互联网时代商业银行的竞争战略
樊志刚 黄 旭 谢尔曼(3)
The Competition Strategies of Commercial Banks in Internet Era
FAN Zhi-gang HUANG Xu XIE Er-man (3)
互联网金融商业模式演进及商业银行的应对策略
赵旭升 (11)
The Evolution of Internet Finance Business Mode and the Strategies of Commercial Banks
ZHAO Xu-sheng (11)
互联网金融与商业银行业务的融合与发展研究
林 雪 (21)
A Study of the Integration and Development of Internet Finance and Commercial Bank’s Business
LIN Xue(21)
P2P网络借贷中出借人的投资策略
王会娟 (29)
The Lender’s Investment Strategy in P2P Lending
WANG Hui-juan (29)
中国上市银行长期风险和短期风险的测量
宋文娟 孙立新 (37)
The Measurement of the Long-Term and Short-Term Risks of Chinese Listed Banks
SONG Wen-juan SUN Li-xin (39)
中国银行业的竞争度与效率——基于102家商业银行的实证分析
邵汉华 杨 俊 廖尝君 (47)
The Competition and Efficiency of Chinese Banking Sector——An Empirical Analysis of 102 Commercial Banks
SHAO Han-hua YANG Jun LIAO Chang-jun (47)
存款竞争、市场约束与银行风险行为
黎灵芝 胡 真 邓 坤 (56)
Competition in Deposits，Market Constraints and the Risk Behaviors of Banks
LI Ling-zhi HU Zhen DENG Kun (56)
商业银行核心资本充足率的影响因素——基于中国上市银行的实证分析
梁 斯 (64)
The Factors to Influence the Core Capital Adequacy Ratio of Commercial Banks——An Empirical Analysis of Chinese Listed Banks
LIANG Si (64)
“中国可持续发展与金融改革：资本市场的作用”研讨会综述 (73)
A Summary of the Symposium on “Sustained Growth and Financial Reform in China: The Roles of Capital Markets” (73)
中国城市金融学会秘书长培训班综述 (76)
A Summary of the Training Courses for the Secretary-General of China Urban Finance Society (76)
中国互联网时代商业银行的竞争战略
樊志刚 黄 旭 谢尔曼
［摘 要］ 本文在分析探讨互联网金融两大主体——商业银行与互联网企业当前和未来竞争态势及演化的基础上，提出了国内大型商业银行“大风控”、“大数据”、“大平台”三项应对策略。在互联网金融的竞争中，互联网企业占据主动，商业银行相对被动，而且在某些领域互联网企业还有进一步扩展空间，未来互联网平台的竞争将更加激烈，跨界收编、跨界合作等竞争手段将不断出现。对于商业银行而言，坚守风控底线是前提，推进大数据技术发展、加快构建信息化银行是应对的关键战略，而“大平台”战略将是大型银行谋取未来竞争优势和地位的唯一选择。
［关键词］ 互联网金融；商业银行；竞争战略；大风控；大数据；大平台
［Abstract］ Based on the analysis of the current and future competitive status and evolution of two kinds of main financial institutions, commercial banks and internet companies, this paper proposes three countermeasures, “big risk-control”, “big data” and “big platform”, for commercial banks. In the process of internet finance competition, internet companies show initiative and commercial banks are relatively passive. In some fields, there is further room for internet companies to expand. In the future, the competition in internet platform will be more intense, and competition means, such as cross-border incorporation, cross-border cooperation,etc., will continue to emerge. For commercial banks, the premise is to comply with basic risk-control requirements, and the key strategy is to promote the development of big-data technology, accelerate the construction of information bank. The“big platform” strategy will be the only choice for large banks to gain power and position in future competition.
［Key words］internet finance; commercial bank; competitive strategy; big risk-control; big data; big platform
互联网金融商业模式演进及商业银行的应对策略
赵旭升
［摘 要］ 互联网企业与商业银行的竞争已从技术层面上升到商业模式层面，平台成为互联网金融竞争的核心。互联网渠道在标准化、显性化和简单化的金融服务中占据比较优势，而在个性化、隐性化和复杂化的专业金融服务方面仍然替代不了专业人员的现场服务。商业银行需要巩固线下专业服务能力，通过合理定位来构建新型互联网平台，从而衍生出巨大的互联网金融产业链。商业银行应以构建B2B综合电商平台为切入点，整合交易、金融、数据和各类综合应用，实施线上线下相结合的发展路径，并充分运用互联网管理文化，最终形成自身在互联网金融领域的竞争优势。
［关键词］ 互联网金融；商业银行；跨界竞争；网络效应； 商业模式
［Abstract］ The competition between internet companies and commercial banks has changed from technical level to business mode level, and platform becomes the key of internet finance competition. Internet channels gain comparative advantages in standardized, explicit and simplified financial services, but still it can not substitute for professional’s field service. Commercial banks need to strengthen off-line professional service capabilities, build a new internet platform with reasonable position, so as to produce a huge industry chain of internet finance. Commercial banks may build a comprehensive B2B e-commerce platform as a starting point, integrate trade, finance, data and various types of comprehensive applications, create a development path combining the online and offline services, and make full use of internet management culture, eventually form their own competitive advantages in internet finance fields.
