绿色金融、普惠金融与绿色农业发展 (马 骏 孟海波 邵丹青 朱亚珊)
行业组合视角下的银行信贷优化管理
—— 基于中国商业银行的优化模型设计与实证分析 (任秋潇 王一鸣)
央行沟通、宏观经济环境与企业投资
—— 利率渠道、信贷渠道与预期渠道货币政策的对比分析 (高 歌 何启志)
权力导向型监管：美国消费金融监管的经验与启示 (林慰曾)
预期收益、住房购买与房产负债决策
—— 基于中国城市家庭的微观证据 (李冠华 徐 佳)
资产证券化对商业银行盈利的影响
—— 异质性视角下的研究 (王 晓 李 佳)
金融科技对商业银行绩效的影响
—— 理论与实证研究 (刘孟飞 王 琦)
机构投资者实地调研与上市公司财务信息质量 (涂建明 曹雅琪)
绿色金融、普惠金融与绿色农业发展
马 骏 孟海波 邵丹青 朱亚珊
绿色金融与普惠金融协同发展可有效推动绿色农业发展，在改善环境、降低碳排放的同时，提高“三农”领域的金融可得性。目前，中国在金融支持绿色农业发展上面临的主要障碍包括：绿色农业的标准尚未统一和规范，金融支持绿色农业的范围不够明确，缺乏针对绿色农业融资主体的信用体系，缺少绿色农业供给端的风险分担机制以及绿色农业消费端尚待进一步激活。要解决以上障碍，需农业主管部门、金融监管部门、金融机构和地方政府等多部门协同合作。
Green Finance, Inclusive Finance and Green Agriculture Development
MA Jun MENG Hai-bo SHAO Dan-qing ZHU Ya-shan
The coordinated development of green finance and inclusive finance can effectively promote the development of green agriculture, improve the environment, reduce carbon emissions, and improve the financial availability in the field of “agriculture, rural areas and farmers”. At present, the main obstacles faced by China in financial support for green agriculture development include: the standard of green agriculture has not been unified and standardized, the scope of financial support for green agriculture is not clear enough, there is no credit system for green agriculture financing subject or a risk sharing mechanism in green agriculture supply side, and the consumption end of green agriculture needs to be further activated. In order to eliminate the above obstacles, we need the cooperation of agricultural authorities, financial regulatory departments, financial institutions and local governments.
行业组合视角下的银行信贷优化管理
——基于中国商业银行的优化模型设计与实证分析
任秋潇 王一鸣
本文在经济下行周期的背景下，从行业组合的视角探讨商业银行如何根据国家政策及自身战略积极布局信贷资产，从被动调控向主动管理转变，实现收益、风险及资本的优化。本文提出两个优化模型——基于最优增长率的均值方差基准模型和专家判断的主动配置模型，通过加入风险相关性、风险容忍度、经济资本等约束，为银行在不同风险偏好下积极配置资产提供依据。本文通过中国商业银行的历史数据，验证上述两个优化模型，发现组合在提升收益、降低风险和提升资本使用效率方面均得到改善，模型具有有效性。
Optimal Management of Bank Credit from the Perspective of Industry Portfolio
——Based on Optimization Model Design and Empirical Analysis of Chinese Commercial Banks
REN Qiu-xiao WANG Yi-ming
In the context of the economic downturn cycle and from the perspective of industry portfolio, this paper discusses how commercial banks actively arrange credit assets in accordance with national policies and their own strategies, change from passive regulation to active management, and realize the optimization of profit, risk and capital. This paper proposes two optimization models, one is the mean-variance model based on the optimal growth rate, and the other is the active allocation model based on expert judgment. By adding the constraints of risk correlation, risk tolerance and economic capital, the paper provides foundations for banks to actively allocate assets according to different risk preferences. Based on the historical data of China’s commercial banks, this paper verifies the above two optimization models, and finds that the portfolio model has been improved in terms of improving profit, reducing risk and improving capital utilization efficiency. The model is effective.
