改革转型是银行业前行的根本动力——为迎接中国共产党第十八次全国代表大会召开而作
詹向阳 (4)
Reform and Restructuring Are Fundamental Driving Forces of Banking Development——To Welcome the 18th National Congress of the Communist Party of China
ZHAN Xiang-yang (4)
全球区域风险与中资银行国际化
中国工商银行城市金融研究所课题组 (8)
Global Regional Risk and the Internationalization of Chinese Banks
The Study Group of Urban Finance Research Institute,ICBC (8)
中国商业银行盈余管理研究—— 一个前景理论视角的解释
林 川 曹国华 (17)
A Study of the Earnings Management of Chinese Commercial Banks —— An Explanation of Prospect Theory
LIN Chuan CAO Guo-hua (17)
商业银行风险承担：指标及其有效性
刘海明 许 娟 (23)
The Risk-Taking of Commercial Bank:Indicators and Validity
LIU Hai-ming XU Juan (23)
金融控股与银行生产效率及全要素生产率
黄 强 (31)
Financial Holding and the Production Efficiency and Total Factor Productivity of Bank
HUANG Qiang (31)
多边汇率波动与中国商业银行外汇风险暴露
段军山 魏友兰 (38)
Multilateral Fluctuations of Exchange Rate and Risk Exposure of Foreign Exchange of Chinese Commercial Banks
DUAN Jun-shan WEI You-lan (38)
日本金融消费者保护制度及其启示
温信祥 (47)
The Protection System of Japanese Financial Consumer and Its Enlightenment
WEN Xin-xiang (47)
中美商业银行净利差比较及贷款定价差异研究
隋 聪 任小倩 (55)
A Study of the Comparison of Sino-US Commercial Banks’ NIM and Differences in Loan Pricing
SUI Cong REN Xiao-qian (55)
美国高收益债券市场发展的经验及其启示
贾昌杰 (64)
The America’s Experience in Developing High-Yield-Bond Market and Its Enlightenment
JIA Chang-jie (64)
麦格理集团国际化案例研究
刘 洋 黄 旭 (72)
A Case-Study of the Internationalization of Macquarie Group
LIU Yang HUANG Xu (72)
中国城市金融学会秘书长培训班授课内容综述 (79)
Summary of the Contents of the Training Courses for the Secretary-General of China Urban Finance Society (79)
改革转型是银行业前行的根本动力——为迎接中国共产党第十八次全国代表大会召开而作
詹向阳
【编者按】进入新世纪以来，在科学发展观的引领下，中国银行业，特别是国有商业银行实现了历史性的跨越，不仅成功地股改上市，建立了现代公司治理结构，而且经受住了国际金融危机的严峻考验，在强手如林的全球金融市场上脱颖而出。党的十八大即将召开，这次全党全国的盛会必将开启银行业改革发展的新时代。值此之际，我们刊发此文，回顾银行业的改革历程和伟大成就，总结银行业改革的经验，探讨产权制度、风险管理体制、市场化的经营机制以及根植实体经济的金融创新对于增强银行可持续发展能力的作用，为下一步改革的方向提供思路。
全球区域风险与中资银行国际化
中国工商银行城市金融研究所课题组
［摘 要］ 近年来全球风险逐渐呈现出区域化特征，本文从系统性和区域性两个角度将全球分为五大一级地理区域和十五个二级经济区域；进而对五大一级地理区域进行结构研究，分析一级区域风险状况以及二级经济区域在全球层面的竞争力，并针对全球区域风险分布对规避中资银行国际化风险提出以下建议：把握区域风险特点，规避网络拓展进程中的风险；实施区域差异化战略，规避业务发展所面临的经济金融风险；制定差异化的全球风险管理体系，规避区域风险管理一刀切现象；加强区域统一管理，规避区域内各机构无序竞争风险。
［关键词］ 全球区域风险；国际化；欧债危机；地缘政治风险；中资银行
［Abstract］ In recent years, the global risk gradually shows its regional characteristics. From systemic and regional perspectives, this paper divides the world into 5 primary geographical regions and 15 secondary economic regions, and then analyses the structure and risk status in the primary geographical regions and the competitiveness of the secondary economic regions in the world. Considering the global regional distribution of risks, the paper puts forward the following suggestions for Chinese banks to avoid internationalization risks: analysing the characteristics of regional risks and avoiding risks in the process of network expansion; implementing the strategy of regional differentiation and avoiding the economic and financial risks of business development; building the differentiated global system of risk management and avoiding“one size fitting all” in risk management; strengthening regional unified management and avoiding the risks of the disorderly competition of agencies in the region.
