中国对外投资与引进外资的新变化及政策建议
王广谦 (3)
The New Changes in China’s Overseas Investment and Imported Foreign Capitals and the Policy Suggestions
WANG Guang-qian (3)
银行公司金融业务发展趋势与支持实体经济发展
胡 浩 (6)
Trends in Corporate Banking Business of Banks and Support for Development of Real Economy
HU Hao (6)
经济增长对商业银行风险承担的影响
武博华 张成虎 李 崇 (14)
The Impacts of Economic Growth on the Risks of Commercial Banks
WU Bo-hua ZHANG Cheng-hu LI Chong (14)
互联网金融提升了商业银行资本配置效率吗？—— 基于中国上市银行的经验证据
张庆君 刘 靖 (27)
Does Internet Finance Improve the Capital Allocation Efficiency of Commercial Banks?——Empirical Evidences of Chinese Listed Banks
ZHANG Qing-jun LIU Jing (27)
金融集聚对技术创新的影响——来自中国省级层面的证据
黎杰生 胡 颖 (39)
The Influence of Financial Agglomeration on Technological Innovation——Provincial Evidences in China
LI Jie-sheng HU Ying (39)
非沉淀性冗余资源能够平滑企业创新投资吗？——基于融资约束视角的实证研究
甄建斌 赵选民 翟 丽（53)
Can Unabsorbed Slack Resources Smooth Corporate Innovation Investment?——An Empirical Research Based on Financing Constraints
ZHEN Jian-bin ZHAO Xuan-min ZHAI Li (53)
不同背景风险投资机构的中小企业融资服务效率——基于受资企业视角
薛 菁 林 莉（67)
The SME Financing Service Efficiency of Different-Background Venture Capital Institutions——From the Perspective of Sponsored Enterprises
XUE Jing LIN Li (67)
中国对外投资与引进外资的新变化及政策建议
王广谦
［摘 要］ 中国对外投资在2016年超过了引进外资，成为资本净流出国。中国对外直接投资快速增长的原因是外商直接投资增量提前趋缓、中国对外直接投资的超常规剧增以及人民币对美元贬值预期刺激企业在海外配置资产的需求。为了加强对外投资与引进外资政策协调，应该进一步完善政策和市场环境，留住外商已有投资并吸引更多新投资；加强国内资金投资的引导，保证资金需求，促进产业发展；以“一带一路”战略为重点，科学引导资本输出的区域和行业流向，提高对外投资的宏观效益。
［关键词］对外投资；引进外资；投资决策权；投资便利化；风险防范
［Abstract］ China’s overseas investment in 2016 exceeded the imported foreign capitals, and China became a net-capital-outflow nation. The rapid growth of China’s foreign direct investment is due to the slowdown in the growth of foreign direct investment ahead of time, the extraordinary increase in China’s foreign direct investment, and the depreciation expectation of RMB against US dollar, which results in the firm’s demand to add assets overseas. In order to strengthen the coordination of the overseas investment and the policy of importing foreign capitals, it’s needed to improve the policy and market environment further to retain foreign investment and attract more new investment; to strengthen the investment guidance of domestic capitals, and meet the demand for capitals to promote industrial development; to focus on the “One Belt & One Road”, and guide the capitals to flow in appropriate regions and industries so as to improve the macroeconomic benefits of overseas investment.
