中国自贸试验区金融改革进展与前瞻
裴长洪 (3)
The Progress and Prospects of the Financial Reform in China’s Pilot FTAs
PEI Chang-hong (3)
土地抵押权与发展农村金融——基于历史交易合约的实证研究
林 展 陈志武 (9)
Land Collateral and the Development of Rural Finance ——An Empirical Study Based on Historical Transaction Contracts
LIN Zhan CHEN Zhi-wu(9)
金融化的路径选择与风险防控
于 瑾 周吉人(19)
The Path Selection and Risk Control of Financialization
YU Jin ZHOU Ji-ren (19)
金融危机期间银行的公司治理与绩效关系
周方召 钱 韵 (27)
The Relationship between the Corporate Governance and Performance of Banks during Financial Crisis
ZHOU Fang-zhao QIAN Yun (27)
经营环境、机构投资者持股与公司价值
孟庆玺 墨沈微 (38)
Business Environment, Institutional Investor’s Equity and Company Value
MENG Qing-xi MO Shen-wei (38)
中外银行经营效率测算及多阶段比较
庞淑娟 孟祥南 (47)
The Calculation and Multi-stage Comparison of the Operating Efficiency of Chinese and Foreign Banks
PANG Shu-juan MENG Xiang-nan (47)
香港人民币离岸市场利率与汇率的联动效应
严佳佳 孙莉莉 黄文彬 (57)
The Linkage Effects of Interest Rate and Exchange Rate in Hong Kong RMB Offshore Market
YAN Jia-jia SUN Li-li HUANG Wen-bin (57)
个体养老储备测算模型研究
赵 跃 高赛昂 陈 凯（(66)
A Study of the Calculation Model of Individual Pension Reserve
ZHAO Yue GAO Sai-ang Chen Kai (66)
新常态下PPP模式的机遇、挑战与对策
余逢伯（(75)
The Opportunities, Challenges and Strategies of the PPP in the New Normal
YU Feng-bo (75)
中国自贸试验区金融改革进展与前瞻
裴长洪
［摘 要］ 金融改革与营商环境改革、政府管理方式改革的关系密切相关。金融业的改革开放是检验服务贸易开放程度的重要尺度。新一轮开放的重点领域是服务贸易领域。上海自贸区的金融改革具有特殊性，上海未来国际金融中心的建设和发展应该有一套行之有效的改革方案。应制定深化资本项目开放的具体举措，优化自由贸易账户管控机制，推进利率市场化改革。
［关键词］ 自贸试验区；金融改革；金融发展；服务贸易
［Abstract］ Financial reform is closely related to the reforms of business environment and government administration. Financial reform and openness are important indexes to measure the opening level of service trade. The service trade is one of the important fields in the new reform. The financial reform in Shanghai Free Trade Area (FTA) has some peculiarities. The construction and development of the future Shanghai International Financial Center need a well-established program of reform. It’s necessary to develop specific initiatives to promote the openness of capital accounts, optimize the control mechanism of free trade account, and promote the liberalization reform of interest rate.
［Key words］ pilot FTA; financial reform; financial development; service trade
土地抵押权与发展农村金融——基于历史交易合约的实证研究
林 展 陈志武
［摘 要］ 本文利用1930年代东北和华北51个村庄中3 731件借贷交易合约，分析土地抵押对民间借贷中本金和利率的影响。研究表明：平均来说，使用土地抵押能够降低违约成本、增加契约的可执行性，并显著增加农户的借款本金、降低借贷利率。有书面借贷契约，借贷利率低；所在的村庄人口多，借贷利率低，表明借贷市场具有规模效应。没有证据支持高利贷导致了土地兼并。
［关键词］ 土地抵押权 ；农村金融 ；借贷市场；高利贷；民间金融
［Abstract］ Based on the 3 731 lending transaction contracts in 51 villages in North China and Northeast China during 1930s, this paper analyzes the influence of land collateral on the principal and interest rate of private credit market. It’s found that, land collateral can reduce default cost, make contracts more enforceable, and obviously increase farmer’s principal, reduce the interest rate of borrowing. The transactions with written contracts have lower interest rates; the more the population of a village, the lower the interest rate of borrowing is, which suggests a scale effect of lending market. There is not evidence to support the hypothesis that usury results in land concentration.
