商业银行构建绿色金融战略体系研究
中国工商银行绿色金融课题组 (3)
A Research on the Green Financial Strategy System of Commercial Banks
The Green Finance Study Group of ICBC (3)
“求同存异”切实破解“一带一路”上的“印度困局”
万 喆 (17)
Seeking Common Ground while Reserving Differences and Resolving the “Indian Dilemma” in the Belt and Road Initiative
WAN Zhe (17)
小额贷款公司的目标偏离与矫正——基于效率视角的研究
田 青 (24)
Objective Deviation and Rectification of Micro-Credit Company——A Research from the Perspective of Efficiency
TIAN Qing (24)
宏观审慎政策对货币政策信贷传导途径的影响——基于中国系统重要性银行的分析
董 琦 赵柏功 (35)
The Impact of Macro-Prudential Policy on Credit Transmission Pathway of Monetary Policy——An Analysis Based on Chinese Systematically Important Banks
DONG Qi ZHAO Bo-gong (35)
什么样的重组事项更容易通过审核——基于发行股份购买资产事项审核结果的实证研究
董 晗 陈 欣 (46)
What Reorganization Matter Is More Likely to Get through Examination——An Empirical Study Based on the Results Examination of Asset Purchases by Issuing Shares
DONG Han CHEN Xin (46)
盈余、资产质量与银行股价预测力——基于中国16家上市银行的实证检验
张东祥 刘英顺（56)
Earnings, Asset Quality and the Ability to Predict the Prices of Bank Stocks——An Empirical Test Based on Chinese 16 Listed Banks
ZHANG Dong-xiang LIU Ying-shun (56)
中国金融人才对金融产业绩效的影响
杨艳琳 谭梦琪 (67)
The Influence of Chinese Financial Talents on the Performance of Financial Industry
YANG Yan-lin TAN Meng-qi (67)
商业银行构建绿色金融战略体系研究
中国工商银行绿色金融课题组
［摘 要］ 国际绿色金融发展日臻成熟，特别是国际先进银行在绿色金融管理体系及产品创新方面积累了有益的经验。中国绿色信贷起步较早，但非银行绿色金融仍处于起步阶段。中资银行应将打造绿色金融机构作为长期发展战略，实现客户和业务的绿色化，以及自身运营绿色化。在遵循可持续原则、责任原则、包容和尊重原则、透明原则的基础上，中资银行应从组织架构、政策制度、产品体系、流程管理、风险管理、企业文化、信息披露等七大方面入手，构建绿色金融战略体系，全方位打造绿色金融机构。
［关键词］ 商业银行；绿色金融；可持续发展；战略体系
［Abstract］ International green finance is developing thoroughly, and especially the international advanced banks have accumulated useful experience in green finance management system and product innovation. The green credits in China start earlier, but non-bank green finance is still in its infancy. Chinese banks should view the setting-up of green financial institutions as a long-term development strategy, develop green customers, business and green banking operations. Based on the principles of sustainability, responsibility, inclusion, respect and transparency, Chinese banks should build the green financial strategy system and all-round green financial institutions focusing on the seven aspects: organizational structure, policy system, product system, process management, risk management, corporate culture and information disclosure.
［Key words］ commercial bank; green finance; sustainable development; strategic system
“求同存异”切实破解“一带一路”上的“印度困局”
万 喆
［摘 要］ “一带一路”战略对于印度而言，战略对接优于战略对冲，中印在产能合作、基础设施建设、甚至在民用核电建设方面都存在巨大的合作潜力和空间。中印关系发展应坚持“求同存异”，具体可以包括以下方面：明确中印产能合作框架；兼顾双边利益、发挥比较优势；稳妥有序推进交通设施、信息技术、农业产品、珠宝纺织、钢铁有色、能源电力、工程机械等领域的产能合作；深化中印海洋科技领域合作；探索多样化融资渠道；成立中印产能合作指导委员会；推进“民心互通”等。
［关键词］ 一带一路；印度困局；中印合作；经济增长；产能合作
［Abstract］ For India, the Belt and Road Initiative will result in strategic complementation rather than strategic hedging. China and India own a huge potential for cooperation and space in capacity cooperation, infrastructure construction, and even civil nuclear power construction. China and India should adhere the principle “seeking common ground while reserving differences” to develop the relationship, including the following aspects: forming framework of Sino-Indian capacity cooperation; taking care of bilateral interests and making use of comparative advantage; promoting the capacity cooperation steadily and orderly in the fields of transport facilities, information technology, agricultural products, jewelry, textile, steel, non ferrous metal, energy, power, engineering machinery, etc.; deepening the Sino-Indian cooperation in marine science and technology; exploring diversified financing channels; setting up a steering committee for the Sino-Indian capacity cooperation; promoting the people communication between the two countries.
