新常态下的中国金融改革
潘功胜 (3)
China’s Financial Reform in the New Normal
PAN Gong-sheng (3)
“金融+”与价值观安全
张红力 (9)
“Finance+” and the Security of Value Concept
ZHANG Hong-li(9)
资本监管约束对商业银行融资效率的影响
岑 维 童娜琼(18)
The Influence of Capital Regulatory Constraints on the Financing Efficiency of Commercial Banks
CEN Wei TONG Na-qiong (18)
中国商业银行杠杆率的顺周期性分析
吴国平 (29)
An Analysis of the Pro-Cyclicality of Chinese Commercial Banks’ Leverage Ratios
WU Guo-ping (29)
表外业务是银行应对竞争的交叉销售策略吗？——基于中国51家商业银行的实证研究
周鸿卫 胥荷香 (37)
Is Off-Balance Sheet Business the Cross-Selling Strategy of Banks to Participate in Competition?——An Empirical Analysis of China’s 51 Commercial Banks
ZHOU Hong-wei XU He-xiang (37)
期限溢酬的信息含量——来自中国国债市场的证据
陈 蓉 廖木英 (51)
Information in Term Premium ——The Evidences of Chinese Treasury Bonds Markets
CHEN Rong LIAO Mu-ying (51)
社会资本对城镇家庭金融市场参与的影响
巩宿裕 王 聪 (61)
The Influence of Social Capitals on Urban Families’Participation in Financial Markets
GONG Su-yu WANG Cong (61)
互联网银行理论研究的最新进展
乔海曙 许 可（(71)
The Latest Progress in the Theories of Internet Banking
QIAO Hai-shu XU Ke(71)
新常态下的中国金融改革
潘功胜
编者按：中国城市金融学会第五届理事会第五次会议暨2015年学术年会于近期在北京举行，中国人民银行副行长潘功胜在会上发表了演讲，本文为编辑部根据演讲录音整理而成，供读者参考。
“金融+”与价值观安全
张红力
［摘 要］ 本文探讨如何利用金融手段维护价值观安全。金融一向是有价值取向的，是推动某种价值观的工具之一，其最本质的内容是国家利益。新时期下，中国金融不仅应关注自身安全，还要充分发挥金融的安全效应，与核心价值观保持高度一致。在实践中，应充分运用金融手段，将协调利益、扩大投资和增强核心价值影响有机地结合起来，从总体安全观的高度确立金融力促价值观安全的战略思想，夯实价值观安全的内部基础，巩固价值观安全的防御实力，构建“走出去”的命运共同体。
［关键词］ 金融＋；国家安全；价值观；意识形态；文化
［Abstract］ This paper discusses how to use financial means to protect the security of value concept. Finance has always been value-oriented and is one of the means to promote value concept. The most essential contents of finance is national benefit. In the new period, not only should China’s financial security be concerned about, the effects of financial security should also be fully made use of, and finance must be highly consistent with the core value concept. In practice, we should fully use financial means to harmoniously combine the benefit coordination with expanding investment and strengthening the influence of core value, establish the strategic thinking of finance promoting the security of value concept at the level of overall security concept, consolidate the internal basis of the security of value concept, reinforce the defense power of the security of value concept, and build a mission community for the “going out” strategy.
［Key words］ finance +; national security; value concept; ideology; culture
资本监管约束对商业银行融资效率的影响
岑 维 童娜琼
［摘 要］ 本文利用86家中国商业银行2002~2012年间的数据样本，研究监管约束对中国商业银行融资效率的影响。研究发现，中国商业银行所受到的资本监管约束与商业银行的融资效率呈负相关关系；提高地区的市场化程度可以减轻监管约束对商业银行融资效率的负效应。因此，在经济增长放缓时期，金融监管部门可以考虑放松银行业资本充足率的要求以提高其融资效率。地区市场化的发展使政企分开政策得以充分施行，使地方政府更少干预地方的企业经营与借贷决策，以及地方银行的投融资决策。
［关键词］ 商业银行；融资效率；监管约束；资本充足率；地区市场化程度
［Abstract］ Based on the data of Chinese 86 commercial banks during 2002-2012, this paper analyzes the influence of regulatory constraints on the financing efficiency of Chinese commercial banks. It’s found that the regulatory constraints on the capitals of Chinese commercial banks are negatively correlated with the financing efficiency of commercial banks; the increase in regional market liberalization will reduce the negative effects of regulatory constraints on the financing efficiency of commercial banks. Therefore, financial regulators may consider to reduce the capital adequacy ratio of banking sector to improve its financing efficiency; regional market-oriented development makes the policy that separates government administration and enterprise management be fully implemented，and the less local government intervention in the operation and lending decisions of local enterprises, as well as the investment and financing decisions of local banks.
