“中国入世10周年——全面开放与走向国际的中国银行业”研讨会综述 (3)
The Summary of the Conference of “The Tenth Anniversary of the Entry of China into WTO——All-Around Opening and Internationalization of Chinese Banking” (3)
商业银行拓展金融资产服务的国际借鉴与路径分析
詹向阳 樊志刚 王 祺 李卢霞 (7)
The International Reference and Path Analysis of Commercial Banks to Expand Financial Asset Service
ZHAN Xiang-yang FAN Zhi-gang WANG Qi LI Lu-xia (7)
十二五期间如何优化商业银行信贷结构
程凤朝 李 莉 庄鹏冲 兰全昌 (16)
How to Optimize Credit Structure of Commercial Banks during the Twelth Five-Year Plan
CHENG Feng-chao LI Li ZHUANG Peng-chong LAN Quan-chang (16)
影响商业银行稳定的微观因素
谭政勋 黄东生 (23)
Micro-Factors to Impact the Stability of Commercial Banks
TAN Zheng-xun HUANG Dong-sheng (23)
信用评级市场结构与金融市场风险
陆 军 李伊珍 刘 威 (29)
The Structure of Credit Rating Market and Financial Market Risks
LU Jun LI Yi-zhen LIU Wei (29)
欧美CDS市场改革与中国信用风险缓释工具的市场制度设计
郑振龙 孙清泉 (38)
The Reforms of European and American CDS Markets and the Market System Design of China’s CRM
ZHENG Zhen-long SUN Qing-quan (38)
中国P2P网络借贷的发展现状及前景
钱金叶 杨 飞 (46)
The Development Status and Prospects of Chinese P2P Network Lending
QIAN Jin-ye YANG Fei (46)
中国上市公司金融工具投资收益的盈余管理研究
王 珏 (52)
Research into Earnings Management of Chinese Listed Companies with Investment Income from Financial Instruments
WANG Jue (52)
美联储权利结构变迁与混业经营监管的发展趋势
马君潞 常殊昱 (57)
The Transition of Power Structure of Federal Reserve and the Development Trend of Mixed Operation Supervision
MA Jun-lu CHANG Shu-yu (57)
经济结构调整与县支行信贷结构转型——以线缆行业和工行无为支行为例
中国工商银行无为支行课题组 (64)
Economic Restructuring and Credit Structure Transformation of County Sub-Branch——A Case Study Based on the Wire and Cable Industry and ICBC Wuwei Sub-Branch
The Study Group of ICBC Wuwei Sub-Branch (64)
商业银行票据池业务拓展研究
中国工商银行票据营业部课题组 (72)
A Study of Commercial Bank Extending Drafts Pool Service
The Study Group of ICBC Bills Discounting Department (72)
“2011年工行博士后论坛”观点精要 (78)
Views Digest of 2011 ICBC Postdoctoral Forum (78)
商业银行拓展金融资产服务的国际借鉴与路径分析
詹向阳 樊志刚 李卢霞
[摘 要] 加快金融资产服务拓展步伐，积极培育资本节约型金融资产服务核心竞争力，是国内商业银行发展转型的必然选择。无论是以专业经营模式开展金融资产服务的纽约梅隆银行还是以综合经营模式开展金融资产服务的加拿大皇家银行，其金融资产服务运营的相关经验都值得深入探讨与分析。积极拓展金融资产服务，国内商业银行需要尽快构建以“客户”为中心、以“服务”为导向的业务拓展模式，从产品创新、服务便捷等层面提升金融资产服务的人性化、个性化程度，加快国际化步伐、完善全球服务网络、提升全球资产配置与全球服务供给能力。
[关键词] 金融资产服务；案例介绍；拓展路径
[Abstract] To accelerate the expansion pace of financial asset service and actively cultivate the core competitiveness of capital-saving financial asset service is an inevitable choice of domestic commercial banks. The operational experience from both the Bank of New York Mellon Corporation ,which provides financial asset service in a specialized way, and Royal Bank of Canada, which offers financial asset service in a universal way, is worth deeply discussing and analyzing. To expand financial asset service, domestic commercial banks should build a customer-centered, service-oriented business model as soon as possible, improve the humanization and individuation of the service from the aspects of innovative products, convenient service, and so on, accelerate the pace of internationalization, improve global service network and enhance the capacity to allocate assets globally and provide global service.
