商业银行集团法律风险防控机制研究
张 炜 刘泽华 (3)
A Research on Group Legal Risk Prevention and Control Mechanism of Commercial Banks
ZHANG Wei LIU Ze-hua (3)
商业银行运营效率与董事会治理
石 凯 刘力臻 (10)
Operating Efficiency and Board Governance of Commercial Banks
SHI Kai LIU Li-zhen (10)
信贷配给与区域经济发展
任建军 柯善咨 (16)
Credit Rationing and Regional Economic Development
REN Jian-jun KE Shan-zi (16)
商业银行业与区域经济发展的典型相关分析
李平华 晁 倩 (26)
Canonical Correlation Analysis of Commercial Banking and Regional Economic Development
LI Ping-hua CHAO Qian (26)
宏观压力测试特征、实施框架与政策建议
陈 强 乔兆纲 (32)
Features, Implementation Framework and Policy Recommendations of Macro-Stress Testing
CHEN Qiang QIAO Zhao-gang (32)
商业银行股权结构与经营绩效的关系——基于上市银行的实证分析
刘艳妮 张 航 邝 凯 (37)
The Relationship between Ownership Structure and Performance of Chinese Commercial Banks——An Empirical Analysis Based on Listed Banks
LIU Yan-ni ZHANG Hang KUANG Kai (37)
银行体系的顺周期性和系统性风险
杨军华 (44)
The Pro-Cyclicality in the Banking System and Systemic Risk
YANG Jun-hua (44)
上市银行CEO薪酬与董事薪酬的影响因素
张卫国 梁小翠 陆 静 (49)
Factors of the Compensation of CEOs and Directors of Listed Banks
ZHANG Wei-guo LIANG Xiao-cui LU Jing (49)
中国商业银行在美并购法律问题研究
姜 海 (58)
A Research on Legal Issues of Chinese Commercial Bank’s M&A in the United States
JIANG Hai (58)
企业“跨境发展”与银行服务创新
中国工商银行宁波市分行课题组 (65)
“Cross-Border Development” of Enterprises and Innovation in Banking Services
The Study Group of ICBC Ningbo Branch (65)
银行业竞争度问题研究最新发展
邢天才 吉 敏 张 阁 (72)
The Latest Development of Studies of Banking Competition Degree
XING Tian-cai JI Min ZHANG Ge (72)
商业银行集团法律风险防控机制研究
张 炜 刘泽华
［摘 要］ 本文在深入调研国际大型银行集团法律风险管理经验的基础上，归纳出中国商业银行集团面临的主要法律风险：多法域司法管辖和跨行业监管规制增加法律风险暴露的广度与深度；复杂的集团架构加大公司治理机制与股东意志传导路径的构建难度；集团风险的内部传导效应对法律风险分散管理模式提出挑战；监管改革最新导向及集团统一品牌策略使金融消费者权益保护的重要性凸显；集团跨机构业务协同发展对利益冲突防控机制的缺失提出挑战。基于此，商业银行应推进法律事务工作体制改革，加强集团法律风险并表管理，构建总法律顾问制度，完善公司治理机制。
［关键词］ 商业银行；集团法律风险；并表管理；法律风险管理体系
［Abstract］ On the basis of deeply surveying the experience of international bank groups in managing legal risk, the paper sums up the main types of legal risk encountered by Chinese commercial bank groups: multi-field jurisdiction and cross-industry regulation increase the breadth and depth of legal risk exposure; complex organizational structure of bank group aggravates the difficulty in establishing transmission path between corporate governance and shareholder appeals; the internal transmission effect of group legal risk challenges the decentralized management mode of legal risk; the new trend of regulation reform and united group-wide brand strategy highlight the importance of rights protection of financial consumers; collaborative development of various institutions in one group challenges the lack of prevention and control mechanism of interest conflicts. In view of the above-mentioned risk types, commercial banks should accelerate mechanism reform concerning legal affairs, strengthen the group legal risk of consolidated statements management, establish general counsel mechanism and improve corporate governance.
