加强金融信息整合共享 促进金融安全稳定
王兆星 (3)
Strengthen the Integration and Sharing of Financial Information and Promote Financial Security and Stability
WANG Zhao-xing (3)
负利率能够治通缩吗？
管 涛 (7)
Can the Negative Interest Rate Resolve the Deflation?
GUAN Tao (7)
大型银行授权管理与公司治理效率研究
中国工商银行董事会办公室课题组 (11)
A Study of the Authorization Management and Corporate Governance Efficiency of Large-Sized Banks
The Study Group of the Board Office of ICBC (11)
金融发展、税收规避与银行信贷增长——来自中国上市公司的经验证据
付 佳 刘 慧 (23)
Financial Development, Tax Avoidance and Bank Credit Growth——The Empirical Evidences of Chinese Listed Companies
FU Jia LIU Hui (23)
信贷资源配置影响经济增长的机制——基于2006~2014年动态面板数据的实证研究
邹朋飞 刘 佳 谢凤鸣 (33)
The Mechanism of Credit Resource Allocation to Impact Economic Growth——An Empirical Analysis Based on the Dynamic Panel Data during 2006-2014
ZOU Peng-fei LIU Jia XIE Feng-ming (33)
互联网金融发展对银行流动性的影响
王亚君 邢乐成 李国祥（42)
The Impacts of Internet Finance Development on Bank Liquidity
WANG Ya-jun XING Le-cheng LI Guo-xiang (42)
投资水平与中小企业投资决定的影响因素
刘 艳 朱 焱 (51)
The Investment Level and the Factors to Affect SME Investment Decision
LIU Yan ZHU Yan (51)
资本结构对企业绩效影响的新证据——基于产品市场竞争程度的研究
武力超 乔鑫皓 陈玉春 黄 颖 (62)
New Evidence of the Impacts of Capital Structure on Firm’s Performance—— An Analysis Based on the Competition Degree of Product Market
WU Li-chao QIAO Xin-hao CHEN Yu-chun HUANG Ying (62)
加强金融信息整合共享 促进金融安全稳定
王兆星
［摘 要］ 金融信息的整合共享是一个系统性工程，加强对金融信息的整合、分析和应用，能为金融风险的识别、评估和预警提供有力支撑。针对目前中国金融业信息整合共享方面尚存的完整性、及时性、有效性和科学性等方面的不足，下一步应做好以下工作：一是加强信息数据整合的统筹规划；二是建立规范的跨部门信息共享机制；三是进一步扩大信息数据共享范围；四是加强金融信息收集、加工、共享的电子化水平；五是研究建立全国统一的金融信息数据平台。
［关键词］ 金融信息整合；金融信息共享；金融安全稳定；金融风险识别
［Abstract］ The integration and sharing of financial information are systematic projects. To strengthen the integration, analysis and application of financial information will provide strong support for the identification, assessment and early warning of financial risks. Because of the shortage of the integrity, agility, effectiveness and science of the integration and sharing of financial information in China, the following should be done: first, strengthening the overall planning of information data integration; second, establishing a standard cross-sector information sharing mechanism; third, expanding the sharing range of information and data; fourth, improving the electronic level of the gathering, processing and sharing of financial information; fifth, exploring the establishment of a nationally-unified financial information and data platform.
［Key words］ integration of financial information; sharing of financial information; financial security and stability; financial risk identification
负利率能够治通缩吗？
管 涛
［摘 要］ 当前有关经济体面临的通货紧缩威胁，是长期的结构性问题而非临时的流动性问题。低利率甚至负利率政策对于化解因生产能力过剩、人口老龄化等结构性问题导致的通货紧缩帮助较小。从信用、资产价格、资产组合、通胀和汇率等传导渠道看，负利率刺激可能难以传导到实体经济。对于以间接融资为主的经济体来讲要特别注意负利率政策对于银行体系的影响。
［关键词］ 负利率；通货紧缩；货币政策；实体经济
［Abstract］ The present deflation threat to the economies results from the long-term structural problems rather than temporary liquidity problems. The low interest rate or even negative interest rate policy has little effect on resolving the deflation due to the structural problems such as the excess production capacity, population aging, etc. As to the transmission channels, such as credit, asset price, portfolio, inflation and exchange rate, etc., they may not transmit the stimulation of negative interest rate to the real economy. For the economy mainly based on the indirect financing, the impacts of negative interest rate policy on banking system should be paid special attention to.