央行沟通、宏观经济环境与企业投资
——利率渠道、信贷渠道与预期渠道货币政策的对比分析
高 歌 何启志
本文对比研究央行沟通对企业投资的短周期引导能力。结果显示：在短周期内由于传导时滞，利率渠道的货币政策难以引导企业增加投资；信贷渠道的货币政策对企业投资有一定的引导作用；央行沟通能够通过预期渠道引导企业投资，但单独实行央行沟通的引导作用仍然有限。如果在进行央行沟通的同时配合信贷政策影响企业持有现金，就可能在短周期引导企业增加投资。此外，企业财务杠杆会减弱央行沟通的效果，企业投资价值对央行沟通效果没有显著影响。
Central Bank Communication, Macroeconomic Environment and Enterprise Investment
——A Comparative Analysis of Monetary Policy Effect Through Interest Rate Channel,
Credit Channel and Expectation Channel
GAO Ge HE Qi-zhi
This paper makes a comparative study of the short-term guiding ability of central bank communication to enterprise investment. The results show that: in the short period, due to the transmission delay, it is difficult for the monetary policy to guide enterprises to increase investment through interest rate channel, while a certain guiding effect exists through credit channel; the central bank communication can guide enterprises’ investment through the expectation channel, but the guiding effect of the central bank communication alone is still limited. If the central bank communicates is used with the credit policy together to influence the cash holdings of enterprises, it may lead enterprises to increase investment in a short period. In addition, the financial leverage of enterprises will weaken the effect of central bank communication, and the value of enterprise investment has no significant impact on the effect of central bank communication.
权力导向型监管：美国消费金融监管的经验与启示
林慰曾
权力导向型监管模式有利于矫正市场的力量对比失衡，建立长效稳定的外部监督机制。从金融消费者教育、市场环境净化和非正式制度向正式制度演变的现实需要来看，权力导向型监管具有正当性。美国监管经验表明：良好的消费信用监管与权威意志紧密相连，并以完善信用基础设施、监管科技和法律闭环为监管要义。中国消费金融监管面临着威慑有余、手段欠佳和监管滞后的现状。优化监管决策的信息供给、完善监管方式、创新监管出路等方式，有助于改良监管权力的配置和运行程序，重构中国消费金融的监管格局。
Power-Oriented Supervision: Experience and Enlightenment of
American Consumer Finance Supervision
LIN Wei-zeng
The power-oriented supervision mode is conducive to correcting the imbalance in market forces and establishing a long-term and stable external supervision mechanism. From the practical needs of financial consumer education, market environment purification and the evolution from informal system to formal system, the power-oriented supervision is justified. The regulatory experience of the United States shows that good consumer credit regulation is closely linked with the will of authority, and the regulatory essentials are to improve the credit infrastructure, regulatory technology and legal closed loop. China’s consumer finance supervision faces the problems of excessive deterrence, poor regulatory means and lagging supervision. Optimizing the information supply of regulatory decision-making, improving regulatory methods and innovating regulatory outlets will help improve the allocation and operation procedures of regulatory power, and reconstruct the regulatory pattern of China’s consumer finance.
预期收益、住房购买与房产负债决策
——基于中国城市家庭的微观证据
李冠华 徐 佳
本文运用中国家庭金融调查和城市房价数据，就预期收益对家庭房产负债决策的影响进行理论分析和实证检验。研究发现：（1）预期收益的增加不仅能显著提高家庭使用杠杆购房的概率，而且能显著提升家庭房贷杠杆率水平；（2）从自住房和投资房的角度来看，预期收益对投资房杠杆的使用和杠杆率水平影响更为显著；（3）异质性分析的结果显示预期收益增加主要刺激了来自银行渠道的住房贷款，并且对中等收入家庭、东部地区家庭的房贷杠杆率更为显著，而有适婚男性的家庭似乎减少了对预期收益的敏感度。
Expected Return, Housing Purchase and Real Estate Debt Financing Decision
——Based on the Micro Evidences of Chinese Urban Households
LI Guan-hua XU Jia
Based on the data of the China Household Financial Survey and urban housing prices, the authors of this paper make a theoretical analysis and an empirical test on the impact of expected return on real estate debt financing decision. It’s found that, (1) the rise in expected return can not only significantly increase the probability that households use leverage to purchase houses, but also significantly increase the level of housing loan leverage; (2) from the perspective of owner-occupied housing and investment housing, the expected return has a more significant impact on the leverage-using and leverage-level of investment housing; (3) the heterogeneous analysis shows that the rise in expected return mainly stimulates the housing loans frombanks, and this effect is more significant on the housing loan leverage of middle-income households and households in the eastern regions, while households with marriageable-man seem to be less sensitive to the expected return.
