商业银行董事会结构的内生决定因素——基于中国51家商业银行数据的实证研究
朱博文 潘 旭 (3)
Endogenous Determinants of Commercial Bank’s Board Structure ——An Empirical Study Based on China’s 51 Commercial Banks’ Data
ZHU Bo-wen PAN Xu (3)
日元清算体系的特点及其对人民币清算体系建设的启示
温信祥 (10)
The Features of JPY Clearing System and the Enlightenment to the Construction of RMB Clearing System
WEN Xin-xiang (10)
资本调整、风险控制与宏观经济周期
刘 胤 吴 俊 张宗益 (18)
Capital Adjustment, Risk Control and Business Cycle
LIU Yin WU Jun ZHANG Zong-yi (18)
系统重要性银行定义及其风险防范
肖振宇 (26)
The Definition of Systemically Important Banks and Risk Prevention
XIAO Zhen-yu (26)
金融监管组织架构优化的路径选择
张 鹏 (31)
The Path Selection of Optimizing Financial Regulatory Structure
ZHANG Peng (31)
金融发展、企业控股权性质与商业银行长期信贷资金分配
汤颖梅 魏文娟 (38)
Financial Development, Nature of Controlling Stake of Enterprises and Allocation of Commercial Bank’s Long-Term Credit Resource
TANG Ying-mei WEI Wen-juan (38)
商业银行利率风险及其防范——基于2006~2010年7家上市银行数据的验证
姚 远 (45)
Interest Rate Risk of Commercial Bank and Risk Prevention——A Validation Based on the Data of 7 Listed Banks from 2006 to 2010
YAO Yuan (45)
基于神经网络的金融风险预警模型及其实证研究
楼文高 乔 龙 (52)
Early Warning Model of Financial Risks and Empirical Study Based on Neural Network
LOU Wen-gao QIAO Long (52)
商业银行服务管理问题与对策研究
严 盖 (62)
A Study of the Problems and Countermeasures of Commercial Banking Service Management
YAN Gai (62)
银行系私募股权基金的法律规制：国际经验与中国对策
张 波 (67)
Law and Regulations of Banking PE/VC Fund: International Experience and Chinese Solutions
ZHANG Bo (67)
金融稳定与存款人保护：英国银行破产法改革及其借鉴意义
解正山 (73)
Financial Stability and Depositor Protection: Reform of the UK’s Bank Insolvency Law and Its Enlightenment
XIE Zheng-shan (73)
商业银行董事会结构的内生决定因素——基于51家商业银行数据的实证研究
朱博文 潘旭
[摘 要] 本文使用2003～2010年51家商业银行的数据检验了银行董事会结构的内生决定因素及其对银行收益与风险的影响。研究表明：董事会规模与银行规模正相关，与其贷款领域负相关，与以资产收益率衡量的CEO谈判力量显著负相关。在董事会独立性方面，董事会独立性与银行多样化经营程度显著正相关，与以资产收益率和行长年龄衡量的CEO谈判力量负相关。在董事会结构对银行收益和风险影响方面，董事会规模与银行资产收益率负相关，董事会独立性与银行资产收益率正相关，但均不显著。
[关键词] 商业银行；董事会；独立董事；资产收益率
[Abstract]Based on 51 commercial banks’ data from 2003 to 2010, this paper examines the endogenous determinants of bank’s board structure and their impacts on bank’s revenue and risks. The results of the paper show that: board size is positively impacted by bank size , but is negatively correlated to bank loan areas and CEO’s negotiation power which is represented by ROA. Board independence is positively related to bank diversification level and negatively impacted by CEO’s negotiation power which can be evaluated by ROA and CEO’s age. In terms of the impacts of bank board structure on revenue and risks, the board’s size and independence have positive and negative, but not significant, impacts on bank’s ROA respectively.
