“中国商业银行公司治理改革：进展、问题及趋势”获奖征文 货币政策、银行治理与风险承担
曹廷求 朱博文 (4)
Monetary Policy, Bank Governance and Risk-Taking
CAO Ting-qiu ZHU Bo-wen (4)
基于风险收益视角下的我国商业银行公司治理研究
吕江林 黄 光 (13)
A Study of the Corporate Governance of Chinese Commercial Banks from the Perspective of Return at Risk
LV Jiang-lin HUANG Guang (13)
商业银行治理与现金股利政策——来自中国上市银行的经验证据
曹国华 蒋丹璐 林 川 (22)
The Governance of Commercial Bank and the Policy of Cash Dividends——The Empirical Evidences from Chinese Listed Banks
CAO Guo-hua JIANG Dan-lu LIN Chuan (22)
上市改善了银行治理吗？——基于损失准备计提的盈余管理视角
刘 可 (28)
Has Bank-Being-Listed in Stock Market Improved Its Governance？—— From the Perspective of the Earnings Management of Loss Provisions
LIU Ke (28)
城市商业银行治理有效性的实证研究——基于银行治理评价的分析
曹廷求 陈丽萍 (35)
An Empirical Study of the Effectiveness of City Commercial Bank Governance —— The Analysis Based on the Evaluation of Bank Governance
CAO Ting-qiu CHEN Li-ping (35)
中国大型银行集团公司治理初探
钱 毅 张春煜 杨才然 (42)
An Analysis of the Corporate Governance of Chinese Large Bank Group
QIAN Yi ZHANG Chun-yu YANG Cai-ran (42)
商业银行社会责任评价指标体系研究
吴 炜 袁翰林 (49)
A Study of the Evaluation Index System of Social Responsibility of Commercial Bank
WU Wei YUAN Han-lin (49)
房地产开发对信贷资产组合风险的影响
张继袖 龙智浩 陆宇建 (57)
Impacts of Real Estate Development on the Risks of Credit Portfolio
ZHANG Ji-xiu LONG Zhi-hao LU Yu-jian (57)
利益相关者关系与商业银行财务绩效——基于中国上市银行面板数据的经验分析
纪建悦 于富洋 王 翠 (64)
Stakeholder’s Relationship and the Financial Performance of Commercial Bank ——An Empirical Analysis Based on the Panel Data of Chinese Listed Banks
JI Jian-yue YU Fu-yang WANG Cui (64)
利率市场化与商业银行公司金融业务转型
王 鹏 (73)
The Liberalization of Interest Rate and the Transformation of Corporate Finance Business of Commercial Banks
WANG Peng (73)
本刊2012年总要目 (79)
The Main Contents of FINANCE FORUM（2012） (79)
货币政策、银行治理与风险承担
曹廷求 朱博文
［摘 要］ 货币政策和银行治理作为影响银行风险的外部诱因和内部机制，都影响到了商业银行的风险承担行为。本文采用2003~2010年中国105家商业银行的数据考察了银行治理如何影响货币政策传导的风险承担渠道，分析了不同治理机制在货币政策条件下对于银行风险的影响以及不同治理机制如何影响银行风险对货币政策反应的异质性。结果显示：第一大股东持股比例和CEO权力与银行风险负相关，而第一大股东性质和董事会规模与银行风险成显著正相关关系，董事会的独立性与以不良贷款率衡量的银行风险显著负相关，各银行治理变量影响到了银行风险对于货币政策的敏感度。
［关键词］ 货币政策；银行治理；银行风险；风险承担
［Abstract］ Monetary policy and bank governance are respectively external incentive and internal mechanism to affect the risks of bank and they both affect the risk-taking behavior of commercial bank. This paper uses the data of 105 Chinese commercial banks during 2003~2010 to analyse how the bank governance affects the risk-taking channel of the transmission of monetary policy, the influnence of different governance mechanisms on the risks of bank under the conditions of monetary policy and how the mechanisms affect the heterogeneity of the reactions of the risks to monetary policy. The results show that the proportion of the largest shareholder’s shares and the CEO’s powers are negatively correlated with the risks of bank, but the nature of the largest shareholder and the size of the board of directors are correlated with the risks significantly and positively, the independence of the board of directors is significantly and negatively correlated with the risks of bank, measured by non-performing-loan ratio, and all the variables of bank governance affect the sensitivity of the risks to monetary policy.