［Key words］ commercial bank; group legal risk; consolidated statements management; legal risk management system
商业银行运营效率与董事会治理
石 凯 刘力臻
［摘 要］ 本文在对中国16家上市商业银行绩效进行前沿效率分析的基础上，建立以董事会规模、外部董事监事占比、CEO薪酬和管理层人均薪酬为基础的二元选择模型，对中国商业银行运营效率同董事会治理的关系进行了实证研究。结果表明，独立董事在商业银行公司治理中的作用并不明显，CEO薪酬和董事会规模对商业银行业绩并无显著影响，董事会规模过大无益于商业银行经营效率的提高。值得注意的是，管理层人均薪酬的增加有助于银行效率的提高，因此应在差异化平均基础上设计管理层激励与约束机制，完善CEO薪酬和其他高管人员激励体系设计。
［关键词］ 商业银行；董事会；公司治理；经营效率；激励机制
［Abstract］ Based on the analysis of the efficiency frontiers of 16 listed Chinese commercial banks’ performance, this paper builds a binary choice model, which is based on board size, proportion of external directors and supervisors, CEO’s compensation and average compensation of the management, and makes an empirical study of the relationship of operational efficiency and board governance of Chinese commercial banks. The results show that independent director’s influence on the governance of commercial bank is not obvious, CEO’s compensation and board size don’t significantly affect the performance of commercial bank, too large a board is not conducive to the improvement of operating efficiency. It is noteworthy that the increase of average compensation of the management will help bank to improve its efficiency. Therefore, commercial banks should design the incentive and restraint mechanism of the management on the basis of average difference and improve the design of incentive compensation system of the CEO and other senior management.
［Key words］ commercial bank; board; corporate governance; operating efficiency; incentive mechanism
信贷配给与区域经济发展
任建军 柯善咨
［摘 要］ 本文利用面板联立方程和多变量格兰杰因果检验，分别考察中国全国、东中西部三大地区和各省市1978~2007年信贷配给与经济发展的关系。研究表明：（1）信贷配给与区域经济发展之间至少存在单向因果关系，但区域差异很大。在东部和中部，区域经济发展对信贷配给影响较小；在西部地区，区域经济发展对信贷配给的影响较大。信贷配给对西部经济发展影响较大，对东部和中部影响不太显著。（2）股市融资明显促进了区域经济发展，并且对银行信贷有显著的替代作用。（3）各省域信贷配给与经济发展之间大都存在单向因果关系，但无论是方向还是具体的测度都存在较大差异。
［关键词］ 信贷配给；区域经济；经济发展
［Abstract］ By means of panel simultaneous equations and multivariate Granger causality test, this paper investigates the relationship between credit rationing and economic development in the whole China, eastern, central and western regions and all provinces from 1978 to 2007. Studies show that: （1）At least there is a one-way causal relationship between credit rationing and regional economic development, but regional difference is significant. Regional economic development has less impact on credit rationing in eastern and central regions, but greater in western region. Credit rationing has greater impact on economic development in western region, but not significant in eastern and central regions. （2）Equity financing significantly contributes to regional economic development and has a significant substitute effect on bank credit. （3）Multivariate Granger test shows that there is a one-way causal relationship between credit rationing and economic development in most provinces, but those relationships in different provinces are quite different in either direction or specific measure.
