关于“货币漏出”与货币政策的思考
周月秋 (3)
A Thinking about “Monetary Leakage” and Monetary Policy
ZHOU Yue-qiu (3)
“十三五”时期的财税改革与发展
高培勇 汪德华 (16)
The Reform and Development of Fiscal and Taxation System in “the 13th Five-Year” Period
GAO Pei-yong WANG De-hua (16)
“以客户需求为导向”的保险公司转型与创新研究
霍联宏（32)
A Study of the “Customer’s Demand-Oriented” Transformation and Innovation of Insurance Companies
HUO Lian-hong (32)
国外商业银行小微企业信贷模式比较与启示
施 刚 (40)
A Comparison between the MSE Credit Modes of Foreign Commercial Banks and the Enlightenment
SHI Gang (40)
人民币汇率市场与货币市场的波动及溢出效应
陈文新 祝艳梅 (50)
The Fluctuation and Spillover Effects of RMB Exchange Rate Market and Monetary Market
CHEN Wen-xin ZHU Yan-mei (50)
人民币国际化与汇率的相互影响及政策协调
余 翔（59)
Interaction between Internationalization of RMB and Exchange Rate and the Policy Coordination
YU Xiang (59)
大银行何以为中小企业融资？——基于某大银行支行的案例分析
韩亚欣 何 敏 李华民 (72)
Why Do Large Banks Support the Financing of SMEs? ——A Case Study of the Branch of Large Bank
HAN Ya-xin HE Min LI Hua-min (72)
关于“货币漏出”与货币政策的思考
周月秋
［摘 要］ 为揭示经济增速下滑与不断走高的货币流动性（M2/GDP）之间的现象，本文从货币资金流动视角分析货币政策与实体经济运行的矛盾及原因，认为新常态下宽松的货币政策并不能使得以上矛盾得到解决，应当通过有序推动金融改革，使漏出的货币回归支持经济持续健康发展轨道。
［关键词］ 货币政策；货币漏出；金融改革
［Abstract］ In order to explain the phenomenon that the monetary liquidity (M2/GDP) continuously rises while the economic growth goes down, this paper, from a perspective of monetary liquidity, analyzes the contradiction between monetary policy and real economic operation and the reasons. The paper argues that the relaxed monetary policy in the New Normal can not resolve the contradiction, and it’s needed to promote financial reform orderly so as to make the leaked money return on the way to support the sustainable and sound development of economy.
［Key words］ monetary policy; monetary leakage; financial reform
“十三五”时期的财税改革与发展
高培勇 汪德华
［摘 要］ 本文在对“十二五”时期财税体制改革进展进行梳理的基础上，提出“十三五”时期财税改革和发展的主要任务有：全面落实十八届五中全会布局的深化财税体制改革；积极应对进入“新常态”的财政收支形势；加大全口径预算管理的力度，实现国家治理现代化；调整财政收入结构，使其具备现代财政制度的特点；理顺中央与地方财政关系等。为此，要加大预算制度改革及财政支出结构调整力度，确保新《预算法》及各项改革任务的有效落实；加强公开透明、绩效导向对预算改革的推动作用等。
［关键词］ “十三五”；财税改革；预算改革；财政体制
［Abstract］ Based on the summary of the the progress in the reform of fiscal and taxation system in “the 12th Five-Year” period, this paper proposes that the main tasks of reform and development of the fiscal and taxation system in“the 13th Five-Year” period include: comprehensively implementing the plan, proposed in the fifth Plenary Session of the 18th CPC Central Committee, to deepen the reform of fiscal and taxation system; actively responding to the fiscal and taxation revenue-expenditure situation in the “New Normal”; strengthening the full-caliber budget management to achieve modernization of national governance; adjusting the structure of fiscal revenue and make it be a modern financial system; straightening out the relationship between the central and local governments, etc. Therefore, it’s needed to strengthen the reform of budget system and the restructuring of fiscal expenditure, ensure the effective implementation of new “Budget Law” and all reform tasks; enhance the promotion effects of transparency and performance-orientation on budget reform.
［Key words］ “the 13th Five-Year”; fiscal and taxation reform; budget reform; fiscal system
“以客户需求为导向”的保险公司转型与创新研究
霍联宏
［摘 要］ 中国保险业正面临新的发展环境，保险企业通过实施从以产品为中心到以客户为导向的转型，更加快速精准地洞见并响应客户需求，建设全方位、良好的客户界面，有效提升客户体验，才能在竞争中赢得优势。围绕着“关注客户需求、改善客户界面、提升客户体验”三大目标，太平洋保险持续推进“以客户为中心”的转型，不断优化商业模式，打造客户经营模式的升级版，为未来发展赢得先机。
［关键词］ 保险公司；太平洋保险集团；以客户为中心；商业模式；转型与创新
［Abstract］ At present, China’s insurance industry is in a new development environment. Insurance companies may gain competitive strength only by the implementation of the transformation from product-focused strategy to customer-oriented strategy, the more quickly and more accurately finding and responding to customer’s needs, the construction of all-round, good customer interfaces, and the effective improvement in customer experience. Focusing on the three goals, “pay attention to customer’s needs, improve customer interface, improve customer’s experience”, CPIC continuously promotes the “customer-oriented” transformation, constantly optimize business mode, create an upgraded version of customer-management mode, so as to gain the opportunity of future development.
