中国互联网金融的风险与监管研究
魏 鹏 (3)
A Study of the Risks and Regulation of Chinese Internet Finance
WEI Peng (3)
互联网金融时代的新市场研究
宋建华 (10)
A Study of the New Markets in Internet Finance Era
SONG Jian-hua (10)
互联网金融时代的跨行业渠道竞争
中国工商银行渠道管理部课题组 (17)
Cross-Sector Channel Competition in Internet Finance Era
Study Group of Channel Management Department, ICBC (17)
中国互联网金融理论研究最新进展
乔海曙 吕慧敏 (24)
The Latest Progress in the Theoretical Study of Chinese Internet Finance
QIAO Hai-shu LV Hui-min (24)
利率市场化与中国货币政策转型
贺力平 (30)
The Liberalization of Interest Rate and the Transformation of China’s Monetary Policy
HE Li-ping (30)
中国大型商业银行国际化程度及其绩效
熊 飞 王 楠 张海阳 (39)
The Internationalization Levels of Chinese Large Commercial Banks and Its Performance
XIONG Fei WANG Nan ZHANG Hai-yang (39)
银行资本工具创新的国际经验及其启示
刘国平 (45)
The International Experience in the Innovation of Capital Instrument and the Enlightenment
LIU Guo-ping (45)
中国非金融机构不良资产市场的特点、行业分布与发展趋势
何力军 刘 原 宋鹏程 (53)
The Characteristics, Industry Distribution and Trends of the Non-Performing Asset Market of China’s Non-Financial Institutions
HE Li-jun LIU Yuan SONG Peng-cheng (53)
市场地位、商业信用与信贷传导效应
陈金龙 周 兴 (59)
Market Power, Commercial Credits and the Effects of Credit Transmission
CHEN Jin-long ZHOU Xing (59)
商业银行个人客户特征身份的识别——基于Logistic模型的研究
关志新 刘 寅 王秋雯 (70)
The Recognition of Individual Customer’s Identity of Commercial Bank——A Study Based on the Logistic Model
GUAN Zhi-xin LIU Yin WANG Qiu-wen (70)
“解决产能过剩问题与商业银行信贷结构调整及风险防范”研讨会综述 (76)
A Summary of the Symposium on “Solving Overcapacity, Adjustment in Credit Structure of Commercial Bank and Risk Prevention” (76)
中国互联网金融的风险与监管研究
魏 鹏
［摘 要］ 本文分析了国内互联网金融发展现状、风险特征及互联网金融监管的国际经验，认为互联网金融存在经营主体风险、法律合规风险、技术操作风险、市场流动风险、资金安全风险和货币政策风险等。发达国家对互联网金融的监管主要包括对第三方支付、网络信贷、网络银行、众筹融资的监管。为改善国内互联网金融监管现状，应明确监管原则，适度监管和协调监管并重；充分发挥行业自律组织的作用；加快互联网金融法律法规建设，通过立法明确互联网金融机构的性质和法律地位；完善互联网监管规则，明确互联网金融企业的业务经营范围及监管主体。
［关键词］ 互联网金融；金融监管；监管原则；自律组织
［Abstract］ This paper analyses the development status, risk characteristics of internet finance and the international experience in internet finance regulation. The paper argues that there are operator risks, legal and compliance risks, operational technology risks, market liquidity risks, capital safety risks and monetary policy risks, etc. in internet finance. The internet finance regulation in developed countries mainly include the regulation of third-party payment, online credits, online banking, public financing. To improve the domestic internet finance regulation, it’s necessary to form regulatory principles, and keep balance between appropriate regulation and regulation coordination; make use of the function of industry self-regulatory organization; accelerate the constitution of the laws and rules of internet finance, and clarify the nature and legal rights of internet finance by legislation; improve the regulation rules of internet, and clarify the business scope and regulated entity of internet financial enterprises.