［Key words］ monetary policy; bank governance; risk of bank, risk-taking
基于风险收益视角下的我国商业银行公司治理研究
吕江林 黄 光
［摘 要］ 本文运用熵值法得出银行总体风险控制水平和综合效益两个综合性指标体系，结合中国商业银行公司治理的政府背景特征，得出国有控股能力、监事会规模和具有政府背景的高管人数与银行总体风险控制水平和银行综合效益负相关，而董事会规模、具有政府背景的董事和监事比例以及高管人员薪酬则与之不相关等结论。针对这些结论，本文提出如下建议：优化所有权结构，加大引入非国有投资者；落实董事会和监事会成员的选聘制度，确保其履职尽责；强化对高管人员的培养，充分发挥其潜在价值；建立全面的高管激励制度，突出风险管控的重要性。
［关键词］ 商业银行；公司治理；董事会；监事会；风险控制；综合效益
［Abstract］ This paper uses entropy method to put forward two comprehensive index systems of the overall level of risk control and comprehensive efficiency. Considering the government-background characteristics of the corporate governance of Chinese commercial banks, the authors come to the conclusions that the holding capacity of state-owned shares, the size of the board of supervisors and the number of the government-background senior management are negatively correlated with the overall level of risk control and comprehensive efficiency of bank, but the size of the board of directors, the proportions of the government-background directors and supervisors and the remuneration of the senior management are not correlated. In response to the above conclusions, the authors propose to optimize ownership structure and introduce more non-state-owned investors, implement the selection system of the boards of directors and supervisors and ensure that they perform their own duties, strengthen the training of senior management and fully realize their potential value, establish a comprehensive incentive system for the senior management and highlight the importance of risk management and risk control.
［Key words］ commercial bank; corporate governance; board of directors; board of supervisors; risk control; comprehensive efficiency
商业银行治理与现金股利政策——来自中国上市银行的经验证据
曹国华 蒋丹璐 林 川
［摘 要］ 本文以2003~2011年沪深16家上市商业银行为样本，实证检验了银行治理结构对现金股利政策的影响。研究发现：银行治理结构与现金股利政策间存在紧密的关联。高管薪酬高的商业银行会分配更多现金股利，而股权集中及流通股比例高的商业银行分配的现金股利较小，董事会特征对商业银行现金股利政策的影响并不显著。这一结论体现了商业银行治理的特殊性及与一般上市公司的特征不同。进一步研究发现，代理理论部分适用于中国上市商业银行。商业银行提高银行内部治理水平，有利于形成稳定合理的股利政策，提高自身的核心竞争力。
［关键词］ 商业银行；公司治理；现金股利；代理理论
［Abstract］ Sixteen listed commercial banks in Shanghai and Shenzhen stock market during 2003~2011 as samples, this paper empirically examines that the influence of the governance structure of bank on the policy of cash dividends. It is found that there is a close correlation between the governance structure of bank and the policy of cash dividends. The commercial bank whose top-management has a high compensation will provides more cash dividends, but the commercial banks with concentrated ownership and a high proportion of tradable share provide fewer cash dividends, and the characteristics of board directors do not significantly affect the policy of cash dividends. This conclusion shows the particularity of commercial bank governance and the characteristics different from those of general listed companies. A further study shows that the agency theory can be partially applied to Chinese listed commercial banks. The improvement of the internal governance of commercial bank is conducive to the formation of a stable and reasonable policy of dividend and the improvement of core competitiveness.
