盈余管理、社会责任、外部治理与银行创新能力
林 川 曹国华 (3)
Earnings Management, Social Responsibility, External Governance and the Innovation Capacity of Banks
LIN Chuan CAO Guo-hua (3)
农村信用社产权制度改革绩效评析
付朝干 朱建华 (10)
A Review of the Ownership Reform Performance of Rural Credit Cooperatives
FU Chao-gan ZHU Jian-hua (10)
非吸储类放贷机构的发展与监管创新——基于小额贷款公司的研究
张龙耀 包欣耘 (17)
The Development and Regulatory Innovation of Non-Deposit-Taking Lenders——A Study Based on Micro-Credit Companies
ZHANG Long-yao BAO Xin-yun (17)
金融聚集、产业结构升级与城乡居民收入差距
徐 敏 张小林 (26)
Financial Concentration, Industrial Structure Upgrading and Income Gap between Urban and Rural Residents
XU Min ZHANG Xiao-lin (26)
不同货币政策工具的银行风险承担效应比较研究
王周伟 王 衡 (33)
A Comparative Study of the Risk-Taking Effects of Bank’s Different Monetary Policy Tools
WANG Zhou-wei WANG Heng (33)
经济资本视角的EVA与银行市场价值的相关性
郭 代 刘吕科 (40)
The Correlation between the EVA from the Perspective of Economic Capital and the Market Value of Bank
GUO Dai LIU Lv-ke (40)
负强化激励、组织认同和组织竞争力的相关性——基于四大商业银行支行的实证研究
黄洪斌 曹利莎 张同建 (46)
The Relevance between Negative Reinforcement Incentive, Organizational Recognition and Organizational Competitiveness——An Empirical Study Based on the Branches of Four Major Commercial Banks
HUANG Hong-bin CAO Li-sha ZHANG Tong-jian (46)
消费者情绪对移动银行使用意愿的影响
曹 国 沈利香 曹素贞 (55)
The Influence of Consumer Sentiment on Willingness to Use Mobile Bank
CAO Guo SHEN Li-xiang CAO Su-zhen (55)
内部控制质量影响银行借款契约的条款设置吗？——基于融资成本与期限结构视角的研究
伍 伦 (62)
Does Internal Control Quality Affect Banks to set the Stipulations of Loan Contracts——A Study from the Perspective of Financing Costs and Term Structure
WU Lun (62)
国有商业银行总分行的组织效率——基于公司治理视角的研究
聂永忠(71)
The Organizational Efficiency of the Headquarter and Branches of State-Owned Commercial Banks——A Study from on the Perspective of Corporate Governance
NIE Yong-zhong (71)
本刊2014年总要目 (78)
The Main Contents of Finance Forum(2014) (78)
盈余管理、社会责任、外部治理与银行创新能力*
林 川 曹国华
［摘 要］ 本文实证检验盈余管理、社会责任、外部治理与银行创新能力的关系。研究发现，盈余管理会对银行创新能力产生明显的不良影响，社会责任会对银行创新能力产生促进作用，而外部治理对银行创新能力的影响并不明确；考虑内外部治理的中介性，本文发现内部治理效果会削弱盈余管理对银行创新能力的负面影响。进一步研究发现，股份制商业银行的创新能力最强，其次为城市商业银行，创新能力最差的为农村商业银行；在城市商业银行中，社会责任履行在削弱盈余管理对银行创新的破坏性中起到的恢复作用最强，但社会责任在农村商业银行中却未能产生良性的作用。
［关键词］ 商业银行；创新能力；盈余管理；社会责任；外部治理
［Abstract］ This paper presents an empirical test of the relationships between earnings management, social responsibility, external governance and the innovation capacity of banks. It is found that earnings management has significant and adverse effects on the innovation capacity of banks, social responsibility can promote innovation capacity, but external governance does not show obvious influence on innovation capacity. Considering the intermediary nature of internal and external governance, it is found that internal governance effects will weaken the negative influence of earnings management on innovation capacity. The further research shows that joint-stock commercial banks have the strongest innovation capacity, followed by city commercial banks, and rural commercial banks rank last. For city commercial banks, social responsibility has the strongest recovery function in weakening the damage of earnings management to the innovation capacity of banks, but for rural commercial banks, social responsibility has no positive function.