［Key words］ global regional risk; internationalization; European debt crisis; geograhpic political risk; Chinese banks
中国商业银行盈余管理研究—— 一个前景理论视角的解释
林 川 曹国华
［摘 要］ 由于商业银行的经营业务和经营状况与一般行业企业存在差异，所以商业银行的盈余管理状况存在特殊性。本文利用2001～2009年间中国的101家商业银行相关数据，以可计量呆账费用法和避免盈余损失法测度了商业银行盈余管理程度，同时从前景理论视角对中国商业银行盈余管理行为进行研究。研究发现，中国商业银行存在明显的盈余管理现象，盈余管理分布与一般行业企业的分布状况并不相同，另外前景理论能够较好地解释中国商业银行的盈余管理行为，商业银行低于阈值时表现为喜好风险，高于阈值时表现为规避风险。
［关键词］ 商业银行；盈余管理；前景理论；贷款损失准备；行为金融
［Abstract］ The earnings management of commercial bank is particular because the business and operation of commercial bank are different from those of other common industries. This paper uses the relevant data of 101 Chinese commercial banks during 2001~2009 and the measurable doubtful-debts-cost method and the avoiding-earnings-loss method to measure the level of the earnings management of commercial banks, and meanwhile, researches the behaviors of the earnings management of Chinese commercial banks from the perspective of prospect theory. The results show that there are obvious phenomena of earnings management in Chinese commercial banks and the distribution of earnings management is different from that of enterprises in other common industries; in addition, the prospect theory can satisfactorily explain the behaviors of the earnings management of Chinese commercial banks —— that is, the commercial banks are risk-preferring while their behaviors are below the threshold and risk-averse while are above the threshold.
［Key words］ commercial bank; earnings management; prospect theory; provision for loan loss; behavioral finance
商业银行风险承担：指标及其有效性
刘海明 许 娟
［摘 要］ 商业银行风险承担一直是学界和监管部门研究的重要问题，关于如何测度银行风险承担水平，不同的研究采用的指标并不相同。这些指标的有效性如何，之前的研究也基本未涉及。本文对银行风险承担的三种衡量方法的有效性从理论和实证两个角度进行了对比分析，结果发现，资本充足法是最优的风险承担衡量方法；由于破产风险法与资本充足法的内在一致性，破产风险法可以作为衡量风险承担的替代方法，但这种方法并未考虑银行的特殊性；由于上市银行数目太少，以及保证指标有效所需要的许多限制条件，市场法只能作为衡量风险承担的辅助方法。
［关键词］ 商业银行；风险承担；资本充足；破产风险
［Abstract］ The risk-taking of commercial bank has always been an important issue studied by academia and regulatory authorities. The every researcher uses different indicators to measure the risk-taking of bank. The previous studies have not covered the validity of the indicators. From the theoretical and empirical perspectives, this paper compares the validity of the three methods to measure risk-taking. The results show that capital adequacy is the best method to measure risk-taking; due to the internal consistency of bankruptcy risk and capital adequacy, the bankruptcy-risk method can be used as an alternative to measure risk, but this method does not consider the special nature of bank; due to the small number of listed banks and many restrictions to ensure validity, market method can only be an auxiliary way to measure risk-taking.
［Key words］ commercial bank; risk-taking; capital adequacy; bankruptcy risk
金融控股与银行生产效率及全要素生产率
黄 强
［摘 要］ 本文利用数据包络分析法（DEA），对中国4家金融控股银行和12家非金融控股银行2008~2010年的技术效率、技术进步及全要素生产率进行了实证分析，发现金融控股银行技术效率和纯技术效率平均水平高于同期非金融控股银行的平均水平，但金融控股银行之间也存在较大差异，部分金融控股银行的水平低于非金融控股银行的平均水平。使用Tobit回归模型和自举法，对银行的技术效率、技术进步及全要素生产率的影响因素进行面板数据回归分析后发现，金融控股能够显著地提高银行技术效率水平，但对提升银行技术进步水平及全要素生产率的影响不显著。
［关键词］ 金融控股银行；商业银行；生产效率；技术效率；全要素生产率
［Abstract］ With the data envelopment analysis(DEA), this paper empirically analyses the technical efficiency, technical progress and total factor productivity of China’s 4 financial holding banks and 12 non-financial holding banks during 2008~2010. It is found that the technical efficiency and the average level of the pure technical efficiency of financial holding banks are higher than those of non-financial-holding banks in the same period of time, but there are large differences between the financial holding banks and the levels of some financial holding banks are lower than the average levels of non-financial holding banks. With the Tobit regression model, bootstrap method and panel data, the paper analyses the factors to affect the technical efficiency, technical progress and total factor productivity of banks. It is found that financial holding can significantly improve the technical efficiency of bank, but its influence on technical progress and total factor productivity is not significant.