［Key words］ commercial bank; corporate governance; cash dividend; agency theory
上市改善了银行治理吗？——基于损失准备计提的盈余管理视角
刘 可
［摘 要］ 本文运用中国 22 家商业银行2004~2011年间的相关数据进行实证检验，研究上市与银行治理。研究发现，银行在上市后其“膨胀利润”的盈余管理大大减弱，上市有利于改进商业银行公司治理，这一结论为支持银行外部治理环境的强化提供了证据。为了改进银行的公司治理，监管部门应推进银行审慎监管法规体系的建设，强化对银行合规监管、风险监管和资本监管，建立监管的动态跟踪、评价和改进机制，积极推进商业银行信息披露法的制定和实施，对商业银行信息披露的范围、频率、内容、方式进行规范和引导。
［关键词］ 商业银行；上市；银行治理；贷款损失准备计提；盈余管理
［Abstract］ Using the data of the Chinese 22 commercial banks during 2004~2011, this paper researches the relationship between bank-being-listed and bank governance. It is found that the earnings management for inflating profits is greatly weakened after bank is listed and bank-being-listed will help improve the corporate governance of commercial bank. This conclusion provides an evidence to support strengthening the environment of the external governance of bank. In order to improve the corporate governance of banks, regulators should promote banks to build prudential supervision and regulation systems, strengthen the compliance supervision, risk supervision and capital supervision of banks, establish the dynamic mechanisms of the tracking, evaluation and improvement of supervision, actively promote the formulation and implementation of the information disclosure law of commercial banks, regulate and guide the range, frequency, contents and way of the information disclosure of commercial banks.
［Key words］ commercial bank; being listed; bank governance; loan loss provision; earnings management
城市商业银行治理有效性的实证研究——基于银行治理评价的分析
曹廷求 陈丽萍
［摘 要］ 本文基于商业银行公司治理评价指标体系，测算了国内城市商业银行的公司治理水平，并分析了其对银行绩效的作用。研究结果表明：银行治理评价具有一定的合理性，指标分值越高银行治理风险越低，从而银行治理水平越高，银行绩效表现越好；基于股权和跨区域经营差异的分组检验表明，城市商业银行在优化股权结构和规模扩张的同时，治理水平在治理环境和监督方面呈现出一定的差异性，而在风险控制和信息披露方面表现较差；在股东性质差异方面，治理水平的改善对非国有城市商业银行绩效的提升作用更加显著。
［关键词］ 城市商业银行；银行治理；治理评价；银行绩效
［Abstract］ Based on the evaluation index system of the corporate governance of commercial bank, this paper measures the level of the corporate governance of domestic city commercial bank and analyzes the role of the corporate governance in bank performance. The results show that the evaluation of bank governance has certain rationality, and the higher the index score is, the lower the risk of bank governance, so that the higher the level of bank governance is, the better the performance of bank.The grouped test based on the equity and the differences in cross-regional operation indicates that the level of governance shows some differences in governance environment and supervision while city commercial bank optimizes its shareholding structure and expands its scale, but its performance on risk control and information disclosure is poor. The study of the differences in the nature of shareholders shows that the optimization of the governance will more significantly improve the performance of non-state-owned urban commercial bank.