［Key words］ overseas investment; importing foreign capital; power of investment decision-making; investment facilitation; risk prevention
银行公司金融业务发展趋势与支持实体经济发展
胡 浩
［摘 要］ 公司金融业务是商业银行支持实体经济发展的主要形式，公司金融的业务总量和竞争力直接决定了银行的竞争优势。国际大银行在2008年国际金融危机后借由交易银行、新兴产业、金融科技的兴起以及“围栏”法则的实施赋予了公司金融业务新的活力。新常态下中国银行业公司金融业务应紧扣国家战略，积极支持实体经济发展；加强投贷联动，推进公司金融服务多元化；发展交易银行，以公司金融带动其他业务发展；坚持创新驱动，加强产品与体制创新；强化合规经营，统筹管理表内外风险。
［关键词］ 商业银行；公司金融；实体经济；投贷联动；交易银行；创新驱动
［Abstract］ Corporate banking business is a main pattern of commercial banks to support the development of real economy. The total amount and competitiveness of corporate banking business are factors to form the competitive advantages of banks. After the 2008 financial crisis, the main international banks make the corporate banking business vital by the transaction banking, emerging industries, rise of financial technology, and the implementation of the “fence law”. With the development of China’s economy in a new normal state, the development of Chinese corporate banking business should be closely linked to the national strategy, and support the development of real economy; it’s needed to strengthen the investment-loan linkage, and promote the diversification of corporate banking services; to develop transaction banking and drive the development of other business by corporate banking business; to promote the innovation-driven, and strengthen product and institutional innovation; to strengthen compliance management, overall management of internal and external risks.
［Key words］ commercial bank; corporate banking; real economy; investment-loan linkage; transaction banking; innovation-driven
经济增长对商业银行风险承担的影响
武博华 张成虎 李 崇
［摘 要］ 本文在商业银行风险承担理论分析的基础上，提出宏观经济增长影响商业银行风险承担的三个渠道：资产负债表渠道、风险偏好渠道以及间接渠道，验证宏观经济增长与银行风险承担之间的正向相关性。结果发现，东部地区的商业银行与宏观经济增长的相关性更强，即当宏观经济增长率提高时，东部地区商业银行会倾向于承担更低的风险。
［关键词］ 银行风险承担；影响渠道；区域差异；经济增长；货币政策
［Abstract］ Based on the theoretical analysis of the risk-taking of commercial banks, the authors of this paper argue that three channels of macroeconomic growth will affect the risks of commercial banks: balance sheet, risk preference and indirect channel, and examine the positive correlation between macroeconomic growth and risk-taking of banks. It is found that the correlation between commercial banks and macroeconomics in the eastern region is stronger, which means that the commercial banks in the eastern region will take less risk when the macroeconomic growth rate increases.
［Key words］risk-taking of bank; impacting channel; regional difference; economic growth; monetary policy
互联网金融提升了商业银行资本配置效率吗？——基于中国上市银行的经验证据
张庆君 刘 靖
［摘 要］ 通过对中国14家上市商业银行数据的分析，实证检验互联网金融对银行资本配置效率的影响。结论为：互联网金融的发展对商业银行传统业务规模存在替代效应，使贷款规模减少；互联网金融对银行资本配置效率存在负面影响，并且这一影响存在异质性，对五大商业银行的影响较高，而对其他几家商业银行影响较小。因此，商业银行需要正视互联网金融带来的冲击，适时适度的融合互联网金融技术，提升自身效率。
［关键词］ 互联网金融；商业银行；资本配置效率；溢出效应；替代效应
［Abstract］ Based on the analysis of 14 listed commercial banks in China, this paper examines the impacts of Internet finance on the capital allocation efficiency of banks. The conclusion is that the development of Internet finance has a substitute effect on the traditional business scale of commercial banks, so that the scale of loans is reduced; Internet finance has a negative impact on the capital allocation efficiency of banks, and this effect is heterogeneous: the impacts on the five major commercial banks are high, but little on several other commercial banks. Therefore, commercial banks need to pay attention to the impacts of Internet finance, and integrate the Internet financial technology timely and appropriately to enhance their efficiency.
