互联网金融发展解析及竞争推演
黄 旭 兰秋颖 谢尔曼 (3)
An Analysis of the Development and Competition Inference of Internet Finance
HUANG Xu LAN Qiu-ying XIE Er-man (3)
金融衍生品使用动机及其对银行风险、价值的影响
赵 旭 李 浩 (12)
Motivation for Using Financial Derivatives and Its Influence on the Risks and Value of of Banks
ZHAO Xu LI Hao (12)
场外金融衍生交易双边履约保障法律机制分析——以CSA机制为中心视角
王娇莺 (24)
A Study of the Legal Mechanism Ensuring Bilateral Performance of OTC Financial Derivative Contracts——The Perspective Centering CSA Mechanism
WANG Jiao-ying (24)
金融衍生品法律风险及其防范
王萌洁 (33)
The Legal Risks of Financial Derivatives and the Prevention
WANG Meng-jie (33)
四大商业银行实施差异化战略的绩效
刘 涛 张同建 马国建 (39)
The Effects of the Differentiation Strategies of Four Big Commercial Banks
LIU Tao ZHANG Tong-jian MA Guo-jian (39)
征税、银行利润与金融体系稳定
杨 森 彭 伟 汪蓓琪 (44)
Tax, Bank Profits and Financial Stability
YANG Sen PENG Wei WANG Bei-qi (44)
资本市场工具创新与上市银行投资者的反应
曹国华 张 航 林 川 (50)
The Innovation of Capital Market Instrument and Listed Bank Investor’s Reactions
CAO Guo-hua ZHANG Hang LIN Chuan (50)
商业银行大众零售业务对高端零售业务的影响
刘 阳 董俊杰 (55)
The Impacts of Public Retail Business on High-End Retail Business of Commercial Bank
LIU Yang DONG Jun-jie (55)
顾客忠诚与商业银行价值
萧松华 李 尧 (61)
Customer Loyalty and the Value of Commercial Bank
XIAO Song-hua LI Yao (61)
企业借款增强抑或降低盈余质量——基于外部治理环境和宏观经济政策的研究
冯展斌 杨兴全 李庆德 (68)
Corporate Loans Enhance or Reduce Earnings Quality——A Study Based on External Governance Environment and Macroeconomic Policy
FENG Zhan-bin YANG Xing-quan LI Qing-de (68)
本刊2013年总要目 (78)
The Main Contents of Finance Forum(2013) (78)
互联网金融发展解析及竞争推演
黄 旭 兰秋颖 谢尔曼
［摘 要］ 本文从金融的本义、市场规律及监管视角对互联网金融进行解析，依据资金时空再匹配的金融逻辑，推演互联网金融两大主体之间的竞争。研究表明，互联网企业拥有资金空间再匹配的优势，商业银行拥有资金时间再匹配的优势。互联网企业与商业银行必将在互联网平台建设、网络支付、标准化产品营销、网络借贷等领域形成多个竞争热点。商业银行应该牢牢把握金融服务的本质，准确把握监管政策动向，勇于开展组织架构调整，扎实推进银行渠道改革，全力做好人力资源整合，不断提升商业银行的核心竞争力，努力补偿自身弱势，提早准备积极应对。
［关键词］ 互联网金融；商业银行；互联网企业；金融监管
［Abstract］ Based on the original meaning of finance, market disciplines and regulatory perspective, this paper analyses internet finance, and according to the financial logic of fund re-matching in space-time, infer the competition between two main competitors, the internet and the finance. The analysis shows that internet companies have advantage in re-matching funds in space and commercial banks have advantage in re-matching funds in time. Internet companies will certainly compete with commercial banks in the fields of internet platform construction, online payment, standardized product marketing, online borrowing and lending, etc. Commercial banks should firmly grasp the nature of financial services, correctly comprehend the changes in regulatory policies, adjust the organizational structure, push forward the reform of banking channels, make every effort to integrate human resources, improve their own core competitiveness, overcome their own shortcomings, and prepare to face the competition in advance.