［Key words］ commercial bank; financing efficiency; regulatory constraint; capital adequacy ratio; liberalization degree of region
中国商业银行杠杆率的顺周期性分析
吴国平
［摘 要］本文实证分析中国商业银行杠杆率与经济周期的关系。结果表明，2004~2013年，中国商业银行的杠杆率具有显著顺周期性，且金融危机时期顺周期性更强，其主要原因在于银行杠杆率的分子分母与经济周期之间的显著相关性，并且经济周期对杠杆率分母的正向影响大于分子；规模越大、流动性越高的银行，杠杆率越高；盈利能力越好、存贷比越大的银行，杠杆率则越低。
［关键词］商业银行；巴塞尔协议Ⅲ；银行杠杆率；监管工具；资本补充机制
［Abstract］ This paper presents an empirical analysis of the relationship between the leverage ratios of Chinese commercial banks and the economic cycle. The results of the paper shows that, during 2004-2013, the leverage ratios of Chinese commercial banks are significantly pro-cyclical, and the pro-cyclicality is more significant during financial crisis, which is mainly due to the significant correlation between the numerator/denominator of leverage ratio and the economic cycle, and the positive impact of economic cycle on the denominator of leverage ratio is greater than that on the numerator; the greater the size and liquidity of banks, the higher the leverage ratios are; the higher the profitability and loan-deposit ratio of banks, the lower the leverage ratios are.
［Key words］ commercial bank; Basel Ⅲ; bank leverage ratio; regulatory instrument; capital replenishment mechanism
表外业务是银行应对竞争的交叉销售策略吗？——基于中国51家商业银行的实证研究
周鸿卫 胥荷香
［摘 要］ 在净利差决定的做市商模型框架内，本文根据表外业务、风险溢价和纯利差之间的内在关系，定义银行应对竞争的两类交叉销售策略，一类是银行对同一客户主动降低表内业务风险溢价以发展表外业务，表外业务与纯利差负相关；另一类是主动降低表外业务风险溢价以发展表外业务，表外业务与纯利差正相关。基于做市商模型分离出纯利差并进行实证检验，发现表外业务降低了表内业务风险溢价（主要是信用风险溢价），表外业务（主要是手续费及佣金类表外业务）和表内业务间存在交叉销售，发展表外业务是中国银行业应对市场竞争所运用的一种交叉销售策略。
［关键词］ 商业银行；表外业务；纯利差；风险溢价；交叉销售
［Abstract］ In the market-maker model dependent on net interest margin (NIM), this paper defines the two types of cross-selling strategy of banks to participate in competition according to the intrinsic relationship among off-balance sheet business, risk premium and pure spread. One type is that banks initiatively reduce the risks of balance sheet business relating to the same customer so as to develop off-balance sheet business, and the off-balance sheet business is negatively interrelated to pure spread; the other type is that banks initiatively reduce the risks of off-balance sheet business so as to develop off-balance sheet business, and the off-balance sheet business is positively interrelated to pure spread. The pure spread is separated based on the market-maker model and the empirical analysis shows that the off-balance sheet business reduces the risk premium (primarily credit risk premium) of balance sheet business, and there is a cross-selling relationship between off-balance sheet business (primarily fees and commissions) and balance sheet business, so the off-balance sheet business is a cross-selling strategy of Chinese banks to participate in market competition.