［Key words］ negative interest rate; deflation; monetary policy; real economy
大型银行授权管理与公司治理效率研究
中国工商银行董事会办公室课题组
［摘 要］ 本文在对比国内外大型商业银行授权管理机制特点的基础上，分析中国大型商业银行授权管理中存在的问题。中国大型商业银行基本授权制度存在的问题包括：留有较浓厚的行政化色彩和粗放管理特征、缺乏动态调整机制、大股东审批前置等。为了完善授权管理，应对董事长授予相机处置权，对董事会专门委员会授予特殊事项决策权，对管理层加大授权和强化集团授权，建立健全授权管理动态调整机制，进一步改革监管理念。
［关键词］ 大型商业银行；授权管理；公司治理；公司治理效率；董事会；股东大会
［Abstract］ Based on the comparison of the characteristics of the authorization management mechanisms of domestic and foreign large-sized commercial banks, this paper presents an analysis of the problems in the authorization management of Chinese large-sized commercial banks. The problems in the basic authorization system of Chinese large-sized commercial banks include the administrative and extensive management features, lack of dynamic adjustment mechanism and the pre-approval of large shareholders, etc. In order to improve the authorization management, it’s necessary to grant the chairman the flexible-disposal power, grant the special committee of the board the decision-making power for special issues, grant the management hierarchy more power and strengthen group authorization, improve dynamic adjustment mechanism of authorization management, and reform regulatory ideas further.
［Key words］large-sized commercial bank; authorization management; corporate governance; corporate governance efficiency; board; general meeting of shareholders
金融发展、税收规避与银行信贷增长——来自中国上市公司的经验证据
付 佳 刘 慧
［摘 要］ 本文以2005~2014年中国沪深两市A 股上市公司为研究样本，考察企业税收规避对其银行信贷增长的影响。研究结果表明，企业税收规避会降低其银行信贷增长；在金融发展水平较高的地区企业的税收规避与其银行信贷增长的负向关系更为显著；而在金融发展水平较差的地区，对企业的银行信贷增长影响较小。因此，为减少企业的税收规避行为，提高政府的税收收入，应加快地区金融体系的建设。
［关键词］ 税收规避；银行信贷增长；企业价值；金融发展
［Abstract］ In this paper, the Chinese Shanghai and Shenzhen A-share listed companies during 2005-2014 are used as samples to analyze the impact of tax avoidance on bank credit growth of the companies. The conclusions of the paper show that the tax avoidance of companies hinders bank credit growth of the companies; the negative relationship between the tax avoidance of companies and the bank credit growth is more significant in the regions with high levels of financial development, and the tax avoidance of companies has a less impact on the bank credit growth in the regions with low levels of financial development. Therefore, it’s necessary to accelerate the construction of regional financial system for reducing the tax avoidance of companies and increasing the tax revenue of government.
［Key words］ tax avoidance; bank credit growth; enterprise value; financial development
信贷资源配置影响经济增长的机制——基于2006~2014年动态面板数据的实证研究
邹朋飞 刘 佳 谢凤鸣
［摘 要］ 本文以中国各省份2006~2014年的数据为样本，检验信贷资源配置扭曲程度的变化对经济增长的影响。实证结果表明：当前中国信贷资源配置在总体上仍然存在一定的不合理，国有企业占用的信贷资源相对更多；信贷资源配置扭曲对经济增长有显著的抑制作用；国有企业信贷资金的利用效率偏低。据此，建议加快推进信贷资源配置的市场化改革，提高信贷资源配置的合理性，提高国有企业信贷资源的利用效率。
［关键词］ 信贷资源配置；国有企业；信贷扭曲；经济增长；GMM-SYS方法
［Abstract］In this paper, the data of Chinese provinces during 2006-2014 are used for the testing of the impact of changes in the degree of credit resource misallocation on economic growth. The empirical results of the paper show that the Chinese credit resource allocation at present is overall irrational to a certain extent, and the state-owned enterprises occupy relatively more credit resources; the credit resource misallocation significantly hinders the economic growth; the credit resources efficiency of state-owned enterprises is low. Accordingly, it is recommended to accelerate the market-oriented reforms of credit resource allocation, improve the effectiveness of credit resource allocation and the credit resource efficiency of state-owned enterprises.