［Key words］ internet finance; commercial bank; cross-border competition; network effect; business mode
互联网金融与商业银行业务的融合与发展研究
林 雪
［摘 要］ 本文结合当前互联网金融迅速发展的背景，总结互联网金融成本低廉、受众广泛、平台开放、信息透明及注重客户体验的基本特征，研究这种金融商业模式的变革给传统商业银行带来的挑战。互联网金融推动了存款利率市场化、金融脱媒，其逐渐替代传统支付方式，使传统服务方式面临挑战，使银行难以全面掌握客户信息，面临新的风险。商业银行应积极推进金融业务与互联网技术在市场拓展、客户服务、支付、融资、风险管理等领域的融合，处理好维持传统优势与开拓新领域的关系、短期利益和长远发展的关系、客户体验与风险控制的关系、业务创新与依法合规的关系。
［关键词］ 互联网金融；商业银行；业务融合；金融服务
［Abstract］ Based on the current development status of internet finance, this paper summarizes the basic features of internet finance, such as low cost,extensive customers, open platform, transparent information, paying attention to customer experience, and researches the impacts of changes in this financial business mode on traditional commercial banks. Internet finance has promoted the liberalization of deposit interest rates, financial disintermediation, gradually replaces traditional payment mode, and results in impacts on traditional service mode. It is difficult for banks to gain the overall customer information, so banks face new risks. Commercial banks should actively promote the integration of financial business and internet technology in the fields such as market development, customer service, payment, financing, risk management, etc., deal with the relationships well between maintaining traditional strengths and exploring new fields, short-term benefits and long-term development, customer experience and risk control, business innovation and complying with law.
［Key words］ internet finance; commercial bank; business integration; financial service
P2P网络借贷中出借人的投资策略
王会娟
［摘 要］本文基于“人人贷”的数据，从出借人的视角来研究出借人获取高收益的投资策略。结果发现，按借款标的分类，出借人投资信用认证标收益最高，其次是实地认证标，最低的为担保认证标。这主要是因为信用认证标的信用风险较高，实地认证标增加了人人贷合作方对借款人实地情况的走访，风险有所降低，担保认证标由第三方机构对违约借款承担连带责任，风险进一步降低。按借款投资方式分类，出借人选择优选理财计划的收益率显著高于散标投资方式的收益率，原因在于优选理财投资方式节省了交易成本，提高了资金使用效率，进而提高了借款收益率。
［关键词］P2P网络借贷；人人贷；投资策略；交易成本；收益率
［Abstract］ Based on the data of Renrendai, this paper analyses lender’s investment strategy to obtain high-earnings from lender’s perspectives. It was found that, in the classification based on loan object, the earnings of lender’s investment in credit certification object is the highest, followed by on-site certification object, and that of guarantee certification object is the lowest. The main reason is because the risks of credit certification object are high, but the on-site certification object includes Renrendai partner’s on-site investigation which decreases risks, and the risks of guarantee certification object decreases risks further because the third party is liable for the joint responsibility for non-performing loans. In the classification based on the investment channels of loans, the earnings of preferred wealth management plan chosen by borrower are obviously higher than those of scattered object, because preferred the wealth management plan decreases transaction costs, improves the utilization of funds, thereby increases earnings of loans.
［Key words］ P2P network lending; Renrendai; investment strategy; transaction cost; earnings
中国上市银行长期风险和短期风险的测量
宋文娟 孙立新
［摘 要］ 本文依据Semi-APARCH模型，利用中国16家上市商业银行的股价数据，对中国上市商业银行及整个银行业的长期（累计）风险和短期风险进行测算，并提出采用尺度函数（scale function）上限加强风险管理的预警方法。研究结果表明：国际金融危机发生期间中国上市商业银行及整个银行业风险水平普遍偏高；当前中国上市商业银行的长期（累计）风险相对稳定，并处于较低水平；2013年隔夜拆借利率的飙升导致银行业风险加大，对此应增强风险预警与防范；中国上市商业银行短期风险的杠杆效应较低；中国的银行机构之间存在显著的系统相关性。
［关键词］ 商业银行；长期风险；短期风险；风险预警；金融市场
［Abstract］ Based on the Semi-APARCH model, this paper uses stock price data of Chinese 16 listed commercial banks to measure the long-term (cumulative) and short-term risks of the banks, and proposes an early warning method that uses the ceiling of Scale Function to strengthen risk management. The results show that the risks of Chinese listed commercial banks and entire banking sector increase during the international financial crisis; currently, the long-term (cumulative) risks of the banks are relatively stable and at a low level; the soaring overnight rate in 2013 increased the risks of banking sector, therefore the early risk warning and prevention need to be enhanced; the leverage effects of the short-term risks of the banks are low; there is a significant and systematic correlation between Chinese banks.