[Key words] financial asset service; case introduction; expansion path
十二五期间如何优化商业银行信贷结构
程凤朝 李 莉 庄鹏冲 兰全昌
［摘 要］为了应对国际金融危机，2009年中国政府采取了投资拉动政策，商业银行也加大了信贷投放，信贷资产规模急剧增加，存量资产和新增资产的结构发生了一些变化。尽管股改以来商业银行信贷结构趋于优化，但是仍存在房地产业、地方政府融资平台、部分风险较高行业的贷款规模偏大等问题，未来商业银行调整信贷结构应从以下6方面着手：科学配置信贷资源；通过信贷增量优化带动存量优化；创新中间业务，带动传统业务发展；依托产业价值链，引导信贷资金投向；关注金融生态变化，明确信贷优先投放区域；紧紧围绕“十二五”规划，把握贷款行业投向。
［关键词］ 商业银行；信贷结构；结构调整,房地产贷款
[Abstract] In order to cope with the international financial crisis, China’s government implemented a policy to stimulate investment in 2009. Meanwhile, commercial banks increased loan supply, which caused that the size of credit assets increased dramatically and the structure of existing assets and new assets changed. The credit structure has been optimized since the joint-stock reform of commercial banks, but there are still the problems that the sizes of loans in the real estate, local government financing platform and some high-risk industries are too large. In the future, commercial banks should adjust their credit structures in following six ways: scientifically allocating credit resources, optimizing the stock of loans by the optimization of increment of loans, developing traditional business by the innovation of intermediary business, guiding credit funds with industry value chain, analysing financial ecological changes to decide the priorities of investment fields of credit funds and controlling the investment fields of loans according to the Twelth Five-Year Plan.
[Keywords] commercial bank; credit structure; structural adjustment; the real estate loan
影响商业银行稳定的微观因素
谭政勋 黄东生
［摘 要］ 运用14家上市商业银行2003~2010年的数据，实证研究了银行稳定与信息披露的关系。我国商业银行的稳定性在逐渐增强，信息披露在一定程度上促进了银行稳定性；但进一步发挥信息披露的市场约束作用，需要完善相应的制度环境和市场基础。银行资产规模以及利润的增长，均有效地促进了商业银行的稳定性。我国国有银行得到国家信用的担保，而股份制银行具备相对完善的治理制度，两者的稳定性并不存在显著性的差别。政府应完善信息披露制度，为投资者提供及时、全面、真实的信息，加强信息披露的市场约束作用，对银行信息披露进行监管。
［关键词］ 商业银行；信息披露；银行稳定；资产规模
[Abstract] With the data of 14 listed commercial banks from 2003 to 2010, this paper provides an empirical research on the relationship between bank stability and information disclosure. The results show that the stability of Chinese commercial banks is gradually increasing, and information disclosure has promoted bank stability to some extent. To play the role of market discipline of information disclosure, it is necessary to improve institutional environment and market infrastructure. The asset size and profit growth of banks effectively promote the stability of commercial banks. Chinese state-owned banks have governmental credit guarantees, and the joint-stock banks have relatively complete governance systems. Therefore, there was no significant difference in the stability between state-owned banks and joint-stock banks. The Government should improve the information disclosure system, provide investors with comprehensive, timely and true information, strengthen the role of market discipline of information disclosure and regulate the information disclosure of banks.