［Key words］ city commercial bank; bank governance; governance evaluation; bank performance
中国大型银行集团公司治理初探
钱 毅 张春煜 杨才然
［摘 要］ 本文借鉴境内外大型银行集团治理的经验，分析中国大型银行集团公司治理中需要改进的环节，包括：集团发展战略及母公司在集团中的功能定位有待明确；集团战略目标、管理及评价有待完善；母子公司的沟通协调机制亟须健全；人力资源和财务管理与集团战略的匹配度有待提高；集团内部的协同效应应得到充分发挥；集团治理的整合性有待加强。进而提出以下改进建议：进一步明确集团战略目标及母公司、各子公司在集团中的定位，改进母公司和子公司的治理架构和相关制度，实行差异化的子公司管控机制，加强人力资源和财务预算的集团化管理，完善集团内部协同机制等。
［关键词］ 大型银行；金融集团；公司治理；协同效应；集团战略
［Abstract］ Based on the governance experience of the domestic and foreign large bank group, this paper analyses the corporate governance of Chinese large bank group. It is found that there are such aspects in the corporate governance need to be improved: the development strategy of group and the function of parent company in the group need to be determined, the strategic objectives, management and evaluation of the group need to be perfected, the communication and coordination mechanisms between parent and subsidiary companies need to be improved, the adaptation of human resources and financial management to the strategy of group needs to be ameliorated, the intra-group synergy needs to be fully realized, the integrity of group governance needs to be strengthened. The authors make recommendations to clarify the strategic objectives of the group and the functions of parent company and subsidiary companies in the group, improve the governance structure and the related policies of parent company and subsidiary companies, implement the differentiated control mechanism for subsidiary companies, strengthen the group management of human resources and financial budgets, improve the mechanism of intra-group synergy and so on.
［Key words］ large bank; financial group; corporate governance; synergy; strategy of group
商业银行社会责任评价指标体系研究
吴 炜 袁翰林
［摘 要］ 本文以利益相关者理论为指导，构建了“四位一体”的商业银行社会责任模型，从“管理维度、经济维度、社会维度、环境维度”等四个维度组建中国商业银行社会责任评价指标体系；利用层次分析法，对不同的指标赋予不同的权重，并结合中国商业银行的行业背景及特点，对权重进一步修正，最终得出相对合理的、可操作的商业银行社会责任评价指标体系。商业银行的社会责任应当考虑利益相关者的期望和利益，只有将社会责任融入整个银行，使其成为透明和道德的组织行为的重要组成部分，社会责任才能在银行组织关系中得到实践。
［关键词］ 商业银行；社会责任；评价指标体系；利益相关者
［Abstract］ Guided by the theory of stakeholders, this paper build a four-in-one model of the social responsibility of commercial bank and an evaluation index system of the social responsibility of Chinese commercial banks from four dimensions, management, economy, society, environment. By the AHP method, the paper attaches different weights on different indicators and amends the weights according to the industry background and characteristics of Chinese commercial banks, and then gains an evaluation index system of the social responsibility of commercial bank, which is relatively reasonable and can be put into practice. The social responsibility of commercial bank should consider stakeholder’s expectancy and interests. It can be put into practice in organizational relations of the bank only if it is introduced into the whole bank and becomes an important part of transparent and ethical organization behavior.
［Key words］ commercial bank; social responsibility; evaluation index system; stakeholder
房地产开发对信贷资产组合风险的影响
张继袖 龙智浩 陆宇建
［摘 要］ 本文基于统计数据，对房地产开发与信贷资产组合风险进行实证研究，结果表明，房价波动对银行业房地产开发信贷资产构成显著影响，房价越高则坏账率越高。但房价向上波动时，并没有显著提高房地产信贷资产的比例即风险暴露水平。此外，房地产信贷资产质量受到SHIBOR的影响较为显著，SHIBOR作为银行的融资成本，当融资成本处于上升区间时，房地产开发信贷资产的风险暴露水平提升，同时坏账率也随之上升。这说明在银行融资成本上升时，房地产开发行业因其能够接受较高的借贷成本，故在银行信贷资产池中占据了更大的份额，但同时坏账率相应提高，资产质量下降。
［关键词］ 房地产开发；房价波动；信贷资产组合风险；坏账率
［Abstract］ Based on statistical data, this article provides an empirical study of the real estate development and the risks of credit portfolio. The results show that the fluctuations of house price significantly impact the credit assets of banking sector in real estate development, and the higher the house price is, the higher the proportion of bad debts, but the upward fluctuations of house price do not significantly raise the proportion of the credit assets in real estate, i.e. the level of risk exposure. In addition, the quality of credit assets in real estate is significantly impacted by SHIBOR. The SHIBOR is the financing cost of bank. When the SHIBOR rises, so do the level of risk exposure of credit assets in real estate and the proportion of bad debts. It means that, when the financing cost of bank rises, the sector of real estate development accounts for a greater proportion of the credit assets of bank because it can accept a higher borrowing cost, but the proportion of bad debts rises alongside and the quality of assets declines at the same time.