[Keywords] commercial banks; board of directors; independent director; ROA
日元清算体系的特点及其对人民币清算体系建设的启示
温信祥
[摘 要] 本文在比较日元和美元、人民币清算体系的基础上，总结归纳了日元清算体系的特点。日元清算体系把对内的跨行清算系统和对外的跨国清算系统分离，鼓励外资银行加入对外的跨国清算系统以促进日元国际化。而对内的跨行清算系统虽然在管理政策上也是开放、积极的，但却具有很高的技术壁垒和成本门槛，从实质上限制了外资银行在日开展零售银行业务，从而较好地实现了在世贸组织原则下对本国零售金融市场的保护。日元清算体系在技术和制度安排上是安全、高效和完善的，不论是对人民币国际化中清算体系的建设还是对中国加强金融监管都具有很好的借鉴意义。
［关键词］日元；货币清算体系；国际化；零售银行业务
[Abstract] On the basis of comparing JPY, USD and RMB settlement systems, the paper sums up the features of JPY settlement system. The JPY settlement system holds domestic cross-bank settlement part and overseas cross-border settlement part separately. On the one hand, through inviting foreign banks to participate in the overseas part, JPY globalization is promoted. On the other hand, although related management policies are open and vigorous, the domestic part is blocked by high technical and cost obstacles, which restricts retail business development of foreign banks in Japan and protects local retail market under WTO principals.Technically and systematically speaking, JPY settlement system is safe, efficient and perfect, and it has great enlightenment to China’s settlement system construction during RMB globalization process and China’s financial supervision.
[Key Words] JPY; monetary settlement system; internationalization; retail banking
资本调整、风险控制与宏观经济周期
刘 胤 吴 俊 张宗益
［摘 要］ 本文将经济周期、市场结构等外部宏观因素，以及贷款拨备、管理效率等微观银行特征引入研究框架，构建实证检验的联立方程模型，运用GMM方法，采用2004~2009年23家主要城市商业银行数据，从周期性特征的视角对其资本和风险调整的内生互动行为及其影响因素进行实证分析。结果显示，中国城市商业银行资本和风险调整行为之间存在非对称互动影响，其风险行为呈现明显的周期性；盈利能力、成本管理效率对城市商业银行提升资本水平作用有限；严格的资本监管、市场集中度的降低都有利于城市商业银行提升资本充足水平，但对其降低风险的作用有限。
［关键词］城市商业银行；资本监管；银行资本；资产风险；经济周期
[Abstract] The paper introduces macro-economic factors, such as business cycle and market structure, and bank’s micro-characteristics, such as loan povisioning and management efficiency into the analysis framework, and establishes a simultaneous equations model. With the data of 23 major city commercial banks between 2004 and 2009, GMM is employed to empirically analyze the endogenous interaction relationship between capital adjustment and risk-taking adjustment and affecting factors from the perspective of cyclical characteristics. The results show that the association between changes in capital and risk is asymmetric; the risk-taking behaviors are cyclical; earnings power and cost management efficiency fail to show significant impact on capital increase; both strict capital regulation and the decrease of bank concentration have positive impact on capital adequacy, but their influence on reducing risk is limited.
[Key words] city commercial bank; capital regulation; bank capital; asset risk; business cycle
系统重要性银行的定义及其风险防范
肖振宇
［摘 要］ 本文在分析系统重要性银行内涵的基础上，借鉴宏观审慎监管工作组（MPG）的评估方法，选取反映银行规模、关联度和可替代性三方面的指标对中国的系统重要性银行进行了界定。工商银行、中国银行、建设银行、农业银行、交通银行、招商银行、邮政储蓄银行、兴业银行、浦发银行和中信银行等10家银行被认定为中国的系统重要性银行。针对我国银行业的实际情况，本文提出应从以下三个方面加强对中国系统重要性银行的监管和风险防范：强化资本监管，增强其抗风险能力；适度引入应急和自救机制；加强对系统重要性银行的跨业风险和金融创新的监管。
［关键词］ 巴塞尔协议Ⅲ；系统重要性银行；风险防范；资本监管
[Abstract]On the basis of analyzing the connotaion of systemically important bank and referring to the evaluation method adopted by MPG, the paper defines China’s systemically important banks according to three criteria, which are size, correlation and substitutability. ICBC, BC, CCB, ABC, BoCom, CMB, PSBC, CIB, SPD and CNCB have been identified as China’s systemically important banks. Furthermore, the paper puts forward the following countermeasures to enhance the regulation and risk prevention of Chinese systemically important banks: improving capital regulation to strengthen their anti-risk capacity, moderately introducing emergency and self-rescue mechanisms and enhancing regulation of systemically important banks in cross-industry risk and financial innovation.
