金融与国家安全
张红力 (3)
Finance and National Security
ZHANG Hong-li (3)
论构建中国绿色金融体系
马 骏 (18)
On the Construction of China’s Green Finance System
MA Jun (18)
大国金融中的中国资本市场
吴晓求(28)
China’s Capital Market in a Great Country’s Finance
WU Xiao-qiu (28)
商业银行同业业务超常扩张对金融稳定的影响——基于15家商业银行的实证分析
吴 军 黄 丹 (36)
The Impacts of Extraordinary Expansion of Commercial Banks’ Interbank Business on Financial Stability——An Empirical Analysis Based on 15 Commercial Banks
WU Jun HUANG Dan (36)
碳配额市场价格非对称性波动研究——基于欧盟碳配额管理制度的实证分析
袁 嫄 刘纪显 张 芳 (44)
A Study of the Asymmetry Fluctuation in the Price of Carbon Quota Market——An Analysis Based on the Management System of EU Carbon Quota
XU Yi LI Jing-ting (44)
市场开发对客户维护的“损害效应”——客户关系视角下的研究
廖成林 皮 清 (54)
The “Damage Effect” of Market Development on Customer Maintenance——A Study from the Perspective of Customer Relationship
LIAO Cheng-lin PI Qing(54)
互联网金融时代商业银行人才管理战略研究
黄勋敬 黄 聪 赵曙明 (62)
A Study of the Talent Management Strategy of Commercial Banks in Internet Financial Times
HUANG Xun-jing HUANG Cong ZHAO Shu-ming (62)
互联网时代国有控股商业银行渠道转型研究
中国工商银行江苏省分行课题组(71)
A Study of the Channel Transformation of State-Holding Commercial Banks in the Internet Age
The Study Group of Jiangsu Branch, ICBC (71)
金融与国家安全
张红力
［摘 要］ 本文立足金融专业视角，探讨新时期下国家安全的实现问题。本文认为，从国家安全本质属性和体系框架看，利益是国家安全的核心要义，而金融与利益休戚相关；从国家安全观的历史演进看，金融是国家安全的时代内涵。因此，实现国家安全必须要用好、用活金融力量。而从金融发挥的多渠道作用来看，金融完全有能力成为实现国家安全的利器。用金融手段力促国家安全，要体现“积极防御、蹄疾步稳、亲诚惠容”的战略思想。
［关键词］ 金融；利益；国家安全
［Abstract］ From the professional perspective of finance, this paper analyzes how to achieve national security in the new era. In the nature and systemic framework of national security, the benefit is the core of national security, and finance is closely related to the benefit; from the perspective of the evolution history of national security theory, finance is the connotation of national security in the present era. Therefore, in order to achieve national security, it’s needed to make use of financial strength well and actively. From the perspective of the multi-channel in which finance plays roles, finance can fully be a powerful tool to achieve national security. By means of finance to achieve national security, it’s needed to abide by the strategy of “active defense, fast and steady step, friendship-honesty-benefit-tolerance”.
［Key words］finance; benefit; national security
论构建中国绿色金融体系
马 骏
［摘 要］ 中国建立绿色金融体系有助于启动新的增长点，提升经济增长潜力，加速产业结构、能源结构和交通运输结构的绿色转型，提升经济的技术含量，缓解环境问题对财政的压力，维护中国负责任大国的国际形象。为了引导更多的社会资金投资于绿色产业，必须提高绿色项目的投资回报率，降低污染性项目的投资回报率，强化企业社会责任意识，促进绿色投资，强化消费者的绿色环保和消费意识。
［关键词］ 绿色金融体系；绿色产业；绿色投资；企业社会责任；产业结构
［Abstract］ That China constructs a green finance system will help form a new growth power, strengthen the potential of economy, accelerate the green transformation of industrial structure, energy structure and transportation structure, increase the technical content of economy, reduce the pressure of environmental issues on public finance, maintain China’s image of a great and responsible country. In order to guide more social capital to invest in the green industry, it’s needed to improve the return of the investment of green projects, reduce the return of the investment of pollution projects, strengthen the social responsibility awareness of enterprises, promote green investment, strengthen consumer’s awareness of green environmental protection and green consumption.