［Key words］ land collateral; rural finance; lending market; usury; private finance
金融化的路径选择与风险防控
于 瑾 周吉人
［摘 要］中国目前所走的金融化道路是以债权融资为主，在经济发展进入新常态以后，其在资源配置效率、风险防控和支持经济转型升级上的弊端逐步显现。未来要推动向股权融资为主导的金融化路径转型，充分认识金融化发展的战略意义，用金融化的思维去指导改革和发展，促进资本市场的发展，防控金融化进程中的系统性风险，在金融安全的前提下，继续有序推进资本市场开放，建立有效的监管联动机制。
［关键词］金融化；股权融资；路径选择；风险防控
［Abstract］ China’s road of financialization at present is one that mainly relies on debt financing. When China’s economy is in the new normal, the road gradually shows its shortcomings in efficiency in resource allocation, risk control and supporting economic transformation and upgrading. In the future, we should promote the financialization path to be changed into one that mainly relies on equity financing, raise the awareness of the strategic significance of financial development, guide the reform and development by finance-oriented thinking, promote the development of capital markets, control systemic risks in the process of financialization, continue to promote the orderly opening of capital markets on the premise of financial security, establish an effective linkage mechanism of supervision and management.
［Key words］ financialization; equity financing; path selection; risk control
金融危机期间银行的公司治理与绩效关系
周方召 钱 韵
［摘 要］ 本文以2008年全球金融危机为背景，实证考察金融危机前具有较高公司治理质量的银行在危机期间和之后的绩效表现。研究发现：前期银行公司治理质量越高，在金融危机期间银行的财务绩效也越好；公司治理质量与银行的长期市场表现无关；外部交叉上市对中国商业银行的公司治理与绩效关系影响并不显著。研究结论表明完善公司治理有助于提高银行绩效，尤其是能更好地应对金融危机的冲击。
［关键词］ 商业银行；公司治理；银行绩效；金融危机；交叉上市
［Abstract］ The global financial crisis in 2008 as background, this paper empirically researches the performance of banks during the crisis and after the crisis, and the banks have a high corporate governance quality before the crisis. It’s found that the higher the corporate governance quality of the banks before the crisis, the better the financial performance during the crisis is; the corporate governance quality is not related to the long-term market performance of banks; the external cross-listing does not significantly affect the relationship between the corporate governance quality and performance of Chinese commercial banks. The results of the paper show that the perfect corporate governance helps improve the performance of banks, especially cope with the impact of financial crisis better.
［Key words］ commercial bank; corporate governance; performance of bank; financial crisis; cross-listing
经营环境、机构投资者持股与公司价值
孟庆玺 墨沈微
［摘 要］ 本文以2008~2012年A股上市公司为样本研究经营环境、机构投资者持股与公司价值的关系。研究发现，机构投资者持股比例与上市公司短期价值显著正相关，与长期价值负相关，这表明机构投资者持股提升了上市公司的短期价值，但损害了其长期价值；经营环境改善有利于促进企业放弃短期价值，更加关注长期价值；相对于国有企业，机构投资者的这种角色转变在非国有企业更为显著。
［关键词］ 经营环境；机构投资者；公司价值；产权性质
［Abstract］ Based on the samples of A-share listed companies during 2008-2012, this paper researches the relationship among business environment, institutional investor’s equity and company value. It’s found that the increase in the ratio of institutional investor’s equity is positively correlated with the short-term value of listed companies, and negatively correlated with the long-term value, which means that institutional investor’s equity increases the short-term value of listed companies, but hurts the long-term value; the improvement in the business environment helps promote enterprises to give up short-term value, and pay more attention to long-term value; compared with state-owned enterprises, the role change of institutional investors is more significant in non-state-owned enterprises.
［Key words］ business environment; institutional investor; company value; nature of property rights
中外银行经营效率测算及多阶段比较
庞淑娟 孟祥南
［摘 要］ 本文将银行的经营过程分解为两个阶段，视存款为银行的中间产出，采用网络DEA方法对国际大型商业银行的经营效率进行测算和比较。这一测算方法考虑存款在银行业务流程中的双重角色，避免“生产法”或“中介法”对存款处理方式不同造成结果不可比较的问题。结果显示，在第一阶段中国大型银行运用资本获得存款的能力低于国外大型银行，第二阶段考察银行的盈利能力及资产状况，中国大型银行盈利能力明显上升，盈利能力和资产水平高于国外银行。
［关键词］ 网络DEA；国际大型银行；经营效率；效率评价
［Abstract］ In this paper, the process of bank operating is divided into two stages, and the deposits are regarded as the of intermediate outputs of banks, the network DEA method is used to measure and compare the operating efficiency of large international commercial banks. By the method, the dual roles of deposits in banking business process are considered, so as to avoid the problem that the different approaches of “production method” and “intermediary method” to deposits lead to non-comparable results. The study of the paper show that, in the first stage, the ability of China’s large banks to use capitals to obtain deposits is less than that of foreign large banks; in the second stage while the profitability and assets of banks are considered, the profitability of China’s large banks increases significantly, and the profitability and asset levels are higher than those of foreign banks.