［Key words］ internet finance; commercial bank; internet company; financial regulation
金融衍生品使用动机及其对银行风险、价值的影响
赵 旭 李 浩
［摘 要］ 本文使用2007~2011年半年度衍生品相关经营数据，对中国上市银行衍生品使用动机及其对银行风险、价值的影响相关问题进行实证研究。结果表明，银行规模、资本充足率是银行衍生品使用的主要影响因素，银行规模假说、监管与市场约束假说得到验证。使用外汇衍生品将降低市场和汇率风险，而使用利率衍生品反而增加银行风险。规模大的银行使用衍生品面临的市场风险和利率风险暴露更多，具有风险管理意识的银行合理使用利率、汇率等衍生品能够降低银行利率、外汇风险等内生性风险，有利于银行价值提升，而外汇风险与银行价值呈内在互动因果关系。
［关键词］ 金融衍生产品；银行价值；银行风险；利率风险；外汇风险
［Abstract］ Based on the semi-annual business data of derivatives during 2007~2011, this paper empirically analyzes the motivation of Chinese listed banks for using derivatives and its influence on the risks and value of banks. The results show that the size and capital adequacy ratio of bank are the main factors to influence the bank to use derivatives, so the bank size hypothesis, supervision and market discipline hypothesis are verified. Using exchange rate derivatives will reduce the market risks and exchange rate risks of banks, however, using interest rate derivatives will increase the risks of banks. The larger banks that use derivatives face more exposures to market risks and interest rate risks. Banks with risk management awareness can reduce their interest rate risks, exchange rate risks and other endogenous risks, and increase their values if they appropriately use interest rate derivatives, exchange rate derivatives and other derivatives. There is an inherent and casual interaction between foreign currency risks and bank value.
［Key words］ financial derivatives; bank value; risk of bank; interest rate risk; foreign exchange risk
场外金融衍生交易双边履约保障法律机制分析——以CSA机制为中心视角
王娇莺
［摘 要］ 国际上，以ISDA主协议附件为表现形式的CSA协议构成场外金融衍生交易重要的信用支持文件。其通过构建合同关系，为当事人提供了管理交易风险敞口的可行途径。CSA履约保障法律机制实质上是一种基于“物”的交付、占有建立起来的动态保障机制，根基于民法基本原理，但又紧密结合金融实践的现实需求，实现了规则创新。中国虽已引入双边履约保障法律机制，但其与中国法的冲突与协调仍是值得深入研究的重要课题，应以更具包容性的态度，认识双边履约保障法律机制的创新价值，并采取适当方式进一步明确其在中国法下的效力。
［关键词］ 场外金融衍生交易；履约保障机制；信用支持安排；CSA协议
［Abstract］ Internationally, CSA(Credit Support Arrangement) agreement, as an annex subject to the ISDA master agreement, is an important credit support document for OTC financial derivative transactions. It forms a contractual relationship to provide a practical approach to manage transaction risk exposure. The legal mechanism ensuring performance in CSA is essentially set up on the basis of the delivering and possession of “collateral” and is variable. It roots in basic principles of civil law, and meanwhile is in close connection with the practical needs of financial practice, so it achieves a rule innovation. Although China has introduced legal mechanism ensuring bilateral performance, the conflict and coordination of the mechanism with China’s laws are important issues worthy of further research. We should have an inclusive attitude toward the mechanism, recognize its value of innovation and clarify its validity under China’s laws in an appropriate way.