资产证券化对商业银行盈利的影响
——异质性视角下的研究
王 晓 李 佳
本文以中国银行业为研究样本，考察资产证券化对银行盈利的影响。研究发现：资产证券化显著促进银行盈利增长，并且该效应对于非上市银行与规模较小银行更为显著；对于资产流动性结构更为合理、风险承担水平更低、资本充足状况及经营绩效更好的中小银行而言，资产证券化对盈利能力的正向效应更强；同时基于时间变化趋势的检验显示，在发行首笔资产支持证券之后，资产证券化对银行盈利增长的促进作用逐步增强。
The Impact of Asset Securitization on the Profitability of Commercial Banks
——A Research from the Perspective of Heterogeneity
WANG Xiao LI Jia
The authors of this paper use the Chinese banking industry as the sample to examine the impact of asset securitization on the profits of banks. It’s found that the asset securitization significantly promotes the growth of profits, and the effect is more significant on the non-listed banks and smaller banks; the positive effect of asset securitization are more significant on the profitability of small and medium-sized banks with a more reasonable asset-liquidity structure, a lower risk- taking level, a better capital-adequacy and a better operating performance; the test based on the time trend shows the effect of asset securitization on promoting the growth of bank profits gradually increases after the first asset-backed security is issued.
金融科技对商业银行绩效的影响
——理论与实证研究
刘孟飞 王 琦
本文从理论上分析阐述金融科技对商业银行绩效的影响机理，选取中国2010-2018年33家上市银行的非平衡面板数据，采用动态系统GMM方法实证分析，结果表明：金融科技与中国商业银行绩效之间呈现显著的先升后降的“倒U形”关系；经济发展、金融发展程度、净利差等因素对商业银行绩效水平也有重要影响，此外金融科技发展对大中型商业银行绩效的影响显著大于小型银行。新的金融生态下，合理利用金融科技转型创新是传统商业银行特别是小型银行可持续发展的重要途径。
The Impact of Fin-Tech on Commercial Bank’s Performance
——A Theoretical and Empirical Study
LIU Meng-fei WANG Qi
The authors of this paper theoretically analyze the mechanism of the impact of fin-tech on the performance of commercial banks. The empirical analysis is based on the unbalanced panel data of 33 listed Chinese banks during 2010-2018,using the method of dynamic systematic GMM. It shows that, there is a significant inverted U-shaped relationship between fin-tech and the performance of Chinese commercial banks; the bank’s performance is also significantly impacted by economic development, financial development and net interest margin; in addition, the impact of fin-tech on the large and medium-sized commercial banks’ performance is significantly greater than the small banks’. In the new financial ecology, the transformation and innovation through fin-tech is an important way for the sustainable development of traditional commercial banks, especially small banks.
机构投资者实地调研与上市公司财务信息质量
涂建明 曹雅琪
本文基于深交所推行的投资者实地调研制度及相关信息的披露，研究机构投资者实地调研活动对上市公司财务信息质量的作用，以及在该作用中调研便利性所发挥的影响。结果表明：机构投资者的实地调研能改进上市公司当年及后一年的财务信息质量；较高的调研便利性会强化机构投资者实地调研提升财务信息质量的作用。
Institutional Investor’s Field Investigation and the Financial Information Quality of Listed Firms
TU Jian-ming CAO Ya-qi
Based on the investor’s field investigation system and the disclosure of relevant information promoted by the Shenzhen Stock Exchange, the authors of this paper research the impact of institutional investor’s field investigation on the financial information quality of listed firms, and the role of investigation convenience in the impacts. The results show that the field investigation can improve the financial information quality of listed firms in the current year and the following year; the high investigation convenience will strengthen the effect of institutional investor’s field investigation on improving the quality of financial information.