中国消费金融的现状、展望与政策建议
孙国峰（ 3 ）
The Status Quo, Prospects of Chinese Consumer Finance and the Policy Suggestions
SUN Guo-feng（ 3 ）
资产证券化对商业银行流动性风险的影响—— 基于流动性缓冲视角
郭红玉 高 磊 史康帝（ 9 ）
The Impact of Asset Securitization on the Liquidity Risk of Commercial Banks
——From the Perspective of Liquidity Buffer
GUO Hong-yu GAO Lei SHI Kang-di（ 9 ）
外商直接投资、财政政策波动与地区金融生态环境
武力超 施桑桑 韩华桂 王振雪（20）
Foreign Direct Investment, Change in Fiscal Policy and Regional Financial Ecological Environment
WU Li-chao SHI Sang-sang HAN Hua-gui WANG Zhen-xue（20）
中国上市券商竞争力评价—— 基于时序动态组合赋权评价模型
石宝峰 何继欣 胡 振 王 静（35）
The Evaluation of the Competitiveness of Chinese Listed Securities Companies
——Based on the Combination Weighting of Dynamic Sequence
SHI Bao-feng HE Ji-xin HU Zhen WANG Jing（35）
资产误定价影响了企业投资效率吗？
王生年 宋媛媛 徐亚飞（50）
Does Mispricing Affect the Investment Efficiency of Firms?
WANG Sheng-nian SONG Yuan-yuan XU Ya-fei（50）
股权质押的时机选择及市场反应—— 基于投资者情绪视角的研究
黄宏斌 肖志超 刘晓丽（65）
Time Choice and Market Response of Equity Pledge
——A Research from the Perspective of Investor Sentiment
HUANG Hong-bin XIAO Zhi-chao LIU Xiao-li（65）
中国消费金融的现状、展望与政策建议
孙国峰
［摘 要］ 发展消费金融有利于中国宏观经济结构优化、提高中国货币政策传导效率、促进中国传统金融机构转型。中国已形成了多层次的消费金融服务商结构，但与发达国家相比尚存差距。为了进一步发展消费金融，应该加强消费金融的风险管理，完善社会征信体系建设，保护金融消费者合法权益，营造理性消费文化，加强对大数据的开发与应用，以场景消费为支撑发展消费金融。
［关键词］ 消费金融；金融消费者；金融服务；消费文化
［Abstract］ Developing consumer finance helps to optimize China’s macroeconomic structure, to enhance the effectiveness of monetary policy and to promote the transformation of traditional financial institutions. China has formed a multi-level structure of consumer finance service providers, but it lags behind the developed countries. In order to develop consumer finance further, we should strengthen the risk management of consumer finance, improve the construction of social credit reporting system, protect the legitimate rights and interests of financial consumers, create a rational consumer culture, strengthen the development and application of big data, and develop consumer finance based on scenario consumption.
［Key words］ consumer finance; financial consumer; financial service; consumer culture
资产证券化对商业银行流动性风险的影响
——基于流动性缓冲视角
郭红玉 高 磊 史康帝
［摘 要］ 本文采用流动性错配指数（LMI）研究资产证券化、流动性缓冲与中国商业银行流动性风险之间的关系及影响。研究表明：资产证券化并未提高商业银行的流动性，反而通过商业银行逐利特性和形成稳定预期的方式减少了流动性缓冲，从而强化了商业银行流动性风险。商业银行有必要持有一定的流动性缓冲，并且控制资产证券化资产池中的资产质量，避免过度资产证券化产生的流动性风险。
［关键词］ 商业银行；资产证券化；流动性缓冲；流动性错配指数；流动性风险
［Abstract］ The authors of this paper use the liquidity mismatch index (LMI) to research the relationship among the asset securitization, liquidity buffer and the liquidity risk of China’s commercial banks. The results of the paper shows that the asset securitization does not improve the liquidity of commercial banks, but reduces the liquidity buffer because of the pursuing-profit motive and stable expectation of commercial banks, and enhances the liquidity risk of commercial banks. It is necessary for commercial banks to keep some liquidity buffer, to control the quality of assets in the asset pool of asset securitization, and to avoid the liquidity risk caused by excessive asset securitization.
［Key words］ commercial bank; asset securitization; liquidity buffer; liquidity mismatch index; liquidity risk
外商直接投资、财政政策波动与地区金融生态环境
武力超 施桑桑 韩华桂 王振雪
［摘 要］ 本文研究中国外商直接投资、财政政策波动对地区金融生态环境的影响。实证研究表明：外商直接投资与地区金融生态环境的改善存在非线性关系，外商直接投资一方面通过引进先进金融资源推动竞争促进金融生态环境改善，另一方面外商直接投资的不合理使用又会挤占内资企业金融资源，造成内资外逃和资产价格波动；财政政策波动会抑制外商直接投资对改善金融生态环境的溢出效应。
［关键词］ 外商直接投资；财政政策波动；金融生态环境；区域金融发展
［Abstract］ This paper presents a study of the impacts of foreign direct investment (FDI) and change in fiscal policy on regional financial ecological environment in China. The empirical study shows that there is a nonlinear relationship between the FDI and the improvement in regional financial ecological environment; the FDI, on the one hand, promotes the competition and improvement in financial ecological environment by introducing advanced financial resources, on the other hand, the misuse of the FDI occupies the financial resources of Chinese firms, which results in domestic capital flight and asset price volatility; the change in fiscal policy reduces the spillover effects of the FDI on the improvement in financial ecological environment.
