慎；货币政策；商业银行；微观影响
[Abstract] With reference to the lessons from the international financial crisis,it is urgent to strengthen and improve macro-prudential regulation to maintain the stability of financial system. Counter-cyclical policy and cross-market, cross-industry regulation can smooth the pro-cyclical fluctuation of financial system and micro-regulation and contribute to guarding against and defusing systematic financial risk. The macro-prudential policy reflects in the requirements on capital adequacy, dynamic provision mechanism, leverage ratio indicators, liquidity indicators, management on systematic risk, regulation on systematically important institutions, control over credit growth and the construction of financial infrastructure. The implementation of macro-prudential policy will inevitably influence commercial bank’s behaviours, such as capital operation, asset management, risk control and innovation. The assessment of above-mentioned influence is of significance for both the implementation of macro-prudential policy and economic management of commercial banks.
[Key words] macro-prudential policy; monetary policy; commercial bank; micro-influence
羊群行为下商业银行的信贷传导机制
邹新月 甄文真 赵永启
［摘 要］ 本文从行为金融学视角，通过引用商业银行利润函数，并选取我国房地产市场信贷数据，对基于“羊群行为”的商业银行信贷传导机制进行了实证分析，研究结果表明：垄断热门行业信贷资金预期收益率高是信贷资金向其集中的根源，并且信贷资金向其集中程度随着信贷资金预期收益率的提升而增强，信贷资金的增加又促使房地产行业有效需求及交易额度不断增长，这势必在一定程度上引发房地产价格上涨。这说明在信息共享型羊群行为机制作用下，商业银行过度向房地产行业发放贷款也是造成房地产行业泡沫的重要因素。
［关键词］ 商业银行；信贷市场；羊群行为；传导机制
[Abstract] Credit Transmission Mechanism of Commercial Banks under the Influence of Herd Behaviour
ZOU Xin-yue ZHEN Wen-zhen ZHAO Yong-qi
Abstract: From the perspective of behavioral finance and with reference to profit function for commercial bank, the paper uses credit data of Chinese real estate market to empirically analyze the credit transmission mechanism of commercial banks. The results show that high expected rate of return of monopoly industry is the root of concentration of credit funds in the industry. The increase of credit funds will spur the continuous increase of effective demand and transaction volume in real estate industry, which will certainly result in the rise of real estate prices to some extent. Therefore, under the influence of herd behaviour based on information sharing, excessive loan to real estate industry is also an important factor resulting in bubbles in the industry.
[Key words] commercial bank; credit market; herd behavior; transmission mechanism
复杂产品系统理论与商业银行公司金融业务战略转型
焦卢玲 毕 毅 李卢霞
［摘 要］ 复杂产品系统企业采用基于项目的组织结构是由复杂产品系统自身的特性决定的，也是成功经验的总结。商业银行推动传统公司业务转型，向大客户提供一揽子金融服务解决方案，是自身业务转型的客观需要，也是应对同业竞争压力的理性选择。一揽子金融服务解决方案本质上是一种复杂产品系统，适宜采用基于项目的组织结构并同时进行战略执行能力、项目管理能力、人力资源管理能力、知识管理能力和绩效管理能力建设。此外，商业银行推动公司金融业务转型的过程也是企业新旧能力更迭的过程，需要相机采用适宜制度设计与策略安排以推动新能力形成。
［关键词］ 复杂产品系统；基于项目的组织；商业银行；公司金融业务转型
[Abstract] For enterprises with complex product systems (CoPS), adopting project-based organization (PBO) is decided by the features of CoPS, and is the summarization of successful experience. Implementing the transformation of traditional corporate banking and providing a package of financial service solutions for big customers are the necessities for both business transformation and response to banking sector competition. In essence, a package of financial service solutions is a kind of CoPS, and PBO is an ideal organization for such business. PBO mode requires consistent input in various capabilities, such as strategy implementation, project management, human resource management, knowledge management and performance management. Moreover, the process that commercial bank carries out corporate banking transformation is also the process that new capability substitutes the old one, so suitable system design and strategy arrangement are required to help the formation of new capability.
[Key words] complex product systems; project-based organization; commercial bank; the transformation of corporate banking.
A股上市银行可转换公司债券发行策略研究
吕 宇 陈 明
［摘 要］ A股上市银行通过资本市场融资进行资本补充时，可通过发行可转换公司债券补充附属资本，并在可转换公司债券转股后，补充核心资本。确定可转债发行方案一是要确定可转债价格，既要通过合理确定票面利率、贴现率和利率结构科学计算纯债价值，又要通过合理确定转股价格和隐含波动率科学计算转股期权价值，从而叠加确定可转债上市后可能的交易价格；二是要确定可转债优先配售给老股东的比例，从而既保障老股东权益，增加其申购动力，又将可转债发行对正股股价的影响控制在较小范围，维护上市银行良好的资本市场形象。
［关键词］ A股市场；上市银行；银行融资；可转债；发行策略
[Abstract] While supplementing capital through financing in capital market, A-share listed banks can issue convertible corporate bonds to supplement subordinated capital and after the conversion of convertible bonds, to supplement core capital. The issue plan includes, first, calculating the price of convertible bonds, both calculating the reasonable structure of coupon rate, discount rate and interest rate for scientific calculation of net debt value and calculating reasonable conversion price and implied volatility for scientific calculation of the option value of converted shares so as to calculate the possible transaction price of convertible bonds in market; second, calculating the allocation proportion of convertible bonds for preferred existing shareholders so as to protect the existing shareholders’ benefits and increase their purchase demands, and so as to control the impacts of convertible bond issue on stock price to a less extent and maintain good images of listed banks in capital market.
