中国融资结构进入转型期的分析——基于经济生态的视角
周月秋 邱牧远 (3)
An Analysis of Chinese Financing Structure Transition——From the Perspective of Ecological Economy
ZHOU Yue-qiu Qiu Mu-yuan (3)
中国互联网金融的监管与发展
张承惠 (13)
The Regulation and Development of Chinese Internet Finance
ZHANG Cheng-hui (13)
中国融资成本的长期影响因素——基于结构和预期视角的实证研究
邢天才 王璇璇 郭 凯 (18)
Long-term Factors Affecting Financing Costs in China——An Empirical Research from the Perspective of Structure and Expectation
XING Tian-cai WANG Xuan-xuan GUO Kai (18)
中美德国债收益率曲线的共同影响因素
韩国文 黄笑言 赵 刚 (30)
Common Factors Affecting the Yield Curves of Chinese, American and German Government Bonds
HANG Guo-wen HUANG Xiao-yan ZHAO Gang (30)
不良贷款、资本充足率与商业银行效率
谭政勋 庹明轩 (40)
Non-Performing Loans, Capital Adequacy Ratio and Efficiency of Commercial Banks
TAN Zheng-xun TUO Ming-xuan (40)
中国货币中性检验
许 坤 程建华（51)
A Test on Chinese Monetary Neutrality
XU Kun CHENG Jian-hua (51)
商业银行互联网金融人才工作满意度研究
黄勋敬 黄 聪 赵曙明 (62)
A Research on the Job Satisfaction of Internet Financial Professionals of Commercial Banks
HUANG Xun-jing HUANG Cong ZHAO Shu-ming (62)
独立董事辞职的市场反应——以中国独立董事辞职潮为背景的研究
陈 非 刘林丹 (72)
The Market Reaction to the Resignation of Independent Directors —— A Research Based on the Resignation Wave of Chinese Independent Directors
CHEN Fei LIU Lin-dan (72)
中国融资结构进入转型期的分析——基于经济生态的视角
周月秋 邱牧远
［摘 要］ 本文分析改革开放后中国融资结构的变化，经济生态下融资供求的双方特征，以及新常态下最优融资结构的变动趋势和动因，认为融资结构要适应新常态下经济生态的变化，中国长期以间接融资为主的市场格局目前已经到了需要重点发展直接融资市场的时期。为此，有关部门应该加强市场制度建设，商业银行应适应融资结构的转变，通过转型实现经营战略转变。
［关键词］ 融资结构；经济生态；资本市场；间接融资；直接融资
［Abstract］ This paper presents an analysis of the changes in Chinese financing structure, the characteristics of supply and demand in economic ecology, and the trends and factors of the changes in the optimal financing structure in the new normal. The authors of the paper argue that the financing structure needs to correspond to the changes in the economic ecology in the new normal, and the Chinese financing markets mainly-based on indirect financing come to a point that the development of direct financing markets need to be focused on. Therefore, the relevant authorities should strengthen the construction of market systems, the commercial banks should adapt to the changes in financing structure and promote the changes in operation strategy by restructuring.
［Key words］ financing structure; economic ecology; capital market; indirect financing; direct financing
中国互联网金融的监管与发展
张承惠
［摘 要］ 中国互联网金融在迅猛发展的同时，在互联网金融监管方面尚存在一些难点。因此，需要建立起符合互联网金融发展特点的监管架构，具体包括：坚持有区别的监管原则；推进功能监管；强化行业协会的作用，使行业协会更多地履行自律职责等。未来互联网金融的发展趋势包括：更加注重增值服务；综合化趋势与进一步细分市场；正规金融体系将面临更大的冲击；互联网金融领域的并购活动将加剧；“互联网金融”将与“金融互联网”进一步融合等。
［关键词］ 互联网金融；金融互联网；金融监管；功能监管
［Abstract］ At the same time when Chinese Internet finance develops rapidly, some difficulties exist in the regulation of Internet finance. Therefore, it’s needed to establish a regulatory framework in line with the developmental features of Internet finance. The framework includes: differentiated regulatory principles; promoting function regulation; strengthening the roles of industry associations so as to promote associations to fulfill self-discipline duties. The followings are the future development trend of the Internet finance as: paying more attention to value-added services; integration trends and further market differentiation; the greater impacts on formal financial system; more Internet finance M & A; further combination of “Internet finance” and the “finance Internet”.
