“十三五”期间中国银行业面临的挑战与机遇
姜建清 陆百甫 王一鸣 杨凯生等 (3)
The Challenges and Opportunities of Chinese Banking Sector during “13th Five-Year”
JIANG Jian-qing，et al. (3)
中国行动：稳定全球经济的持续发展
夏 斌 (14)
China’s Action: For the Stability of the Sustainable Development of Global Economy
XIA Bin (14)
中国经济金融化对城镇化影响的总体效应与阶段特征
姜 松 黄庆华 (16)
The Overall Effects and Phase Characteristics of the Influence of China’s Economic Financialization on Urbanization
JIANG Song HUANG Qing-huag (18)
社会资本、投资环境与民营企业银行贷款
李 余 余 文 (34)
Social Capital, Investment Environment and the Bank Loans of Private Enterprises
LI Yu YU Wen (34)
存款保险制度、市场约束和规模偏好——基于日本银行业2000~2014年数据的实证研究
冯 剑 童中文 (45)
Deposit Insurance System, Market Discipline and Scale Preference——An Empirical Study Based on the Data of Japanese Banks during 2000-2014
FENG Jian TONG Zhong-wen (45)
手续费及佣金收入与中小银行绩效
邰越越 王相宁（54)
Fee and Commission Income and the Performance of Small and Medium-Sized Banks
TAI Yue-yue WANG Xiang-ning (54)
A股上市公司公开增发和定向增发的公告效应
胡李鹏 张 韵 (66)
Announcement Effects of the Seasoned Equity Offerings and Private Placements of A-share Listed Companies
HU Li-peng ZHANG Yun (66)
“十三五”期间中国银行业面临的挑战与机遇
姜建清 陆百甫 王一鸣 杨凯生等
［编者按：中国城市金融学会常务理事会会议暨中国工商银行发展战略咨询会议于2016年3月1日在北京召开。与会的中国城市金融常务理事就当前宏观经济形势、面临的风险考验、商业银行的基本职能以及中国工商银行的国际化、信息化发展战略等进行了深入探讨。
中国行动：稳定全球经济的持续发展
夏 斌
［摘 要］ 近年来，特别是2014年以来，中国针对2008年美国大危机后复苏缓慢而脆弱的世界经济，通过“一带一路”、亚投行、丝路基金、人民币国际化以及包括鼓励中国企业“走出去”等一系列政策措施为主要内容的中国行动，稳定了全球经济的持续发展。中国在寻求更大的全球经济需求、支持包容其他国家发展的同时，突现本国资本增值、在市场竞争中实现产能的合理、良性转移，这就是“中国行动”的世界意义和中国意义。
中国经济金融化对城镇化影响的总体效应与阶段特征
姜 松 黄庆华
［摘 要］ 本文研究经济金融化对城镇化影响的总体效应和阶段特征。研究结果表明，经济金融化并没有对城镇化产生不良影响，相反其通过实现金融部门规模经济、引导资金再分配和加速资本积累等途径对城镇化产生显著促进作用，在东部影响显著为正，中部和西部影响显著为负；在不同经济金融化阶段其对城镇化影响效应不同。
［关键词］ 经济金融化；城镇化；规模经济；工业化
［Abstract］ This paper researches the overall effects and phase characteristics of the influence of economic financialization on urbanization. The results of the paper show that economic financialization does not have adverse influence on urbanization, on the contrary, it significantly promotes the urbanization by improving the scale economy of financial sector, guiding the reallocation of funds and accelerating capital accumulation, etc., and the influence in eastern regions is significantly positive, but the influence in central and western regions is significantly negative; the effects of the influence varies in different phase of economic financialization.
［Key words］ economic financialization; urbanization; scale economy; industrialization
社会资本、投资环境与民营企业银行贷款
李 余 余 文
［摘 要］ 本文通过宏观层面（民间社会组织人均数量、社会参与度、地区信任度）和微观层面（领导层关系）两个维度度量社会资本的发展状况，研究不同地区的投资环境、社会资本对民营企业获得银行贷款难易程度的影响。研究结果发现：在社会资本较发达的地区，民营企业获得更多的银行贷款，且长期贷款的比重更大，在投资环境越差的地区，社会资本的这种效应越显著。
［关键词］ 社会资本；非正式制度；银行贷款；投资环境
［Abstract］ This paper measures the development and status of social capitals in macro dimension (per capita number of civil society organizations, social participation, regional trust) and micro dimension (leadership relationship), and researches the effects of the investment environment and social capitals in different region on the difficult degree of private enterprises to obtain bank loans. The results of the paper show that the private enterprises in regions with developed social capitals obtain more bank loans, and the proportion of long-term loans is greater; the more imperfect the regional investment environment is, the more significant the effects of social capitals.