［Key words］ commercial bank; long-term risk; short-term risk; early risk warning; financial market
中国银行业的竞争度与效率——基于102家商业银行的实证分析
邵汉华 杨 俊 廖尝君
［摘 要］ 本文基于2003~2012年102家商业银行的面板数据，利用Lerner指数测算中国银行业竞争度，并考察银行竞争和银行效率之间的关系。研究发现：中国银行业竞争度水平总体较低，国有及股份制银行市场势力高于城市及农村商业银行，银行市场势力呈现顺周期特征；样本期内商业银行盈利效率显著低于成本效率；银行市场势力的扩大阻碍了银行效率的提高，银行效率的改善促进了银行竞争度提升，银行竞争和银行效率之间存在稳健的内生关系，两者相互促进。当前外资银行进入尚未给银行竞争带来显著影响；银行竞争度和集中度之间不存在明显负相关关系。
［关键词］ 中国银行业；银行竞争；银行效率；Lerner指数
［Abstract］ Based on the panel data of 102 commercial banks during 2003-2012, this paper uses Lerner index to calculate the competition of Chines banking sector and analyzes the relationship between the competition and efficiency of banks. It is found that the overall level of the competition of Chines banking sector is low; the market power of state-owned and joint-stock banks is greater than that of urban and rural commercial banks; the market power of banks has a pro-cyclical feature; in the sample term, the profit efficiency of commercial banks was significantly lower than cost efficiency; the increase in the market power of banks hinders the increase in the efficiency of banks, but the improvement in efficiency promotes the increase in competition of banks; there is a stable and endogenous relationship between the competition and efficiency of banks, and the two promote each other. At present, the entry of foreign banks has no significant influence on the competition of banks, and there is no significant negative correlation between the competition and concentration of banks.
［Key words］ Chinese banking sector; bank competition ; bank efficiency; Lerner index
存款竞争、市场约束与银行风险行为
黎灵芝 胡 真 邓 坤
［摘 要］ 本文选取2008~2013年14家上市银行的数据，分析存款竞争与银行风险的互动关系。结果表明，存款利率上限管制没有限制存款竞争，价格和非价格引起的存款竞争有可能会提高银行的信用风险，但有助于刺激银行改善流动性。存款市场约束通过数量渠道约束银行的信用风险承担行为，通过价格渠道约束银行的流动性风险，存款利率上限放开会提高银行的流动性风险。流动性风险和信用风险的变化会对存款市场竞争产生显著的影响，银行提高流动性的行为及银行不良贷款率上升会加剧存款市场竞争，中国银行业的存款竞争存在显著的顺周期性特点。
［关键词］商业银行；存款竞争；利率市场化；银行风险；市场约束
［Abstract］ This paper uses the data of 14 listed banks during 2008-2013 to analyze the interaction between competition in deposits and bank risks. The results of the paper show that the cap regulation of deposit interest rate does not restrict competition in deposits; the price competition and non-price competition in deposits maybe increase the credit risks of banks, but they promote banks to improve liquidity. The market constraints of deposits restrict the risk-taking behaviors of banks through quantitative channels, and restrict the liquidity risks of banks through price channels. To abolish the deposit interest rate cap will increase the liquidity risks of banks. The changes in liquidity risks and credit risks have a significant influence on competition in deposit market. The increase in liquidity and non-performing loans of banks will exacerbate the competition in deposit market. The competition of Chinese banking sector in deposit market has significant pro-cyclical characteristics.
［Key words］ commercial bank; deposit competition; liberalization of interest rate; bank risk; market constraint
商业银行核心资本充足率的影响因素——基于中国上市银行的实证分析
梁 斯
［摘 要］ 本文以中国16家上市商业银行的数据为研究样本，使用PVAR（面板向量自回归）模型对影响核心资本充足率的因素进行分析。研究发现：资本水平指数及净利润增速对核心资本充足率具有显著性影响；除不良贷款增速外，其他变量在长期内对核心资本充足率均呈现出正向影响；在影响核心资本充足率的因素中，除自身外，变量影响程度的排列顺序为资本水平指数、净利润增速、资产规模增速、不良贷款增速以及贷款占比变动。中国银行业应加大对资产结构的调整力度，寻求利润来源的多元化；同时也要逐步建立科学的内源融资渠道，避免对外源融资的过度依赖。
［关键词］巴塞尔协议；商业银行；资本充足率；PVAR
［Abstract］This paper uses the data of Chinese 16 listed commercial banks and PVAR(panel vector auto regression) model to analyze the factors to influence core capital adequacy ratio. It is found that the capital level index and net profit growth significantly influence core capital adequacy ratio; except for non-performing-loan growth, other variables show positive impacts on the ratio in the long term; The degree of the impacts of factors to influence the ratio, except for the ratio itself, is in such an order: capital level index, net profit growth, asset size growth, non-performing-loan growth, change in loan ratio. Chinese banking sector should promote the adjustment to asset structure, form diversified sources of profits, and gradually establish perfect endogenously-financing channels so as to avoid excessive dependence on exogenously-financing channels.
［Key words］ Basel agreement; commercial bank; capital adequacy ratio; PVAR