改革金融消费者保护机制与规范金融市场秩序
张承惠（ 3 ）
Reforming Protection Mechanism for Financial Consumers and Regulating Financial Market Order
ZHANG Cheng-hui（ 3 ）
中国股市低价股效应研究—— 基于Fama & French三因子模型的检验
张 兵 陈晓莹（ 7 ）
The Study of the Low-Price-Stock Effects in China’s Stock Market
——A Verification Based on the Fama & French Three-Factor Model
ZHANG Bing CHEN Xiao-ying（ 7 ）
金融深化、房产价格与宏观经济波动
董 凯 许承明 杜修立（21）
Financial Deepening, Property Price and Macroeconomic Fluctuation
DONG Kai XU Cheng-ming DU Xiu-li（21）
绿色信贷对商业银行信贷风险的影响
孙光林 王 颖 李庆海（31）
The Influence of Green Credits on Credit Risks of Commercial Banks
SUN Guang-lin WANG Ying LI Qing-hai（31）
保证贷款是降低融资成本的有效手段吗？—— 基于中国上市企业的经验证据
王晨宇 史小坤（41）
Is the Guaranteed Loan an Effective Way to Reduce Financing Costs——Empirical Evidence of Chinese Listed Companies
WANG Chen-yu SHI Xiao-kun（41）
货币影响力、金融脆弱度与资本账户开放—— 基于新兴市场国家的研究
宋 暄（53）
Currency Influence, Financial Fragility and Capital Account Opening——A Research on Emerging Market Countries
SONG Xuan（53）
上市公司财务重述对CEO与CFO薪酬的影响
周方召 信荣珍 苏云鹏（67）
The Impacts of Financial Restatement of Listed Companies on CEO’s and CFO’s Salaries
ZHOU Fang-zhao XIN Rong-zhen SU Yun-peng（67）
改革金融消费者保护机制与规范金融市场秩序
张承惠
［摘 要］ 中国金融业在分业监管体制下存在金融消费者保护制度无法覆盖全部金融活动、与三会职能利益冲突、协调成本高、执法效率低、金融消费者维权难度大、体系不配套等突出问题，原因是金融消费者保护制度存在缺陷和金融消费者保护力度不足。因此，必须设立独立机构，提升行政层级，明确职能定位；加快推进相关法律和制度建设，实现规则的统一；加强基础设施建设，建设立体金融消费者保护机制。
［关键词］ 金融消费者保护机制；金融市场；金融市场秩序；金融风险
［Abstract］ Due to the China’s separate supervision system of financial industry, the following problems exist in protection system for financial consumers, such as no-covering all financial activities, conflicting with the functions of the three associations, high-cost coordination, low-efficiency law enforcement, difficulties in the safeguarding of financial consumers’ rights, no-matching systems, etc. The reason is because the protection system for financial consumers is not perfect and financial consumer protection is insufficient. Therefore, it’s necessary to set up an independent institution, raise its administrative level, define its functions, speed up the establishment of relevant laws and systems, achieve the accordance of rules, strengthen the construction of basic conditions, and construct a multi-level protection mechanism for financial consumers.
［Key words］ protection mechanism for financial consumer; financial market; financial market order; financial risk
中国股市低价股效应研究
—— 基于Fama & French三因子模型的检验
张 兵 陈晓莹
［摘 要］ 本文在Fama & French三因子模型框架下检验低价股效应。研究发现，低价股票组合的收益率明显高于高价股票组合，低价股效应的确存在，但该效应会随股价上升而减弱。此外，价格因子的加入使定价模型的预测能力明显提高，利用名义股价代替账面价值比因子后模型解释力达到最优，表明价格因子具有更高的定价能力。
［关键词］ 低价股效应；资产定价；名义股价；账面价值比；三因子模型
［Abstract］ This paper presents a verification of low-price-stock effects based on the Fama and French three-factor model. It’s found that the yield of the low-price-stock portfolio is significantly higher than that of high-price-stock portfolio, and the low-price-stock effects do exist, but the effects will decline with the rise in stock price. In addition, the price factor included in the pricing model significantly improve the predicting ability of the model, and the explaining ability of the model is optimal if the nominal stock price replaces the factor of the book value ratio, which shows that the price factor has a higher pricing ability.
［Key words］ low-price-stock effect; asset pricing; nominal stock price; book value ratio; three-factor model
金融深化、房产价格与宏观经济波动
董 凯 许承明 杜修立
［摘 要］ 本文构建一个包含家庭异质性、信贷约束和价格粘性的动态随机一般均衡模型（DSGE），分析了金融深化、房产价格与宏观经济波动之间的关系。研究结果表明，金融深化引致的直接投资冲击、抵押率冲击和金融杠杆冲击深刻地影响中国房产价格和主要宏观经济变量的波动。其中，房地产市场、信贷约束和金融杠杆等因素显著放大了各种经济冲击对宏观经济的动态影响。因此，在调控房地产市场时，应实施差别化政策对待居民的居住性购房需求和投机性购房需求，以保持经济平稳运行。
［关键词］ 金融深化；房产价格；宏观经济波动；房地产市场；DSGE模型
［Abstract］ The authors of this paper construct a dynamic stochastic general equilibrium model(DSGE), which includes family heterogeneity, credit constraint and price stickiness, and analyze the relationship among financial deepening, real estate price and macroeconomic fluctuation. The results of the paper show that the impact of direct investment due to financial deepening, the impact of mortgage ration and the impact of financial leverage affect the Chinese real estate prices and the fluctuation in major macroeconomic variables greatly. The real estate market, credit constraints and financial leverage significantly augment the dynamic influence of the various economic impacts on macro-economy. Therefore, the regulation policy of the real estate market should be differentiated to the residential demand and speculative demand of inhabitants, so the economy may operate steady.