[Keywords] BASEL III; systemically important bank; risk prevention; capital regulation
金融监管组织架构优化的路径选择
张 鹏
［摘 要］ 本文选取了33个代表性国家样本，并通过构建有序Logit模型对影响金融监管组织架构变迁的因素进行了评估。结果显示，中央银行参与金融监管的程度、资本市场发展水平与金融监管集中度成负相关关系；银行业发展水平、金融混业经营程度和一国的治理水平与金融监管集中度之间存在正相关关系，而且市场主导型国家更倾向于实行统一监管。根据实证结果，本文分析了中美两国金融监管组织架构，结果表明中美两国的金融监管集中度普遍偏低，两国都应该逐步整合本国的金融监管机构，并转向统一监管组织架构。
［关键词］ 金融监管；金融监管组织架构；统一监管；分业监管；Logit模型
[Abstract]The paper chooses 33 representive countries as samples and establishes a Logit model to evaluate the factors that influence the transition of financial regulatory structure. The results reveal that the degree of central bank to participate in financial regulation and the development level of capital market are negatively correlated to financial regulation concentration, and market-oriented countries are more inclined to fulfill unified regulation. According to the empirical results, the paper analyzes the financial regulatory structure of the United States and China. The financial regulation concentration of both countries is low and they need to gradually integrate their financial regulatory institutions and change the institutions into a unified regulatory structure.
[Key words] financial regulation; financial regulatory structure; unified regulation; specialized regulation; Logit model
金融发展、企业控股权性质与商业银行长期信贷资金分配
汤颖梅 魏文娟
［摘 要］ 由于历史与现实的原因，中国东西部地区金融市场发育程度存在较大差异，从而对商业银行长期信贷决策产生影响。商业银行在进行长期信贷资金分配时，除了关注企业的偿债能力，也会把企业的控股权性质作为考察指标，使不同产权性质的企业面临不同的融资约束。本研究表明，金融市场发育程度影响了商业银行长期信贷决策，金融市场发展与银行长期信贷资金配置之间呈负相关关系，即金融市场发展越完善，商业银行提供的长期信贷资金比例越低；而产权性质依然是影响银行长期信贷资金决策的主要因素，非国有企业在获取长期信贷资金方面面临更多的约束。
［关键词］ 金融发展；控股权性质；商业银行；长期信贷资金分配
[Abstract] Due to historical and practical reasons, there is a big difference in the development of financial markets between the eastern and western regions in China and it has impacts on the commercial bank’s long-term credit policy. When a commercial bank allocates long-term credit resource, it cares about not only the solvency of enterprises but also the nature of the controlling stake of enterprises. Therefore, different property natures of enterprises face different financing constraints. The study of this paper shows that the development level of financial market has impacts on commercial bank’s long-term credit policy and there is a negative correlation between the development of financial market and the allocation of long-term credit resource. In other words, the more perfect the development of financial market, the lower proportion of long-term credit resource provided by commercial banks. The nature of property is still a major factor to impact the policy of commercial bank’s long-term credit resource, and non-state-owned enterprises face more constraints on obtaining long-term credits.