［Key words］ financial holding bank; commercial bank; production efficiency;technical efficiency; total factor productivity
多边汇率波动与中国商业银行外汇风险暴露
段军山 魏友兰
［摘 要］ 本文选取中国上市商业银行为分析样本，运用面板数据模型和资本市场法，对中国银行业的整体外汇风险暴露进行定量分析。研究结果表明：中国银行业整体对当期人民币兑美元汇率不存在显著的外汇风险暴露，但在考虑汇率滞后因素之后，中国银行业整体对滞后一期、四期和五期的人民币兑美元汇率存在显著的外汇风险暴露；人民币兑日元当期、滞后一期及滞后两期的外汇风险暴露系数均为负数；人民币兑欧元的汇率波动对中国银行业整体价值的影响远小于美元。商业银行对人民币汇率波动的影响进行分析和追踪观察，可以将其不利影响转化为有利影响。
［关键词］ 汇率波动；外汇风险；外汇风险暴露；商业银行；资本市场法
［Abstract］ This paper selects Chinese listed commercial banks as analytical samples and uses panel data model and capital market method to present a quantitative analysis of the risk exposure of the foreign exchange of Chinese banking sector as a whole. The results show that Chinese banking sector as a whole has no significant risk exposure to the exchange rate of RMB against U S dollar in the current period, but it has a significant risk exposure to the exchange rate in the lagged one, four and five periods if the lagging is considered. The coefficinets of the risk exposure to the exchange rate of RMB against Yen in the current, lagged one and two periods are negative; the fluctuation of the exchange rate of RMB against Euro has a much less impact on the value of Chinese banking sector as a whole than it against the U S dollar. The commmeicial banks should analyse and continuously inspect the impacts of the fluctuation of the exchange rate so that the adverse impacts can be converted into the beneficial ones.
［Key words］ fluctuation of exchange rate; risk of foreign exchange risk; risk exposure of foreign exchange; commercial bank; capital market method
日本金融消费者保护制度及其启示
温信祥
［摘 要］ 日本在金融消费者保护方面建立起事前防止和事后救济制度，在历次危机中金融消费者均得到了较好的保护，其立法、执法和监管方面的经验值得借鉴。事前防止制度主要包括金融机构提供信息、广告上的限制、个人信息的管理、限制不正当的交易方法以及利息的法律限制等；事后救济制度主要包括存款保险制度、因伪造和盗窃银行卡和存折发生损失后的赔偿制度、针对使用盗窃存折及网上银行非正当提款的措施以及针对电话诈骗汇款的规定。相比较而言，中国的金融消费者保护法律和制度在立法层次、保护对象和规则细化等方面还有大量工作要做。
［关键词］ 日本；金融消费者；消费者权益；事前防止制度；事后救济制度
［Abstract］ Japan has established systems to prevent beforehand and relieve afterward for financial consumers. The financial consumers are better protected in every financial crisis. The Japan’s experience in legislation, law enforcement and regulatory is worth learning. The systems to prevent beforehand primarily include: financial institutions providing information, restrictions on advertisement, personal information management, restrictions on improper trading, as well as legal restrictions on interest. The systems to relieve afterward primarily include: deposit insurance system, compensation system for the loss due to bank card and passbook being forged or stolen, measures against unauthorized withdrawal with stolen passbook or by online bank and provisions for telephone fraud remittances. In comparison, China’s laws and systems to protect financial consumers remain to be improved further and there is still a lot of work to do in the aspects of legislative level, protected objects and refining rules, etc.