［Key words］internet finance; financial regulation; regulatory principle; self-regulatory organization
互联网金融时代的新市场研究
宋建华
［摘 要］ 本文对商业银行在互联网时代可能涉及的新市场进行研究。商业银行拓展互联网金融新市场能够带来大量客户和商业机会。互联网金融形成三种单一功能性新市场，即网络支付市场、网络存款理财市场和网络融资市场，以及综合类新市场，即银行自建电商平台。商业银行拓展互联网金融新市场的措施包括：通过打造业务“生态圈”来拓展网络支付市场；运用综合理财服务、建立直销银行等手段来拓展网络存款理财市场；通过加强与第三方机构合作、创新产品和管理来拓展网络融资市场；加快客户积累，提升客户体验，推行商业银行“电商平台”。
［关键词］ 互联网金融；商业银行；网络支付市场；网络存款理财市场；网络融资市场；电商平台
［Abstract］ This paper researches the new markets maybe related to commercial banks in internet finance era. That commercial banks develop the new markets of internet finance can bring a lot of customers and business opportunities. Internet finance results in three kinds of single-function new markets, the online payment markets, online deposit wealth market & financing markets and new comprehensive markets, namely self-built electronic business platforms of banks. The measures for commercial banks to develop new markets of internet finance include creating business“ecosystem” to develop online payment markets; making use of integrated financial services, direct-sale banking, etc. to develop online deposit wealth market; strengthening the cooperation with the third party, innovation of products and management to develop online financing markets; accelerating the accumulation of customers, improving customer experience and building electronic business platforms of commercial banks.
［Key words］ internet finance; commercial bank; online payment market; online deposit wealth market; online financing market; electornic business platform
互联网金融时代的跨行业渠道竞争
中国工商银行渠道管理部课题组
［摘 要］ 本文总结了互联网金融的渠道特性，分析了互联网企业与商业银行的渠道竞争格局，并就商业银行未来渠道建设得出若干启示。研究结果表明，互联网企业在支付结算特别是线上小额支付结算领域将对商业银行形成较大挑战；在代理理财和负债业务领域对商业银行造成分流，带来成本效益压力；在资产业务领域更多起到对银行信贷的补充和少量替代作用，难以撼动银行主导地位；最值得关注的是互联网企业软硬件结合竞争客户入口对银行客户资源的持续分流。商业银行已对互联网企业采取竞争性措施，但仍显不足，未来需在渠道建设方面采取更具针对性的措施。
［关键词］ 互联网金融；商业银行；互联网企业；渠道竞争；客户资源
［Abstract］ This paper summarizes the characteristics of internet finance channel, analyses the status of the channel competition between internet companies and commercial banks, and put forward some suggestions for the development of bank channel in the future. The results of the study show that internet companies will be a big challenge for commercial banks in payment and settlement fields, especially online micro payment and settlement; they will results in a reduction in the agency wealth and liability business of commercial banks and a cost-effectiveness pressure; in the field asset business, they will play a role of supplement or a little substitution for bank credits, but can not shake the dominance of banks; what is most noteworthy of attention is the continuous diversion of the customers of banks due to internet companies striving for customer entrance by the combination of hardware and software. Though competitive measures against internet companies have be taken by commercial banks, they are insufficient , and more targeted measures of channel construction need to be taken in the future.
［Key words］ internet finance; commercial bank; internet company; channel competition; customer resource
中国互联网金融理论研究最新进展
乔海曙 吕慧敏
［摘 要］互联网金融是特定历史条件下我国金融发展史上较为特殊的金融业态。KMRW声誉模型、互联网经济学理论、梅特卡夫定律和长尾理论为互联网金融的产生和发展提供了理论依据。现阶段学者们对互联网金融的研究主要集中在互联网金融的理论渊源、发展动力、内在属性、发展模式、风险与监管和对金融市场的影响五大方面，并取得一定的研究成果，但是亦存在一些需要进一步分析的问题，如互联网金融的属性研究、风险测量研究、思维研究、权利异化研究等，对这些问题的厘清将会有助于互联网金融理论研究进展的新突破。
［关键词］互联网金融；金融市场；金融创新；金融改革；研究综述
［Abstract］ Internet finance is a special financial form in the development process of China’s finance under peculiar conditions. The KMRW reputation model, internet economics theory, Metcalfe’s law and the long tail theory provide theoretical basis for the formation and development of internet finance. Currently, scholars focus their studies of internet finance mainly on the theory origin, development power, intrinsic properties, development modes, risks and regulation and the impacts on financial market, and have made some achievements. However, there are some issues that need further analysis, such as the attributes of internet finance, risk measurement, internet thinking and rights alienation,etc. The analysis of the above issues will be conducive to the breakthroughs in the theoretical study of internet finance.