[Keywords] financial development; nature of controlling stake; commercial bank; allocation of long-term credit resource
商业银行利率风险及利率风险防范——基于2006-2010年7家上市银行数据的验证
姚 远
[摘 要]本文以2006年至2010年七家上市银行的数据为样本，运用利率敏感性缺口模型中的利率敏感性缺口、利率敏感性比率、缺口率和偏离度这四项指标进行实证分析。结果显示，商业银行一年期以上资产和负债匹配不均衡，面临较大的长期利率风险；大型商业银行在防范利率风险方面不如新兴股份制商业银行灵活，存在“短借长贷”的现象。要防范利率风险，一方面政府需要营造良好的防范利率风险的宏观经济环境；另一方面商业银行需要构建高效的利率风险内部防范体系，如调整资产负债结构，大力发展中间业务和表外业务。
[关键词]商业银行；利率风险；利率敏感性缺口模型；风险防范
[Abstract]Based on the samples of 7 listed banks’ data from 2006 to 2010 and the four indicators in rate-sensitive gap model，rate-sensitive gap，rate-sensitive ratio，gap ratio and deviation, the empirical analysis of this paper shows that: commercial banks’ assets and liabilities more than one-year do not match and the banks face great long-term interest rate risks; the new joint-stock commercial banks are more flexible than large commercial banks in interest rate risk management and there is a “short-term borrowing V.S. long-term lending” phenomenon in large banks. To prevent interest rate risk, on the one hand, the government should create a favorable macro-economic environment, and on the other hand, commercial banks need to build effective internal prevention system for interest rate risk, such as adjusting balance sheet structure, developing intermediate business and off-balance sheet business.
[Key words] commercial bank; interest rate risk; rate-sensitivity gap model; risk prevention
基于神经网络的金融风险预警模型及其实证研究
楼文高 乔 龙
［摘 要］ 以金融风险预警单指标区间评价标准为依据，生成足够多用于BP神经网络（BPNN）建模用的训练样本、检验样本和测试样本，在遵循BPNN建模原则和基本步骤的情况下，建立了泛化能力较好的金融风险预警BPNN模型。对1994～2010年中国金融风险进行实证研究表明：BPNN模型能较好地应用于中国金融风险的预警研究，实证结果与中国金融实际运行情况吻合度高，除2008年和2010年金融风险处于“警惕”状态外，其他年度处于“基本安全”状态；BPNN模型克服了因子分析法及其与BPNN相结合方法存在的缺陷，且能分析评价指标与金融风险之间存在的非线性关系和评价指标的灵敏度等。
［关键词］ 金融风险；风险预警；金融稳定；神经网络
[Abstract] Based on the evaluation criteria of every indicator for early warning of financial risk (EWFR), this paper produces the efficient number of training data sets, verification data sets and testing data sets for back-propagation neural networks (BPNN) model and, following the principles and basic steps of BPNN model, establishes a BPNN model with a good generalization for early warning of financial risk. The empirical study of China’s financial risks from 1994 to 2010 shows that BPNN model can be better used in the research on the early warning of China’s financial risks and empirical results can better match the actual operation of China’s finance. Except for the financial risks in 2008 and 2010, which are in Rank III (guard), the financial risks in other years are in Rank II (subordinate safe). The BPNN model overcomes the shortages of both factor analysis (FA) and the method of FA combined with BPNN and can analyses the nonlinear relationship between evaluation indicators and financial risks and the sensitivity of evaluation indicators,etc.
[Keywords] financial risk; early warning of risk; financial stability; neural network
商业银行服务管理问题与对策研究
严盖
[摘要]商业银行服务管理存在硬件建设与软件支撑不配套，前台管理与后台管理不同步，服务效率与顾客期望不平衡，客户营销与售后服务不匹配，管理模式与服务响应不协调，业务创新与客户需求不契合，服务形象与银行地位不相称，管理能力与环境变化不搭配等问题，原因在于服务理念与战略缺失，服务体制与机制不完善,服务流程与控制存在缺陷，服务管理薄弱，员工忠诚度与素质有待提高，服务渠道与系统缺乏有机组合。为提升服务管理水平，商业银行应该全面培植服务文化，构建“以市场中导向、以客户为中心”的服务体系，深化服务管理，科学再造服务流程，完善服务渠道。
[关键词]商业银行；服务管理；服务效率；服务渠道
[Abstract] There are following problems in commercial banking service management: hardware and software support are not a complete set; the management of front desk and back-office are not synchronized; service efficiency does not reach customer’s expectation; marketing does not match customer service; management lacks coordination with service response; business innovation does not fit in with customer’s needs; bank’s image is not commensurate with service status; management capacity is inadequate to cope with environmental change, etc.The reasons are the lack of service concept and strategy, imperfect systems and mechanisms of service, defective service processes and control, weak service management, low employee’s loyalty and quality, the lack of the combination of service channels and system. To improve service management, commercial banks should fully cultivate service culture, build “market-oriented and customer-centric” service system, deepen service management, scientifically reconstruct service processes and improve service channels.