［Key words］commercial bank; innovation capacity; earnings management; social responsibility; external governance
农村信用社产权制度改革绩效评析*
付朝干 朱建华
［摘 要］ 本文利用广西农信社、农合行和农商行2009~2013年的季度数据，考察新一轮农村信用社产权制度改革对农村信用社经营绩效的影响。研究发现：农村合作银行产权制度对农信社经营绩效没有显著的影响，农村商业银行产权制度在长期内会提升农村信用社资产利润率；农合行、农商行两种产权制度对于资本利润率没有显著影响，短期内农商行不良贷款率在改制后比改制前有所上升，农商行的资产规模偏小，不利于抵抗经济风险及增强自身业务能力；把资本利润率ROE作为农商行的主要准入条件之一，有利于促进经营者重视股东利益。
［关键词］ 农村信用社；农村合作银行；农村商业银行；产权制度；广西；经营绩效
［Abstract］ Based on the quarterly data of Guangxi’s rural credit cooperatives (RCCs), rural cooperative banks (RCOBs) and rural commercial banks (RCBs) during 2009-2013, this paper researches the influence of the new ownership reform of RCC on operating performance. It’s found that the ownership system of RCOB does not significantly affect the operating performance of RCC, but the ownership system of RCB results in the increase in the return rate of the assets of RCC in the long term; the ownership systems of RCOB and RCB do not significantly affect the return rate of assets; in the short term, the NPL ratio of RCB after reform is higher than that before reform; the asset size of RCB is small and is not conducive to resisting economic risks and enhancing the operational capacity of RCB; the ROE should become one of the main requirements for RCB, which is conducive to urging operators to pay attention to shareholders’interests.
［Key words］ rural credit cooperative; rural cooperative bank; rural commercial bank;ownership reform; Guangxi; operating performance
非吸储类放贷机构的发展与监管创新——基于小额贷款公司的研究*
张龙耀 包欣耘
［摘 要］ 本文以小额贷款公司为典型对象的实证分析表明，小额贷款公司面临发展定位和方向不明确以及融资杠杆过低等问题，对其监管则存在监管法律不完善、中央和地方分层监管机制不健全、审慎监管和非审慎监管边界不清晰以及以信用评级为基础的分类监管机制仍未建立等缺陷。借鉴国际范围内非吸储类放贷机构和小额信贷机构发展、监管与立法的经验，本文认为，应进一步完善非吸储类放贷机构监管法律；采取审批制和注册制的市场准入方式；坚持非审慎监管原则；在监管主体方面，实行政府监管与行业协会自律相结合；建立健全差别化监管和分类监管机制。
［关键词］ 非吸储类放贷机构；小额贷款公司；审慎监管；信用评级
［Abstract］ This paper takes micro-credit companies as typical cases for empirical analysis. The results of the paper show that there are some problems in micro-credit companies, such as unclear development orientation and direction, low leverage financing, etc., and in the regulation of micro-credit companies, there are some defects that regulatory law is imperfect, the hierarchical regulation mechanism in central and local regulatory authorities is not sound, regulatory boundary between prudential regulation and non-prudential regulation is not clear, classification regulatory mechanism based on credit rating is not yet established, and so on. Learning from the experience in the development, regulation and legislation of international non-deposit-taking lenders and micro-credit companies, the paper argues that the regulatory law of non-deposit-taking lenders needs to be improved; approval and registration systems for market access should be introduced; adhering to the principle of non-prudential regulation; as for regulators, government regulation should be combined with the self-regulation of industry associations; differentiated and classified regulatory mechanisms should be established and improved.
