金融监管系统协同效应的测度——银行监管系统的比较分析求
吴伟军 (3)
The Measurement of the Coordination Effects of Financial Regulatory Systems—— A Comparative Analysis Based on the Banking Regulatory Systems
WU Weijun (3)
商业银行差异化资本监管研究
范彦君 王婉婷 (9)
A Study of the Differentiated Regulation of the Capitals of Commercial Banks
FAN Yan-jun WANG Wan-ting (9)
商业银行表外业务监管研究——基于微观审慎与宏观审慎相结合的视角
李 佳 (14)
A Study of the Supervision of the Off-Balance Sheet Business of Commercial Bank—— From the Perspective of the Combination of Micro- and Macro-Prudence
LI Jia (14)
金融危机以来全球知名银行竞争力变迁考察
朱丽萍 (20)
The Vicissitude of the Competitiveness of World’s Famous Banks Since the Financial Crisis
ZHU Li-ping (20)
商业银行公司治理与经营绩效的实证分析
李 堪 (28)
An Empirical Analysis of the Corporate Governance and Operational Performance of Commercial Banks
LI Kan (28)
资产证券化与银行资产流动性、盈利水平及风险水平
刘琪林 李富有 (35)
Asset Securitization and the Liquidity，Profitability and Risks of Banks
LIU Qi-lin LI Fu-you (35)
银企信心冲击、经济增长波动与市场信心管理
黄荣哲 农丽娜 (45)
Impacts on Banker’s and Entrepreneur’s Confidence, Economic Growth Fluctuation and Market Confidence Management
HUANG Rong-zhe NONG Li-na (45)
全球伊斯兰金融发展及其对中资银行国际化的启示
中国工商银行城市金融研究所课题组 (51)
The Development of Worldwide Islamic Finance and Its Enlightenment to the Internationalization of Chinese Banks
The Study Group of Urban Finance Research Institute，ICBC (51)
服务质量、服务价格与商业银行顾客忠诚度
贾瑞跃 杨 树 (60)
Service Quality, Service Price and the Customer’s Loyalty of Commercial Bank
JIA Rui-yue YANG Shu (60)
组合风险管理视角下信贷结构的优化
张 棋 (66)
The Optimizing of the Credit Structure Based on the Portfolio Risk Management
ZHANG Qi (66)
基于博弈论的信贷制度变迁分析
肖 舟 (73)
An Analysis of the Vicissitude of Credit System Based on the Game Theory
XIAO Zhou (73)
金融监管系统协同效应的测度——银行监管系统的比较分析
吴伟军
［摘 要］ 本文构建了金融监管系统和子系统协同效应测度模型，并测算了中国1999~2009年金融监管系统的协同度。测算结果表明：四个金融监管子系统中，人民银行监管系统的协同性最高，银行和保险监管系统的协同性分列二、三位，证券监管系统协同度最低。但四个金融监管子系统的协同性都不高，导致我国金融监管系统水平整体偏低，这与中国金融市场不成熟、监管成本高、法律体系不健全有直接关系，最根本原因是中国没有建立完善的金融监管机构协同机制。基于此，本文认为，为了提高中国金融监管的协同效应，应完善制度建设，加大人才培养力度，注重日常管理。
［关键词］ 金融监管系统；银行监管；保险监管；证券监管；协同效应
［Abstract］ This paper constructs a model for the measurement of the coordination effects of the financial regulatory systems and the sub-systems, and calculates the coordination degree of the Chinese financial regulatory systems during 1999~2009. Calculation results show that, as far as the four regulatory sub-systems are concerned, those of the People’s Bank of China have the highest coordination degree, which are followed by the banking regulatory systems and the insurance regulatory systems, and the security regulatory systems rank the lowest. But the coordination degrees of all the four sub-systems are not high, which results in the overall low level of financial regulatory systems. The direct reason that the coordination degrees of all the four sub-systems are not high is because the Chinese financial markets are not mature, the regulatory costs are high and the legal systems are not sound, but the most fundamental reason is because the perfect coordination mechanism for financial regulation is not set up in China. Therefore, in order to improve the coordination effects of the Chinese financial regulation, it is necessary to revise the systems, strengthen personnel training and daily management.