［Key words］ commercial bank; off-balance sheet business; pure spread; risk premium; cross-selling
期限溢酬的信息含量——来自中国国债市场的证据
陈 蓉 廖木英
［摘 要］ 本文以中国银行间市场交易的国债为研究对象，运用高斯仿射模型和卡尔曼滤波估计法得到1~7年期债券的期限溢酬。研究结果表明：债券的期限溢酬显著存在，且随着债券期限的增加而增加；债券的期限溢价在经济萧条时增加，在经济繁荣时则下降；期限溢酬与货币变量和宏观流动性的关系更为紧密，而与经济增长的影响关系较弱。
［关键词］ 期限溢酬；国债市场；利率；汇率
［Abstract］ This paper uses Chinese treasury bonds traded in interbank markets as samples to be researched and the Gauss Affine Model and Kalman Filter Estimation to gain the term premium of 1-7 years’ bonds. The results of the paper show that the term premium of bonds is significant, and it adds with the increase in the terms of bonds; the term premium of bonds adds in the period of economic recession and decreases in the period of economic prosperity; the term premium is closely related to monetary variables and macro mobility, but less related to the impacts of economic growth.
［Key words］ term premium; treasury bond market; interest rate; exchange rate
社会资本对城镇家庭金融市场参与的影响
巩宿裕 王 聪
［摘 要］ 本文以2010年中国家庭动态调查数据为基础，从社会资本角度探究中国城镇家庭金融市场参与问题。根据社会资本的不同构成，将其分为结合型社会资本与桥接型社会资本。研究发现，以传统宗族为代表的结合型社会资本显著地阻碍了城镇家庭参与金融市场，同时也减少了城镇家庭参与金融市场的深度；以相互沟通、传播信息为特点的桥接型社会资本对城镇家庭参与金融市场的概率和深度都有显著正向作用。总的来说，社会资本对中国当前城镇家庭金融市场参与表现为正向作用。
［关键词］ 社会资本；结合型社会资本；桥接型社会资本；城镇家庭；金融市场参与
［Abstract］ Based on the dynamic survey data of Chinese families in 2010, this paper, from the perspective of social capital, researches the problem that Chinese urban families’ participation in financial markets. Social capitals can be divided into combining-type social capitals and bridging-type social capitals according to their composition. It’s found that the combining-type social capitals represented by traditional clan significantly hinder urban families’ participation in financial markets, and also reduce the participation depth of urban families in financial markets; the bridging-type social capitals, whose characteristics are communicating with each other and spreading information, significantly and positively impact the participation possibility and depth of urban families in financial markets. Overall, the social capitals positively impact the participation of Chinese urban families in financial markets.
［Key words］social capital; combining-type social capital; bridging-type social capital; urban family; participation in financial market
互联网银行理论研究的最新进展
乔海曙 许 可
［摘 要］ 从提供信息、交付产品与服务的渠道发展成为将服务与营销相结合的大平台，互联网银行运用大数据和云计算改变了传统银行业态，是银行业历史上的一大创新，也是中国银行业发展过程中正在经历的重要阶段。目前国内外学者们针对互联网银行的研究主要集中在互联网银行的内涵与属性研究、互联网银行的驱动机制研究、互联网银行产生的效应研究等三大方面，针对互联网银行未来的发展趋势和传统银行的应对措施也进行了有意义的探究。
［关键词］互联网银行；互联网金融；客户关系；普惠金融
［Abstract］Internet banking develops from a channel providing information, delivering products and services into a large platform combining service with marketing. It has changed the traditional banking industry by the big data and cloud computing. It becomes a great innovation in banking history, and is also an important stage in China’s banking development process. At present, the domestic and abroad scholars’ literature on Internet banking focuses on three fields, i.e. the connotation and property of Internet banking, the driving mechanism of Internet banking, the effects of Internet banking. There are some significant researches on the future development trend of Internet banking and the countermeasures of traditional banking.
［Key words］ Internet banking; internet finance; customer relationship; inclusive finance