［Key words］ non-deposit-taking lender; micro-credit company; prudential regulation; credit rating
金融集聚、产业结构升级与城乡居民收入差距
徐 敏 张小林
［摘 要］本文分析中国2006~2012年31个省市金融集聚、产业结构升级对城乡收入差距的影响。研究结果表明：金融集聚会通过直接效应和影响产业结构升级间接对城乡居民收入差距产生显著性影响；银行业集聚、证券业集聚和保险业集聚对城乡居民收入差距的影响存在差异，银行业集聚水平的提高缩小城乡居民收入差距，而证券业集聚水平和保险业集聚水平的提高拉大城乡居民收入差距；提高产业结构升级水平，有助于缩小城乡居民收入差距。在保障银行业稳健发展的前提下，应提高证券业和保险业的发展规模，促进农村地区证券市场和保险市场的发展，降低准入门槛。
［关键词］金融集聚；银行业集聚；证券业集聚；保险业集聚；产业结构升级；城乡居民收入差距
［Abstract］ This paper analyzes the influence of financial concentration and industrial structure upgrading on income gap between urban and rural residents in China’s 31 provinces during 2006-2013. The results of the paper show that financial concentration indirectly and significantly impacts income gap between urban and rural residents by direct effects and the influence on industrial structure upgrading; there are differences between the influences of banking concentration, securities industry concentration and insurance industry concentration on the income gap; increase in banking concentration reduces the income gap, but increases in securities industry concentration and insurance industry concentration add the income gap; to raise the level of industrial structure upgrading will help reduce the income gap. On the premise that banking sector steadily develops, the scales of securities industry and insurance industry should be increased, the development of securities markets and insurance markets in rural areas should be promoted, and the threshold of entry into the markets should be lowered.
［Key words］ financial concentration; banking concentration; securities industry concentration; insurance industry concentration; industrial structure upgrading; income gap between urban and rural residents
不同货币政策工具的银行风险承担效应比较研究
王周伟 王 衡
［摘 要］ 本文收集14家上市商业银行2001~2012年的非平衡面板数据，构建动态调整面板混合回归模型，对比分析基于泰勒规则构造的利差变量、M2年增长率、存款准备金率、中国银行业同业拆借利率与一年期贷款基准利率等5种货币政策工具变量对银行风险承担的作用效果。计量结果表明，除一年期贷款基准利率的作用不显著外，其他4种货币政策工具的银行风险承担效应在中国显著存在，其中，利差变量的系数绝对值较大，作用效果较为突出。因此，货币政策目标不应只追求币值稳定、经济增长，同时需防范宏观金融风险及失衡的累积。
［关键词］ 货币政策工具；银行风险承担；币值稳定；经济增长；金融风险
［Abstract］ This paper uses the unbalanced panel data of collection of 14 listed commercial banks during 2001-2012 to construct a dynamically-adjusted panel and mixed regression model, and present a comparative analysis of the effects of five kinds of monetary policy tool variables, interest rate spread, M2 growth rate, deposit reserve ratio, China banking CHIBOR and the benchmark interest rate of one-year lending, which is set on the basis of the Taylor rule, on the risk-taking of banks. The calculation results show that, the effects of the benchmark interest rate of one-year lending are not significant, the other four kinds of monetary policy tools have significant effects on the risk-taking of banks in China; the absolute value of the coefficient of variable interest rate spread is the biggest, which means the effects are relatively obvious. Therefore, the goal of monetary policy should not be set only on the pursuit of currency value stability and economic growth, but meanwhile, on the accumulation of macro-financial risks and imbalances.