［Key words］ OTC financial derivative transaction; mechanism ensuring performance; credit support arrangement; CSA agreement
金融衍生品法律风险及其防范
王萌洁
［摘 要］ 引发商业银行金融衍生产品法律风险的原因包括：金融衍生产品销售合同文本存在缺陷；产品风险披露和揭示不充分；金融衍生产品开发设计不合理；对客户实际风险承受能力不了解；司法实践中对金融消费者权益保护的强化。为此，应从以下几方面防范法律风险：固定金融衍生产品信息综合披露的形式要件，以防范“重大误解”风险；完善“适格投资人制度”和“专业管理人标准”，以防范“显示公平”为由的合同法律风险；建立金融衍生产品研销全过程台账记录机制，以防范举证责任倒置引发的法律风险；提升金融衍生产品创新质效，确立风险递进保护原则，防范法律风险。
［关键词］ 商业银行；金融衍生品；法律风险；风险披露
［Abstract］ The reason for the legal risks of commercial bank’s financial derivatives is because the sale contract text of financial derivatives is defective, the disclosure and reveal of risks are inadequate, the development and design of derivatives are unreasonable; customer’s actual risk tolerance for risks is not recognized, and financial customer’s rights protection is strengthened in justice practice. Therefore, the following measures to prevent risks should be taken: fixing the form requirements for information comprehensive disclosure of financial derivatives to prevent“important misunderstanding” risks; improving the “eligible investor system” and “professional manager standards” to prevent contract legal risks resulting from “displaying fair”; establishing the accounting record mechanism of the whole process of researching and selling financial derivatives to prevent legal risks resulting from the inverted burden of proof; improving the quality and efficiency in innovating financial derivatives and establishing the progressive protection principle to prevent legal risks.
［Key words］ commercial bank; financial derivatives; legal risk; risk disclosure
四大商业银行实施差异化战略的绩效
刘 涛 张同建 马国建
［摘 要］ 本文基于差异化战略实施的数据调查，借助多元回归分析，实证研究了中国四大商业银行差异化战略实施的内部机理，发现差异化策略的功能处于不均衡状态：市场细分、分销渠道差异化和服务差异化策略产生了显著的作用，产品差异化策略和客户经理制的实施产生了一般性的作用，而形象差异化策略和客户资料数据库建设还没有产生实质性的作用。四大商业银行差异化战略实施的关键是培育形象差异化和客户资料数据库建设，同时深化产品差异化策略和客户经理制，并保持市场细分、分销渠道差异化和服务差异化的优势。
［关键词］ 商业银行；差异化战略；市场细分；客户经理制
［Abstract］ Based on the survey data of differentiation strategies and the multiple regression analysis, this paper empirically researches the internal implementation mechanism of the differentiation strategies of Chinese four big commercial banks. It’s found that the functions of the differentiation strategies are in non-equilibrium states: the market segmentation, distribution channel differentiation and service differentiation strategy have obvious effects, the implementation of product differentiation strategy and customer manager system have ordinary effects, but the differentiation strategy of corporate image and the construction of customer information database have no obvious effects. The key for the four big commercial banks to implement differentiation strategies is to cultivate differentiation image and construct customer information databases, meanwhile, improve product differentiation strategy and customer manager system, and hold the strength in market segmentation, distribution channel differentiation and service differentiation.
［Key words］ commercial bank; differentiation strategy; market segmentation;customer manager system
征税、银行利润与金融体系稳定
杨 森 彭 伟 汪蓓琪
［摘 要］ 本文探讨征税对银行利润和金融体系的定量影响，按照属性将银行分为大型商业银行、股份制银行和城商行，分析所得税和营业税对2004~2012年这3类银行利润的影响。研究结果表明：对银行征税会增加银行服务的价格，不论从短期还是长期看，银行都会将所得税和营业税转移到利润和损失准备金，对金融体系的稳定产生负面的效果；从长期看，所得税对股份制银行和城商行的利润影响更加显著，对大型商业银行影响不明显；营业税不论从短期还是从长期看，对大型商业银行的影响更加显著，对股份制银行和城商行影响不明显。
［关键词］ 上市商业银行；银行利润；所得税；营业税；金融体系稳定
［Abstract］ This paper researches the quantitative impacts of tax on bank profits and financial system. According to bank characteristics, the paper classifies banks as large commercial banks, joint-stock banks and city commercial banks, and analyses the impacts of income tax and business tax on the profits of the three kinds of banks during 2004~2012. The results show that the tax on banks will increase the price of service, and in the short or long term, the banks will transfer the income tax and business tax to their profits and loss reserves, so the tax has negative impacts on financial stability; in the long term, the income tax has more significant impacts on the profits of joint-stock banks and city commercial banks, but no significant impacts on those of large commercial banks; in the short or long term, the business tax has more significant impacts on large commercial banks, but no significant impacts on those of joint-stock banks and city commercial banks.
