精细化的内涵与银行精细化的方向
黄志凌 (3)
The Meaning of Refinement and the Direction of Bank Refinement
HUANG Zhi-ling (3)
论金融供给侧改革的思路与对策
乔海曙 杨 蕾 (14)
An Analysis of the Path and Policy of Financial Supply-Side Reform
QIAO Hai-shu YANG Lei (14)
金融创新、产品干预与金融机构行为风险防控
冯 乾 黄 旭 (21)
Financial Innovation, Product Intervention and Conduct Risk Management of Financial Institutions
FENG Qian HUANG Xu (21)
银行关联对并购支付方式的影响
罗付岩 (33)
The Impacts of Bank Link on Payment Method in M&A
LUO Fu-yan (33)
股权集中度、管理层过度自信与企业并购决策
李 佳 (45)
Ownership Concentration, Management Overconfidence and Enterprise M & A Decision
LI Jia (45)
中国碳金融市场风险度量研究
王婷婷 张亚利 王淼晗（57)
A Research on the Risk Measurement of China’s Carbon Financial Market
WANG Ting-ting ZHANG Ya-li WANG Miao-han (57)
中国保险公司绩效衡量—— 基于全面风险管理框架
陶启智 李 亮 徐 阳 (69)
The Performance Measurement of Chinese Insurance Companies——Based on A Comprehensive Risk Management Framework
TAO Qi-zhi LI Liang XU Yang (69)
精细化的内涵与银行精细化的方向
黄志凌
［摘 要］ 做好风险资源的精确测算、分配，科学地实施风险选择与风险因素的安排，是风险管理精细化乃至银行管理精细化的主线。以风险资源深化应用为目的，宏观方面的风险战略决策、中微观的风险政策管理和计量工具体系建设，是银行推进精细化战略的重点领域。资产组合管理能力和水平，从根本上决定着一家银行对风险资源利用的深度与广度。
［关键词］ 商业银行；精细化管理；风险管理；资产组合管理
［Abstract］ The accurate estimate and allocation of risk resource and the scientific risk selection and arrangement of risk factors are the main tasks of the refinement of risk management or the refinement of bank management. The key points of the refinement strategy of banks are the risk strategic decisions at macro-level, and the risk policy management and construction of measurement tool system at middle & micro levels, and the goal is to deepen the application of risk resource. The ability and level of portfolio management determine the depth and breadth of the risk resource utilization of banks fundamentally.
［Key words］ commercial bank; refinement management; risk management; portfolio management of asset
论金融供给侧改革的思路与对策
乔海曙 杨 蕾
［摘 要］ 金融作为现代经济运行的核心，理应充分发挥对实体经济的支撑作用。但在现实中，中国金融供给存在总量与结构方面的双重问题：货币宽松而资金紧张，低效供给过多而有效供给不足。金融供给未能充分满足实体经济有效需求，金融资源存在“脱实向虚”、“体内循环”现象。政府管理部门应立足于金融供给现存问题，从实际出发分析供需失衡的成因，引出金融供给侧改革思路，从金融环境、市场以及金融结构的角度提出经济新常态下金融供给侧改革的对策建议。
［关键词］ 金融供给侧改革；金融环境；金融市场；金融结构；实体经济
［Abstract］ Finance is the core of modern economy and should play a full role to support the real economy. But in reality, there are dual problems in China’s financial supply volume and structure that the monetary policy is loose but money supply is tight, and the inefficient monetary supply is excessive but efficient monetary supply is short. The financial supply fails to meet the financial needs of the real economy sufficiently, and the financial resources are “off the real to the virtual” and “circulate in financial system”. The government departments should pay attention to the existing problems in financial supply, analyze the cause of imbalance between supply and demand in reality, form the path of financial supply-side reform, and put forward suggestions for the financial supply-side reform in the new normal from the perspective of financial environment, market and financial structure.
［Key words］ financial supply-side reform; financial environment; financial market; financial structure; real economy
金融创新、产品干预与金融机构行为风险防控
冯 乾 黄 旭
［摘 要］ 金融机构产品创新深化带来的产品复杂性和信息不对称，给金融消费者权益带来了损害，也给金融体系安全带来了极大的风险。一些国家的监管当局对金融消费品市场采取了新的产品干预政策，关注整个金融产品生命周期，实现行为监管“关口”的前移。中国金融机构应该了解国际上关于产品干预的监管做法，借鉴国外关于行为风险的管理经验，保持金融产品创新和行为风险管控的适当平衡，建立起基于产品生命周期的全流程行为风险防控制度。
［关键词］ 金融创新；产品干预；行为风险；行为监管；产品生命周期
［Abstract］ The product complexity and information asymmetry due to the product innovation deepening of financial institutions result in great risks to the safety of financial system. The regulatory authorities of some states have adopted a new product-intervention policy that concerns the whole life cycle of financial products and moves the“gateway” of conduct regulation forward. The Chinese financial institutions should investigate the international regulatory practices in product intervention, learn from foreign experience in conduct risk management, keep a balance between financial product innovation and conduct risk control, and establish the whole-process control systems of conduct risks based on the life cycle of product.
