ESG绿色评级及绿色指数研究
中国工商银行绿色金融课题组 (3)
A Study of ESG Green Rating and Green Index
The Study Group of Green Finance, ICBC (3)
商业银行构建旅游金融的基本思维与整体框架
夏 蜀 (15)
A Thinking about the Overall Framework of Tourism Finance Business of Commercial Banks
XIA Shu (15)
中国城市居民信用卡违约行为的影响因素
陈 莹 宋建华 (27)
The Factors to Affect the Credit Card Default of Chinese Urban Residents
CHEN Ying SONG Jian-hua (27)
金融集聚能否促进绿色经济发展？—— 基于中国30个省份的实证分析
王 锋 李紧想 张 芳 吴艳杰 (39)
Can Financial Agglomeration Promote the Development of Green Economy?——An Empirical Analysis of Chinese 30 Provinces
WANG Feng LI Jin-xiang ZHANG Fang WU Yan-jie (39)
中国实施绿色信贷的障碍因素
左振秀 崔 丽 朱庆华 (48)
The Obstacle Factors of Green Credits in China
ZUO Zhen-xiu CUI Li ZHU Qing-hua (49)
基于拓展的购买力平价方法衡量人民币均衡汇率——全球和新兴经济体的视角
张 赫（58)
Measuring RMB Equilibrium Exchange Rate Based Extended Purchasing Power Parity——From the Perspective of Global and Emerging Economies
ZHANG He (58)
核心高管参军经历对企业风险承担的影响
叶建宏（68)
The Affects of Core Executives’ Army Experience on Firm’s Risk-Taking
YE Jian-hong (68)
ESG绿色评级及绿色指数研究
中国工商银行绿色金融课题组
［摘 要］ 本文在研究借鉴国际评级机构经验、国内绿色信贷和风险识别做法的基础上，考虑中国国情特点和国内企业特征，将工商银行内部客户数据与第三方权威数据相结合，在国内商业银行中首家构建了ESG绿色评级体系，并以上证180企业为样本进行试算，形成绿色发展指数和绿色投资指数。该ESG评价体系对银行识别客户和引导可持续投资均具有较好的应用价值。
［关键词］ESG绿色评级；绿色发展指数；绿色投资指数；商业银行
［Abstract］ Based on the experience of the international rating agencies, the Chinese green credits and risk identification, and considering the characteristics of Chinese national conditions and enterprises, the authors of the paper combine the internal customer data of ICBC with the third-party authoritative data to build the first ESG green rating system of Chinese commercial banks, and form the green development index and green investment index based on a trial calculation of 180 enterprises listed on Shanghai Stock Exchange. The ESG green rating system is effective for banks to identify customers and guide sustainable investment.
［Key words］ ESG green rating; green development index; green investment index; commercial bank
商业银行构建旅游金融的基本思维与整体框架
夏 蜀
［摘 要］ 银行的旅游金融业务以其独有的专业技术和信息优势，能切实有效地为旅游产业提供直接金融供给。银行旅游金融对旅游客户提供的服务是综合化的，银行旅游金融的风险管理是数据型的，银行旅游金融的研发体系是独创性的。旅游金融思维是银行实现其价值转换与商业模式重构的行动先导，集群思维、IP思维、互联网思维和体验思维，既是银行规划旅游金融的方法论，也是发挥旅游金融功能的模式论。
［关键词］ 旅游业；旅游金融；金融功能理论；场景化金融；银行差异化战略
［Abstract］ The tourism finance business of banks possesses unique professional technology and information advantage, and can provide a direct financial supply for tourism industry effectively. The customer services provided by tourism finance of banks are comprehensive, the risk management is data-based, and the research-development system is original. The thinking about tourism finance is a practice instruction on the value change and business model reconstruction of banks. The cluster thinking, IP thinking, Internet thinking and experience thinking are both the methodology of banks to plan tourism finance and the mode of banks to play the function of tourism finance.
［Key words］ tourism industry; tourism finance; theory of financial function; scenarizing finance; bank differentiation strategy
中国城市居民信用卡违约行为的影响因素
陈 莹 宋建华
［摘 要］ 本文使用来自商业银行信用卡账户的消费数据，通过单因素事件法分析中国城市居民信用卡违约行为发生概率的影响因素。结果发现，信用额度一年内的变化和信用额度使用率对居民未来的违约行为具有显著的影响，绝对账户振幅只在违约前六个月表现出对违约发生的概率有显著的影响，而收入信用额度比在不同时刻对未来发生违约概率的预测能力存在差异。
［关键词］ 城市居民；信用卡；信用额度；违约风险；单因素事件法
［Abstract］ Based on the consumption data of credit card accounts of commercial banks, the authors of this paper use the single-factor-event analysis to research the factors to affect the probability of credit card default of Chinese urban residents. The results of the paper show that the change in credit quota in one year and the utilization frequency of credit quota affect the future default of residents significantly; the change range of absolute account has a significant impact on the default probability only in six months before the default, and the ability that the income-quota ratio predicts the future default probability varies at different time.