[Keywords] commercial bank；information disclosure; bank stability; micro-factor；asset size
信用评级市场结构与金融市场风险
陆 军 李伊珍 刘 威
［摘 要］ 信用评级机构的发展与资本市场的发达程度密切关联，且具有路径依赖和规模效应。当前高度垄断的市场结构导致三大评级机构对市场的影响力过大，降低了它们进行信息披露和模型创新的内在动力，同时与被评级方之间的利益关联也增加了它们评级失准的可能。针对中国信用评级市场的发展，本文提出应着眼于专业化水平高、规模较大的信用评级机构，借此提高中国在国际金融市场上的话语权；同时，监管机构应严格控制信用评级机构介入金融创新业务，降低其与被评级机构之间的利益关联，并要求它们向监管当局提供评级过程中必要的数据和所使用的模型。
［关键词］ 信用评级；市场结构；NRSRD金融市场风险；次贷危机
[Abstract] The development of credit rating agencies (CRAs) is closely related to that of capital market and shows the characteristics of path-dependence and scale effect. Currently, the highly monopolistic market structure leads to some problems. High market power of The Big Three reduces their intrinsic motivation in information disclosure and model innovation. At the same time, the interest connection between them and their customers may decrease the accuracy of their rating and ranking reports. To promote the development of credit rating market in China, we suggest that highly specialized and large-scale credit rating organizations should be built to improve the discourse power of China. Furthermore, regulators should strictly control the financial innovation business of CRAs, reduce their interest connections with their customers and require them to provide the data and models used in the rating process if necessary.
［Key Words］ credit rating; market structure; NRSRD; financial market risk; sub-prime mortgage crisis
欧美CDS市场改革与中国信用风险缓释工具的市场制度设计
郑振龙 孙清泉
［摘 要］ 信用风险缓释工具（CRM）为市场参与主体提供了一种低成本管理信用风险的手段，但若使用不当，可能增加金融市场的系统性风险。本文在分析全球CDS市场发展概况的基础上，从CDS合约特质、违约风险的不稳定性、交易集中和信息不对称四个角度分析CDS产品潜在的系统性风险。为了完善中国的CRM，必须丰富产品品种，引入影子银行体系，优化投资者结构，完善CRM市场的定价机制与中央清算机制，由市场选择估值方法，健全中国的信用评级体系，提高市场交易的透明度，加强金融监管的协调。
［关键词］ 信用风险缓释合约 信用风险缓释凭证 对手违约风险 中央清算对手
[Abstract] Credit Risk Mitigation (CRM) tools provide low-cost means of managing credit risks for market participants, but if used improperly, they may increase systematic risks in financial markets. Based on the analysis of the status of global CDS markets, this paper analyzes the potential systemic risks of CDS products from four angles of the characteristics of CDS contract, the instability of default risk, transaction concentration and information asymmetry. In order to improve China’s CRM, it’s necessary to increase the varieties of products, introduce shadow banking system, optimize the structure of investors, improve the pricing mechanism and central clearing mechanism of CRM market, improve China’s credit rating system, increase the transparency of market transactions and strengthen the co-ordination of financial regulation.
[Keywords] credit risk mitigation(CRM) contract; credit risk mitigation warrant; counterparty default risk; central clearing counterparty
中国P2P网络借贷的发展现状及前景
钱金叶 杨 飞
[摘 要] P2P网络借贷是一种依托于网络而形成的新型金融服务模式，性质上属于小额民间借贷，其方式灵活、手续简便，为个人提供了新的融资渠道和融资便利，是现有银行体系的有益补充。我国P2P网络借贷未来的发展面临着个人信用体系不健全、相关法律法规缺失和行业自律性较差等障碍。作为一项金融创新，P2P网络借贷在发展初期遇到一些问题难以避免，在进行规范的同时，应给予其一定的发展空间。对商业银行而言，既要按照银监会要求，防范民间借贷风险向银行系统的转移，亦应关注其中的业务机会，积极开展对P2P网络借贷平台的资金监管服务。
[关键词] P2P 网络借贷平台 人人贷 民间借贷
[Abstract] P2P network lending is a new financial service model based on network. It has the features of small private lending, the flexible and simple procedures. It provides a new financing channel for individuals and is a useful complement to the existing banking system. The future development of China’s P2P network lending faces such barriers as imperfect personal credit system, lack of relevant laws and regulations and poor self-discipline., It is inevitable that P2P network lending, a financial innovation, encounters some problems at the early stage of development. At the same time it is regulated, it should be given some room for development. Commercial banks should follow the CBRC’s requirements to prevent the private lending risk from transfering to banking system, concern about business opportunities and actively provide services for the supervision of funds of P2P network lending platform.