［Key words］ monetary policy tool; risk-taking of bank; currency value stability; economic growth; financial risk
经济资本视角的EVA与银行市场价值的相关性
郭 代 刘吕科
［摘 要］ 本文运用EVA价值评估方法，计算商业银行账面资本和经济资本视角下的EVA，分析EVA对商业银行市场价值变动的影响。实证结果表明，相对传统的账面资本视角下的EVA，经济资本视角的EVA与商业银行市场价值具有更高的相关性，风险大小为影响商业银行市场价值的重要因素，更能解释商业银行市场价值将如何变动。传统的ROE、EVA指标对商业银行并非很好的财务指标，其最大的缺陷是它们仅仅反映了收益创造能力，而没有反映商业银行实际承担风险的大小，可能导致在短期内对商业银行绩效水平的高估。
［关键词］ 经济资本；经济增加值（EVA）；上市银行；市场价值；风险承担
［Abstract］ This paper uses the EVA valuation method to calculate the account capitals of commercial banks and the EVA from the perspective of economic capital, and analyze the influence of EVA on changes in the market value of commercial banks. The empirical results show that, compared with the EVA from the perspective of traditional account capital, the EVA from the perspective of economic capital has more corelation with the market value of commercial banks; risk is an important factor to impact the market value of commercial banks and it can better explain how the market value of commercial banks changes; the traditional ROE and EVA are not good indicators of commercial banks, and their main defect is that they reflect only the ability to create income, but not the actual risk-taking of commercial banks, which may results in overestimate on the performance of commercial banks in the short term.
［Key words］ economic capital; economic value added (EVA); listed bank; market value; risk-taking
负强化激励、组织认同和组织竞争力的相关性——基于四大商业银行支行的实证研究
黄洪斌 曹利莎 张同建
［摘 要］ 本文基于四大商业银行支行的样本数据，借助于结构方程模型，验证负强化激励、组织认同和组织竞争力之间的相关性。研究发现：消退激励对团队认同和同事认同存在着促进作用，对职业认同和价值认同缺乏促进功能；惩罚激励对职业认同、团队认同、同事认同和价值认同均存在着促进作用。负强化激励在西方大型商业银行已广泛应用，并取得了显著的管理成效，值得四大国有商业银行借鉴、吸收和消化，并转化为自己的有效管理激励工具，通过负强化激励进一步发挥员工个人的积极性，不断提高商业银行各级机构的组织竞争力。
［关键词］ 商业银行支行；激励管理；负强化激励；组织认同；组织竞争力
［Abstract］ Based on the sample data of the branches of four major commercial banks, this paper uses structural equation model to validate the relevance between negative reinforcement incentives, organizational recognition and organizational competitiveness. It’s found that regression incentive can promote team recognition and colleague recognition, but it does not promote profession recognition and value recognition; punitive incentive can promote profession recognition, team recognition, colleague recognition,value recognition. Negative reinforcement incentive is widely used in the Western large commercial banks and obviously shows management effectiveness. It is worth being learned, used for reference and digested by the four state-owned commercial banks, and changed into incentive tool for effective management. The four banks should make use of negative reinforcement incentive to inspire employees further, and continuously improve the organizational competitiveness of organizations at all levels.
［Key words］ branch of commercial bank; incentive management; negative reinforcement incentive; organizational recognition; organizational competitiveness
消费者情绪对移动银行使用意愿的影响
曹 国 沈利香 曹素贞
［摘 要］ 本文基于消费情绪理论，构建了消费者情绪与移动互联网环境下移动银行使用意愿关系的模型，并以常州市商业银行移动支付使用客户为研究对象进行实证研究。研究发现，性别对移动银行使用意愿没有显著影响，而愉悦、唤起以及正面支配对消费者使用意愿具有显著影响。同时，不可观察异质性能显著影响消费者情绪进而对移动银行使用意愿产生影响，对于移动银行使用意愿低的消费者，消费者情绪各维度都会显著影响移动银行使用意愿；而对于使用意愿高的消费者而言，负面情感（包括负面愉悦、负面唤起）则不会显著影响移动银行使用意愿。
［关键词］移动银行；消费者情绪；不可观测异质性；使用意愿；有限混合模型
［Abstract］Based on the theory of consumer sentiment, this paper constructs a model of the relationship between consumer sentiment and willingness to use mobile bank in the environment of mobile Internet, and presents an empirical research on the customers, who use mobile payment, of Changzhou City Commercial Bank. It’s found that gender does not significantly affect the willingness to use mobile bank, but pleasure, arousal and positive domination can do. Meanwhile, the unobservable heterogeneity can significantly affect consumer sentiment and then affect the willingness to use mobile bank; to the consumers who have low willingness to use mobile bank, the consumer sentiment in every dimension significantly affect the willingness; for consumers who have high willingness to use mobile bank, negative sentiment(including negative pleasure and negative arousal) does not significantly affect the willingness.
