新一轮银行业开放的影响：前瞻与对策
张礼卿 杨 荣
The Impact of the New Round of Banking Opening：Foresight and Countermeasures
ZHANG Li-qing, YANG Rong
破产隔离与资产证券化交易成本—— 一个基于比较金融组织的实证分析
王剑锋 徐万肖 吴 京
Bankruptcy Remoteness and Cost of Asset-Backed Securitization Transaction
——An Empirical Analysis Based on Comparative Financial Organizations
WANG Jian-feng, XU Wan-xiao, WU Jing
民间投资与产业结构升级—— 理论分析与实证检验
李富有 沙春枝 刘希章
Private Investment and Industrial Structure Upgrading
——Theoretical Analysis and Empirical Test
LI Fu-you, SHA Chun-zhi, LIU Xi-zhang
地方金融监管对提高银行贷款质量的效应—— 来自中国省级面板数据的经验证据
段军山 庄旭东
The Effectiveness of Local Financial Supervision in Improving Bank Loan Quality
——Empirical Evidence from China’s Provincial Panel Data
DUAN Jun-shan, ZHUANG Xu-dong
商业银行透明度与风险承担——基于中国上市银行的实证研究
陆 静 宋晓桐
Bank Transparency and Risk-Taking——An Empirical Study Based on Chinese Listed Banks
LU Jing, SONG Xiao-tong
金融制裁传导机制及其有效性—— 基于全球金融制裁数据的实证分析（1945-2017）
张 颖 刘晓星 柴璐鉴
The Transmission Mechanism and Effectiveness of Financial Sanction——An Empirical Analysis Based on the Data of Global Financial Sanctions (1945-2017)
ZHANG Ying, LIU Xiao-xing, CHAI Lu-jian
货币政策冲击、银行信贷渠道传导与传统行业融资约束—— 以纺织产业为例
战明华 李 帅 罗诚剑
Monetary Policy Shock, Bank Credit Channel Transmission and Financing Constraints of Traditional Industries——A Case Study of Textile Industry
ZHAN Ming-hua, LI Shuai, LUO Cheng-jian
绿色债券发行定价的影响因素
杨希雅 石宝峰
The Factors Affecting the Pricing of Green Bond Issuance
YANG Xi-ya, SHI Bao-feng
新一轮银行业开放的影响：前瞻与对策
张礼卿 杨 荣
新一轮扩大对外开放对于银行乃至整个金融部门的效率既有正向冲击，也可能有负向冲击。从新兴市场经济体的相关经验看，银行业开放对一国金融稳定的影响可能是双重的。经济管理部门应深化改革和开放，改善投资环境，使金融业开放产生预期效果；银行监管部门应加强金融监管，防止过度竞争，确保在开放环境下的金融稳定；中国的银行业应调整战略，强化优势，加强风控，合规经营，完善治理，科学决策，加强合作，优势互补。
The new round of opening might have both positive and negative impacts on the efficiency of banks and even the entire financial sector. According to the relevant experience of emerging market economies, the banking opening may have two-direction impacts on the country’s financial stability. In order to achieve the desired effects of the opening, the economic authorities should deepen the reform and opening, and improve the investment environment; the banking regulators should strengthen the financial supervision, prevent excessive competition and ensure the financial stability in an open environment; China’s banking industry should improve its strategy in advantage-strengthening, risk control, regulation compliance, corporate governance, scientific decision-making, and complementary cooperation.
破产隔离与资产证券化交易成本—— 一个基于比较金融组织的实证分析
王剑锋 徐万肖 吴 京
本文将资产证券化过程中破产隔离条款采用与否的现象差异理解为追求交易成本之和最小化过程中的合约选择问题。在理论分析基础上，通过实证研究得到如下结论：第一，信息披露制度越完善，原始权益人选择破产隔离条款的概率越高，并由此带来交易成本的下降；第二，与高信用和低信用两类主体相比，破产隔离更有利于降低中等水平信用主体的交易成本。
In this paper, whether adopting the bankruptcy remoteness clause or not in asset-backed securitization is considered a problem of contract selection in pursuit of minimizing the total transaction cost. The theoretical and empirical analysis of the paper shows that: first, the better the information disclosure rules are, the more probably the original equity holder chooses the bankruptcy remoteness clause, which could reduce the transaction cost; second, compared with entities of high- or low-grade credit, entities of medium-grade credit benefit more from bankruptcy remoteness in reducing the transaction cost.
民间投资与产业结构升级——理论分析与实证检验
李富有 沙春枝 刘希章
本文分析民间投资发展引起产业结构升级的作用机理，通过构建产业结构升级指标，利用中国省际面板数据进行实证研究。研究结果表明，民间投资对产业结构升级的影响效应存在，且有显著的区域差异性，即该效应在东部区域最大，中部次之，西部最小。各地应因地制宜制定民间投资政策与产业结构升级目标、建立区域民间投资聚集区以及风险防范机制。
This paper presents an analysis of the mechanism in which the private investment results in industrial structure upgrading, and an empirical research with the industrial structure upgrading indicators and the Chinese provincial panel data. The conclusion of the paper shows that the private investment affects the industrial structure upgrading, which varies in different regions; the effect is largest in the eastern regions, second in the central regions, and smallest in the western regions. All regions should draw up investment policies and industrial structures upgrading targets according to local conditions, set up special areas for the regional private investment, and construct a risk prevention system.