［Key words］ financial regulatory system; banking regulation; insurance regulation; security regulation; coordination effect
商业银行差异化资本监管研究
范彦君 王婉婷
［摘 要］ 本文将中国银行业资本监管差异化政策归纳为直接与间接两方面，对当前大、中小银行资本充足率、资本构成进行分析。2012年商业银行的平均资本充足率较2011年有所上升，中小银行具有较高的资本充足率，但资本结构中股本占比较高；大型银行宜采取调整资产结构的方式维持资本充足率的稳定，同时调整其风险资产结构；监管部门应重视对中小银行所有权结构的审查，同时应进一步加大资本补充工具的创新力度，加快银行间债券市场与交易所债券市场的统一进程，加强商业银行与相关各个监管部门的沟通，探索建立多样化的资本补充渠道。
［关键词］ 商业银行；资本监管；差异化监管；资本充足率；资本构成
［Abstract］ This paper divides the differentiated regulation policies of the capitals of the Chinese banking sector into the direct and the indirect. The present capital adequacy and capital structure of the large, small and medium-sized banks are analysed in the paper and the results show that the average capital adequacy ratio of the commercial banks in 2012 rised compared with that in 2011. The capital adequacy ratio of the small and medium-sized banks is relatively high, but the equity ratio in the capital structure is also relatively high. The large banks should adjust the capital structure to maintain the stability of the capital adequacy ratio and meanwhile adjust the structure of the risk assets. The regulators should pay attention to the censoring of the ownership structure of small and medium-sized banks, further intensify the innovation of the tools to supplement capitals at the same time, accelerate the integration of the inter-bank bond market and the exchange bond market, strengthen the communication between the commercial banks and the related regulatory institutions, explore different ways to supplement capitals.
［Key words］ commercial bank; capital regulation; differentiated regulation; capital adequacy ratio; capital structure
商业银行表外业务监管研究—— 基于微观审慎与宏观审慎相结合的视角
李 佳
［摘 要］ 本轮金融危机促使金融监管逐渐从微观审慎监管向宏观审慎监管过渡。在金融危机中表外业务监管存在微观审慎监管偏差以及宏观审慎监管缺位的问题，必须从加强宏观审慎监管，改进监管目标、分析、工具以及政策安排等方面来完善表外业务的监管。同时，微观审慎监管者应将表外业务的微观信息传递给宏观审慎监管者，而宏观审慎监管者通过对表外业务系统性风险的评估来进行风险预警，并将风险信息传递给微观审慎监管者。对此，要结合微观审慎监管和宏观审慎监管来构建表外业务的监管框架。
［关键词］ 商业银行；表外业务；微观审慎监管；宏观审慎监管
［Abstract］ The financial crisis promotes financial supervision to transform from the micro-prudential to the macro-prudential gradually. In the period of the financial crisis, the supervision of the off-balance sheet business showed such problems as micro-prudential supervision deviation and macro-prudential supervision vacancy, therefore, it’s necessary to strengthen macro-prudential supervision, improve the target, analysis, tools and policy arrangement of the supervision to perfect the supervision of the off-balance sheet business. At the same time, micro-prudential supervisor should transmit the micro-information of the off-balance sheet business to the macro-prudential supervisor, so the macro-prudential supervisor can do the risk-earl-warning by the assessment of the systemic risks of the off-balance sheet business and transmit the risk information to the micro-prudential supervisor. Accordingly, it’s necessary to combine the micro- and macro-prudential supervision to construct the supervision framework of the off-balance sheet business.