［Key words］ mobile bank; consumer sentiment; unobservable heterogeneity; willingness to use; finite mixture model
内部控制质量影响银行借款契约的条款设置吗？——基于融资成本与期限结构视角的研究
伍 伦
［摘 要］ 本文以融资成本和借款期限作为银行借款契约的代理变量，实验检验内部控制质量、企业规模与银行借款契约的关系。研究显示：提升内部控制质量有助于企业获得较低的借款融资成本和较长的借款期限；银行债权人出于自我保护动机导致了债务人的企业规模会影响借款契约条款的设置，即与小规模企业相比，大规模企业获得了更为宽松的借款契约条款；与大规模企业相比，高质量的内部控制对降低借款融资成本和获得较长期限的贷款在小规模企业中更为显著。因此，企业为获得更为宽松的借款契约条款，应加强和完善内部控制制度建设，同时，小规模企业应适时扩大规模分散风险。
［关键词］内部控制质量；企业规模；融资成本；借款期限；借款契约
［Abstract］This paper uses financing cost and term structure as the proxy variables of bank loan contract for the empirical test of relationship between internal control quality, enterprise size and bank loan contract. The research shows that the improvement in internal control quality is conducive to enterprises to gain low-cost and long-term loans; bank creditors’ motivation for self-protection causes the result that size of debtor’s enterprise will affect the setting of the stipulations of loan contract, which is means that, compared with small-size enterprises, the stipulations of loan contract for large-size enterprises are more lenient; due to the“credit-size discrimination”, the effect that high-quality internal control reduces the financing costs of loans and increases loan term in small-size enterprises is more obvious than that in large-size enterprises. Therefore, for more lenient loan contract stipulations, enterprises should strengthen and improve the construction of internal control systems, and meanwhile, small-size enterprises should timely expand size to disperse risks.
［Key words］internal control quality; enterprise size; financing cost; loan term; loan contract
国有商业银行总分行的组织效率——基于公司治理视角的研究
聂永忠
［摘 要］ 本文提出了一个有关国有商业银行总分行组织模式下的治理内涵的分析框架，就内部经营控制权的分解、内部经营控制权配置的技术选择和代理人经营行为约束等问题进行分析；提出了提升总分行组织运行效率的四大原则：效率导向原则、科学授权原则、约束强化原则和权责对称原则。结合当前国有商业银行经营管理实践，国有商业银行提升竞争力，应该完善信息系统，缩短经营决策流程；完善监察控制体系，强化各级机构经营行为约束；完善经营机构职能，合理划分经营和决策主体；完善内部激励约束体系，重点解决经营行为短期化问题。
［关键词］公司治理；国有商业银行；总分行；控制权
［Abstract］This paper presents a framework for the analysis of the governance connotation related to the organizational mode of the headquarter and branches of state-owned commercial banks, and analyzes the decomposition of internal operational control, technical choice of internal operation control configuration, constraints on agent’s operational behaviors, etc. The paper proposes four principles for the organizations of headquarter and branches to improve the operational efficiency, i.e. efficiency-orientation, scientific authorization, strengthening constraint, symmetry of rights and responsibility. Considering the current management practices of state-owned commercial banks, in order to improve competitiveness, commercial banks need to improve information system, simplify business-decision-making process; improve monitoring and control system, strengthen constraints on the operational behaviors of institutions at all levels, improve the functions of operational agency, classify management and decision-making departments appropriately; improve internal incentive system, focus on solving the problem of short-term business activities.
［Key words］ corporate governance; state-owned commercial bank; headquarter and branch; control power