［Key words］ credit rationing; regional economy; economic development
商业银行业与区域经济发展的典型相关分析
李平华 晁 倩
［摘 要］ 本文利用全国31个省份有关数据，构建了商业银行与区域经济发展典型相关模型，探寻两者良性互动的内在机制。实证结果表明，两者发展指标具有很强的相关性，出口额、固定资产投资与银行贷款额高度相关，人均收入、人均消费水平、农村人均纯收入与银行总资产、存款额高度相关。结合不同地区的标准得分，本文将我国各地区银行业与区域经济协调发展的相关程度划分为三个水平，发现商业银行与区域经济发展相互促进的省份主要在东部沿海区域，大部分中西部省份商业银行与区域经济发展不相协调或相对落后，在此基础上提出了相应的政策建议。
［关键词］ 商业银行；区域经济发展；信贷分类管理制度；典型相关分析
［Abstract］ By using related data of 31 provinces in China, the paper develops a canonical correlation model of commercial banking and regional economic development to explore their favorable interaction mechanism. Empirical study indicates that the both are strongly correlated. Loans of commercial banks are highly correlated with export sales and investment in fixed assets; per capita income, per capita consumption and rural per capita net income are highly correlated with total assets of commercial banks and deposit volumes. According to the scores in the model, the degree of correlation between the banking and regional economic development in different regions is classified into three levels. The results reveal that coastal areas have achieved harmonized development between the banking and regional economy, and the banking in most middle and western regions fails to realize coordinated development with regional economy or lag behind the latter. Then the paper proposes corresponding suggestions to change such situation.
［Key words］ commercial bank; regional economic development; credit classification management system; canonical correlation analysis
宏观压力测试特征、实施框架与政策建议
陈 强 乔兆纲
［摘 要］ 本文基于金融部门评估规划的视角，分析了宏观压力测试的全局性、关联性和反馈性特征，并基于这三个特征设计了金融部门评估规划视角下的宏观压力测试实施框架。该框架考虑了宏观压力情景的跨期设置，关注银行账户利率风险与信用风险的联系，将二者都纳入资本充足率计量，通过机构违约关联网络理清金融风险传染的路径，并预留信贷计划和流动性需求的收集接口，以展开第二轮影响和宏观负效应分析。本文建议中国宏观压力测试实施框架要考虑中国国情和金融业实际，在制度、系统、人力等方面完善治理结构，逐步、适当披露相关内容。
［关键词］ 金融稳定；宏观压力测试；金融部门评估规划
［Abstract］ From the perspective of assessment program of financial sector, this paper analyses the overall, correlation and feedback features of macro-stress testing and designs implementation framework of macro-stress testing based on the above three features. The framework takes account of the inter-period setting of macroeconomic stress scenarios, the links between interest rate risk and credit risk of bank accounts and both risks are included in the measurement of capital adequacy ratio. With the network of default agencies, the paper identifies the transmission path of financial risks, sets aside collecting interface for credit plan and liquidity demands to analyse the second round impact and negative effects of macroeconomy. The paper suggests that the implementation framework of China’s macro-stress testing should take account of China’s national conditions and the actual situation of financial industry, improve governance structure of regulation, system, human resources, and so on, disclose relevant contents gradually and appropriately.
［Key words］ financial stability; macro-stress testing; assessment program of financial sector
商业银行股权结构与经营绩效的关系——基于上市银行的实证分析
刘艳妮 张 航 邝 凯
［摘 要］ 本文在对中国商业银行股权结构现状进行深入分析的基础上，利用14家上市商业银行2007～2009年的面板数据，以衡量股权结构集中度和股东性质的多项指标为解释变量，对上市银行股权结构与综合绩效的关系进行实证分析。结果显示：第一大股东持股比例、前五大股东持股比例之和与综合绩效呈倒U型的二次曲线关系，国有股比例与综合绩效负相关，外资持股比例与综合绩效正相关。基于该结果，本文建议我国商业银行应选择“相对集中、多股制衡”的股权结构，适当降低国有股持股比例，并积极引入不同类型持股主体，以优化商业银行股权结构进而改善经营绩效。
［关键词］ 商业银行；股权结构；公司治理；经营绩效
［Abstract］ On the basis of deep analysis of the status quo of Chinese commercial banks’ ownership structure, with the 2007~2009 panel data of 14 listed commercial banks and indicators that measure ownership structure concentration and shareholders properties as explaining variables, this paper empirically studies the relationship between ownership structure and corporate performance. The results show that there is an inverted U type relationship between banks’performance and the shareholding proportion of the first largest shareholder and the top 5 shareholders. The proportion of state-owned shareholding has a negative effect on the performance and the proportion of foreign shareholding has a positive effect on the performance. Then the paper puts forward that Chinese commercial banks should select a relatively concentrated but balanced ownership structure, properly reduce the proportion of state-owned shareholding and pro-actively introduce different types of shareholders to optimize the ownership structure and further improve the corporate performance.