［Key words］ financial deepening; real estate price; macroeconomic fluctuation; real estate market; DSGE model
绿色信贷对商业银行信贷风险的影响
孙光林 王 颖 李庆海
［摘 要］ 本文利用商业银行2008~2016年的季度数据，实证考察绿色信贷对银行信贷风险的作用效果。研究表明：绿色信贷对商业银行信贷风险具有显著负向影响，增大商业银行绿色信贷规模能够有效抑制不良贷款率攀升。进一步分析发现，绿色信贷能够提高商业银行净利润和非利息收入，进而改善银行效益。由此表明，在经济转型和产能过剩的大背景下，发展绿色信贷能够有效降低商业银行信贷风险。
［关键词］ 绿色信贷；商业银行；信贷风险；不良贷款率；净利润；非利息收入
［Abstract］ Based on the quarterly data of commercial banks during 2008-2016, the authors of this paper examine the influence of green credits on credit risks of banks. The results of the paper show that the green credits have a significant negative influence on the credit risks of commercial banks, and enlarging the scale of green credits of commercial banks can effectively control the increase in non-performing loan ratio. The further analysis shows that the green credits can improve the net profit and non-interest income of commercial banks, and thereby improve the efficiency. The above results show that, in the context of economic transformation and overcapacity, the development of green credits can effectively reduce the credit risks of commercial banks.
［Key words］ green credit; commercial bank; credit risk; non-performing loan ratio; net profit; non-interest income
保证贷款是降低融资成本的有效手段吗？
——基于中国上市企业的经验证据
王晨宇 史小坤
［摘 要］ 本文基于2004~2015年中国上市企业贷款数据，实证分析保证贷款在降低企业融资成本中的作用。研究发现：（1）保证贷款融资成本相对抵质押贷款较低，而企业特征并不能改变贷款利率对贷款类型的敏感性。（2）企业短期还款能力对保证贷款融资成本有显著的正向影响。可见，保证贷款低融资成本的背后隐藏着较大的风险隐患。因此，商业银行需加强担保人资质审查，在贷款定价时提升对企业特征的重视程度，在风控基础上有效降低实体经济运行成本。
［关键词］ 融资成本；保证贷款；抵质押贷款；上市企业；风险溢价
［Abstract］ Based on the loan data of Chinese listed companies during 2004-2015, this paper presents an empirical analysis of the effectiveness of the guaranteed loan to reduce the financing costs of the companies. It’s found that: (1) compared with the mortgage loan and pledge loan, the financing costs of guaranteed loan are lower, and the characteristics of the companies can not change the sensitivity of loan interest rate to loan type; (2) the short-term repayment ability of the companies has a significant positive impact on the financing cost of guaranteeing loan, so the great risks exist in the low financing cost of guaranteeing loan. Therefore, the commercial banks need to strengthen the examination of the guarantor qualification, enhance the importance of the characteristics of companies in loan pricing, and effectively reduce the operating costs of the real economy based on the risk control.
［Key words］ financing cost; guaranteed loan; mortgage loan; listed company; risk premium
货币影响力、金融脆弱度与资本账户开放
—— 基于新兴市场国家的研究
宋 暄
［摘 要］ 本文比较分析新兴市场国家资本账户开放后的本币影响力变化，并通过构建和改进双差分模型，研究资本账户开放对新兴市场国家金融脆弱程度的影响。结果表明，资本账户开放对新兴市场国家本币影响力的提升极为有限，在不同时点开放资本账户，对金融脆弱度的影响是双向的。人民币国际化进程中，应保持克制的资本账户开放政策，着重加快国内经济增长和金融市场改革。
［关键词］ 新兴市场国家；货币影响力；金融脆弱度；资本账户开放；人民币国际化
［Abstract］ This paper presents an analysis of the change in the influence of local currencies after the capital account opening of emerging market countries, and the influence of capital account opening on the financial fragility of emerging market countries by constructing and improving the DID model. The results of the paper show that it is extremely limited that the capital account opening augments the influence of the local currencies of emerging market countries; the influence of capital account opening at different times on financial vulnerability shows a two-direction feature. In the process of RMB internationalization, its necessary to keep a policy of restrained capital account opening, and focus on accelerating the domestic economic growth and the financial market reform.
［Key words］ emerging market country; currency influence; financial fragility; capital account opening; RMB internation-alization
上市公司财务重述对CEO与CFO薪酬的影响
周方召 信荣珍 苏云鹏
［摘 要］ 本文以沪深两市的民营上市公司为研究样本，考察公司财务重述和高管薪酬之间的关系，分析公司财务重述行为是否会对CEO或CFO薪酬产生影响，以及对高管的降薪效应主要施加于CEO还是CFO。研究结果表明，公司财务重述和CEO次年的薪酬之间存在显著的负向关系，而对CFO薪酬的影响并不显著；当CEO相对影响力更高的时候，CEO的降薪效应将会减弱。
［关键词］ 民营上市公司；财务重述；高管薪酬；CEO；CFO；公司治理；薪酬契约
［Abstract］ The authors of this paper use the private listed companies in Shanghai and Shenzhen as samples to examine the relationship between company financial restatement and executive’s salary, whether the restatement impacts the CEO’s and CFO’s salaries, and whether the reduction in executive’s salary impacts the CEO or CFO. The results of the paper show that there is a significant negative relationship between company’s financial restatement and CEO’s salary in the following year, but the impact on CFO’s salary is not significant; if the CEO is more influential, the effect of the reduction in CEO’s salary will be weaker.
［Key words］ private listed company; financial restatement; executive’s salary; CEO; CFO; corporate governance; salary contract