［Key words］ commercial bank; off-balance sheet business; micro-prudential supervision; macro-prudential supervision
金融危机以来全球知名银行竞争力变迁考察
朱丽萍
［摘 要］ 本文以2007年《银行家》杂志排名靠前的20家全球知名银行为样本，考察分析当代国际金融危机前后（2006～2011年）全球知名银行竞争力变迁的轨迹。研究发现，历经此次国际金融危机，危机前欧美日“三足鼎立”、欧美尤强的银行业竞争格局已经被打破：中国知名银行逆势发展，综合竞争力跃居前列；美国知名银行表现出较强的动态竞争能力，整体达到或超越样本银行平均竞争力水平；欧洲银行业恢复迟缓，行业竞争力总体下降。研究同时还发现，世界知名银行的竞争已逐渐从依托现实竞争力的“量”的竞争转向依托潜在竞争力的“质”的竞争。
［关键词］ 国际金融危机；全球知名银行；现实竞争力；潜在竞争力；竞争力变迁
［Abstract］ The world’s top 20 famous banks, ranked by the magazine BANKER in 2007, are selected as the samples to be studied in this paper. The paper analyses the vicissitude of the competitiveness of the world famous banks before and after the financial crisis（2006~2011）. The results show the situation that Europe, US and Japan form a tripartite confrontation, Europe and US are the strongest has been broken; contrary to the trends in Europe and US, the Chinese famous banks develop rapidly and their comprehensive competitiveness ranks at the front; the American famous banks demonstrate strong dynamic competitiveness, which reaches or exceeds the average level of the sample banks overall; the European banks restore slowly and their competitiveness declines overall. It is also found that the world’s famous banks gradually change from the competition in quantity which is based on real competitiveness to the competition in quality which is based on potential competitiveness.
［Key words］ contemporary international financial crisis; world’s famous bank; real competitiveness; potential competitiveness; vicissitude of competitiveness
商业银行公司治理与经营绩效的实证分析
李 堪
［摘 要］ 本文基于多因子模型，实证研究了中国上市银行公司治理指标对经营绩效的影响。结果表明：独立董事规模、股权集中度显著负向影响银行经营绩效，管理层规模和高管薪酬显著正向影响银行经营绩效；而董事会规模、监事会规模、流通股比例、第一大股东持股比例和性质、行长从业年限、高管的教育程度等指标对商业银行经营绩效影响不显著。本文认为，中国商业银行董事会在履职能力方面存在欠缺；股权过于集中，可能导致内部人控制问题；商业银行经营绩效对高管薪酬依赖度较高，因而需要优化薪酬激励机制。
［关键词］ 商业银行；公司治理；经营绩效；董事会；监事会
［Abstract］ Based on multi-factor model, this paper empirically researches the influence of the corporate governance indicators of the Chinese listed banks on their operational performance. The results show that the size of independent directors and the equity concentration significantly and negatively affect the performance of the banks, the management size and the salary of senior management significantly and positively affect the performance, the size of director board, the size of supervisor board, the proportion of circulation shares, the proportion of the largest shareholder and the nature, the occupation years of governors, the education degree of senior management, etc. do not significantly affect the performance. The paper argues that the boards of the Chinese commercial banks are deficient in the ability to perform their duties, the equity is too concentrated, which may lead to internal control problems; the operational performance of the commercial banks much depends on the salary of senior management, so the salary incentive mechanism needs to be optimized.
［Key words］ commercial bank; corporate governance; operational performance; director board; supervisor board
资产证券化与银行资产流动性、盈利水平及风险水平
刘琪林 李富有
［摘 要］ 本文探讨了资产证券化与银行资产流动性、盈利水平及风险水平之间的关系。对于资产规模较小的银行，资产证券化程度越高，则该类银行的盈利水平越高；而对于资产规模较大的银行，资产证券化程度越高，银行的盈利水平反而降低。由于资产证券化可以显著提高各类资产规模银行的资产流动性，在实施资产证券化后，银行在通常情况下将同时减少流动资产的比例，资产证券化程度越高，则银行的流动性资产比率下降越快。但对于资产规模较大的银行，资产证券化程度越高，则银行的风险水平会较高，而对于资产规模较小的银行，资产证券化程度越高，则可有效降低其风险水平。
［关键词］ 资产证券化；商业银行；经营管理；盈利性、流动性、安全性
［Abstract］ This paper researches the relationship between the asset securitization and the level of the liquidity, profitability and risks of banks. For the banks that have small size of assets, the higher the degree of asset securitization is, the higher the level of the profitability. For the banks that have large size of assets, the higher the degree of asset securitization is, the lower the level of the profitability. As the asset securitization can significantly improve the assets liquidity of the banks that have different sizes of assets, usually the banks will reduce the proportion of the liquid assets after the asset securitization, and the higher the degree of the asset securitization is, the faster the proportion of the liquidity assets is reduced. For the banks that have large size of assets, however, the higher the degree of the asset securitization is, the higher the level of the risks. For the banks that have small size of assets, the rise in the degree of the asset securitization will effectively result in the reduction in the level of risks.