［Key words］ the Belt and Road Initiative; India dilemma; Sino-Indian cooperation; economic growth; capacity cooperation
小额贷款公司的目标偏离与矫正——基于效率视角的研究
田 青
［摘 要］ 本文从效率的视角考察小额贷款公司的运营效率对目标偏离现象的影响。利用2014年小额贷款公司竞争力百强汇总表，在测算出DEA效率值的基础上采用SUR方法进行验证，结果表明效率与小额贷款公司的目标偏离呈显著的负相关关系，贷款收益率与目标偏离呈倒U形关系。要矫正小额贷款公司的目标偏离问题，不能过度强调扶贫性社会目标的履行，而应该注重提升机构自身的效率和盈利能力。
［关键词］ 小额贷款公司；目标偏离；运营效率；财务效益；盈利能力
［Abstract］ From the perspective of efficiency, this paper presents an analysis of the influence of the operational efficiency of micro-credit companies on target deviation. The author of the paper uses the list of Top 100 Micro-credit Companies to value the DEA efficiency and then verify the efficiency by SUR method. The results show that the efficiency is negatively correlated with the target deviation of the micro-credit companies, and there is an inverted U-shaped relationship between loan yield and target deviation. To correct the deviation of micro-credit companies, it’s not necessary to emphasize the social goal fulfillment of poverty alleviation too much, but the efficiency and profitability of the institutions should be improved.
［Key words］micro-credit company; target deviation; operational efficiency; financial efficiency; profitability
宏观审慎政策对货币政策信贷传导途径的影响——基于中国系统重要性银行的分析
董 琦 赵柏功
［摘 要］ 基于中国系统重要性银行视角，本文研究宏观审慎政策对货币政策信贷传导途径的影响。理论分析发现：当逆周期资本缓冲的基准利率敏感性低于一定阈值时，资本缓冲的提取会改变银行信贷行为对货币政策调控的敏感度。利用2007～2014年银行季度面板数据进行实证研究得到的结论为：银行流动性提高将降低其信贷行为的货币政策敏感度，存贷比监管指标在过去提升了银行的货币政策敏感度但对流动性管理不具备显著作用，宏观审慎政策中的杠杆率、资本充足率指标对银行信贷行为产生约束的同时对其货币政策敏感度不产生显著影响。
［关键词］ 宏观审慎监管；货币政策；商业银行；中国系统重要性银行
［Abstract］ From the perspective of systematically important banks, this paper presents an analysis of the impact of macro-prudential policy on the credit transmission pathway of monetary policy. The theoretical analysis shows that capital buffer provision changes the sensitivity of bank credits to the monetary policy if the sensitivity of the counter-cyclical capital buffer to benchmark interest rate is lower than a certain threshold. The conclusions of the empirical research based on quarterly panel data of banks during 2007-2014 include the following: the increase in banking liquidity will reduce the sensitivity of credit to monetary policy; the deposit-loan ratio has improved the sensitivity of banks to monetary policy in the past but it has no significant effect on the liquidity management; the macro-prudential policy indicators such as leverage, capital adequacy ratio have constraint effect on banking credits, but they have no significant effect on the sensitivity to monetary policy.
