中国金融科技监管沙盒机制设计研究 （沈 艳 龚 强）
消费金融创新与监管：欧美经验、教训与启示 （吴卫星 魏 丽）
信息不对称下信贷市场的惜贷与挤出效应 （周 耿 阮东喆 范从来）
信贷诉讼中商业银行的债权保护——基于887份司法判决书的实证研究 （周元春 李珊珊 石 奇 那仁图亚）
价格型和数量型货币政策与商业银行盈利能力 （张艾莲 代雪雅）
中国绿色债券市场与金融市场间的风险溢出效应研究 （高 扬 李春雨）
国际资本异常流动对经济增长的异质性影响——基于新兴经济体与发达经济体的比较 （程立燕 李金凯）
中国金融科技监管沙盒机制设计研究
沈 艳 龚 强
本文旨在从设立中国金融科技监管沙盒的必要性、可行性分析、机制设计等角度，探讨如何识别有价值的创新、缩短金融科技企业的创新周期并及早发现和化解潜在风险等问题。本文发现，金融科技新业态更具有颠覆性创新特征，采用传统金融监管框架可能会抑制创新，而金融科技监管沙盒是帮助平衡金融科技创新与风险的有效手段。建议参考中国香港的沙盒模式，设立由国务院金融稳定发展委员会牵头、人民银行负责，协调银保监会与证监会具体执行的分业沙盒监管框架。
A Research on the Design of China’s Fintech Regulatory Sandbox Mechanism
SHEN Yan GONG Qiang
From the perspectives of the necessity, feasibility analysis, and mechanism design of establishing China’s fintech regulatory sandbox, this research aims to discuss how to identify valuable innovations, shorten the innovation cycle of fintech firms, find and resolve potential risks. It’s found that the new fintech business has the characteristics of disruptive innovation, and the adoption of traditional financial regulatory framework may inhibit the innovation, while the fintech regulatory sandbox is an effective method to help balance fintech innovation and risk. It is recommended to refer to the sandbox model of Hong Kong, China, and establish a separate sandbox regulatory framework led by the Financial Stability and Development Committee of the State Council, charged by the People’s Bank of China, and coordinatedly implemented by the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission.
消费金融创新与监管：欧美经验、教训与启示
吴卫星 魏 丽
本文针对消费金融市场金融服务和产品不断创新化和复杂化的趋势以及消费者金融素养参差不齐的现状，从消费者、金融机构和监管部门三个角度分析目前消费金融市场的问题，综述近年来欧美颁布的重要消费金融监管政策和计划，涵盖信用卡借贷、抵押贷款再融资、贷款合同条款再协商、消费者保护等领域，详细阐述其实施的经济效果，以期为中国未来政策的制定提供有效参考。从发达国家消费金融监管的经验教训来看，应重视信息呈现方式的经济效果，完善披露制度，制定政策时需考虑同目标不同政策组合的合理性与可行性。
Consumer Finance Innovation and Regulation: European and American Experience,
Lessons and Enlightenment
WU Wei-xing WEI Li
Considering the trend of increasingly complicated and innovative financial services and products of consumer financial markets, and the current situation that the consumer’s financial literacy varies, the authors of this paper analyze the problems in current consumer finance markets from the perspectives of consumers, financial institutions and regulatory authorities respectively, summarize the important consumer finance regulatory policies and plans promulgated by Europe and the United States in recent years, covering the credit card lending, mortgage refinancing, renegotiation of loan contract terms, consumer protection, etc., and elaborate the economic effects, so as to provide an effective reference for China’s future policy-making. From the experience of consumer finance regulation in developed countries, the regulators should pay attention to the economic effects of how information is presented, improve the disclosure system, and consider the validity and feasibility of different policy combinations with the same goal before formulating policies.
信息不对称下信贷市场的惜贷与挤出效应
周 耿 阮东喆 范从来
通过收集和处理借贷平台日常运行中形成的真实数据，本文发现信息不对称条件下信贷市场逆向选择会导致市场萎缩的两类效应；其一为“惜贷”效应：随着信息不对称程度的加深，借贷双方最终达成的合约额度降低和交易匹配时间延长，市场的有效供给萎缩；其二为“挤出”效应：随着信息不对称程度的恶化，借贷双方合约的利率将会升高、期限缩短，市场的有效需求萎缩。通过完善人工智能、大数据和区块链等金融科技并加强银企关系，可以降低信息不对称，进而缓解逆向选择带来的上述不利影响。
Loan-Reduction and Crowding-Out Effects in Asymmetric-Information Credit Markets
ZHOU Geng RUAN Dong-zhe FAN Cong-lai
By collecting and processing real data formed in the daily operation of lending platforms, the authors of this paper discovered two types of effects of market shrinkage result from the adverse selection of asymmetric-information credit markets; the first is the“credit-reduction” effect that, as the degree of information asymmetry increases, the final contract amount agreed by the borrower and lender decreases and the transaction matching time extends, and the effective supply of the market shrinks; the second is the “crowding out” effect that, as the degree of information asymmetry increases, the interest rate of the contract between the borrower and the lender rises, the term shortens, and the effective market demand shrinks. Improving the fintech such as artificial intelligence, big data and block chain, and strengthening the relationship between banks and enterprises can reduce the information asymmetry and the above-mentioned effects caused by adverse selection.