［Key words］ Internet finance; commercial bank; capital allocation efficiency; spillover effect; substitution effect
金融集聚对技术创新的影响——来自中国省级层面的证据
黎杰生 胡 颖
［摘 要］ 本文考察金融集聚对经济增长总量和技术创新的差异性影响，以及上述影响在不同地区和行业的异质性。结果表明：在促进经济总量增长的表象下，金融集聚对技术创新具有抑制作用；金融集聚具有空间分布不均衡的特征，其对技术创新的影响不随集聚程度的高低产生规律性的变化；金融集聚的技术创新效应具有显著的行业异质性，银行业和保险业集聚对技术创新有显著的促进作用，而证券业集聚则会逆向挤出技术创新。
［关键词］ 金融集聚；技术创新；经济增长；银行业集聚；证券业集聚；保险业集聚
［Abstract］This paper presents an analysis of the different influence of financial agglomeration on the total amount of economic growth and technological innovation, and the influence difference between regions or industries. The results of the paper show that, the financial agglomeration has the inhibitory effect on technological innovation at the same time it promotes the growth of total economy; the financial agglomeration has the characteristics of unequal spatial distribution, and its influence on technological innovation does not change regularly with the degree difference in agglomeration; the technological innovation effect of financial agglomeration has a significant industry-heterogeneity, and the agglomeration of banking and insurance industry plays a significant role in promoting technological innovation, but the agglomeration of security industry inhibits technological innovation.
［Key words］ financial agglomeration; technological innovation; economic growth; banking agglomeration; agglomeration of security industry ; agglomeration of insurance industry
非沉淀性冗余资源能够平滑企业创新投资吗？——基于融资约束视角的实证研究
甄建斌 赵选民 翟 丽
［摘 要］ 本文基于2010~2015年创业板上市公司微观数据，实证分析融资约束视角下非沉淀性冗余资源对创新投资的平滑效应。结果表明：（1）企业创新投资活动存在融资约束；（2）非沉淀性冗余资源具有平滑创新投资的作用，避免了创新投资波动带来的高额调整成本，保证了创新的可持续性；（3）融资约束越严重平滑作用越凸显。
［关键词］ 融资约束；非沉淀性冗余资源；创新投资；创新平滑；金融创新
［Abstract］ Based on the microscopic data of GEM listed companies during 2010-2015, this paper presents an analysis of the smoothing effect of unabsorbed slack resources on innovation investment. The results of the paper show that: (1) there are financing constraints for the corporate innovation investment; (2) the unabsorbed slack resources have an effect of smoothing innovation investment, which avoids the high adjusting-cost due to the fluctuation in innovation investment and ensures the sustainability of innovation; (3) the more the financing constraints, the more significant the smoothing effect is.
［Key words］ financing constraint; unabsorbed slack resource; innovation investment; innovation smoothing; financial innovation
不同背景风险投资机构的中小企业融资服务效率——基于受资企业视角
薛 菁 林 莉
［摘 要］ 本文以532家在2010~2011年间接受首轮风投资本的企业在随后的6年中融资情况的改善作为评价指标，考察政府背景和非政府背景风投资本对缓解中小企业融资困难的作用。结果表明：两者在为中小企业融资服务中各有优势，互为补充。政府背景风投资本对缓解中小企业融资困难有正向影响，当前在中小企业融资服务中发挥主导作用；非政府背景风投机构的投资对象选择偏好与其中小企业融资服务定位不一致，影响为中小企业融资服务的效率。
［关键词］ 风险投资；政府背景风投资本；非政府背景风投资本；风投机构；中小企业；融资服务效率
［Abstract］ In this paper, the improvement in financing situation of 532 enterprises, which receive the first round of venture capitals during 2010-2011, in the next six years is used as an evaluation index to analyze the effects of government- and non-government-sponsoring venture capitals on reducing difficulties in financing SMEs. The results of the paper show that: the both different venture capitals have their own advantages, and they complement each other. The government-sponsoring venture capitals have a positive effect on alleviating difficulties in financing SMEs, and now play a leading role in SME financing services; the preferring investment fields of non-government-sponsoring venture capitals are inconsistent with their goals of SME financing service, which is not conducive to financing service efficiency.
［Key words］ venture capital;government-sponsoring venture capital; non-government-sponsoring venture capital; venture capital institution; SME; financing service efficiency