推动绿色“一带一路”发展的绿色金融政策研究
中国工商银行与清华大学“绿色带路”项目联合课题组
A Research on the Green Financial Policy to Promote the Development of Green“Belt & Road”
The Joint Research Group of the “Green Belt & Road” Project of ICBC and Tsinghua University
内幕交易、股价信息含量与市场监管效力——基于中国A股市场的分析
黄 宪 张 驰
Insider Trading, Information Contents of Stock Price and Market Surveillance Effects——An Analysis of Chinese A-Share Markets
HUANG Xian, ZHANG Chi
中国分地区银行业市场结构与中小企业融资
张艾莲 代雪雅
Regional Banking Market Structure and SME Financing in China
ZHANG Ai-lian, DAI Xue-ya
地方性银行贷款定价的依据——基于微观视角的研究
张 岩
The Loan Pricing Basis of Local Banks——An Analysis from the Micro Perspective
ZHANG Yan
国际黄金和原油价格波动与上证指数的相关性——基于小波分析方法的研究
徐照宜 蒋文倩 杨胜刚
The Correlation between the Fluctuations in International Gold and Crude Oil Prices and the Shanghai Composite Index——An Analysis Based on the Wavelet Theory
XU Zhao-yi, JIANG Wen-qian, YANG Sheng-gang
逆向交叉上市的估值溢价与传递溢出效应——基于H股回归上市的实证研究
易荣华 俞 莹 潘弘杰
Valuation Premium and Spillover Effects of Reverse Cross-Listing——An Empirical Study of A-Share IPO of H-share Firms
YI Rong-hua, YU Ying, PAN Hong-jie
共同冲击对中国系统性风险的影响效应
赵 宁 皓 星 秦 品 吴若池
The Effects of Common Shocks on Chinese Systemic Risks
ZHAO Ning, HAO Xing, QIN Pin, WU Ruo-chi
推动绿色“一带一路”发展的绿色金融政策研究
中国工商银行与清华大学“绿色带路”项目联合课题组
本文基于对各国政府、国际组织和金融机构发展绿色金融的经验，提出适用于构建绿色“一带一路”的核心内容，并从国际合作、各国政府、金融机构三个层面提出推动绿色“一带一路”发展的绿色金融政策建议：在G20框架下继续推动绿色和可持续金融的发展与国际合作，推动各国绿色金融标准的一致化，倡导金融机构开展环境信息披露和环境风险分析工作；将绿色发展纳入国家发展战略，建立绿色金融体系，强制要求上市公司和发债企业披露环境信息；金融机构应积极发挥中介作用，通过金融杠杆促进企业客户环境表现的改善。
Based on the experience of governments, international organizations and financial institutions in developing green finance, this paper proposes the core contents applicable to the construction of green “Belt & Road”, and green financial policies at three levels--international cooperation, governments and financial institutions, to continue promoting the green and sustainable financial development and international cooperation in G20 framework, to promote the unification of green financial standards of various countries, and to advocate financial institutions to carry out the environmental information disclosure and environmental risk analysis, to incorporate the green development in the national development strategy, to establish a green financial system, to require listing companies and bond issuers to disclose environmental information; the financial institutions should play an intermediary role actively in improving the environmental performance of corporate customers through financial leverage.
内幕交易、股价信息含量与市场监管效力——基于中国A股市场的分析
黄 宪 张 驰
本文针对非法内幕交易对股价信息含量的影响进行实证检验，研究表明：就整体而言，内幕信息通过买卖双向非法内幕交易使交易发生日的股价信息含量显著提高，加剧市场信息不对称程度；并购重组类的内幕信息对内幕交易发生日的股价信息含量的影响最显著，而经营合作投资类的内幕信息影响最不显著；从对内幕交易监管的视角，现行实施的监管法规无法有效遏制由内幕交易造成的市场信息不对称性，且笼统的“盈罚比”监管方法无法有效遏制对公众投资者利益影响最大的内幕交易行为，监管机制有效性仍不足
This paper presents an empirical test on the impacts of illegal insider trading on the information contents of stock price. The results of the paper show that, in general, the inside information significantly increases the information contents of stock price on the transaction day through both illegal insider purchase and sale, thus increases market information asymmetry; the M&A-related illegal insider trading has the most significant effects on the information contents of stock price on the trading day, while the effects of business cooperation and investment-related are least significant; from the perspective of insider trading surveillance, the current regulations cannot effectively curb the market information asymmetry caused by illegal insider trading, and the indiscriminate “gain-fine ratio” method cannot effectively prohibit the illegal insider trading that harms stakeholders’ interests most, and the effectiveness of the regulatory mechanism is still insufficient.
中国分地区银行业市场结构与中小企业融资
张艾莲 代雪雅
本文研究中国分地区银行业市场结构与中小企业融资的关系。研究结果表明，全国范围与各地区的银行业市场结构与中小企业融资存在相异的特征和影响路径，在全国范围以及分地区的东部和中部地区内，银行业市场结构与中小企业主银行的选择呈现正U型关系，而在西部地区，银行业市场结构与企业主银行的选择呈现倒U型关系。
This paper presents a study of the relationship between regional banking market structure and SME financing in China. The results of the paper show that the characteristics and influence paths of banking market structure and the SME financing are regionally different. Nationwide as well as in eastern and middle regions, the relationship between the banking market structure and the main-bank choice of SMEs shows an upward U-shape, however an inverted U-shape in the western region.
