金融去杠杆背景下商业银行风险管理与路径选择
陆岷峰 杨 亮（ 3 ）
The Risk Management and Path of Commercial Banks in the Context of Financial De-Leveraging
LU Min-feng YANG Liang（ 3 ）
中国跨境资本流动新动态
王远卓（11）
New Trend in China’s Cross-Border Capital Flow
WANG Yuan-zhuo（11）
履行企业社会责任会降低银行贷款成本吗？
张丹妮 周泽将（21）
Does Firms Fulfilling Social Responsibility Reduce the Costs of Bank Loans?
ZHANG Dan-ni ZHOU Ze-jiang（21）
债券市场利率期限结构的信息价值—— 银行间市场与交易所市场比较研究
徐小华 史浩然 曹 丹 陈 琦（33）
The Information Values of the Interest-Rate Term-Structure of Bond Markets——A Comparative Study of Inter-Bank Market and Exchange Market
XU Xiao-hua SHI Hao-ran CAO Dan CHEN Qi（33）
关系投资与社区金融机构发展—— 基于动态最优化分析
郭江山（47）
The Relationship-Based Investment and the Development of Community Financial Institutions——An Analysis Based on Dynamic Optimization
GUO Jiang-shan（47）
金融生态环境与企业创新效率
吴昊旻 靳亭亭（57）
The Financial Eco-Environment and the Efficiency of Firm Innovation
WU Hao-min JIN Ting-ting（57）
地方债发行与房价上涨—— 基于中国35个大中城市的实证研究
宋林清（68）
The Issuance of Local Bonds and the Rise in Housing Prices——An Empirical Study of the Chinese 35 Large and Medium-Sized Cities
SONG Lin-qing（68）
金融去杠杆背景下商业银行风险管理与路径选择
陆岷峰 杨 亮
［摘 要］ 2016年监管部门提出抑制资产泡沫，表明宏观政策的关注重点转向防范金融风险。2017年上半年，金融去杠杆政策频出，在有效压缩金融泡沫的同时，市场产生了恐慌情绪，或将衍生出“二次风险”，因此，亟须梳理国内商业银行的高杠杆现状与产生逻辑，分析当前金融去杠杆的症结所在，从而针对性地提出高效且稳健的治理路径，确保在推进供给侧改革、化解资产泡沫问题的同时，实现监管调控与市场发展的适度平衡。
［关键词］ 金融去杠杆；商业银行；金融监管；风险冲击；资产泡沫
［Abstract］ In 2016, the regulators proposed to curb asset bubbles, which indicated that macroeconomic policies focused on preventing financial risks. In the first half of 2017, de-leveraging policies issued frequently, which shrank the financial bubbles effectively and caused panic in markets, and may result in the“second risk” caused by financial supervision. Therefore, it is urgent to research the current high-leveraged situation and logic of domestic commercial banks and analyze the difficulties in financial de-leveraging so as to propose the efficient and steady governance path to achieve a proper balance between regulatory control and market development meanwhile promoting the the supply-side reform and resolving the asset bubbles.
［Key words］ financial de-leverage; commercial bank; financial supervision; risk shock; asset bubble
中国跨境资本流动新动态
王远卓
［摘 要］ 随着人民币国际化进程推进，资本项目的开放程度不断提高，中国跨境资本流动开始出现新动态，跨境资本的流入与流出结构均发生变化。作为开放经济体，中国国际资本流动不仅受到国内经济状况和企业财务运作的影响，而且还受到国际环境因素的冲击，使得跨境资本流动新动态下开始产生一些新风险。针对新趋势和新风险，需要积极应对，有效防范各种金融风险。
［关键词］ 人民币国际化；资本项目开放；跨境资本流动；中国对外直接投资；风险防范
［Abstarct］ With the development of the RMB internationalization, the liberalization degree of capital account has been continuously improved, and China’s cross-border capital flow shows a new trend that the structures of the inflow and outflow of cross-border capitals have changed. As an open economy, China’s international capital flow is affected not only by the domestic economic situation and the financial operation of enterprises, but also by the international environmental factors, which making the cross-border capital flow show new risks in the new trend. For the new trend and new risks, it’s needed to respond positively and prevent various financial risks effectively.
［Key words］ RMB internationalization; liberalization of capital account; cross-border capital flow; Chinese foreign direct investment; risk prevention
履行企业社会责任会降低银行贷款成本吗？
张丹妮 周泽将
［摘 要］ 本文利用2009~2016年A股上市公司样本，从声誉机制、政府偏袒效应两个维度探析企业履行社会责任对银行贷款成本的影响。研究结果表明，企业履行社会责任水平同银行贷款成本呈现负相关关系，表现为社会责任履行水平越高，企业所承担的银行贷款成本越低；进一步研究发现，好的金融生态环境削弱了企业履行社会责任对银行贷款成本的负相关关系。
［关键词］ 企业社会责任；贷款成本；金融生态环境；声誉机制；政府偏袒
［Abstract］ The authors of this paper use the the samples of A-share listed firms during 2009-2016 to analyze the impacts of firms fulfilling social responsibility on the costs of bank loans in the two dimensions of reputation mechanism and government favoritism. The results of the paper show that the fulfilling social responsibility is negatively correlated with the costs of bank loans, and the higher the level of social responsibility performance, the lower the firms’ costs of bank loans are; the further analysis shows that the good financial eco-environment weakens the negative correlation between the social responsibility and the costs of bank loans.