地方金融监管对提高银行贷款质量的效应——来自中国省级面板数据的经验证据
段军山 庄旭东
本文从银行信贷质量角度出发，研究地方金融监管的金融风险防控有效性。研究发现，加强地方金融监管能降低银行的不良贷款率，有效提高银行信贷质量；地方金融监管对银行贷款质量的影响具有一定滞后性并存在地区异质性；金融发展水平较发达地区的金融监管对提高银行贷款质量、防控金融风险更加有效，对于金融发展水平较落后地区，金融监管所产生的效果则并不显著。
From the perspective of bank credit quality, the authors of this paper research the effectiveness of local financial supervision in financial risk prevention. It’s found that strengthening the local financial supervision could reduce the non-performing loan ratio of banks and effectively improve the quality of bank credits; the impact of local financial supervision on the quality of bank loans is time-lagged and shows a regional heterogeneity; for improving the quality of bank loans and preventing financial risks, the financial supervision is more effective in regions with higher level of financial development, but not significantly effective in regions with lower level.
商业银行透明度与风险承担——基于中国上市银行的实证研究
陆 静 宋晓桐
本文运用中国19家上市银行2001-2017年的数据，研究商业银行透明度与风险承担之间的关系，并进一步分析这种关系在多大程度上取决于银行高管特质。研究表明，较高程度的不透明度会增加商业银行的风险承担，损害银行的稳定性，不透明度对银行风险的影响随着“董监高”持股比例及大股东持股比例的增大而减弱，随着独立董事比例的增大先减弱后增强。
Based on the data of 19 listed banks in China during 2001-2017, this paper presents a study of the relationship between bank transparency and risk-taking, and how it is influenced by the characteristics of bank executives. The results of the paper show that the higher level of opacity in a bank could increase its risk-taking and impair its stability; this effect weakens with the increasing shareholding ratios of directors, supervisors, executives and larger shareholders, but first weakens and then enhances with the increasing ratio of independent directors.
金融制裁传导机制及其有效性——基于全球金融制裁数据的实证分析（1945-2017）
张 颖 刘晓星 柴璐鉴
本文从理论层面探讨金融制裁的传导机制，并选取1945-2017年全球303起金融制裁案例实证检验影响制裁有效性的因素。研究发现：金融制裁有效性与目标国被制裁成本、多边制裁等因素呈显著正相关，与目标国政治经济不稳定性等因素呈显著负相关；且两国友好关系等因素在金融制裁的威胁阶段与实施阶段有效性不同。鉴于此，建议中国应加快建设涵盖金融制裁与反制裁的对外政策工具箱，并将制裁威胁阶段纳入考量范围，同时通过完善人民币跨境支付系统、加强与“一带一路”沿线国家的金融合作等方式，提高人民币的国际影响力。
The authors of this paper theoretically analyze the transmission mechanism of financial sanctions, and select 303 cases of financial sanction during 1945-2017 to empirically test the factors affecting the effectiveness of sanction. It’s found that the effectiveness of financial sanction is positively related to the target country’s sanctioned costs and multilateral sanctions and negatively related to the target country’s political and economic instability; and the factors show different effectiveness from the threatening period to the enforcing period of financial sanction, such as the friendly relationship between two countries. Therefore, the authors suggest that China should accelerate the construction of a foreign-policy toolbox for financial sanction and anti-sanction, strengthen financial cooperation with countries in the “Belt and Road”, and improve the international influence of the RMB.
货币政策冲击、银行信贷渠道传导与传统行业融资约束——以纺织产业为例
战明华 李 帅 罗诚剑
本文以纺织产业为典型案例，分析货币政策通过银行信贷渠道传导对纺织企业融资约束的影响。实证研究表明，紧缩性货币政策通过银行信贷渠道强化纺织企业面临的融资约束，其实现机制是加速效应改变企业的外部融资边际溢价；在纺织产业链中处在不同层次的企业，货币政策通过银行信贷渠道对于企业融资约束的影响存在显著差异。在制定货币政策过程中，既要关注总量也应关注结构，应考虑对纺织产业等传统产业的市场纠偏。
The authors of this paper take the case of textile industry to analyze the impacts of monetary policy on the financing constraints of textile enterprises through bank credit channel. The empirical studies show that tightening monetary policy strengthens the financing constraints of textile enterprises through bank credit channel, and the mechanism is that the accelerating effect changes the marginal premium of the external financing of enterprises; as for the enterprises at different levels in the textile industry chains, the impacts of monetary policy on the financing constraints of enterprises through bank credit channel vary greatly. The monetary policy authorities should pay attention to both gross amount and structure, and consider the market correction of traditional industries such as textile industry.
绿色债券发行定价的影响因素
杨希雅 石宝峰
本文以银行间及沪深两市交易所发行的170只绿色债券为研究对象，通过构建绿色债券信用利差影响因素模型，分析发行方式、绿色政策支持力度、第三方绿色认证、发债主体的财务状况对绿色债券发行定价的影响。研究发现：公募绿色债券有利于企业降低融资成本，绿色政策支持是影响企业融资的主要因素，第三方绿色认证的存在对降低绿色债券融资成本没有显著影响，发债主体的财务状况不是影响绿色债券融资成本的显著因素。
The authors of this paper use the sample of 170 green bonds issued in the inter-bank market and the stock exchange of Shanghai and Shenzhen, and construct a model of factors affecting the credit spread and issue pricing of green bonds, including the issue method, green policy support, third-party green certification and issuer’s financial condition. Regarding to enterprises’ financing cost of green bond, it’s found that public offering reduces the costs, and green policy support is the main factor; the third-party green certification has no significant impact on reducing the cost; the financial condition of the issuer is not significant for the financing costs.