［Key words］ insurance company; CPIC; customer-focused; business mode; transformation and innovation
国外商业银行小微企业信贷模式比较与启示
施 刚
［摘 要］ 本文介绍渣打银行中小企业贷款模式、富国银行小微企业信贷零售模式等多家国外商业银行开展小微企业信贷业务的成功经验。国内商业银行开展小微企业信贷业务应当首先注重客户的细分及产品的差异化，弱化抵押并重视客户的还款能力和还款意愿的评估，实行零售化和批量化管理，运用定性和定量相结合的方法进行风险管理，在提高综合收益的同时，控制小微企业信贷风险。
［关键词］ 国外商业银行；小微企业；小微金融；信贷模式；信贷风险
［Abstract］ This paper introduces the successful experience in the credit business of several foreign commercial banks, including the small & medium-sized enterprises credit mode of Standard Chartered Bank, the micro & small enterprises (MSEs) retail credit mode of Wells Fargo, etc. For the credit business of MSEs, the domestic commercial banks should pay attention to the customer classification and product differentiation, reduce mortgage requirements and strengthen the assessment of customer’s repayment ability and willingness, implement retail and batch management, control credit risks of MSEs better by the qualitative and quantitative risk management at the same time improving the overall earnings.
［Key words］ foreign commercial bank; MSEs; micro & small finance; credit mode; credit risk
人民币汇率市场与货币市场的波动及溢出效应
陈文新 祝艳梅
［摘 要］ 本文基于“三元悖论”，采用2007年1月4日到2015年2月12日的数据，研究人民币汇率与Shibor的波动溢出效应。结果表明，人民币汇率与Shibor呈显著的负相关关系，两个变量的波动均存在显著的ARCH效应；对于同等信息的冲击，Shibor反应更为敏感，表明货币市场的弹性大于汇率市场的弹性；两个市场仅在短期内存在双向的、对称的波动溢出效应，并且Shibor波动对人民币汇率的溢出效应大于人民币汇率波动对Shibor的溢出效应。
［关键词］ 人民币汇率；基准利率；非对称性；波动溢出效应
［Abstract］ Based on the“Impossible Trinity”, this paper uses the data during January 4, 2007 to February 12, 2015 to analyze the fluctuation and spillover effects of RMB exchange rate and Shibor. The results of the paper indicate that there is a significant negative correlation between RMB exchange rate and Shibor, and the two variables show significant ARCH effects; as for the same information impact, Shibor shows a more sensitive response, which indicates the flexibility of monetary market is larger than that of exchange rate market, there are two-way, symmetrical fluctuation and spillover effects in the two markets only in short-term, and the spillover effects of the fluctuation of Shibor on RMB exchange rate are larger than those of RMB exchange rate on Shibor.
［Key words］ RMB exchange rate; benchmark interest rate; asymmetric; spillover effect of fluctuation
人民币国际化与汇率的相互影响及政策协调
余 翔
［摘 要］ 本文采用人民币国际支付在全球市场的份额，实证检验人民币国际化与汇率的联系，并对比分析人民币国际支付份额与离岸人民币存款影响因素的异同。结果表明，人民币汇率及其走势预期对于人民币国际化进程发挥了重要作用，而离岸人民币存款市场受到在岸离岸汇差和宏观经济走势的重要影响。2014年3月以来，人民币汇率波动幅度政策的放宽使得汇率波动与人民币国际化的联系更加紧密。
［关键词］ 人民币国际化；汇率政策；离岸市场；汇差
［Abstract］ In this paper the shares of RMB international payment in the global markets are used as samples to examine the links between RMB internationalization and exchange rate, and to analyze the similarities and differences in the factors to influence the shares of RMB international payment and RMB deposits. The results of the paper show that the RMB exchange rate and the expectation of its trends play an important role in the process of internationalization of RMB, and the offshore RMB deposits market is impacted by onshore exchange differences and the macroeconomic trends. Since March, 2014, the looser policy of RMB exchange rate fluctuation makes the link between exchange rate fluctuation and RMB internationalization closer.
［Key words］ RMB internationalization; exchange rate policy; offshore market; exchange difference
大银行何以为中小企业融资？——基于某大银行支行的案例分析
韩亚欣 何 敏 李华民
［摘 要］ 本文基于A大银行广州某支行的案例，分析大银行对中小企业融资的态度与行为转变。研究发现，政府政策偏好变序、金融脱媒现象显化、企业信用环境改善以及利率市场化进程加快等环境条件变化，构成大银行对中小企业融资行为变化的重要变量。因此，为解决中小企业融资难题，政府应强化政策导向，激发大银行的内在动力。
［关键词］ 大银行；中小企业；中小企业融资；融资信用环境；普惠金融
［Abstract］ Based on the case of the branch of a large bank, this paper analyzes the changes in attitudes and behaviors of large banks to support the financing of SMEs. It’s found that changes in national policy preference order, dominant financial disintermediation, improvement in credit environment of firms, accelerating process of interest rate liberalization and other changes in environment are the key factors to influence the changes in behaviors of large banks to support the financing of SMEs. Therefore, in order to solve financing problem, the government should strengthen policy guidance so as to stimulate intrinsic motivation of large banks.
［Key words］ large bank; SME; financing of SME; credit environment of financing; inclusive finance