［Key words］ commercial bank; ownership structure; corporate governance; performance
银行体系的顺周期性和系统性风险
杨军华
［摘 要］ 金融系统的顺周期性所积聚的总体风险是系统性金融风险和金融不稳定的来源之一。银行体系的非核心债务与核心债务的比率能够反映金融周期的不同阶段和银行体系的风险承担情况。本文分析了银行体系非核心债务和短期债务的顺周期性以及二者与系统性风险之间的关系。研究结果表明，在经济繁荣时期，银行资产负债的快速增长伴随着非核心债务和短期债务的快速增长，增加了系统性风险。随着金融系统中介链的拉长，系统整体期限错配加剧，系统性风险增加，监管者应采用逆周期的方式运用各种工具来抑制银行体系的顺周期性。
［关键词］ 银行体系；顺周期性；非核心债务；系统性风险
［Abstract］ The aggregate risk resulting from the pro-cyclicality of financial system is one of the important sources of systemic financial risk and financial unstability. The ratio of non-core to core liabilities in the banking system can reflect the stage of financial cycle and the degree of risk-taking of the banking. This paper analyses the pro-cyclicality of non-core liabilities and short-term liabilities of the banking and the connection between both liabilities and systemic risk. The results reveal that during the boom, non-core and short-term liabilities grow rapidly with the expansion of the balance sheets of the banking, which increases the systamic risk. Along with the extension of intermediation chains in the banking, systemic maturity mismatch exacerbates and thus systemic risk intensifies. Therefore, regulators should adopt various counter-cyclical instruments to mitigate the pro-cyclicality in the banking system.
［Key words］ the banking system; pro-cyclicality; non-core liabilities; systemic risk
上市银行CEO薪酬与董事薪酬的影响因素*
张卫国 梁小翠 陆 静
［摘 要］ 本文利用沪深两市14家上市银行2005~2009年面板数据，以广义最小二乘法分析了上市银行CEO薪酬、董事薪酬的影响因素。研究发现，CEO薪酬与公司治理变量及代表股东权益的EPS显著相关，这表明CEO薪酬已经与企业绩效初步关联；独立董事薪酬与银行规模、股权结构、公司治理、CEO薪酬以及ROA及其滞后变量显著相关，而关联董事薪酬与银行规模、董事年龄、CEO薪酬、ROA和EPS的滞后变量及监管政策变量显著相关；不同类型的高管薪酬影响因素存在很大差异，这与银行各类高管在经营管理过程中的工作性质有密切关系。
［关键词］ 上市银行；CEO；独立董事；关联董事；薪酬
［Abstract］ The paper uses panel data of 14 listed banks from 2005 to 2009 and generalized least square method to empirically analyze the factors of CEO’s and director’s compensation. CEO’s compensation is significantly correlated with corporation governance variables and EPS, which means CEO’s compensation has preliminarily been associated with enterprise performance. Independent director’s compensation is significantly correlated with bank size, ownership structure, corporate governance, CEO’s compensation, ROA and EPS’s lag variables; related director’s compensation is correlated with bank size, director’s age, CEO’s compensation, ROA and EPS’s lag variable and regulation policy. The empirical result shows that there are significant differences in factors of the compensation of the different top management, which can be explained by their different work natures in the process of management.