［Key words］ real estate development; fluctuation of house price; risk of credit portfolio; proportion of bad debt
利益相关者关系与商业银行财务绩效——基于中国上市银行面板数据的经验分析
纪建悦 于富洋 王 翠
［摘 要］ 本文以2003~2010年中国6家上市商业银行数据为样本，通过面板单位根检验、协整检验、格兰杰因果检验，研究了商业银行各利益相关者的关系与商业银行财务绩效之间的因果关系。研究表明：在短期内，除股东关系外，商业银行的财务绩效是影响各利益相关者关系的格兰杰原因；而从长期来看，各个利益相关者关系都是影响商业银行财务绩效的格兰杰原因。进而根据格兰杰因果关系的不同模式，研究中国上市商业银行利益相关者的分类问题，并将其分为三类：股东是最重要的利益相关者，员工是核心利益相关者，债权人、管理层、政府和监管层是蛰伏利益相关者。
［关键词］ 商业银行；财务绩效；利益相关者关系；利益相关者分类
［Abstract］ With the panal data of 6 listed commercial banks during 2003~2010 as samples, this paper uses unit-root test, cointegration test, Granger causality test to analyse the causality between the relationship of commercial bank and all stakeholders and the financial performance of commercial bank. The results of the analysis show that, except for shareholder’s relationship, the financial performance of commercial bank is the Granger reason of every stakeholder’s relationship in the short term; every shareholder’s relationship is the Granger reason of the financial performance of commercial bank in the long term. According to the different patterns of Granger causality, the paper researches the classification of the stakeholders of Chinese listed commercial banks and divided the the stakeholders into three categories: shareholders are the most important stakeholders, employees are core stakeholders, creditors, management, government and regulators are dormant stakeholders.
［Key words］ commercial bank; financial performance; stakeholder’s relationship; classification of stakeholder
利率市场化与商业银行公司金融业务转型
王 鹏
［摘 要］ 本文研究在利率市场化条件下商业银行如何推进公司金融业务的转型，在考察德国、日本、印度、韩国等国商业银行利率市场化后贷款、存款、利差及利息收入等发生变化的基础上，分析中国利率市场化的现状与趋势。分析表明，利率市场化将对中国商业银行公司金融业务的利差收入、业务结构、服务管理、风险管理等产生重要影响。为更好地应对利率市场化，商业银行必须加快转型，调整优化业务结构，推进综合化、国际化经营，加强业务与产品创新，打造独具特色的经营模式，通过公司金融业务的转型，推动商业银行经营模式和发展方式的转变。
［关键词］ 利率市场化；商业银行；公司金融业务；经营模式；业务结构
［Abstract］ This paper researches how commercial banks promote the transformation of corporate finance business on the conditions of the liberalization of interest rate. Based on the analysis of the changes in loan, deposit, net-interest-margin and net interest income after the liberalization of the interest rate of commercial banks in Germany, Japan, India, South Korea and other countries, the paper analyses the status and trends of the liberalization of interest rate in China. The analysis shows that the liberalization of interest rate will be a major impact on the net-interest-margin income, business structure, service management, risk management, etc. of the corporate finance business of Chinese commercial banks. To the better preparation for the liberalization of interest rate, Chinese commercial banks should speed up the transformation, adjust and optimize the business structure, promote the comprehensive and international operations, strengthen the innovation of business and product, create a unique operation mode and promote the changes in operation and development modes with the help of the transformation of corporate finance business.
［Key words］ liberalization of interest rate; commercial bank; corporate finance business, operation mode; business structure