［Key words］ macro-prudential supervision; monetary policy; commercial bank; Chinese systematically important bank
什么样的重组事项更容易通过审核——基于发行股份购买资产事项审核结果的实证研究
董 晗 陈 欣
［摘 要］ 本文以2014~2015年并购重组委审核的发行股份购买资产事项为样本，研究什么样的重组事项更容易通过并购重组委的审核以及审核标准是否随政策而变化。研究发现：并购重组委以前更注重并购重组事项对公司当年盈利能力的影响，新政实施以后，希望上市公司通过并购重组优化其业务结构，健全经营发展战略、完善业务管理模式，同时更加鼓励市场主体的自由行为。
［关键词］ 并购重组委；发行股份购买资产；持续经营能力；资产规模；盈利能力
［Abstract］In this paper, the asset purchases by issuing shares examined by M & A committee during 2014-2015 are used as samples to research what reorganization matter is more likely to get through the examination of the M & A committee and whether the examination standard changes with the policy. It’s found that the M & A committee formerly pays more attention to the influence of the M & A on the current year’s profitability of the company, and after the implementation of the new policy, it hopes the listed companies to optimize their business structure by M & A, improve their business development strategies and perfect the business management mode, and encourages the free behavior of the market participants.
［Key words］ M & A committee; asset purchases by issuing share; sustainable management ability; assets scale; profitability
盈余、资产质量与银行股价预测能力——基于中国16家上市银行的实证检验
张东祥 刘英顺
［摘 要］ 本文采用小波分析法分别考察盈余和资产质量两类财务信息对银行股价的预测力。研究发现，盈余信息可作为预测未来短期银行股价的有效依据，预测力在“熊市”更显著。单个盈余指标对银行股价的有效预测频域多限于半年内，其中每股净利润对股价预测的效果最好，能有效预测未来短期和中期的股价波动，而总资产报酬率的解释力相对较小。资产质量信息对银行股价的有效预测主要在未来中长期，单个指标对股价的预测在2012年之后显著，其中，资本充足率对股价的预测较为显著，但不良贷款率的解释作用则很微弱。
［关键词］ 盈余；资产质量；银行股价；资本充足率；不良贷款率；小波分析法
［Abstract］ The authors of this paper use the Wavelet Method to examine the ability of earnings and asset quality, the two kinds of financial information, to predict the prices of bank stocks. It is found that the earnings information can be used as an effective basis to predict the prices of bank stocks in the future short-term, and the ability is more significant in “bear market”; the single earning index can predict the prices of bank stocks only within half a year, and the ability of the net profit per share is the best and it can effectively predict the fluctuation in stock price in the short or medium term; the ability of return on total assets is relatively low; the prediction of the asset quality information is effective only in the future medium or long term, and the single index can predict significantly only after 2012；the ability of capital adequacy ratio is more significant, but the explanatory ability of non-performing-loan rate is low.
［Key words］ earnings; asset quality; price of bank stock; capital adequacy ratio; non-performing-loan rate; Wavelet Method
中国金融人才对金融产业绩效的影响
杨艳琳 谭梦琪
［摘 要］ 本文分析中国金融业人力资本总体及金融人才的状况，利用修改后的卢卡斯人力资本模型对影响1995~2014年中国金融产业绩效的劳动因素进行实证分析。研究结果表明，金融人才对金融业整体绩效提升具有正效应；金融人才规模、结构、专业水平对金融业人力资本水平存在显著影响，但对金融产业绩效的贡献度并不显著。
［关键词］ 金融人才；人力资本；卢卡斯模型；金融产业绩效
［Abstract］ The authors of this paper analyze the overall situation of human capital and financial talents in China’s financial industry, and use the modified Lucas Human Capital Model to analyze the labor factors affecting the performance of China’s financial industry during 1995-2014. The results of the paper show that the financial talents have positive effects on improvement in the overall performance of the financial industry; the scale, structure and professional level of the financial talents have significant influence on the human capital level of the financial industry, but the contribution to the performance of financial industry is not significant.
［Key words］ financial talent; human capital; Lucas model; performance of financial industry