新时代大型银行发展普惠金融的若干思考
胡 浩（ 3 ）
Thoughts on the Development of the Inclusive Finance of Large Banks in the New Era
HU Hao（ 3 ）
经济波动、金融摩擦与固定资产投资——来自中国地级市样本的证据
邢天才 张 梦（10）
Economic Volatility, Financial Friction and Fixed Asset Investment——Evidences from the Samples of China’s Prefecture-Level Cities
XING Tian-cai ZHANG Meng（10）
金融错配、企业资本结构与非效率投资
张庆君 李 萌（21）
Financial Misallocation, Capital Structure of Firms and Non-Efficiency Investment
ZHANG Qing-jun LI Meng（21）
中国宏观审慎监管有效性检验——基于商业银行系统性风险贡献度视角
刘志洋（37）
Testing of the Effectiveness of China’s Macro-Prudential Supervision——From the Perspective of Systemic Risk Contribution of Commercial Banks
LIU Zhi-yang（37）
资本监管、流动性约束对商业银行贷款行为的影响
陈伟平 张 娜（46）
The Effects of Capital Regulation and Liquidity Constraint on the Lending Behaviors of Commercial Banks
CHEN Wei-ping ZHANG Na（46）
金融关联对中小民营企业创新投资的影响——基于风险承担的中介效应视角
周雪峰 左静静（62）
The Influence of Financial Relations on the Innovation Investment of Small and Medium-Sized Private Enterprises——From the Perspective of the Intermediary Effect of Risk-Taking
ZHOU Xue-feng ZUO Jing-jing（62）
本刊2018年总目录
（79）
The Contents of FINANCE FORUM （2018）
（79）
新时代大型银行发展普惠金融的若干思考
胡 浩
［摘 要］ 普惠金融惠及民生、利于国家，既是我国全面建成小康社会的必然要求，也是新时代商业银行服务实体经济和推动自身转型发展的必然选择。当前，我国普惠金融的供给体系仍有待完善，面临金融资源分布不平衡、商业可持续性不牢固、产品多样性不充分、金融基础设施不完善等问题。大型银行要发挥大行“头雁”效应，站在讲政治和战略全局的高度全力发展普惠金融，认清自身优势和劣势，扬长补短，从顶层设计、金融科技、产品创新、风险管理和生态共建等多方面进一步提升普惠金融服务水平，推动我国经济高质量发展。
［关键词］ 普惠金融；大型银行；小微企业；实体经济
［Abstract］ Inclusive finance benefits the people’s livelihood and the country. It is not only an inevitable requirement for China to build a well-off society in an all-round way, but also an inevitable choice for commercial banks in the new era to serve the real economy and promote their own transformation and development. At present, China’s inclusive financial supply system still needs to be improved, and it faces problems such as the imbalances in the distribution of financial resources, weak business sustainability, inadequate product diversity, and imperfect financial infrastructure,etc. Large banks should exert the “head geese” effect, stand on the political and strategic level to develop inclusive finance, recognize their own strengths and weaknesses, and make up for the shortcomings, further improve the inclusive financial services by top-level design, financial technology, product innovation, risk management and ecology-co-construction and other aspects, and promote the high-quality development of China’s economy.
［Key words］ inclusive finance; large bank; small and micro enterprises; real economy
经济波动、金融摩擦与固定资产投资——来自中国地级市样本的证据
邢天才 张 梦
［摘 要］ 本文基于2001-2015年间中国286个地级市样本数据，对经济波动和固定资产投资之间的关系进行实证分析，得到以下结论：第一，中国地级市层面固定资产投资与经济波动之间呈非线性关系；第二，在经济波动对固定资产投资的影响中，金融摩擦机制所起的作用有限，主要还是实物期权效应起作用；第三，越是长期来看，经济波动对固定资产投资的影响越显著，金融摩擦机制所起的作用越小，实物期权效应所起的作用越大。
［关键词］ 经济波动；金融摩擦；固定资产投资；实物期权
［Abstract］ Based on the sample data of China’s 286 prefecture-level cities during 2001-2015, the authors of this paper empirically analyze the relationship between economic volatility and fixed asset investment. The conclusions of the paper include the following: first, there is a non-linear relationship between the fixed asset investment of China’s prefecture-level cities and the economic volatility; second, the role of financial friction mechanism is limited and the effects of real options play a main role in the impact of economic volatility on fixed asset investment; third, the longer the term is, the more significant the impact of economic volatility on fixed asset investment, the smaller the role of the financial friction mechanism, and the greater the role of the effects of the real options.
［Key words］ economic volatility; financial friction; fixed asset investment; real option
金融错配、企业资本结构与非效率投资
张庆君 李 萌
［摘 要］ 本文实证检验金融错配对企业非效率投资的影响，以及资本结构在金融错配与企业非效率投资间所起的中介效应。研究表明，金融错配引致企业非效率投资、投资过度及投资不足显著增加，金融错配引致民营企业投资不足严重，大规模企业投资过度程度加深，加大了制造业企业的投资不足，房地产企业对制造业企业产生挤出效应；资本结构在金融错配与企业非效率投资中起到完全中介作用，金融错配通过扭曲资本结构的市场治理属性，引致微观企业非效率投资。
［Abatract］ This paper presents an empirical test on the impacts of financial misallocation on non-efficiency investment of firms and the intermediary effects of capital structure between financial misallocation and non-efficiency investment. The results of the paper show that the financial misallocation obviously results in the increase in the non-efficiency investment, excessive investment or insufficient investment of firms, the serious insufficient investment of private firms, the degree of the excessive investment of large-scale firms, the insufficient investment of manufacturing firms, the crowding-out effect of real estate firms on manufacturing firms; the capital structure plays a full intermediary role in the relationship between financial misallocation and non-efficiency investment of firms, and the financial misallocation results in the inefficient investment of micro-firms by distorting the market governance property of capital structure.