［Key words］ asset securitization; commercial bank; operation and management; liquidity, profitability and safety
银企信心冲击、经济增长波动与市场信心管理
黄荣哲 农丽娜
［摘 要］ 本文通过实证研究表明，银行家信心、企业家信心与经济增长波动之间以非对称的方式相互影响，市场信心管理应成为宏观调控的重要内容和手段之一；非预期的企业家与银行家信心变动能够加剧经济增长波动。为了促进经济增长，那些激励银行家与企业家信心的政策既要讲究政策力度，又要注重政策的连续性与可持续性。另外，信心调整具有刚性。与企业家信心相比较，银行家信心的衰减速度更快一些。当宏观经济政策同时激励了银行家与企业家信心时，这种不同步的变化可能会增大宏观调控政策效果的不确定性。
［关键词］ 银行家；企业家；信心指数；经济增长；非预期冲击；市场信心管理
［Abstract］ Banker’s and entrepreneur’s confidence interacts with economic growth fluctuation in an asymmetric way. Confidence market management should be one of the tools and important contents of macroeconomic adjustment and control. Unexpected changes in banker’s and entrepreneur’s confidence will intensify economic growth fluctuation. To promote economic growth, the policies to encourage banker’s and entrepreneur’s confidence should not only be forceful but also be continuous and sustainable. In addition, the confidence may be too rigid to be adjusted. Compared with the entrepreneur’s confidence, the banker’s confidence attenuates more quickly. When macroeconomic policies encourage both banker’s and entrepreneur’s confidence at the same time, the non-sync change may increase the uncertainty of the effects of the macroeconomic adjustment and control policies.
［Key words］ banker; entrepreneur; confidence index; economic growth; unexpected impact; market confidence management
全球伊斯兰金融发展及其对中资银行国际化的启示
中国工商银行城市金融研究所课题组
［摘 要］ 作为国际金融市场新生力量的伊斯兰金融，不仅在全球金融危机中表现出色，而且未来发展潜力巨大。其商业原则与中资银行“服务实体经济”的经营理念有契合点，其核心分布区域也与中资银行境外目标市场有较高重合度，从而为中资银行开展跨国经营提供了新的业务蓝海。中资银行拓展伊斯兰银行业务可考虑以下策略：及早建立伊斯兰教义委员会；首先从国内的适宜区域展开伊斯兰银行业务的尝试；结合不同市场的政策要求和特点，采取不同形式开展伊斯兰金融业务；在伊斯兰世界开展伊斯兰金融业务应特别强调员工本地化；适当弱化“盈利”的口号，而更多强调“客户基础”。
［关键词］ 伊斯兰金融；伊斯兰教义；传统银行；中资银行；国际化
［Abstract］ As a new member in the global financial market, the Islamic finance not only outperforms the traditional finance during the global financial crisis, but also possesses huge developmental potential in the future. Its business principle shares certain characteristics with the operational philosophy “serving the real economy” of the Chinese commercial banks, and its core business regions coincide with the overseas target markets of the Chinese banks to a high degree. Therefore, it may create business blue ocean for the overseas operation of the Chinese banks. The author of the paper puts forward the following suggestions for the Chinese banks to expand their Islamic finance business: establishing an Islamic committee as soon as possible; expanding Islamic banking business as the first attempt in domestic appropriate regions; choosing business pattern according to the local regulation policies and market characteristics; employing local staffs to expand business in the Islamic countries; weakening “profitability goal”, but reinforcing “customer base”.