［Key words］ listed bank; CEO; independent director; related director; compensation
中国商业银行在美并购法律问题研究
姜 海
［摘 要］ 美国是中国商业银行海外拓展的重要市场，并购是中国商业银行拓展美国市场的重要方式。并购涉及大量法律问题，而中美法律体系差异较大，使得中国商业银行在美并购过程中的法律问题显得更加突出。本文根据美国的成文法规定和司法实践，对法定合并与三角合并、股权收购与资产收购等并购方式及其特点进行比较，进而从中国商业银行在美并购的实际需要出发，从州法层面和联邦证券法层面就并购中的信义义务、评估权、州反收购立法以及代理投票权规则和威廉姆斯法案等问题进行分析，这些问题是中国商业银行规划在美并购方案时必须考虑的基础因素。
［关键词］ 中国商业银行；并购；并购方式；法律问题
［Abstract］ The United States is one of the important target markets when Chinese commercial bank expands abroad, and M&A is an important access to the American market. M&A involves a mass of legal issues, and great disparities between American and Chinese legal systems make Chinese commercial banks have to face many thorny legal problems when carrying out M&A in the United States. According to related statutes and judicial practice in the United States, the paper compares different features of statutory merger, triangular merger, equity acquisitions and assets acquisitions. To satisfy the actual need of Chinese commercial banks and from the perspective of state statutes and the federal securities statutes, the paper analyzes several key issues in M&A activities, such as fiduciary duty, appraisal rights, state anti-takeover statutes, proxy rules and Williams Act. The above-mentioned issues are fundamental factors that Chinese commercial banks must consider when planning M&A scheme in the United States.
［Key words］ Chinese commercial bank; merger and acquisition; M&A approach; legal issues
企业“跨境发展”与银行服务创新
中国工商银行宁波市分行课题组
［摘 要］ 近年来，中国企业跨境发展成为一种趋势，尤其是在金融危机后更是发展迅猛。企业的跨境发展对银行的服务创新提出了新的要求。本文作者以其所处区域为样本，剖析中国企业跨境发展时在资金融通、银行服务、风险管理、资本运作及信息传导等方面面临的困境，以及银行在服务跨境企业发展中存在的不足，在此基础上提出了商业银行在企业跨境发展上的服务创新之路，即从业务创新、体系建设、市场推广、人才战略及金融合作五个方面做好企业跨境发展服务，以此提升自身品牌，拓展业务空间，实现多方共赢。
［关键词］ 企业；全球化发展；金融服务；业务创新
［Abstract］ In recent years, cross-border development of Chinese enterprises has become a trend, particularly after the financial crisis. Cross-border development presents new demands for service innovation of banks. Taking Ningbo as a sample, the author analyses various difficulties faced by enterprises when fulfilling cross-border development, especially in the fields of financing, bank service, risk management, capital operation, information transmission, etc. Then the paper expounds the shortcomings in bank service to the development of cross-border enterprises. On the basis of the above analysis, the author proposes an innovation path that banks serve the development of cross-border enterprises, that is, providing services in business innovation, system construction, market promotion, human resources strategy and financial cooperation, so as to enhance their brands, expand their business space and achieve win-win situation.
［Key words］ enterprise; globalization development; financial service; business innovation
银行业竞争度问题研究最新发展
邢天才 吉 敏 张 阁
［摘 要］ 本文按照不同研究主线，对2000年前后至今银行业竞争度研究的相关文献进行系统整理。文献资料表明，国外研究主要从银行业竞争与经济金融发展与稳定的关系、银行业竞争度的测算方法、银行业竞争度在国别和规模上的差异以及银行业竞争度的影响因素这四个方面展开。国内研究则主要从中国银行业竞争度的识别、银行业竞争度的地区和规模差异、银行业竞争度与中国经济转型以及机构经营行为关系几个方面展开。目前对银行业竞争度的测度主要采用非结构化方法，针对发达国家的研究都是在利率市场化环境中进行。
［关键词］ 银行业；竞争度；非结构化方法；文献综述
［Abstract］ According to different main lines of studies, the paper systematically lists the relevant literature about banking competition degree since 2000. The literature shows that foreign studies are focused on the relationship between the banking competition and the economic and financial development and stability, the calculation method of banking competition degree, the banking competition degree differences in country and size, the factors of banking competition degree. Domestic studies are focused on the identification of Chinese banking competition degree, the banking competition degree differences in district and size, the relationship between the banking competition degree and Chinese economic transformation and institutional business activities. At present, the main method to calculate banking competition degree is unstructured method and the studies centering on developed countries are deveolped under the condition of interest rate liberalization.
［Key words］ the banking; competition degree; unstructured method; literature review