［Key words］ foreign direct investment; change in fiscal policy; financial ecological environment; regional financial development
中国上市券商竞争力评价
——基于时序动态组合赋权评价模型
石宝峰 何继欣 胡 振 王 静
［摘 要］ 本文通过构建上市券商竞争力评价模型，将宏观经济因素纳入评价体系，对中国22家上市券商竞争力水平进行评价，结果表明：券商所在地宏观环境因素对其竞争力影响显著；偿债能力是决定上市券商竞争力的关键因素；各上市券商盈利能力、偿债能力、成长能力、营运能力存在差异；广东上市券商的综合竞争力明显落后于北京和上海的券商。
［关键词］ 上市券商；竞争力评价；偿债能力；时序动态；组合赋权
［Abstract］ The authors of this paper construct a model to evaluate the competitiveness of listed securities companies and incorporate the macroeconomic factors into the evaluation system to evaluate the competitiveness of Chinese 22 listed securities companies. The results of the paper show that the macroeconomy of the regions in which the securities companies locate significantly impacts their competitiveness; the solvency is a key factor to determine the competitiveness; the profitability, solvency, growth ability and operational ability of the listed securities companies are at different levels, and the comprehensive competitiveness of listed securities companies in Guangdong is obviously lower than those in Beijing and Shanghai.
［Key words］ listed securities company; evaluation of competitiveness; solvency; dynamic sequence; combination weighting
资产误定价影响了企业投资效率吗？
王生年 宋媛媛 徐亚飞
［摘 要］ 本文从行为金融学视角探讨了资产误定价对企业投资效率的影响，及其对企业价值的传导路径。以2008~2015年中国上市公司为样本的实证研究发现，尽管资产误定价通过股权融资渠道加剧了过度投资，但也通过理性迎合渠道缓解了投资不足；由于股权融资成本的降低，资产误定价导致的过度投资并未显著降低公司价值，而管理层的理性迎合行为通过改善投资不足而显著提升了企业价值；适度的股价高估有助于提升投资者预期，进而缓解融资约束并提高企业价值。
［关键词］ 资产误定价；过度投资；投资不足；股权融资；理性迎合
［Abstract］ This paper presents a research on the impact of the mispricing of assets on investment efficiency of firms and its transmission path to enterprise value from the perspective of behavioral finance. Based on the data of Chinese listed companies during 2008-2015, the empirical analysis shows that, the mispricing of assets reduces the under-investment through rational catering though it strengthens the the extravagant investment through equity financing; because of the decrease in equity financing cost, the extravagant investment due to the mispricing of assets does not reduce the value of the firms, and the rational catering of the management layer significantly improves the value of the firms through reducing the under-investment; a moderate overvaluation of stock price helps raise investor’s expectation, thereby reduce financing constraints and raise corporate value of the firms.
［Key words］ mispricing of asset; extravagant investment; under-investment; equity financing; rational catering
股权质押的时机选择及市场反应
——基于投资者情绪视角的研究
黄宏斌 肖志超 刘晓丽
［摘 要］ 本文利用上市公司股权质押公告数据，基于投资者情绪视角，考察股权质押的时机选择及质押公告披露后的市场反应。研究发现：股权质押存在明显的择时效应，投资者情绪直接影响控股股东质押融资的意愿和规模；股权质押公告的市场反应在情绪高涨和低落期存在显著差异，并且是公司内外部因素交织后的综合结果；在情绪高涨期，未发生过重大违规和掏空程度较低的上市公司对股权质押公告的反应更为积极。
［关键词］ 股权质押；投资者情绪；公司治理；择时效应；市场反应
［Abstract］ The authors of this paper use the data of the equity pledge of listed companies to analyze the time choice of equity pledge and the market response to the disclosure of pledge announcement. It’s found that the effect of equity pledge varies in time series, and the investor sentiment directly affects the willingness of controlling shareholders to finance by pledge and the scale of pledge financing; the market response to equity pledge in the period of high sentiment is obviously different from that in low sentiment, which is due to the internal and external factors; if a listed company has not committed major violations and has not been evacuated much, its response to the pledge announcement is more active in the period of high sentiment.
［Key words］ equity pledge; investor sentiment; corporate governance; timing effect; market reaction