［Key words］ Islamic finance; Sharia; traditional bank; Chinese bank;internationalization
服务质量、服务价格与商业银行顾客忠诚度
贾瑞跃 杨 树
［摘 要］ 本文基于1 202个银行客户的调查数据，考察服务质量和价格等因素对顾客忠诚度的影响。研究结果表明，服务质量中的接待能力、业务效率和有形性都对客户忠诚度有显著影响，而可靠性对客户忠诚度的影响不显著；服务价格对客户忠诚度有显著影响，而资本价格对客户忠诚度的影响不显著。此外，年龄、学历、不愉快经历、银行转换经历以及区域因素对客户忠诚度也具有显著影响。通过不断增值的服务提高银行客户对服务价格的满意度，增强接待能力、提高业务效率以及加强网点建设，在客户细分的基础上制定个性化的营销策略是商业银行构建客户忠诚度的关键。
［关键词］ 商业银行；顾客忠诚度；服务质量；服务价格；营销策略
［Abstract］ Based on the 1 202 customer data of banks, this paper analyses the influence of service quality and service price on customer’s loyalty. The results show that the reception ability, business efficiency and tangibility, which are the components of service quality, have significant influence on customer’s loyalty, but the reliability does not has; the service price has significant influenceon on customer’s loyalty, but the capital price does not has. In addition, the age, educational background, unpleasant experience, bank-tansfer experience and regional factors also have significant influence on customer’s loyalty. To build customer’s loyalty, it is the key for commercial banks to improve bank customer’s satisfaction of service price by continuous value-added service, enhance the reception ability, improve business efficiency, strengthen the construction of network and make personalized marketing strategy on the basis of customer classification.
［Key words］ commercial bank; customer’s loyalty; service quality; service price; marketing strategy
组合风险管理视角下信贷结构的优化
张 棋
［摘 要］ 本文通过构建组合管理模型，对信贷资产组合结构进行实证研究，计算各行业的组合损失分布和经济资本。研究表明，信贷资产组合损失呈现对数状态分布；各行业贷款的经济资本结构和贷款规模结构、收益结构之间存在巨大的差异。商业银行应该基于贷款的经济资本、贷款规模和收益等要素来制定信贷结构优化调整策略；商业银行在开展信贷结构调整的过程中，不仅要考虑各个行业的回报率和资产规模，还应该从风险调整收益角度进行“投入—产出”的对比分析，应按照风险收益相匹配的原则，增加风险调整收益较高的“高效能”领域信贷资产的规模水平。
［关键词］ 信贷资产；结构优化；组合管理；经济资本；蒙特卡洛模拟
［Abstract］ By building a portfolio management model, this paper empirically researches the portfolio structure of credit assets and calculates the lose distribution of the portfolios and the economic capitals of different industries. The results show that the lose of credit asset portfolio demonstrates a logarithmic distribution; there is great difference between the economic capital structures, size structures and income structures of the loans of different industries. Commercial banks should make their strategies to optimize credit structure according to the economic capital, size, income, etc. of the loans. In the process of adjusting credit structure, the commercial banks should not only consider the return rate and the asset size, but also compare the input-output from the perspective of risk-adjusted return, and increase the size of the credit assets from the“highly effective fields”, in which the risk-adjusted return is high, according to the principle of matching risk and return.
［Key words］ credit asset; structure optimization; portfolio model; economic capital; Monte Carlo simulation
基于博弈论的信贷制度变迁分析
肖 舟
［摘 要］ 本文基于博弈理论，以中国工商银行的信贷制度变迁为案例，分析中国信贷制度的变迁。中国的信贷制度经历了从计划信贷到市场信贷变迁的过程，它是以国家主导的强制性制度变迁为主线展开的。尽管新制度由国家设计和供给，但是信贷制度变迁是通过多种力量互动博弈的方式完成的。在国家主导的制度变迁过程中，信贷制度属于金融制度、银行制度的“次级制度”，商业银行通过细化制度、组织变革、技术进步等途径，在与国家、企业的博弈过程中持续地推进了信贷制度创新。实践证明，这种制度变迁模式在中国的体制内是有效率的。
［关键词］ 中国工商银行；信贷制度；信贷制度变迁；信贷制度创新；博弈论
［Abstract］ Based on the game theory, this paper takes ICBC as a case to analyse the vicissitude of the Chinese credit system. The Chinese credit system has experienced a vicissitude process from plan credit to market credit, which is a state-led mandatory system vicissitude. Although the new system is designed and supplied by the state, the vicissitude of the credit system is completed by the interactive game of several participants. In the process of the state-led system vicissitude, the credit system is a sub-system belonging to financial system and banking system. In the process of the game with the state and enterprises, commercial banks continuously promote the innovation of the credit system by detailed system, organizational change, technological progress, etc. The practice has proved that this mode of system vicissitude is efficient in the Chinese system.
［Key words］ ICBC; credit system; vicissitude of credit system; innovation of credit system; game theory