［Key words］ Japan; finance consumer; consumer’s right and interest; system to prevent beforehand; system to relieve afterward
中美商业银行净利差比较及贷款定价差异研究
隋 聪 任小倩
［摘 要］ 本文在代理商理论模型的基础上，引入其他影响净利差的因素，采用中国和美国154家商业银行2003~2010年的财务数据、GDP增长率以及CPI增长率等宏观数据分别进行实证研究。研究结果表明：中国商业银行净利差主要由营业成本和隐含利息支付这两个成本因素决定；美国商业银行净利差受成本、违约风险、宏观经济等因素影响较大。由于中国尚未完成利率市场化改革，商业银行在贷款定价时更注重成本和制度因素；而美国已实现利率市场化，商业银行在贷款定价时更关注风险和宏观经济的影响。
［关键词］ 商业银行；贷款定价；净利差；利率市场化
［Abstract］ Based on the dealership model, this paper introduces the factors affecting net interest margin(NIM) and uses the financial data, the growth rates of GDP and CPI and other data of macroeconomy of 154 Chinese and American commercial banks during 2003~2010 to research the NIM empirically. The results show that the NIM of Chinese commercial banks mainly depends on two cost factors, i.e. operational cost and implicit interest cost, and the NIM of American commercial banks are greatly affected by cost, default risk, macroeconomy and other factors. Because China has not yet completed the market-oriented reform of interest rate, Chinese commercial banks pay more attention to cost and institutional factors in loan pricing while ignoring risk factors, but America has completed the liberalization of interest rate and American commercial banks are more concerned about risks and macroeconomic impacts.
［Key words］ commercial bank; loan pricing; net interest margin(NIM); liberalization of interest rate
美国高收益债券市场发展的经验及其启示
贾昌杰
［摘 要］ 美国高收益债券市场在产品创新、激励交易、市场约束和投资者保护等方面建立了较为完善和成熟的机制，为中小企业融资和推动产业结构升级发挥了重要作用，也使得投资者能够在承担一定风险的同时博取较高收益，成为美国债券市场的重要投融资工具。中国应借鉴美国高收益债券市场的发展经验，促进中小企业私募债券市场发展，具体措施如下：扩大投资者群体，促进债券交易和流动性；重视信息披露，强化违约惩戒机制；鼓励多种违约状态下的债券条款设计；提高投资者的违约风险意识，完善债券评级体系；发展多种债券违约保护工具；建立与完善债券的违约处理机制。
［关键词］ 美国债券市场；高收益债券；私募债券；公司债券；投融资工具
［Abstract］ In America’s high-yield-bond market, a more perfect and mature mechanism, which is related to product innovation, transaction incentives, market constraints and investor protection, has been established. The market plays an important role in SME financing and promoting the upgrading of industrial structure, and also ensures investors who bear some risks to win a higher income. The high-yield bond has become an important investment and financing tool in America’s bond market. China should learn from America’s experience to develop high-yield-bond market and promote the development of SME private bond market. The specific measures are as follows: expanding the scope of investor group and promoting bond trading and liquidity; attaching importance to information disclosure and strengthening the disciplinary mechanism of default; encouraging the provision design of bond for all kinds of default; strengthening investor’s awareness of default risks; improving bond rating system; developing a variety of protection tools against the default; establishing and improving mechanism to handle default.
［Key words］ America’s bond market； high-yield bond；private bond; corporate bond；investment and financing tool
麦格理集团国际化案例研究
刘 洋 黄 旭
［摘 要］ 麦格理集团运用其独特的利基策略发展成为一个国际化的大型银行集团。本文通过分析麦格理的主要文件、有关集团的学术文章、新闻采访和报告等辅助数据，得出麦格理国际化成功的经验，主要在于创建一个独特的发展战略，让投资者乐于将多余资金用于投资；将专业知识变为动态能力，包括资产评估、交易结构、设施运营、投资组合管理等技能；通过改进组织结构推进发展战略，统一管理风险和收益为多元化经营打下坚实基础等。但金融危机也对麦格理以举债经营为核心要素的国际化战略提出了挑战，随着危机的持续及廉价流动性的减少，麦格理如何保持其稳定的利润增长仍有待观察。
［关键词］ 麦格理集团；基础设施融资；利基策略；国际化
［Abstract］ By its unique niche strategy, Macquarie has developed into a large international banking group. Based on the analysis of Macquarie’s files, scholarly articles, news, reports and auxiliary data relating to the Group, this paper summarizes Macquarie Group’s successful experience of internationalization. The main experience includes following: creating a unique development strategy so that investors are willing to use their excess money for investment; transforming expertise into dynamic capabilities, including the skills of asset evaluation, transaction structure, facility operation, investment-portfolio management and so on; improving organizational structure so as to promote development strategy, and unifying the management of risks and income so as to lay a solid foundation for comprehensive operation. Neverthless, due to the financial crisis, Macquarie’s internationalization strategy, whose core is leverage, faces challenges. Because the crisis continues and the cheap liquidity is reduced, it’s presently unknown how Macquarie will maintain the stable growth of profits.
［Key words］ Macquarie Group; infrastructure financing; niche strategy; internationalization