［Key words］credit resource allocation; state-owned enterprise; credit misallocation; economic growth; GMM-SYS method
互联网金融发展对银行流动性的影响
王亚君 邢乐成 李国祥
［摘 要］ 本文利用2006~2015年的季度数据研究互联网金融发展对银行流动性的影响，实证结果表明：互联网金融在发展初期提高了银行吸储能力，增加了银行流动性，但从长期来看，互联网金融将在业务领域与银行展开正面竞争，导致银行融资成本上升，增加了银行流动性风险。互联网金融是一把双刃剑，要想使银行和互联网金融之间出现非零和博弈，需要相关部门加强监管，维护金融市场稳定。
［关键词］ 互联网金融；银行流动性；融资成本；非零和博弈
［Abstract］ The author of this paper uses the quarterly data during 2006-2015 to research the impacts of Internet finance development on bank liquidity. The results of empirical analysis show the Internet finance in early development stage improves the ability of banks to gain deposits and increase the bank liquidity, but it in the long run will be a direct competition to banks for business, which results in increase in financing costs and liquidity risks of banks. The Internet finance is a double-edged sword. In order to make the game between banks and Internet finance a non-zero-sum one, the relevant authorities should strengthen regulation and maintain financial market stability.
［Key words］ Internet finance; bank liquidity; financing cost; non-zero-sum game
投资水平与中小企业投资决定的影响因素
刘 艳 朱 焱
［摘 要］ 本文研究不同投资水平的中小企业投资决定的影响因素。研究结果表明，现金流对投资水平较低的中小企业影响比较显著；而企业的销售收入、负债、利率、企业存续年限、GDP和上期投资水平等因素对投资水平较高的中小企业的影响比较显著。在解释中小企业投资行为的主要理论中，新古典主义理论更适用于解释投资水平较高中小企业的投资行为，而自由现金流理论和代理理论能够更好地解释投资水平较低中小企业的投资行为。
［关键词］ 中小企业；投资水平；现金流；销售收入；负债；分位数回归
［Abstract］ This paper presents an analysis of the impacts of investment level on SME investment decision. The conclusions of the paper show that the impacts of cash flow on the low-investment-level SMEs are significant, and the impacts of sale revenue, liabilities, interest rates, firm existence year, GDP, the last-term investment-level of firms on high-investment-level SMEs are significant. Among the main theories to explain the SME investment decision, the neoclassical theory is more suitable to explain the investment decision of high-investment-level SMEs, and the free cash flow theory and agency theory can explain the investment decision of low-investment-level SMEs better.
［Key words］ SME; investment level; cash flow; sale revenue; liability; quantile regression
资本结构对企业绩效影响的新证据——基于产品市场竞争程度的研究
武力超 乔鑫皓 陈玉春 黄 颖
［摘 要］ 本文基于2000~2013年中国上市公司的数据，系统考察产品市场竞争程度、资本结构对企业绩效的影响，并基于中国制度环境、资本结构分类，研究不同行业中资本结构与企业绩效的互动关系。结果表明：考虑产品市场竞争程度的差异，不同类型的资本结构对不同所有制企业绩效的影响不尽相同；伴随着产品市场竞争程度的提高，资本结构对企业绩效的影响有扩增效果；基于行业视角的分析表明不同负债比率在不同行业的影响也存在显著差异。
［关键词］ 资本结构；产品市场竞争；企业绩效；行业分类；所有制结构；负债比率
［Abstract］ Based on the data of Chinese listed companies during 2000-2013, this paper presents a systematic analysis of the impacts of market competition degree and capital structure on firm’s performance and a research on the relationship between capital structure and firm’s performance in different industries based on the Chinese institutional environment and the capital structure classification. The conclusions of the paper show that, considering the degree difference in product market competition, the changes in the types of capital structure and ownership may result in different impacts on firm’s performance; along with a higher-level product market competition, the impacts of capital structure on firm’s performance has amplification effects; the analysis from the perspective of industry show the changes in debt ratio and industry type may result in different impacts.
［Key words］ capital structure; product market competition; firm’s performance; industry classification; ownership structure; debt ratio