［Key words］network DEA; international large bank; operating efficiency; efficiency appraisal
香港人民币离岸市场利率与汇率的联动效应
严佳佳 孙莉莉
［摘 要］ 本文基于利率平价理论视角，对香港人民币离岸市场利率与汇率联动效应进行实证分析，研究发现，两者之间存在着显著的双向价格溢出效应，香港人民币离岸市场当期的汇率波动能够影响未来的汇率与利率波动，而当期的利率波动无法影响当期与未来汇率的变动。结论表明，香港人民币离岸外汇市场和货币市场具有较强的价格发现功能。
［关键词］人民币汇率；利率；联动效应；香港人民币离岸市场
［Abstract］From the perspective of interest rate parity theory, this paper empirically analyzes the linkage effects of interest rate and exchange rate in Hong Kong offshore RMB market. It’s found that there are significant bi-directional price spillover effects between interest rates and exchange rate; the current fluctuations in exchange rate in Hong Kong offshore RMB market can influence the future fluctuations in exchange rate and interest rate, but the current fluctuations in interest rate can’t influence the current and the future fluctuations in exchange rate. The results of the paper show that the Hong Kong offshore RMB market and monetary market have strong functions of price discovery.
［Key words］ RMB exchange rate; interest rate; linkage effect; Hong Kong RMB offshore market
个体养老储备测算模型研究
赵 跃 高赛昂 陈 凯
［摘 要］ 本文通过分析个体意愿和个体满足感在养老需求中的作用，对个体养老决策进行研究。通过最大化个体生命周期效用的方式，求解该个体的养老储备最优化问题。研究发现，养老储备对个体负效用函数中的失望系数、初始资产、中年期效用贴现率与养老储备率负相关，老年期效用贴现率、养老储备资产收益率与养老储备率正相关。
［关键词］养老储备；消费决策；生命周期；效用函数
［Abstract］Based on the analysis of the influences of individual will and self-satisfaction on pension demands, this paper researches individual pension decisions. By the way of maximizing the effectiveness of individual life-cycle, the paper presents a solution to the problem of the optimization of individual pension reserve. It’s founds that the pension reserve rate is negatively correlated with the disappointment coefficient, initial assets, and middle-age utility discount rate, but positively correlated with the old-age utility discount rate, yield rate of pension reserve assets.
［Key words］ pension reserve; consumer decision; life cycle; utility function
新常态下PPP模式的机遇、挑战与对策
余逢伯
［摘 要］ 本文分析了新常态下推动地方政府与社会资本合作（PPP模式）面临的机遇、挑战和对策。经济新常态为地方政府应用PPP模式满足基础设施投融资需求，提高公共产品及服务供给效率，分散风险，转变职能提供了机遇，PPP模式的进一步推广面临着作用认识不到位，政府合作诚信基础不牢，相关法律法规不完善，项目运行机制不健全等挑战。因此，必须通过进一步提高认识，转变观念，健全制度，防范风险，加强社会监督来推动PPP模式的科学健康发展。
［关键词］新常态；PPP模式；地方政府；社会资本
［Abstract］This paper analyzes the opportunities, challenges and strategies of promoting the private-public-partnership (PPP) in the new normal. The new normal provides opportunities for local governments to advocate the PPP so as to satisfy the needs of infrastructure investment and financing, improve the efficiency in the supply of public goods and services, diversify risks and change government functions. To promote the PPP further faces problems such as the insufficient understanding, unstable basis of the cooperation faith of government, incomplete relevant laws and regulations, imperfect project operation mechanism, etc. Thus, it’s necessary to raise awareness further, change concepts, perfect system, prevent risks and strengthen social supervision so as to promote the healthy development of the PPP.
［Key words］ new normal; PPP; local government; social capital