［Key words］ green finance system; green industry; green investment; social responsibility of enterprise; industrial structure
大国金融中的中国资本市场
吴晓求
［摘 要］ 大国经济需要与之相匹配的大国金融，而资本市场处于金融体系的核心地位。中国资本市场发展的战略目标是构建具有全球财富管理功能的国际金融中心，开放与国际化是中国资本市场改革和发展的必然趋势。当前的中国资本市场与成熟的资本市场之间还有较大差距，尤其是开放程度和国际化程度较低。因此，中国资本市场需要深化改革、扩大开放。深化改革的重点是资本市场的市场化和相关法律、法规、政策的调整；必须让国际资本有序进入中国资本市场进行投资，不断提高国际投资者的投资比例，以期构建与大国金融相匹配的资本市场。
［关键词］ 大国金融；中国资本市场；金融体系；国际化
［Abstract］ A great country’s economy needs to be matched with a great country’s finance. Capital market is the core of financial system. The strategic goal of the development of China’s capital market is to build an international financial center which has the function to manage the global wealth. Openness and internationalization are the inevitable trends of the reform and development of China’s capital market. Currently, China’s capital market is relatively lagged compared with the advanced capital markets, especially the degrees of openness and internationalization are low. Therefore, China’s capital market needs to be reformed and opened further. The market-oriented reform of capital market and adjustment in relevant laws, regulations and policies are the key points of reform. The international capitals should be allowed to enter China’s capital market orderly to invest; the international investors ratio should be increased constantly, so as to build a capital market matching a great country’s finance.
［Key words］ great country’s finance; China’s capital market; financial system; internationalization
商业银行同业业务超常扩张对金融稳定的影响——基于15家商业银行的实证分析
吴 军 黄 丹
［摘 要］本文运用中国15家商业银行2009~2013年度的数据分析中国商业银行近年来同业业务超常规发展的影响因素，结果表明，商业银行发展同业业务是金融管制下的必然选择，资本充足率监管、利率管制放松、存贷比监管和资产质量考核是商业银行同业业务发展的重要原因。金融管制和金融创新互为因果，促成了中国商业银行同业业务的快速发展。
［关键词］银行同业业务；金融管制；资本监管；存贷比；金融稳定
［Abstract］ This paper uses the data of Chinese 15 commercial banks during 2009-2013 to analyze the factors to influence the extraordinary expansion of Chinese commercial banks’ interbank business in recent years. The results show that it’s an inevitable choice for commercial banks to develop interbank business in the period of financial regulation; the capital adequacy ratio regulation, interest rate deregulation, loan-ratio regulation and asset quality assessment are important reasons why commercial banks develop interbank business. There is a mutual causality between financial regulation and financial innovation, which results in the rapid development of Chinese commercial banks’ interbank business.
［Key words］ interbank business; financial regulation; capital regulation; loan-deposit ratio; financial stability
碳配额市场价格非对称性波动研究——基于欧盟碳配额管理制度的实证分析
袁 嫄 刘纪显 张 芳
［摘 要］ 本文运用GJR-GARCH-M模型实证检验了在试验阶段和京都阶段不同的碳配额总量管理模式下，欧盟碳配额市场价格非对称性波动的特征和投资者风险偏好。研究表明，欧盟碳配额市场的价格波动在两个阶段都存在显著的“杠杆效应”；虽然经济危机使欧盟在京都阶段盈余的碳配额远大于试验期，但是减少免费配额和允许未用完的碳配额储备至下一期的政策抑制了负面信息对欧盟碳配额市场的冲击，投资者的风险偏好类型也从风险爱好转为风险中性。
［关键词］ 碳减排政策；碳配额；杠杆效应；风险偏好
［Abstract］ This paper uses the GJR-GARCH-M model to present an empirical test of the features of asymmetry fluctuation in the price of EU carbon quota market in different volume management systems of carbon quota in the trial stage and the Kyoto stage. The results of the paper show that the fluctuation in the price of EU carbon quota market indicates a significant“leverage effect” in the two stages; although the economic crisis make the EU’s surplus quota in the Kyoto stage much greater than that in the trial stage, the policy that the free quota is reduced and the unused carbon quota is allowed to be reserved in the next term restrains the impact of negative information on the EU carbon quota market, and the investor’s risk preference type changes from the risk-loving into the risk-neutral.