［Key words］urban resident; credit card; credit quota; default risk; single-factor-event analysis
金融集聚能否促进绿色经济发展？——基于中国30个省份的实证分析
王 锋 李紧想 张 芳 吴艳杰
［摘 要］ 本文测度2004~2015年中国30个省份的金融集聚与绿色经济发展（GGDP）水平，研究金融集聚对GGDP的影响。结果表明：中国各省份GGDP均值的绝对量与相对量均呈上升趋势，但各省份间的差异分别具有扩大与缩小的趋势；GGDP存在正的空间相关性；金融集聚对本省GGDP具有正向影响，并对临近省份GGDP存在空间溢出效应。金融集聚可优化区域资源配置，提高技术水平，促进产业结构升级，从而最终促进绿色经济的发展。
［关键词］ 金融集聚；绿色经济发展；空间溢出效应；空间杜宾面板模型
［Abstract］ The authors of this paper present a measurement of the financial agglomeration and development of green economy(GGDP) during 2004-2015 in China’s 30 provinces, and analyze the influence of financial agglomeration on the GGDP. The results of the paper show that the absolute and relative amounts of the mean GGDP of all provinces is rising, but the differences among some provinces increase and decrease among others; the GGDP shows a positive spatial correlation; the provincial financial agglomeration has positive an effect on its own GGDP and a spatial spillover effect on the GGDP of the neighboring provinces; the financial agglomeration can optimize regional resource allocation, improve the technological level, promote the up-grading of industrial structure and the development of green economy.
［Key words］ financial agglomeration; green economic development; spatial spillover effect; space Doubin panel model
中国实施绿色信贷的障碍因素
左振秀 崔 丽 朱庆华
［摘 要］ 本文基于利益相关者理论，调研梳理出中国商业银行实施绿色信贷的障碍因素，然后采用Grey-DEMATEL方法对障碍因素进行因果分析和重要性排序。结果表明，缺乏与绿色信贷配套的绩效评价标准和行业环保绩效评价指南等技术性政策，是实施绿色信贷的最根本障碍因素，而政府缺乏监督和监管机制是最重要的障碍因素。
［关键词］ 绿色信贷；利益相关者；绩效评价标准；行业环保绩效指南；Grey-DEMATEL方法
［Abstract］Based on the stakeholder theory, the authors of this paper summarize the obstacle factors of the green credits of Chinese commercial banks, use the Gray-DEMATEL method in the causal analysis of the obstacle factors, and rank the factors in order of importance. The results of the paper show that the lack of technical policies, such as the performance evaluation criteria of green credits and the performance evaluation guidelines of industrial environment protection, is the most fundamental obstacle factor of green credits, and the lack of governmental supervision and management mechanism is the most important obstacle factor.
［Key words］ green credit; stakeholder; performance evaluation criterion; performance evaluation guideline of industrial environment protection; Gray-DEMATEL method
基于拓展的购买力平价方法衡量人民币均衡汇率——全球和新兴经济体的视角
张 赫
［摘 要］ 本文通过拓展的购买力平价模型测算人民币均衡实际汇率和均衡名义汇率，并对人民币兑美元汇率失衡程度进行实证研究。研究发现：（1）从1990年开始，人民币均衡实际汇率和名义汇率一直处于不断升值的状态，根据拓展的购买力平价模型，人民币兑美元汇率随着相对人均收入的增加而上升；（2）1994~2004年期间，实际汇率基本处于均衡状态；（3）2004年开始，实际汇率偏离均衡汇率，表现为人民币汇率的失调。从2005~2015年为人民币汇率低估时期，但低估程度在2015年时为最小。
［关键词］ 均衡汇率；购买力平价；汇率失衡；人民币汇率；汇率政策
［Abstract］ Based the extended purchasing power parity model, the authors of this paper measure the equilibrium real exchange rate and equilibrium nominal exchange rate of RMB, and present an empirical analysis of the imbalance degree of RMB exchange rate against US dollar. It’s found that, (1) the RMB equilibrium real exchange rate and nominal exchange rate have been in a state of continuous appreciation since 1990, and according to the extended purchasing power parity model, the RMB exchange rate against US dollar rises with the increase in relative per capita income; (2) the real exchange rate was basically in an equilibrium state during 1994-2004; (3) since 2004, the real exchange rate deviates from the equilibrium exchange rate, the performance of which is that the RMB exchange rate is dislocated. The RMB exchange rate was undervalued during 2005-2015, and the undervalued degree in 2015 was the smallest.
［Key words］ equilibrium exchange rate; purchasing power parity; exchange rate imbalance; RMB exchange rate; policy of exchange rate
核心高管参军经历对企业风险承担的影响
叶建宏
［摘 要］ 本文利用2010~2015年间中国上市公司数据，分析核心高管的参军经历对企业风险承担的影响。实证结果发现，具有参军经历的核心高管在决策中更加激进，企业聘请参军经历核心高管可以提升经营业绩、增加企业风险承担水平，这种现象更容易发生在竞争性行业企业，在非竞争性行业企业中并不明显。进一步研究发现，具有参军经历的创始人在风险选择中却更加保守，在保持业绩增长的同时会寻求降低业绩波动性。
［关键词］ 参军经历；核心高管；企业业绩；经营决策；风险承担
［Abstract］ The author of this paper uses the data of Chinese listed companies during 2010-2015 to analyze the affects of core executives’ experience on firm’s risk-taking. The empirical results of the paper show that the core executives with army experience are more aggressive in decision making; the firms that employ army-experience core executives can improve business performance and increase the level of firm’s risk-taking; the above phenomenon is more likely to occur in competitive industries, but not obvious in non-competitive industries; a further research shows that the army-experience founders are more conservative in risk choice, and they wish to reduce performance fluctuation while maintaining performance growth.
［Key words］ army experience; core executive; corporate performance; business decision making; risk-taking