[Key words]commercial bank; service management; service efficiency; service channel
银行系私募股权基金的法律规制：国际经验与中国对策
张 波
［摘 要］ 商业银行不仅发挥服务性金融功能，更以主导者身份直接参与全球私募股权基金的发起和投资，形成了诸多银行系私募股权基金。中国银行业在综合化转型进程中也间接性地参与私募股权基金业务，但在保险、券商、信托等金融机构已经获准开展私募股权基金业务的同时也受制于法律限制和监管约束。建立银行发起和投资私募股权基金的政策框架，已成为中国银行业综合化转型的必要路径。借鉴新加坡立法规范等国际经验，中国应修改《商业银行法》，以审批制放行银行主导参与私募股权基金，并相应建立以投资者利益保护为圭臬的主监管框架和风险控制规则。
［关键词］ 银行系私募股权基金；综合化经营；监管框架；风险控制；新加坡法规
[Abstract] In spite of providing service-based financial function, commercial banks, the dominant players, also directly participate in sponsoring and investing in global PE/VC funds and establishe many banking PE/VC funds. In the process of transforming to integrated operation, Chinese banking also indirectly participates in the business of PE/VC funds as well. Although other financial institutions, such as insurance companies, security companies and trust companies have been approved to implement PE/VC fund business, they are still strictly restricted by law and regulations. Establishing policy framework for PE/VC funds sponsored and invested by banks is essential for the operation transformation of Chinese banking. Drawing on the experience of other countries, such as Singapore, China should amend LAW ON BANKING REGULATION AND SUPERVISION to let banks dominate and participate in PE/VC funds based on approval system. To protect the rights of investors effectively, related regulation framework and risk-controlling rules are required to be established.
[Key words] banking PE/VC fund; integrated operation; regulation framework; the law of Singapore
金融稳定与存款人保护：英国银行破产法改革及其借鉴意义
解正山
［摘 要］ 作为对新一轮银行危机的法律回应，英国颁行了《2009年银行法》，确立了全新的银行破产监管制度，实现了银行破产立法的重大变革，同时也改变了英国此前对金融市场较少干预的基本立场，相信市场自我纠错的监管理念走向终结。该法以金融稳定与存款人保护为宗旨，着重对银行破产立法目标、金融安全网参与者的权力与合作机制以及问题银行的处置程序进行改革。以此为鉴，我国的银行破产立法可对立法政策目标、银监会等金融安全网参与者的权责配置与合作机制进行重构与完善，努力把破产前干预与司法重整有机结合并确立破产清算的保障机制。
［关键词］银行破产法；英国银行；问题银行；银行监管；金融稳定
[Abstract]As a legal response to the latest banking crisis, the UK issued the Banking Act 2009, which established a new banking regulation system, changed the UK ’s basic position of less intervention in financial markets and ended the regulatory idea that market would be self-correcting. The Act , whose purposes are financial stability and depositor protection, focuses on the goal of bank insolvency legislation, the rights and co-operation mechanisms of the participants of financial safety net and the disposal procedures of failing banks. The Act can be a reference, and China may reconstruct and improve the goal of legislative policy, the allocation of rights and responsibilities among participants in financial safety net, such as CBRC and others, and their cooperation mechanism. Furthermore, China may make efforts to combine pre-insolvency intervention and judicial reorganization and establish the safeguard mechanisms for banking insolvency.
[Keywords] banking insolvency law; the UK’s bank; failing bank; banking regulation; financial stability