［Key words］ Internet finance; finance Internet; financial regulation; function regulation
中国融资成本的长期影响因素——基于结构和预期视角的实证研究
邢天才 王璇璇 郭 凯
［摘 要］ 本文基于金融结构和预期的视角，研究中国融资成本与金融总供给、金融总需求、融资供给结构、融资需求结构和通胀预期的关系。研究结论表明：（1）金融结构和通胀预期均构成融资成本的重要长期影响因素，但金融结构的影响更显著，因而降低融资成本还应以调整金融总供给和总需求以及优化融资结构为主。（2）提高狭义和广义金融深化比例，优化社会融资规模比例，提高直接融资与间接融资比率，优化融资供给结构等有助于优化金融结构降低融资成本。
［关键词］ 融资成本；金融结构；融资供给；融资需求；通胀预期
［Abstract］ From the perspective of financial structure and expectation, the authors of this paper analyze the relationship between financing costs and financial total supply, total demand for finance, financing supply structure, financing demand structure, inflation expectations. The conclusions of the paper show that: (1) the financial structure and inflation expectation are important long-term factors to affect financing costs, but the impacts of financial structure are more significant, so the reduction in financing costs is mainly depended on the adjustment in the financial total supply, total demand and the improvement in financing structure; (2) raising the ratios of narrow- and broad-meaning financial deepening to improve the ratio of social financing scale, and raising the ratios of direct financing and indirect financing to improve the financing supply structure are conducive to improving financing structure and reducing financing costs.
［Key words］financing cost; financial structure; financing supply; financing demand; inflation expectation
中美德国债收益率曲线的共同影响因素
韩国文 黄笑言 赵 刚
［摘 要］ 本文运用共同主成分分析研究中美德三国国债收益率曲线变动的共同因素结构，研究表明：共同水平因素和共同斜度因素起决定性作用；共同水平因素主要与各国水平因素有关，但也会受到各国斜度因素的小幅影响，由各国期限结构的水平变动决定；共同斜度因素同时受到各国水平因素和斜度因素的相反作用，由各国期限结构的斜率变动决定。针对这两种因素采取套期保值策略，可以防范三国国债收益率95%以上的波动风险。
［关键词］ 中国国债收益率；美国国债收益率；德国国债收益率；国家债券；债券市场风险；国际债券组合
［Abstract］ In this paper, the authors use the co-principal component analysis to research the structure of common factors affecting the changes in the yield curves of Chinese, American and German government bonds. The conclusions of the paper show that the common level factor and the common slope factors play a decisive role; The common level factors are related to the level factors of relevant countries and are also affected by the slope factors of relevant countries to a small extent which is decided by level change in term structure; the common slope factors are simultaneously subjected to the opposite impacts of the level factors and the slope factor of relevant countries, and are decided by slope changes in term structures of relevant countries. The hedging strategy for these two factors can prevent more than 95% fluctuation risks of the government bond yields of the three countries.
［Key words］ yield of Chinese government bond; yield of American government bond; yield of German government bond; government bond; risk of bond market; international bond portfolio
不良贷款、资本充足率与商业银行效率
谭政勋 庹明轩
［摘 要］ 本文利用同时考虑不良贷款和松弛变量的SBM模型测算中国商业银行的效率，并利用截尾回归方法分析资本充足率对效率的影响。结果表明：忽视不良贷款会显著高估银行效率；资本充足率与银行效率之间呈现倒U形关系。当资本充足率较低时，银行效率随着资本充足率的增加而提升；但当资本充足率增加到一定程度，反而不利于效率的提升。中国商业银行的经营效益严重依赖于外部环境，具有很强的顺周期性。
［关键词］ 不良贷款；资本充足率；商业银行效率；SBM模型
［Abstract］In this paper, the SBM model including NPLs and slack variables is used to measure the efficiency of Chinese commercial banks, and the truncated regression analysis is used to analyze the impact of capital adequacy ratio on efficiency. The results of the paper show that, if the NPLs are ignored, the efficiency of banks will be significantly overestimated; there is an inverted U-shaped relationship between capital adequacy ratio and efficiency of banks. When the capital adequacy ratio is low, the efficiency of banks improves with the increase in capital adequacy ratio; but when the capital adequacy ratio increased to a certain extent, it is not conducive to the improvement in efficiency; the operational efficiency of Chinese commercial banks is heavily dependent on external environment, and shows an obviously-procyclical feature.