[Keywords] A-share market; listed bank; financing of bank; convertible bond; issue strategy
银行衍生品交易的决定因素
戈建国 周继忠
［摘 要］ 本文使用截尾回归模型和LOGIT模型，针对全球45个经济体436个商业银行从事的汇率、利率、权益、信用和商品等的衍生品，分析银行衍生品交易的决定因素，并对监管变量、其他未控制的国家层面的因素、银行盈利能力和财务结构变量、管理层变量等因素进行检验。研究表明：存款保险和银行监管没有导致银行出现道德风险，而是促使银行更加积极地管理风险；总资产和ISDA成员身份对银行从事衍生品交易有显著的促进作用；一个经济体在交易、投资和货币方面的市场化指数促进了该经济体衍生品交易的发展；银行从事衍生品交易降低了银行陷入财务危机的可能性。
［关键词］ 商业银行；衍生品；金融监管；风险控制
[Abstract] Based on the censored regression model and LOGIT model, and centering on the derivatives of exchange rate, interest rate, equity, credit, commodities,etc., this paper analyses the determinants of derivatives transaction of banks and tests the regulatory variables, dummy variables of country-level, earning capability variables of banks, financial structure variables and management variables. The results show that deposit insurance and bank regulation do not lead to moral hazard of banks but encourage banks to manage risks more actively; total assets of banks and ISDA membership have significant impacts on promoting banks to participate in derivatives transaction; market index of transaction, investment and currency of an economy can promote the development of derivatives transactions; participation in derivatives transactions will reduce the possibility that banks involve in financial crisis.
[Key words] commercial bank; derivatives; financial regulation; risk control
银行业竞争与风险承担
郭立宏 季 琳 董建卫
［摘 要］ 本文以银行业竞争与银行风险承担为主要研究视角，采用非结构法中的PR模型，以中国14家银行1997~2008年的数据为样本，实证分析银行业市场竞争程度，并运用面板数据模型，分析银行业竞争与风险承担之间的关系。研究结果表明：中国银行业处于垄断竞争状态；银行业竞争与风险承担之间存在着显著的关系，且银行业竞争度与银行不良贷款比例之间呈现正相关关系；银行业竞争程度对个体银行的风险承担水平影响是有差异的，银行业竞争会促使国有银行（大型银行）承担更大的风险。因此，文章建议应进一步推进银行改革，把好市场准入关口，提高银行监管有效性。
［关键词］ 银行业竞争；风险承担；PR模型；市场准入
[Abstract] From the perspective of competition in banking sector and risk-taking of banks, this paper,based on the data samples of China’s 14 banks from 1997 to 2008, utilizes the non-structural method of PR model to empirically analyse the extent of market competition in banking sector and, based on panel data model, to analyse the relationship between banking competition and risk-taking. The results show that: China’s banking sector is in the state of monopolistic competition; there is a significant relationship between banking competition and risk-taking; the impacts of banking competition extent on the risk-taking of each bank are different; banking competition will lead state-owned banks (large banks) to take greater risks. Therefore, the author suggests promoting banking reform, controlling market access and improving the effectiveness of banking supervision.
[Keywords] banking competition; risk-taking; PR model; market access
政府监管、市场约束对商业银行风险承担行为的影响
陈其安 黄悦悦
［摘 要］ 在对中国银行业市场进行全面考察的基础上，本文以超额资本充足率和法定存款准备金率为政府监管度量指标，Lerner指数为银行市场约束度量指标，以中国14家上市银行2007年1月~2010年9月期间的季度数据为样本，实证研究了政府监管和市场约束对中国商业银行风险承担行为的影响。研究表明，超额资本充足率、市场约束和银行规模对中国商业银行风险承担行为产生显著正向影响；法定存款准备金率和经营管理水平对中国商业银行风险承担行为产生显著负向影响；国有控股银行的风险承担行为显著低于股份制商业银行；信用风险的影响具有显著的连续性。
［关键词］ 商业银行；政府监管；市场约束；风险承担行为
[Abstract] On the basis of comprehensive investigation into China’s banking market and excess capital adequacy ratio and statutory deposit reserve ratio as the indicators to measure government regulation , the Lerner Index as the indicator to measure market discipline, the paper empirically analyzes the influence of government regulation and market discipline on risk-taking behaviours of Chinese commercial banks with the quaterly data of 14 listed banks from Jan. 2007 to Sep. 2010. The empirical results show that excess capital adequacy ratio, market discipline and bank scale have significant positive effects on risk-taking behaviors of Chinese commercial banks; statutory deposit reserve ratio and the capability of operation and management show significant negative effects; risk-taking behaviours of state-controlled banks are significantly less than those of joint-equity banks; and credit risk shows a significant memory feature.
