中国经济结构性变化的数据分析与解读
黄志凌 (3)
The Data Analysis and Interpretation of Changes in China’s Economic Structure
HUANG Zhi-ling (3)
发展养老金融与落实供给侧结构性改革
姚余栋 王赓宇 (13)
The Development of Pension Finance and the Supply-Side Structural Reform
YAO Yu-dong WANG Geng-yu (13)
中国省际普惠金融发展水平综合评价与实证研究
于晓虹 楼文高 余秀荣 (18)
The Comprehensive Evaluation and Empirical Research on the Development of China’s Provincial Inclusive Finance
YU Xiao-hong LOU Wen-gao YU Xiu-rong (18)
沪港通政策的公司治理效应——基于事件研究法的实证分析
王 倩 马云霄 (33)
The Corporate Governance Effects of Shanghai-Hong Kong Stock Connecting Program —— An Empirical Analysis Based on Event Study
WANG Qian MA Yun-xiao (33)
投资者感知价值结构与众筹产品定价策略
刘志迎 陈明春 马朝良 (47)
The Structure of Investor Perceived Value and the Pricing Strategy of Crowdfunding Product
LIU Zhi-ying CHEN Ming-chun MA Chao-liang (47)
商业银行合规指数研究与应用
中国工商银行内控合规部课题组（59)
The Study and Application of the Compliance Index of Commercial Bank
The Study Group of the Internal Control & Compliance Dept, ICBC (59)
经营效率、中间业务收入与商业银行盈利能力
彭明雪 丁振辉 (69)
Operational Efficiency, Intermediate Business Income and the Profitability of Commercial Banks
PENG Ming-xue DING Zhen-hui (69)
中国经济结构性变化的数据分析与解读
黄志凌
［摘 要］ 目前中国经济已经步入结构调整轨道，虽然经济结构调整带来阵痛是不可避免的，但是借助市场化的“重组升级”策略和政府托底的“再就业计划”可以减轻结构转换痛苦。最先受到金融危机冲击的东部地区正在走出阴影，以杭州为代表的区域产业升级趋势正在确立；青岛为传统制造业基地实现结构转换提供了可借鉴的经济升级模式。在产业结构升级中我们需要前瞻性地防止“好商品也卖不出去”的经济萎缩风险。
［关键词］ 中国宏观经济；经济结构调整；产业升级；杭州；青岛；经济萎缩风险
［Abstract］ At present, China’s economy is restructuring. Although the restructuring will inevitably result in impacts on the economy, the market-oriented“reorganization upgrade” strategy and the“re-employment program” underpinned by government will reduce the difficulties in restructuring. Eastern region, the first one impacted by financial crisis, is getting out of trouble; the regional industrial upgrading trend, Hangzhou is a representative sample, gradually gets obvious; it’s not fantasy for traditional manufacturing bases to achieve structural transformation, and Qingdao is a reference for economic upgrade mode; it’s necessary to prevent the economic contraction risks in advance such as “good goods are sold not well”.
［Key words］ China’s macro-economy; economic restructuring; industrial upgrading; Hangzhou; Qingdao; economic contraction risk
发展养老金融与落实供给侧结构性改革
姚余栋 王赓宇
［摘 要］ 发展养老金融对中国具有重要意义：首先其直接回应了人口老龄化的挑战，涉及国家宏观经济金融体系的发展；其次，养老基金投资本身就是证券投资基金业的重要构成部分。从供给侧结构性改革的角度来看，发展养老金融需要有多种模式和产品的有效供给；还需要贯彻创新理念，需要政府和市场的通力合作；养老金融需要被纳入供给侧结构性改革的系统工程中。
［关键词］ 人口老龄化；养老金融；供给侧结构性改革；资本市场
［Abstract］ The development of pension finance is of great significance to China. First, it’s a direct response to the challenges of aging population and related to the development of national macro-economic and financial system; second, the investment of pension fund is an important component of security investment fund industry. From the perspective of supply-side structural reform, the development of pension finance needs the effective supply of multiple-model products, the innovative ideas, the co-operation of government and the market; pension financial system should be included in the systematic program of supply-side structural reform.
［Key words］ aging; pension finance; supply-side structural reform; capital market
中国省际普惠金融发展水平综合评价与实证研究
于晓虹 楼文高 余秀荣
［摘 要］ 本文构建了一个由4个方面、37个指标构成的指标体系，对省际普惠金融发展水平进行综合评价。结果表明：普惠金融发展水平排名前5位的是上海市、北京市、天津市、广东省和浙江省；福建省的成长力最强；在30个有效评价指标中，最重要的4个指标是每百万人基金公司数、每万公顷土地金融机构数、每万公顷土地金融机构从业人员数和每万公顷土地保险机构数。
［关键词］ 普惠金融；省际普惠金融；投影寻踪；决策者偏好
［Abstract］ This paper constructs an index system composed of 37 indicators that are classified as 4 groups and presents a comprehensive evaluation of the development of China’s provincial inclusive finance. The results of the paper show that the top five provinces of inclusive finance development are Shanghai, Beijing, Tianjin, Guangdong and Zhejiang; Fujian has the strongest growth potential; in 30 effective evaluation indicators, the most important 4 ones are the fund companies number per one million people, financial institution number per ten thousand hectares of land, the practitioners of financial institution per ten thousand hectares of land and insurance agency number per ten thousand hectares of land.