［Key words］ firm’s social responsibility; loan cost; financial eco-environment; reputation mechanism; government favoritism
债券市场利率期限结构的信息价值
——银行间市场与交易所市场比较研究
徐小华 史浩然 曹 丹 陈 琦
［摘 要］ 本文基于非线性STR模型，研究全市场、银行间市场和交易所市场收益率曲线三因子与未来经济增速、通货膨胀的非线性关系。研究发现：全市场利率期限结构与未来经济增速之间存在非线性关系；银行间债券市场比交易所债券市场与宏观经济变量有更明显的非线性关系；银行间固定利率国债收益率曲线比中国固定利率国债收益率曲线更能预测未来经济增长变化和通货膨胀情况，且对经济增速的预示作用强于通货膨胀。
［关键词］ 银行间债券市场；交易所债券市场；利率期限结构；通货膨胀；非线性STR模型
［Abstract］ Based on the nonlinear STR model, the authors of this paper research the nonlinear relationship between three factors, the yield curves of the whole bond market, inter-bank bond market and exchange bond market. It’s found that there is a nonlinear relationship between the interest-rate term structure of the whole market and the future economic growth; compared with the exchange bond market, the inter-bank bond market shows a more significant nonlinear relationship with the macroeconomic variables; the yield curve of inter-bank fixed-rate government bond has a better ability to predict future changes in economic growth and inflation than that of the Chinese fixed-rate government bond, and it predicts the economic growth rate better than the inflation.
［Key words］ inter-bank bond market; exchange bond market; interest-rate term structure; inflation; nonlinear STR model
关系投资与社区金融机构发展
——基于动态最优化分析
郭江山
［摘 要］ 本文通过对社区金融机构小微贷款行为的动态优化分析发现，社区金融机构如果能够专注关系型贷款并且加大对软信息搜集和挖掘的投入，充分利用对软信息拥有和处理的比较优势，进行定价分析和服务提供，那么就能在激烈的市场竞争中胜出，特别是当最初收集客户信息达到一定数量情况下，将长期保持在利润最大化的增长轨迹上。静态比较证实，虽然政府对客户信息管制与均衡时的信息存量没有关系，但是可以降低社区金融机构的搜寻成本。
［关键词］ 关系投资；关系型贷款；社区金融机构；平衡增长路径；软信息
［Abstract］ The dynamic optimization analysis of the micro-loan behavior of community financial institutions shows if the community financial institutions focus on the relationship-based loans and increase investment in soft information collection and mining, take the full comparative advantages of the ownership and processing of soft information, use pricing analysis and provide service, they can win the fierce market competition, especially when the initial collection of customer information reaches a certain level, they can maintain a profit-maximizing growth for a long time. The static comparison confirms that, though the customer information control of the government has no relation to the information stock in equilibrium, the search costs of community financial institutions can be reduced.
［Key words］ relationship-based investment; relationship-based loan; community financial institution; balanced growth path; soft information
金融生态环境与企业创新效率
吴昊旻 靳亭亭
［摘 要］ 本文以2007~2015年中国A股上市公司为样本，实证检验金融生态环境及其不同维度与企业创新效率之间的关系，并进一步基于企业规模和产权性质的视角研究不同企业的创新效率受金融生态环境的影响有何差异。实证结果表明，金融生态环境及其各组成维度均能促进企业创新效率水平的提升，且这一作用对于小企业和民营企业更显著。研究表明，金融生态环境的优化有利于提高金融资源的配置效率，改善企业的外部治理环境，进而促进企业创新效率水平的提升。
［关键词］ 金融生态环境；创新效率；企业规模；产权性质；金融资源配置效率
［Abstract］ Based on the data of Chinese A-share listed firms during 2007-2015, this paper presents an empirically test on the relationship between the financial eco-environment and the innovation efficiency of firms, and the difference in the impacts of financial eco-environment on the innovation efficiency of various firms. The results of the paper show that the financial eco-environment and its various components can promote the level of the innovation efficiency, which is more significant especially for small and private firms; the optimization of financial eco-environment helps improve the allocation efficiency of financial resources and the external governance environment of firms, then the innovation efficiency of firms.
［Key words］ financial eco-environment; innovation efficiency; firm size; nature of property rights; allocation efficiency of financial resource
地方债发行与房价上涨
——基于中国35个大中城市的实证研究
宋林清
［摘 要］ 本文以2003~2015年中国35个大中城市的面板数据为样本，利用2014年地方债“自发自还”试点这一政策试验，检验地方债发行对房价的影响。结果表明，至少在短期内，地方债的发行显著提高了商品房与住宅的价格。稳健性检验结果也表明地方债的发行显著提高了房价。因此，为促进房地产市场的稳定健康发展，必须规范地方政府的发债行为。
［关键词］ 地方债；地方政府；房价；房地产市场；PSM-DID方法
［Abstract］ In this paper, the author uses the panel data of 35 large and medium-sized cities in China during 2003-2015 as samples and the policy of municipal debts experiment in 2014 to test the impact of the issuance of local bonds on housing price. The results of the paper show that the issuance of local bonds significantly increases the commercial housing prices and residential prices; the results of the robustness test also show that the issuance of local bonds has significantly increased housing prices. Therefore, in order to promote the stable and healthy development of the real estate market, it’s needed to regulate the issuance of local government bonds.
［Key words］ local bond; local government; housing price; real estate market; PSM-DID method