［Key words］financial innovation; product intervention; conduct risk; conduct regulation; life cycle of product
银行关联对并购支付方式的影响
罗付岩
［摘 要］ 本文从银企关系的视角分析银行关联及强度与并购支付方式选择之间的关系。研究发现：具有银行关联的公司在并购中更可能选择现金支付方式，银行关联强度（广度和深度）显著增加了并购现金支付方式的可能性。原因可能在于：银行关联和关联强度大的公司具有较强的债务能力和较低的融资成本，从债务能力、融资成本和融资的方便性来看，银行关联的公司会优先选择现金支付方式。
［关键词］ 银行关联；并购支付方式；并购融资；债务容量；融资约束
［Abstract］ From the perspective of the relationship between banks and firms, this paper presents an analysis of the relationship between the bank link/link strength and the choice of payment method in M&A. It’s found that the bank-link firms are likely to choose cash payment in M&A; the link strength (extent and depth) significantly increases the possibility of cash payment in M&A. The reason maybe lies in the strong affordability of debts and low financing costs of bank-link and strong-link firms; considering the affordability of debts, financing costs and financing convenience, the bank link firms will prefer cash payment.
［Key words］ bank link; payment method in M&A; M&A financing; debt capacity; financing constraint
股权集中度、管理层过度自信与企业并购决策
李 佳
［摘 要］ 本文利用主成分分析法构建综合性的管理层过度自信衡量指标，检验2010~2013年中国资本市场上股权集中度、管理层过度自信与企业并购决策之间的关系。结果表明：（1）管理层过度自信与企业并购决策之间存在着显著的正相关性。（2）股权集中度越低，管理层过度自信与企业并购决策之间的正相关关系越强；股权集中度越高，管理层过度自信与企业并购决策之间的正相关关系越弱。因此，股权集中度的提高可以削弱管理层过度自信所驱动的并购，一定程度上保护股东利益。
［关键词］ 资本市场；股权集中度；管理层过度自信；企业并购决策
［Abstract］The author of this paper uses the principal component analysis to form comprehensive indexes to measure management overconfidence, and examine the relationship among ownership concentration, management overconfidence and enterprise M & A decision. The conclusions of the paper show that: (1) there is a significant positive correlation between management overconfidence and M & A decision; (2) the lower the ownership concentration is, the more significant the positive correlation between management overconfidence and enterprise M & A decision, and the higher the ownership concentration is, the less significant the positive correlation. Therefore, the increase in the ownership concentration may weaken the M & A driven by the management overconfidence, and protect the shareholder’s benefits to some extent.
［Key words］capital market; ownership concentration; management overconfidence; enterprise M & A decision
中国碳金融市场风险度量研究
王婷婷 张亚利 王淼晗
［摘 要］ 本文以中国碳金融市场5个碳排放权交易所（北京、上海、深圳、天津、湖北）的收益率为研究对象，采用不同的分位数回归模型对碳金融市场风险水平进行度量与实证检验。研究结果表明：相较于CAViaR族模型，QAR-GARCH模型更适合对中国碳金融市场风险的刻画；中国各地碳金融市场均处于发展阶段，尚未成熟；就中国5大碳市场发展成熟度的比较而言，上述两种模型均显示深圳市场的发展成熟度较高，湖北成熟度最低。
［关键词］ 碳金融市场；碳排放权交易所；风险度量；CAViaR模型；QAR-GARCH模型
［Abstract］ In this paper, the return rate of China’s 5 Carbon Emission Exchanges(Beijing, Shanghai, Shenzhen, Tianjin and Hubei) are used as samples for research, and the author of the paper presents a measurement and an empirical examination of the risk levels of carbon financial markets based on the various quantile regression models. The conclusions show that, compared with the CAViaR family model, the QAR-GARCH model is more suitable for the characterization of the risks of Chinese carbon financial markets; the Chinese carbon financial markets are in a developing stage and not yet mature; comparing the development maturity of the Chinese 5 Carbon Emission Exchanges, the above two models show that the development maturity of Shenzhen market is the highest, and that of Hubei market is the lowest.
［Key words］ carbon financial market; Carbon Emission Exchange; risk measurement; CAViaR model; QAR-GARCH model
中国保险公司绩效衡量——基于全面风险管理框架
陶启智 李 亮 徐 阳
［摘 要］ 本文依据保险公司的统计分析指标，同时考虑财、寿险企业的共性和险种的特性，构建一个系统评价保险公司绩效的指标体系，并运用主成分分析法和因子分析法对2010~2012年中国境内97家保险公司的272个样本绩效进行度量；对比中、外资保险企业综合绩效，探析绩效驱动因子。研究表明，外资保险公司综合绩效表现差于中资保险公司，主要原因在于中资保险公司在规模因子和成长因子方面具有优势，而上市保险公司表现优于非上市保险公司则主要体现在盈利能力和收入方面。
［关键词］ 保险公司；绩效评估；全面风险管理；主成分分析法；因子分析法
［Abstract］ According to the statistical analysis indicators used by insurance companies and considering the generality and individuality of property-casualty and life insurance companies, the author of the paper constructs a indicator system to evaluate the performance of insurance companies, uses the principal component analysis and factor analysis to measure the performance of the 272 samples of Chinese 97 insurance companies during 2010-2012, compares the comprehensive performance of Chinese and foreign insurance companies and analyzes the factors to impact performance. The conclusions of the paper show that the comprehensive performance of foreign insurance companies is worse than that of Chinese insurance companies, the main reason is because the Chinese insurance companies show advantages in terms of scale factors and growth factors, and the listed insurance companies outperform the non-listed insurance companies mainly in profitability and income.
［Key words］ insurance company; performance evaluation; comprehensive risk management; principal component analysis; factor analysis