［Key words］ NPL; capital adequacy ratio; efficiency of commercial bank; SBM model
中国货币中性检验
许 坤 程建华
［摘 要］ 本文分别利用脉冲响应函数和累积脉冲响应函数检验各类定义下的中国货币中性特征。结果表明：中国M0、M1和M2均存在明显的非中性特征，M2增速变化会造成实际产出永久性累积损失；实际产出对货币增量变化量的冲击反应具有振荡特征。其隐含的政策启示是：短期内货币量不能作为经济增长的稳定器；应权衡货币量的产出稳定目标与产出增长目标；稳定的货币量变化速度有利于经济稳定运行。
［关键词］ 货币中性；货币非中性；货币政策；货币政策有效性；经济增长
［Abstract］ In this paper, the IRF and AIRF are used for a test on the characteristic of Chinese monetary neutrality in different definitions. The conclusions of the paper show that the Chinese M0, M1 and M2 have significant non-neutral characteristics, and the change in the rate of M2 growth will results in permanent cumulative loss; reaction of real output to the impact of change in monetary increment has oscillation characteristics. The suggested policy is that the monetary amount in the short term can not be used as a stabilizer of economic growth; the output-stability goal should be a trade-off for the output-growth goal; the stable change rate of monetary amount is conducive to stable economic operation.
［Key words］ monetary neutrality; monetary non-neutrality; monetary policy; effectiveness of monetary policy; economic growth
商业银行互联网金融人才工作满意度研究
黄勋敬 黄 聪 赵曙明
［摘 要］ 本研究对当前商业银行互联网金融人才的工作满意度进行专项调查。调查研究结果表明，当前互联网金融人才的工作满意度处于中等偏低水平。商业银行有必要实行互联网金融人才战略，重视互联网金融人才的职业发展体验，通过跨部门的虚拟柔性团队的组建来提升人才工作效果，探索构建“三位一体”的新的考核体系来牵引提升业绩。
［关键词］ 商业银行；互联网金融人才；工作满意度；软实力；绩效考核体系
［Abstract］ This paper presents an investigation into the current job satisfaction of Internet financial professionals of commercial banks. The results of the investigation show that the current job satisfaction of Internet financial professionals is at a medium-low level. The commercial banks should implement the strategy of Internet financial professionals, pay attention to the career development experience of Internet financial professionals, set up virtual flexible teams to improve the effects of professional work, and explore the construction of the new“trinity” appraisal system so as to promote the improvement in performance.
［Key words］ commercial bank; Internet financial professional; job satisfaction; soft power; performance appraisal system
独立董事辞职的市场反应——以中国独立董事辞职潮为背景的研究
陈 非 刘林丹
［摘 要］ 本文采用事件研究法对强制性独立董事辞职潮引发的市场反应进行实证研究。研究发现，独立董事强制性辞职引起的证券市场反应显著为负。独立董事、上市公司和地区等特征不同时证券市场反应会有所不同：与国企上市公司相比，民企上市公司的证券市场反应更明显；与金融与能源行业上市公司相比，非金融与能源行业上市公司的证券市场反应更明显。
［关键词］ 独立董事制度；党政领导干部；市场反应；地区制度环境；独立董事辞职潮
［Abstract］ In this paper, the event study method is used for the research on stock market reaction to the compulsory resignation wave of independent directors. It’s found that the stock market reaction is significantly negative. The stock market reaction isn’t the same if the characteristics such as independent directors, listed companies and regions differ; compared with state-owned listed companies, the stock market reaction to private listed companies is more significant; compared with listed companies in finance and energy industries, the stock market reaction to non-finance and non-energy listed companies is more significant.
［Key words］ independent director system; leading cadres of party and government; market reaction; regional institution environment; resignation wave of independent director