［Key words］ internet finance; financial market; financial innovation; financial reform; research review
利率市场化与中国货币政策转型
贺力平
［摘 要］ 近年来，中国货币市场利率与信贷市场利率存在显著的结构性差别。这个问题关系到如何看待利率市场化进程中利率决定和中央银行货币政策的传导作用。本文认为，推动货币市场发展，促使货币市场与信贷市场更加紧密的相互联动关系，是利率市场化后中央银行有效发挥利率政策工具作用的必要条件。推进利率市场化不仅需要商业银行经营活动的转型，也需要中央银行货币政策的转型。传统的数量型为主的货币政策工具应有必要调整，价格型货币政策工具（利率工具）应发挥更大的作用；同时，两种货币政策工具之间应有相互配合协调的关系。
［关键词］ 利率市场化；数量型货币政策工具；价格型货币政策工具；信贷市场；货币市场
［Abstract］ In recent years, there is a significant structural difference between the interest rate of China’s monetary market and the interest rate of credit market. This difference relates to how to analyze the interest rate decision and transmission function of central bank’s monetary policy in the process of the liberalization of interest rates. This paper argues that promoting the development of monetary market and the closer linkage between monetary market and credit market is indispensable for central bank to make use of interest rate policy tool effectively after the liberalization of interest rates. To promote the liberalization of interest rates needs not only the adjustment in the operation of commercial banks, but also the adjustment in central bank’s monetary policy. The traditional quantitative monetary tool needs to be adjusted, and price-based monetary policy tool(interest rate tool) should play a role more. At the same time, the two tools should be mutually cooperative and coordinated.
［Key words］ liberalization of interest rate; quantitative monetary policy tool; price-based monetary policy tool; credit market; monetary market
中国大型商业银行国际化程度及其绩效
熊 飞 王 楠 张海阳
［摘 要］ 本文利用2006~2012年工商银行、中国银行、建设银行的相关数据比较其国际化发展程度，并从总量绩效、平均绩效、边际绩效、联动效应四个维度分析国际化发展程度与银行绩效的关系。结果表明，中行国际化发展程度最高，工行次之，建行稍低；总量绩效和国际化程度呈正相关关系；平均绩效中，境外人均、网均利润与国际化程度呈“U”形关系，平均资产回报与国际化程度呈水平的“S”形关系；边际绩效中，边际机构产出与国际化程度呈水平的“倒S”形关系，边际人员产出、边际资产回报与国际化程度呈水平“正S”形关系；国际化发展后，工行集团一体化程度最高。
［关键词］ 中国工商银行；中国银行；中国建设银行；国际化；银行绩效；联动效应
［Abstract］ This paper uses the relevant data of ICBC, BOC and CCB during 2006-2012 to compare their internationalization levels, and analyses the relationship between internationalization level and bank performance from the perspectives of total performance, average performance, marginal performance, linkage effect. The results of the paper show that the internationalization level of BOC is the highest, which followed by ICBC, and that of CCB is a little lower; the total performance correlates positively with internationalization level; as to average performance, the overseas per capita profit and per outlet profit have a U-shaped relationship with internationalization level; the average ROA has a S-shaped relationship with internationalization level; as to marginal performance, marginal institution output has a inverted S-shaped relationship with internationalization level, but marginal per capita output and marginal ROA have a S-shaped relationship with internationalization level; since international development, the ICBC Group has the highest level of integration.
［Key words］ ICBC; BOC; CCB; internationalization; bank performance; linkage effect
银行资本工具创新的国际经验及其启示
刘国平
［摘 要］ 本文基于巴塞尔Ⅲ对资本工具的新要求，总结国际经验，分析中国商业银行资本工具创新的方向。巴塞尔Ⅲ推出后，国际大型银行资本工具创新主要集中于其他一级资本和二级资本，“减记”和“转股”条款设计是创新的主要方向，永续性和派息非累积是其他一级资本工具创新的重点。中国商业银行可创新发行优先股、可减记永续资本债、可转换一级资本工具、可减记次级债券、可减记二级混合资本债券、新可转换债券、二级可转换或有资本债券等新型资本工具，优先选择二级资本工具创新发行，积极探索其他一级资本工具创新发行。
［关键词］巴塞尔Ⅲ；商业银行；资本工具；一级资本；二级资本
［Abstract］ Based on the new requirements of the Basel Ⅲ on capital instrument, this paper summarizes international experience and analyses the trends in the capital instrument innovation of Chinese commercial banks. After the implementation of Basel Ⅲ, the innovation of big international banks in capital instrument mainly focuses on additional tier-1 capital and tier-2 capital, and the design of “write-down” and “convertible” clauses is the main direction of innovation, the suitability and non-cumulative dividend are the key innovation of additional tier-1 capital instrument. Chinese commercial banks may explore new capital instruments such as preferred stock, write-down type perpetual bond, convertible tier-1 capital instrument, write-down type subordinate bond, write-down type tier-2 hybrid bond, new convertible bond and tier-2 contingent convertibles, etc., and choose the innovative issue of tier-2 capital instrument first, then actively explore the innovative issue of other innovative capital instruments.