［Key words］ inclusive finance; provincial inclusive finance; projection pursuit; policy-maker’s preference
沪港通政策的公司治理效应——基于事件研究法的实证分析
王 倩 马云霄
［摘 要］ 本文以568只沪股通交易标的股票为研究对象，研究沪港通实施的公司治理效应。研究发现，理论上，沪港通的实施会使更多投资者参与到内地资本市场，从而对国内股票的需求将明显增加，因此从供求关系角度来看会导致股价上涨，然而与内地资本市场相比，香港资本市场完善的法律制度和上市公司治理机制对投资者更有吸引力。这种制度落差效应大于投资者参与效应，导致沪港通交易标的股票的短期市场反应为负。
［关键词］ 沪港通；公司治理效应；资本市场；事件研究法
［Abstract］ In this paper, 568 shanghai-listed shares that Hong Kong investors can buy are used as samples to research the corporate governance effects of Shanghai-Hong Kong Stock Connecting Program(SH-HK SCP). It’s found that the theoretical analysis shows the implementation of the SH-HK SCP will allow more investors to participate in the mainland capital markets and the demand for domestic shares will significantly increase, so the stock price will rise due to the relationship between supply and demand, but compared with the mainland capital markets, the Hong Kong capital markets are more attractive to investors because of their sound legal systems and corporate governance mechanism. The effect due to system gap is greater than that due to investors to participate in markets, which makes the short-term market reaction to stocks in the SH-HK SCP negative.
［Key words］ Shanghai-Hong Kong Stock Connecting Program; corporate governance effect; capital market; event study
投资者感知价值结构与众筹产品定价策略
刘志迎 陈明春 马朝良
［摘 要］ 基于产品众筹融资中投资者对产品的感知价值和发起人的产品定价策略，及项目发起人的期望收益理论和顾客感知价值理论，本文设立期望收益模型，分析最优定价策略，解释项目众筹活动中发起人更愿意使用渗透定价法的原因。研究表明：不同于传统产品定价策略，对于容量和知名度较小的众筹产品市场，渗透定价法是比较符合发起人利益的定价策略，这从收益角度解释了融资期众筹项目多采用渗透定价策略的原因。
［关键词］ 创新项目；感知价值结构；商品众筹；最优定价策略
［Abstract］ Based on the perceived value of crowdfunding product investors, the product pricing strategy of project sponsors, the expected revenue theory of project sponsors and theory of customer perceived value, this paper sets an expected return model to analyze optimal pricing strategy and explain why the crowdfunding project sponsors are more willing to use penetration pricing. The results of the paper show that, to the small-capacity and less-known crowdfunding markets, the penetration pricing is different from the pricing strategy of traditional products and conducive to the sponsors, which explains why the penetration pricing is used in most crowdfunding projects in the period of financing from the perspective of revenue.
［Key words］ innovative project; structure of perceived value; commodity crowdfunding; optimal pricing strategy
商业银行合规指数研究与应用
中国工商银行内控合规部课题组
［摘 要］ 本文提出了“合规指数”的概念，阐述了合规指数的构建方法、编制要素、原理及计算方法，并选取试点分行验证实际应用效果，根据分析结果做出预测判断。研究结果表明，通过运用统计指数理论的基本原理，将不同风险折算成统一的、动态的、可比较、易发布的合规指数，可以客观反映商业银行内部经营管理中合规风险的现状及其变化趋势，从而实现对合规风险的量化、分析、比较和预测的目的。
［关键词］ 商业银行；统计指数理论；合规风险；合规风险管理
［Abstract］ This paper presents the concept “compliance index”, and describes the constructing method, composing elements, principles and calculation method of compliance indexes, and selects pilot branches to verify application effects and make forecasting judgments according to analytic results. The results of the paper show that applying the basic principles of statistical index theory to convert different risks into compliance indexes being unified, dynamic, comparable and easy to be published can objectively reflect the current situation and trends in the compliance risks of commercial bank’s internal management, so as to realize the goal of the quantification, analysis, comparison and forecasting of compliance risks.
［Key words］ commercial bank; statistical index theory; compliance risk; compliance risk management
经营效率、中间业务收入与商业银行盈利能力
彭明雪 丁振辉
［摘 要］ 本文分析经营效率与收入结构对商业银行的影响，结果显示，中国商业银行的中间业务收入占比不断提升。将经营效率和中间业务收入作为解释变量，对商业银行盈利能力进行实证分析，结果显示经营效率和中间业务收入与商业盈利能力正相关。因此，应通过提高经营效率和中间业务收入来提升商业银行盈利能力。
［关键词］ 商业银行；经营效率；中间业务收入；盈利能力
［Abstract］ This paper analyzes the impacts of operational efficiency and income structure on commercial banks. The results of the paper show that the intermediate business income of Chinese commercial banks continuously increase. The operational efficiency and intermediate business income are used as explanatory variables for the empirical analysis of the profitability of commercial banks, and the analytic results show that the operational efficiency and intermediate business income are positively correlated with the profitability of commercial banks. The commercial banks should increase operational efficiency and intermediate business income to improve the profitability.
［Key words］ commercial bank; operational efficiency; intermediate business income; profitability