［Key words］ carbon emission reduction policy; carbon quota; leverage effect; risk preference
市场开发对客户维护的“损害效应”——客户关系视角下的研究
廖成林 皮 清
［摘 要］ 本文在客户关系视角下，探讨商业银行市场开发对客户维护的“损害效应”；通过构建直销和分销模式下商业银行利润函数模型，得出最优的市场开发与客户维护努力水平。研究发现：在直销模式下，市场开发会对银行的客户维护产生损害效应，从而降低客户维护的成效；在分销模式下，商业银行将市场开发与客户维护委托给分支银行，由委托代理机制产生的协同作用可有效地调和“损害效应”的负面影响。
［关键词］ 商业银行；市场开发；客户维护；损害效应；营销模式
［Abstract］ From the perspective of customer relationship, this paper analyzes the “damage effect” of the market development of commercial banks on customer maintenance. By the construction of the profit function model of commercial banks in direct sale and distribution modes, the paper presents an optimal effort level of market development and customer maintenance. It’s found that, in direct sale mode, market development has damage effect on the customer maintenance of banks, and reduces the efficiency in customer maintenance; in distribution mode, commercial banks entrust branches with market development and customer maintenance, and the reconciling effects resulting from agency mechanism can effectively mediate the negative influence of “damaging effect”.
［Key words］ commercial bank; market development; customer maintenance; damage effect; marketing mode
互联网金融时代商业银行人才管理战略研究
黄勋敬 黄 聪 赵曙明
［摘 要］ 互联网金融对传统商业银行提出了全新的挑战，商业银行唯有主动推进金融业务与互联网技术的有效融合才能保持核心竞争力。为配合商业银行向互联网金融战略转型，本文提出“人才先行”战略，通过问卷调查、访谈等定量与定性相结合的方法，构建了商业银行互联网金融人才软实力模型，并以此模型为基础，提出商业银行要从战略层面对人力资源进行重新规划，促进人才队伍素质的全面提升，走内涵式的人力资源发展道路。通过做好“加减乘除”法盘活人才，打造一支富有竞争力的互联网金融人才队伍，为商业银行的转型发展提供人才支持与保障。
［关键词］ 互联网金融；商业银行；软实力模型；人力资源；金融人才
［Abstract］ Internet finance is a new challenge for traditional commercial banks. Commercial banks can maintain the core competitiveness only actively promoting the effective integration of financial service and Internet technology. For the strategic transformation of the Internet finance of commercial banks, this paper proposes a“talent first strategy”. By the methods combining quantitative analysis with qualitative analysis, such as questionnaire and interview, a soft power model of the Internet finance talents of commercial banks is constructed in the paper. Based on the model, the paper proposes to re-plan human resources, promote the comprehensive upgrade of the talent quality, develop human resources by internal training, revitalize the talents by“adding, reducing, multiplying and dividing” methods, build a competitive team of Internet finance talents, and provide the transformation and development of commercial banks with talent support and security.
［Key words］Internet finance; commercial bank; soft power model; human resource; financial talent
互联网时代国有控股商业银行渠道转型研究
中国工商银行江苏省分行课题组
［摘 要］ 渠道是银行经营发展的核心资源。互联网金融的快速发展正在改变银行业渠道结构，国有控股商业银行渠道转型势在必行。本文认为，必须转变固有理念，紧跟渠道发展趋势，重塑组织架构，加强渠道建设统一规划与管理，优化和整合现有渠道；运用互联网思维，围绕客户体验和需求，加强跨界合作，充分发挥多方优势，打造互联网金融平台，推动线上线下一体化融合发展，实现国有控股商业银行渠道多元化、智能化、便捷化、个性化、专业化和国际化，从而保持国有控股商业银行渠道的优势地位，满足客户日益增长的金融服务需求。
［关键词］互联网时代；国有控股商业银行；互联网金融；渠道转型
［Abstract］Channel is the core resources for the development of banks. The rapid development of Internet finance is changing the channel structure of banks, and it’s necessary for the state-holding commercial banks change the channels.This paper argues that commercial banks should change the old thinking, follow the trend of channel development, reconstruct the organizational structure, strengthen the unified plan and management of channel construction, optimize and integrate the existing channels; use the Internet thinking to strengthen cross-border cooperation according to customer’s experience and needs, make full use of multi-strengths to build Internet financial platforms, promote the integration and development of the online and the offline, fulfill the construction of the diversified, intelligent, convenient, personalized, professional and international channels of state-holding commercial banks, so as to maintain the advantages of state-holding commercial banks in channels, and meet the growing customer’s demand for financial services.
［Key words］ Internet age; state-holding commercial bank; Internet finance; channel transformation