［Key words］ financial misallocation; capital structure of firm; non-efficiency investment; effective allocation
中国宏观审慎监管有效性检验——基于商业银行系统性风险贡献度视角
刘志洋
［摘 要］ 本文以中国上市商业银行为样本，测度国际主流的系统性风险贡献度指标，并使用国际货币基金组织的调研数据所生成的代表中国宏观审慎监管实施概况的MPI指标进行实证分析。研究结论表明，中国宏观审慎监管工具能够显著降低商业银行系统性风险贡献度，中国宏观审慎监管在经济处在上升阶段时效果更为显著，且宏观审慎监管作用于国有大型商业银行的效果不会比其他类型商业银行的效果差。
［关键词］ 宏观审慎监管；政策有效性；系统性风险贡献度
［Abstract］ The author of this paper uses China’s listed commercial banks as samples to measure the international-mainstream systemic risk contribution indicators, and uses the MPI indicators, which is generated by the research data of the International Monetary Fund to represent the status of China’s macro-prudential supervision implementation, for the empirical analysis. The results of the paper show that China’s macro-prudential supervision tools can significantly reduce the systemic risk contribution of commercial banks; China’s macro-prudential supervision is more effective when the economy is in the period of rise, and effect of macro-prudential supervision on state-owned large commercial banks is not less than on other types of commercial banks.
［Key words］ macro-prudential supervision; policy effectiveness; systemic risk contribution
资本监管、流动性约束对商业银行贷款行为的影响
陈伟平 张 娜
［摘 要］ 本文研究资本监管与流动性约束的交互效应对商业银行贷款行为的影响。结果表明：（1）资本监管会促使商业银行调整表内外资产结构，减少表内贷款发放，扩张表外未使用贷款承诺业务，严格执行监管惩罚措施有利于抑制商业银行表内外信贷增长；（2）资本监管与流动性约束具有互补性，资本监管对商业银行贷款行为的非线性影响依赖于流动性比率的大小，流动性比率越高，其促进资本监管压力下的信贷紧缩效应越明显；（3）逆周期监管政策的实施，有助于减弱资本监管与流动性水平交互作用对商业银行贷款行为的负向影响。
［关键词］ 商业银行；资本监管；贷款行为；流动性约束；动态面板数据模型
［Abstract］ This paper presents an analysis of the interaction effects of capital regulation and liquidity constraint on the lending behaviors of commercial banks. The results of the paper show that, (1)the capital regulation can promote commercial banks to adjust asset structure of the on-and-off-balance sheet, reduce on-balance sheet lending, and expand off-balance sheet unused lending commitments, and the strict enforcement of regulation punishment is in favor of commercial banks to inhibit the growth of on-and-off-balance sheet credits; (2)the capital regulation and the liquidity constraint are complementary, and the non-liner influence of capital regulation on the lending behaviors of commercial banks depends on the liquidity ratio, the higher the liquidity ratio, the more obvious the effects of the credit crunch due to the pressure of capital regulation; (3)the implementation of counter-cyclical regulation is conductive to reducing the negative impact of the interaction between capital regulation and liquidity level on the lending behaviors of commercial banks.
［Key words］ commercial bank; capital regulation; lending behavior; liquidity constraint; dynamic panel data model
金融关联对中小民营企业创新投资的影响——基于风险承担的中介效应视角
周雪峰 左静静
［摘 要］ 本文以深市中小板民营上市公司为样本，基于风险承担的视角研究金融关联对中小民企创新投资的影响。结果表明，金融关联对中小民企创新投资具有正向影响，风险承担在两者之间发挥部分中介效应，且该效应具有当期性和时滞性；不同类型金融关联均能通过风险承担影响中小民企创新投资，但银行金融关联所产生的影响仅表现为当期效应，而非银行金融关联所产生的影响则兼具当期效应和时滞效应；环境不确定性会影响风险承担中介效应的发挥。
［关键词］ 金融关联；中小民企；风险承担；创新投资；环境不确定性
［Abstract］ From the perspective of risk-taking, the authors of this paper use the small and medium-sized private listed companies in Shenzhen Stock Market as samples to research the influence of financial relations on the innovation investment of small and medium-sized private enterprises. The results of the paper show that financial relations have a positive influence on the innovation investment; the risk-taking plays a partial intermediary effect between financial relations and innovation investment, and the effect is current and time-delaying; all types of financial relations can impact the innovation investment through the risk-taking, but the influence of banking financial relations show only the current effect, and the influence of non-banking financial relations show both the current and the time-delaying effects; the environmental uncertainty impacts the intermediary effect of risk-taking.
［Key words］ financial relation; small and medium-sized private enterprises; risk-taking; innovation investment; environmental uncertainty