[Keywords] P2P; network lending platform; person-to-person credit; private lending
中国上市公司金融工具投资收益的盈余管理研究——基于2010年年报数据的验证
王 珏
［摘 要］ 本文对《企业会计准则（2006）》执行后，中国上市公司利用投资收益进行盈余管理的问题进行了实证研究，实证结果发现，对于亏损上市公司，如果其主营业务业绩下滑、成长性不足，更倾向于通过持有较多金融资产，并有选择性的出售来实现扭亏目的；业绩下滑的上市公司更倾向于通过有选择性的出售金融资产获取投资收益，从而达到平滑利润目的。在此基础上提出如下建议：对于非金融行业，将投资收益（包括公允价值变动损益）从营业利润构成项目中移除，单独进行披露。重新设计非金融行业投资收益项目的构成要素。重新规定相关投资收益的列示途径。继续强化综合收益观，完善其他综合收益项目的应用。
［关键词］ 上市公司；金融工具；投资收益；扭亏；平滑利润；盈余管理
[Abstract] The paper empirically studies the behaviour of Chinese listed companies to implement earnings management with investment income on the basis of Enterprise Accounting Standards (2006). According to the empirical results, if the listed companies at a loss face the situation of declining performance of main business and deficiency in growth, they are more inclined to hold more financial assets and make selective sale to turn losses into profits; the listed companies with sliding performance are more inclined to obtain investment income through selectively selling financial assets to smooth the fluctuation of profits. The author puts forward the following suggestions: for non-financial industries, investment income, including gain or loss from fair value changes, should be removed from the components of operating income and disclosed separately; the components of investment income item in non-financial industries should be re-designed; the itemized ways of investment-related income in financial statements should be re-regulated; the comprehensive income view should be enhanced, and the application of other comprehensive income items should be improved.
［Key words］ listed company; financial instruments; investment income; turning losses into profits; smoothing profits; earnings management
美联储权力结构变迁与混业经营监管的发展趋势
马君潞 常殊昱
［摘 要］ 美国联邦储备委员会作为美国重要的金融监管体系中的支柱性机构，其权力结构的变迁过程体现出美国监管当局监管思路的重要转变。本文通过梳理回顾美联储权力结构的变迁过程，试图揭示当前金融混业经营监管体制层面的不足。次贷危机后，美国政府对监管体系进行了深刻的反思，并通过了《多德—弗兰克华尔街改革与消费者保护法案》，试图通过对金融监管框架的结构性调整，加强金融监管对金融系统稳定性的保障。通过对该法案的剖析，能够总结归纳出美国政府监管当局针对混业经营监管的新思维，特别是强化对混业经营监管，以及趋向于宏观审慎监管方式的转变。
［关键词］ 美联储权力；金融混业经营；协同监管；宏观审慎监管
[Abstract] The Federal Reserve has been considered as the key institution with vital importance in the whole American supervision system. The transition in its power structure reflects the important changes in supervision direction of American supervisory authority. On the basis of reviewing the transitional progress of its power structure, the paper trys to uncover the deficiencies in the current mixed financial supervision system. After the sub-prime mortgage crisis, American government has deeply reflected the existing supervision system and promulgated Dodd- Frank Wall Street Reform and Consumer Protection Act to improve the function of financial supervision in stabilizing the whole financial system by adjusting the structure of financial supervision. By making a profound analysis of the Act, the authors summarize the tendency of supervision transformation and get the conclusion that the coordinated supervision and macro-prudential supervision are significantly important in future financial supervision system.