地方性银行贷款定价的依据——基于微观视角的研究
张 岩
本文在分析地方性银行贷款定价微观影响因素的基础上，利用案例银行数据，研究地方性银行贷款定价的依据，得到以下结论：贷款定价决策模型相对粗糙，风险溢价功能不足，“政银企”关系依赖度高。为了改进贷款定价，地方性银行应构建全面精细的产品定价系统，搭建风险评估与贷款定价间的联动机制，建立“政银企”客户风险和收益的实时评估机制。
Based on the analysis of the micro-influence factors in loan pricing of local banks, the author of this paper uses the data of sample banks to research the loan pricing basis of local banks. It is concluded that: the loan pricing decision model is relatively rough, with insufficient risk premium function and high dependence on government-bank-enterprise relationship. In order to improve loan pricing, local banks should build a comprehensive and elaborate product pricing system, build a linkage mechanism between risk assessment and loan pricing, and establish a real-time government-bank-enterprise evaluation mechanism for the risks and benefits of customers.
国际黄金和原油价格波动与上证指数的相关性——基于小波分析方法的研究
徐照宜 蒋文倩 杨胜刚
本文基于小波分析方法，对中国股市与国际石油和黄金价格波动之间的相互作用进行分析。结果表明，不同时间尺度条件下波动关联性不同。2008-2011年，在16-64天的时间尺度上，中国股市与国际石油价格变动以同位相变化为主，且上证指数变化领先于WTI原油价格变化；2014-2015年，在32-64天的时间尺度上，上证指数和WTI原油价格存在负相关关系；在2008-2016年间，在60天以内的时间尺度上，黄金价格波动与上证指数以负相关为主。
Based on the Wavelet Theory, the authors of this paper analyze the interaction between the Chinese stock index and the price fluctuation in international oil and gold markets. The results of the paper indicate that the fluctuation correlation varies in terms of timing scale. During 2008-2011, on the timing scale of 16-64 days the changes in Chinese stock markets and international oil prices principally showed the same phase, and the Shanghai Composite Index changed ahead of WTI crude oil price; during 2014-2015, there was a negative correlation between the Shanghai Composite Index and the WTI crude oil price on the timing scale of 32-64 days; during 2008-2016, the fluctuations in gold price were negatively correlated with the Shanghai Composite Index on the timing scale of within 60 days.
逆向交叉上市的估值溢价与传递溢出效应——基于H股回归上市的实证研究
易荣华 俞 莹 潘弘杰
本文从绑定效应和“声誉寻租”角度考察地理相近的市场间H-A逆向交叉上市公司的估值溢价，从收益率波动性视角分析H-A逆向交叉上市对内地市场的传递溢出效应。结果显示，H股回归上市受益于绑定效应可以获得显著的估值溢价，但与由境外上市时间反映的绑定信号质量无关；同时，累积效应不断下降，说明H股回归上市存在非优质公司的“声誉寻租”行为。H股回归上市对A股市场和同行业公司有显著的单向传递溢出效应，说明逆向交叉上市有助于改善新兴市场的结构和效率。
From the perspectives of binding effects and rented reputation, the authors of this paper research the premium of H-A reverse cross-listing firms listed in geographically close markets, and examine the spillover effects of H-A reverse cross-listing on home markets by return volatility. The results of the paper show that the A-share IPO of H-share firms benefits from the binding effect, and can obtain a significant valuation premium, which however is independent of the quality of binding signal decided by the duration of offshore cross-listing; meanwhile, the cumulative effect is declining, which indicates that “rented reputation” behaviors exist in non-excellent A-share IPO of H-share firms. The A-share IPO of H-share firms has a significant one-way transitive spillover effect on the A-share markets and companies in the same industry, which indicates that the reverse cross-listing can improve the structure and efficiency of emerging markets.
共同冲击对中国系统性风险的影响效应
赵 宁 皓 星 秦 品 吴若池
本文利用美国和中国的金融指数数据，运用Copula方法和极值理论研究中国金融机构系统性风险的结构特征。结果显示，不论是在2007年次贷危机爆发之前和之后，中国和美国内部金融机构之间的系统性风险均高于中美两国金融机构间的系统性风险，而在次贷危机爆发和在全球范围内蔓延期间，中美两国金融机构之间的系统性风险明显降低，与此同时，中国内部金融机构之间的系统性风险却显著增加。
The authors of this paper use the financial index data of the United States and China, the Copula method and the Extreme Value Theory to research the structural characteristics of the systemic risks of Chinese financial institutions. The results show that the systemic risks of financial institutions either in China or America were higher than those between the two countries, whether before or after the outbreak of the sub-prime mortgage crisis in 2007; during the outbreak and global spread of the crisis, the systemic risks of financial institutions between China and America were significantly reduced, however, the systemic risks within the Chinese financial institutions were increased significantly.