［Key words］ social capital; informal system; bank loan; investment environment
存款保险制度、市场约束和规模偏好——基于日本银行业2000~2014年数据的实证研究
冯 剑 童中文
［摘 要］ 本文采用2000~2014财年日本银行业的面板数据，从数量约束、价格约束两方面分析存款保险制度改革对于存款人风险偏好的中长期影响。研究表明：（1）在改革后的非危机时期（2005~2008年），存款人对风险反应敏感，其对银行业的风险行为能产生显著的市场约束作用，且不受“大而不倒”政策的影响；（2）在危机时期（2000~2004年、2009~2014年），“大而不倒”政策对存款人的风险意识产生明显影响，其对数量约束的影响大于对价格约束的影响。
［关键词］ 存款保险制度；市场约束；规模偏好；日本银行业；银行风险
［Abstract］ Based on the panel data of Japanese banking sector during 2000-2014, this paper analyzes the medium- and long-term impacts of deposit insurance system reform on depositor’s risk preference from the perspectives of quantity discipline and price discipline. The results of the paper show that, (1) in the non-crisis period (2005-2008) after the reform, the depositors are sensitive to risks and they play a role in market discipline on the risk behavior of banks, and are not impacted by policy “too big to fail”; (2) in the crisis periods (2000-2004, 2009-2014), the policy “too big to fail” significantly impacts the depositors’ awareness of risks, and the affect on quantity discipline is greater than that on price discipline.
［Key words］ deposit insurance system; market discipline; scale preference; Japanese banking sector; bank risk
手续费及佣金收入与中小银行绩效
邰越越 王相宁
［摘 要］ 本文采用2004~2013年中国90家中小商业银行的数据，实证分析手续费及佣金收入对银行绩效的影响，以及中型银行与小型银行间可能存在的差异。研究表明：手续费及佣金收入会显著改善银行绩效，并提高绩效稳健性；手续费及佣金收入与银行绩效、绩效稳健性存在显著的倒U形关系；有别于全样本银行和中型银行，小型银行的手续费及佣金收入对银行绩效的影响并不显著。
［关键词］ 中小银行；手续费；佣金收入；银行绩效
［Abstract］ In this paper, the data of Chinese 90 small and medium-sized commercial banks during 2004-2013 are used for the empirical analysis of the influence of fee and commission income on the performance of banks, and the possible difference between medium-sized banks and small banks. The results of the paper show that the fee and commission income can obviously improve the performance of banks and the robustness of performance; there is a significant inverted U-shaped relationship between the fee & commission income and the performance of banks/robustness of performance; unlike the whole bank samples and medium-sized banks, the fee and commission income of small banks don’t significantly impact the performance of banks.
［Key words］ small and medium-sized bank; fee; commission income; performance of bank
A股上市公司公开增发和定向增发的公告效应
胡李鹏 张 韵
［摘 要］ 本文研究1998~2013年A股上市公司公开增发和定向增发的公告效应，考察公告效应的影响因素。结果表明，市场对于不同事件日的反应是不同的，首次披露增发信息时市场的反应最大；市场对于公开增发的反应为负，对于定向增发的反应为正。进一步研究公告效应的影响因素时发现，市值账面比（MB）对公开增发的影响为负，对定向增发的影响为正，且市场状况越好，公开增发的累计超额收益率越高；信息不对称假说能够解释中国A股市场上公开增发和定向增发的公告效应。
［关键词］ 上市公司；公开增发；定向增发；公告效应；信息不对称假说
［Abstract］ This paper researches the announcement effects of the seasoned equity offerings (SEO) and private placements (PP) of A-share listed companies during 1998-2013, and analyzes the factors to influence the announcement effects. The results of the paper show that different announcement date has different announcement effect, and the reaction of market to the first disclosure of SEO or PP information is greatest; the reaction of the market to SEO is negative, and the reaction of the market to PP is positive. The further study of the factors to influence the announcement effects shows that the impacts of market to book ratio (M/B) on SEO is negative, but those on PP is positive, and the better the status of market, the greater the cumulative abnormal return of SEO; the information asymmetry hypothesis can explain the announcement effects of the SEO and PP of Chinese A-share listed companies.
［Key words］ listed company; seasoned equity offering; private placement; announcement effect; information asymmetry hypothesis