［Key words］ the power of the Federal Reserve; mixed operation in the financial sector; coordinated supervision; macro-prudential supervision
经济结构调整与县支行信贷结构转型——以线缆行业和工行无为支行为例
中国工商银行无为支行课题组
［摘 要］ 中国经济增长方式的深层转变引致电信电缆行业从高速增长转向“质变”的调整阶段。无为的线缆行业作为当地的支柱产业曾为工商银行无为支行的发展做出巨大贡献，但目前该行业的过高集中度及其发展放缓趋势已经给无为支行带来较大的挑战。无为支行应采取渐进、有序的分步调整策略，实现由公司信贷向公司金融、高资本占用型业务向低资本占用型业务的转变，同时加快转变收入结构。从总行层面来看，则需要进一步重视信贷结构转型的县域基础，加大对县支行的研究帮扶力度，加大总省行和县支行的双向交流，并合理把握信贷结构调整的有利时机。
［关键词］ 经济结构调整；县支行；信贷结构转型；线缆行业
[Abstract] The deep transformation of Chinese economic growth mode leads to the change of wire and cable industry from rapid growth stage to adjustment stage with fundamental change. As a local pillar industry of Wuwei, the wire and cable industry has made a great contribution to the development of ICBC Wuwei Sub-branch, but at present, the high loan concentration and the slowing-down development trend in this industry bring great challenge to Wuwei Sub-branch. Wuwei Sub-branch should take a step-by-step adjustment strategy in a progressive and orderly fashion to realize the changes from corporate credit to corporate finance and from high capital employed business to low capital employed business, as well as accelerate the transformation of revenue structure. From the perspective of the head office, banks need to pay more attention to the county territory base of credit structure transformation, increase research assistance to county sub-branches, strengthen the two-way communication between the head office, provincial branches and county sub-branches and reasonably grasp favorable opportunities to adjust credit structure.
［Key words］ economic restructuring; county sub-branch; credit structure transformation; the wire and cable industry
商业银行票据池业务拓展研究
中国工商银行票据营业部课题组
［摘 要］ 近几年，商业汇票发展迅猛已成为国内上下游贸易伙伴之间的主要结算方式。企业客户持有的商业汇票一方面具有仅次于货币资金的流动性，市场接受度高；另一方面，由于其金额的固定性导致再支付灵活性较差，若企业长期持有必然带来一定的资金占用成本与财务管理成本。商业银行为客户提供票据池服务，能帮助客户有效管理票据，并寻找票据流动性和收益性的平衡点。在市场已有的票据池产品服务功能基础上，商业银行和票据专营机构还可提供符合客户个性需求的票据池短期融资渠道和综合服务项目，从而实现双赢。
［关键词］ 商业银行；商业汇票；票据池业务
[Abstract] In recent years, as one of main settlement instruments, drafts have been widely used in transactions among domestic upstream and downstream trade partners. On the one hand, thanks to its strong liquidity as a kind of quasi-currencies, drafts are highly accepted by the market. On the other hand, fixed face value make drafts inflexible as a re-payment instrument, so holding drafts will increase cost of capital and financial management cost. Through Drafts Pool service, commercial banks can help customers to effectively management drafts and find the equilibrium point between liquidity and profitability. On the basis of existing functions of drafts pool service, commercial banks and institutions specialized in drafts can also provide customized services, such as short-term financing channel through drafts pool and other integrated services, which may create win-win benefits for all parties.
［Key words］ commercial bank; drafts ; drafts pool business