信贷诉讼中商业银行的债权保护——基于887份司法判决书的实证研究
周元春 李珊珊 石 奇 那仁图亚
本文基于中国各省（市）法院于2016-2017年间做出的与某大型商业银行贷款相关的887份司法判决书进行实证检验。研究结果表明：（1）担保环节是银行信贷流程中风险主要集中的环节；（2）住房、传统实体行业和存在多个担保人的贷款在流程上更易出现问题；（3）律师、贷款特征和案件审理层级都对诉讼结果有显著影响，聘请律师可有效提升银行胜诉概率。
Protection of Commercial Banks’ Creditor Rights in Credit Litigation——An Empirical Study Based on 887 Judicial Judgments
ZHOU Yuan-chun LI Shan-shan SHI Qi NA Ren-tu-ya
This paper makes an empirical research based on 887 judicial judgments related to a large commercial bank’s loans and made by China’s provincial (municipal) courts during 2016-2017. The results show that: (1) the guarantee part is the main area of risks in a bank’s credit process; (2) the loans related to housing industry, traditional real economic industry and multiple guarantors are more risky in the credit process; (3) lawyers, loan characteristics and case trial level have a significant impact on the litigation results, and hiring lawyers can effectively improve the probability of winning a lawsuit for a bank.
价格型和数量型货币政策与商业银行盈利能力
张艾莲 代雪雅
本文分析价格型和数量型货币政策对商业银行盈利能力的影响。实证结果表明，价格型和数量型货币政策对银行盈利能力的影响方向和程度各不相同，不同类型货币政策的共同实施会产生叠加作用；无论是基于收益获取还是套期保值，利率衍生品的使用确实增加银行的非利息收入，而货币政策的作用并不十分显著。因此，货币政策实施要细化不同的政策类型且要注意政策影响的方向；在开发和创新利率衍生品时准确定价并提高衍生品的使用效率。
The Price-Based and Quantity-Based Monetary Policies and the Profitability of Commercial Banks
ZHANG Ai-lian DAI Xue-ya
This paper analyzes the impacts of price-based and quantity-based monetary policies on the profitability of commercial banks. The empirical results show that the direction and extent of the impacts of price-based monetary policy on the profitability are different from those of the quantity-based monetary policy, and the joint implementation of different type of monetary policy has a superimposed effect; whether it is based on income acquisition or hedging, the interest rate derivatives indeed increase the non-interest income of banks, while the effect of monetary policy is not very significant. Therefore, the implemented monetary policies should be classified into different types and the direction of policy effect should be given attention; the price should accurately priced and the efficiency should be improved while developing and innovating interest rate derivatives.
中国绿色债券市场与金融市场间的风险溢出效应研究
高 扬 李春雨
本文基于向量自回归模型的预测误差方差分解方法，研究中国绿色债券市场与传统固定收益市场、股票市场以及外汇市场等多种类型的金融市场间的风险溢出效应。实证结果表明，绿色债券市场与包括国债、高收益企业债券以及公司债券市场在内的传统固定收益市场的风险溢出效应最为显著，与股市和外汇市场间的风险溢出效应微弱；绿色债券市场的对外溢出效应强于其接收到的来自其他市场的溢出效应，并且绿色债券市场与传统固定收益市场间的风险溢出具有较大的不确定性。
Research on Risk Spillover Effect between Green Bond Market and Financial Market in China
GAO Yang LI Chun-yu
Based on variance decomposition method of prediction error of vector autoregressive model, this paper studies the risk spillover effect between China’s green bond market and traditional fixed income market, stock market and foreign exchange market. The empirical results show that the risk spillover effect between green bond market and traditional fixed income market, including treasury bond market, high-yield enterprise bond market and corporate bond market, is the most significant; the risk spillover effect between green bond market and stock market or foreign exchange market is weak; the external spillover effect of green bond market is stronger than the spillover effect of other markets on green bond market, and there is uncertainty in the risk spillover effect between green bond market and traditional fixed income market.
国际资本异常流动对经济增长的异质性影响——基于新兴经济体与发达经济体的比较
程立燕 李金凯
本文利用64个经济体1999-2017年季度数据，基于IV-GMM方法研究国际资本异常流动对经济增长的影响。总样本的回归结果表明，资本流动激增显著推动经济增长；资本流动中断和撤回抑制经济发展；资本流动外逃对经济增长没有显著影响。此外，国际资本异常流动对新兴经济体和发达经济体经济增长的影响呈现明显异质性。新兴经济体资本流动激增和中断对经济增长的影响程度明显高于发达经济体，资本流动撤回仅对发达经济体经济增长具有显著的负效应。新兴经济体经济增长仅对激增和中断较为敏感，体现其对国际资本具有较高的依存度。
Heterogeneous Impacts of Abnormal International Capital Flow on Economic Growth——A Comparison between Emerging Economies and Developed Economies
CHENG Li-yan LI Jin-kai
Based on the quarterly data of 64 economies during 1999-2017 and the IV-GMM method, this paper studies the impact of abnormal international capital flow on economic growth. The regression results show that the surge of capital flow significantly promotes economic growth; the stop and retrenchment of capital flow inhibit economic development; the capital flow flight has no significant impact on economic growth. In addition, the impact of abnormal international capital flow on the economic growth of emerging economies and developed economies shows obvious heterogeneity. The impact of capital flow surge and stop on economic growth in emerging economies is significantly higher than that in developed economies, and the retrenchment of capital flow only has a significant negative effect on the economic growth of developed economies. The economic growth of emerging economies is sensitive only to the surge and stop of capital flow, which reflects their high dependence on international capital.