[Keywords] commercial bank; government regulation; market discipline; risk-taking behaviour
商业银行电话营销研究——以中国工商银行江苏省分行为例
宋建华
［摘 要］ 本文在对电话营销相关理论和发展概况进行简要回顾的基础上，以中国工商银行江苏省分行为例，对商业银行电话营销的实践和发展进行总结和展望。我国商业银行在电话营销实践中虽然取得了初步成效，但同时也面临系统、产品、服务、渠道等方面问题的制约。对此，本文提出下一步在商业银行电话营销中，应紧紧围绕效益贡献和综合回报，推进升级发展，逐步把电话银行中心打造成为银行的信息交流中心、业务交易中心、客户关系管理中心和新的利润中心，并重点从系统支撑、产品营销、营销服务、渠道效能等关键环节进行完善。
［关键词］ 商业银行；电话营销；工商银行；工商银行江苏省分行
[Abstract] On the basis of reviewing related theories of telemarketing and its development, the paper uses the case of ICBC Jiangsu Branch to summarize the telemarketing practice of the commercial bank and make an outlook. Although Chinese commercial banks have acquired preliminary achievements in telemarketing, they still face many restrictions in system, products, services and channels. Therefore, the paper puts forward that commercial banks should closely center on performance contribution and comprehensive returns to upgrade telemarketing, gradually make telephone banking center into a bank’s information communication center, business transaction center, client relationship management center and a new profit center, and focus on the improvement of key links, such as system support, product marketing, marketing service and channel function.
[Keywords] commercial bank; telemarketing; ICBC; ICBC Jiangsu Branch
商业银行市场势力综合评估指标体系的构建
汪贵浦 徐凯雯
［摘 要］ 本文基于SCP分析框架，建立面向中国银行业市场势力的综合评估指标体系，并结合新经验产业组织理论中的实证研究方法。以1999~2008年间13个商业银行的原始数据为计算基础，得到产业层面市场势力综合评估的9项指标和企业层面的8项指标，同时结合因子分析进行综合评估，为识别和监控各银行的市场势力滥用行为提供理论依据。本文得出三个结论：第一，中国银行业的垄断力呈逐年下降趋势；第二，国有控股商业银行的市场势力显著高于股份制商业银行；第三，集中度、策略性行为和经营绩效是决定银行业市场势力的最主要因素。
［关键词］商业银行；市场势力；综合评估；SCP分析法
[Abstract] On the basis of SCP analytic framework, the paper establishes a comprehensive evaluation index system for market power of Chinese banking. With combination of the empirical approach of the new theory of industrial organization experience and by using the primary data of 13 commercial banks from 1999 to 2008, the paper calculates 9 indicators at industry level and 8 indicators at enterprise level to comprehensively evaluate market power with factor analysis approach. The results provide a theoretical basis for identifying and monitoring the market power abuse of banks. There are three main conclusions: first, the monopoly in Chinese banking is declining year by year; second, the market power of state-controlled commercial banks is significantly higher than that of joint-equity commercial banks; finally, the degree of market concentration, strategic behaviours and performance are the most important determining factors in market power.
[Keywords] commercial bank；market power; comprehensive evaluation；SCP analysis
中小企业信用风险评价指标体系的构建——基于供应链金融视角的研究
夏立明 宗恒恒 孟 丽
［摘 要］ 供应链金融是银行用于解决中小企业融资问题的新型金融产品。供应链金融成功实施的关键是建立专门针对中小企业的信用风险评价体系，对中小企业的信用风险进行客观、公正的评价。本文在界定基于供应链金融的中小企业的基础上，根据供应链金融的业务特性，提出了以融资主体信用风险评价、融资债项信用风险评价、宏观环境风险评价三个子评价体系组成的基于供应链金融的中小企业信用风险评价指标体系。经过三轮指标的筛选，最终甄选出38个指标构成基于供应链金融的中小企业信用风险评价指标体系，为金融机构进行信用风险评价提供借鉴。
［关键词］ 供应链金融；中小企业；信用风险；信用风险评价
[Abstract] Supply chain finance is a new financial product for banks to solve the problem of SME financing. The key to implementing supply chain finance successfully is to built special assessment system of credit risks for SMEs and to assess the credit risks of SMEs objectively and impartially.This paper proposes a definition of SMEs on the basis of supply chain finance and then, according to the characteristics of supply chain finance, proposes an assessment index system, which is based on supply chain finance and is composed of three sub-evaluation system, i.e. the assessment of credit risks of financing institutes, the assessment of credit risks of financing debt and the assessment of macro-environment risks. After three rounds of index selection, 38 indicators are finally selected to form the assessment index system based on supply chain finance, which can be a reference for financial institutions to assess credit risks.
[Key words] supply chain finance; SMEs; credit risk; assessment of credit risk