［Key words］ Basel Ⅲ; commercial bank; capital instrument; tier-1 capital; tier-2 capital
中国非金融机构不良资产市场的特点、行业分布与发展趋势
何力军 刘 原 宋鹏程
［摘 要］ 本文在探讨中国金融资产管理公司介入非金融机构不良资产业务重要意义的基础上，以央企国企、民营企业、上市公司为分析对象，发现中国非金融机构不良资产市场存在较大的潜在存量规模，并且由于中国现阶段经济发展的特点，非金融机构不良资产市场规模在未来相当长的时间内还有进一步扩大的趋势。金融资产管理公司介入非金融机构不良资产市场存在广阔的业务空间和难得的发展机遇。由于非金融机构不良资产及相关业务表现出资产质量低、处置周期长、收益率较低、行业分布广等特点，对介入该类业务的金融资产管理公司提出了较高的资产管理和风险管控要求。
［关键词］非金融机构；不良资产；不良资产市场；金融资产管理公司
［Abstract］This paper analyses the significance of China’s financial asset management corporations involved in the non-performing asset business of non-financial institution, and then researches state-owned enterprises, private enterprises and listed companies. It is found that the potential stock market size of the non-performing assets of China’s non-financial institutions is big, and due to the characteristics of China’s current economic development, the size will expand further for a long time. If financial asset management corporation is involved in the market, it will have a vast space and excellent opportunity to develop business. Since the non-performing assets of financial institutions and related business have the characteristics such as low asset quality, long disposal time, low yield rate, wide industry distribution, etc., strict asset management and risk control requirements are needed for financial asset management corporations involved the business.
［Key words］ non-financial institution; non-performing asset; non-performing asset market; financial asset management corporation
市场地位、商业信用与信贷传导效应
陈金龙 周 兴
［摘 要］ 本文采用中国A股上市公司2010~2012年的数据，检验企业市场地位对商业信用及其信贷传导效应的影响。研究发现，企业商业信用普遍向市场地位高的企业集中，而银行信用与企业市场地位间并不存在一定的必然关系。在其他条件相同的情况下，银行信用与商业信用存在替代效应，与商业信用存在传递效应；根据市场地位进行分组发现，相比市场地位低组，替代效应在市场地位高组更为显著，与此相反，相比市场地位高组，传递效应在市场地位低组更为显著。商业信用竞争在中国商业信用的传导过程中占据主导地位。
［关键词］ 市场地位；商业信用；银行信用；替代效应；传递效应
［Abstract］ This paper uses the data of Chinese A-share listed companies during 2010-2012 to examine the influence of the market power of enterprise on commercial credits and the effects of credit transmission. It is found that the enterprise commercial credits generally focus on the enterprise with high market power, and bank credits are not certainly related to the market power of enterprise. If other conditions are same, there are substitution effects between bank credits and commercial credits, and bank credits have transmission effects on commercial credits. Grouping according to market power show that, compared to the group with low market power, the group with high market power has more obvious substitution effects. On the contrary, the group with low market power, compared to the group with high market power, has more obvious transmission effects. In China, the commercial credit competition plays a key role in the transmission process of commercial credits.
［Key words］ market power; commercial credit; bank credit; substitution effect; transmission effect
商业银行个人客户特征身份的识别——基于Logistic模型的研究
关志新 刘 寅 王秋雯
［摘 要］本文通过客户行为多重特征代理方法构建了一个具有弱指导性质、用于识别商业银行个人客户特征身份的Logistic识别模型。该模型在目标群体的规模预测准确性与个体预测准确性之间的权衡过程保证了金融业务决策的精准化。对建模样本组、同期与非同期对照组、业务实践组的评估与检验表明，识别模型表现稳定，用于测试的目标客户群平均识别率可达到80%，为商业银行识别具有隐性特征与身份的客户群提供了一种新尝试，也为基于特定身份的客户群体进行一揽子金融产品研发、客户细分与精准营销打下基础。
［关键词］ 商业银行；个人客户；身份识别；Logistic识别模型；数据挖掘
［Abstract］ By the proxy method of the multi-characteristics of customer’s behavior, this paper constructs a Logistic model with a slight directed-function for the recognition of individual customer’s identity of commercial bank. The balancing process of the model between the scale predictive accuracy and the individual predictive accuracy of target group ensures the accuracy of financial business decision. The evaluation and test on modeling sample group, synchronous & non-synchronous compared groups and business practice group show that the model has a stable performance and the average recognition rate of target customer group to be tested can reach 80%. The model provides a new approach to recognize the customer group with covert characteristics and identity. In addition, it provides a base for financial product development, customer segmentation and precision marketing aiming at customer group with specific identity.
［Key words］ commercial bank; individual customer; identity recognition; Logistic recognition model; data mining