［Key words］ listed commercial bank; bank profit; income tax; business tax; financial stability
资本市场工具创新与上市银行投资者的反应
曹国华 张 航 林 川
［摘 要］ 本文在《巴塞尔协议III》及中国资本市场创新的背景下，利用事件分析法实证检验可减记型资本工具创新的市场效应。研究发现，中国银监会关于商业银行资本管理的相关政策的发布没有从总体上带来市场投资者对上市商业银行的追捧，却带来市场投资者对国有上市商业银行的追捧；而对于已经公布将发行可减记型资本工具的商业银行，市场投资者则表现出一定的兴趣，会认可资本市场工具创新对商业银行所带来的益处。在创新过程中，商业银行要准确把握监管规定，研发合格合规的资本工具；监管机构也要尽快出台相关配套规范，让创新有明确尺度和范围。
［关键词］ 资本市场创新；商业银行；可减记型资本工具；市场投资者
［Abstract］ Based on the Basel III and the innovation case of Chinese capital market, this paper use case study to test the market effects of the innovation of write-down capital instrument. It’s found that the management policies of commercial bank’s capitals, issued by the China Banking Regulatory Commission, have not resulted in investor’s seeking the listed commercial banks on the whole, but the listed state-owned commercial bank, and as for the banks that have already announced the issuance of write-down capital instrument, market investors show some interest and recognize the benefits of the innovation of capital market instrument to commercial banks. In the process of innovation, commercial banks should strictly abide by the regulatory policies, develop qualified capital instruments. The regulators should issue relative rules as soon as possible, so there will be a clear scale and scope for the innovation.
［Key words］ capital market innovation; commercial bank; write-down capital instrument; market investor
商业银行大众零售业务对高端零售业务的影响
刘 阳 董俊杰
［摘 要］ 本文探讨大众零售业务与高端零售业务的关系，利用招商银行2006~2012年的半年度数据，选取信用卡发卡量、零售存款数以及贵宾客户数三个变量，研究中国商业银行如何利用大众零售业务积累高端客户进而促进高端零售业务的进一步发展。研究结果表明：信用卡发卡量对贵宾客户数的积累具有显著的正向影响，零售存款数对贵宾客户数的影响相对较小。中国商业银行应该创新信用卡业务，区分客户的不同需求，努力实现信用卡业务的细分，降低信用卡发行成本，完善客户关系管理，制定个性化的理财方案，提高客户忠诚度，树立良好的品牌形象等。
［关键词］ 大众零售业务；高端零售业务；高端客户；零售存款；招商银行
［Abstract］ This paper analyses the relationship between public retail business and high-end retail business. Based on the semi-annual data of China Merchants Bank during 2006~2012, the paper selects three variables, credit card, retail deposits and VIP customer, to research how Chinese commercial banks make use of the accumulation of public retail business to accumulate high-end customers and develop high-end retail business further. The results of the paper show that the amount of credit card has significant and positive influence on the accumulation of VIP customer, but the amount of retail deposits has only relatively less influence. The Chinese commercial banks should innovate credit card business, classify customer’s needs, segment credit card business, reduce the issuing costs of credit card, improve customer relationship management, develop a personalized financial program, improve customer loyalty, establish a good brand image, etc.
［Key words］ public retail business; high-end retail business; high-end customer; retail deposit; China Merchants Bank
顾客忠诚与商业银行价值
萧松华 李 尧
［摘 要］ 顾客忠诚是一种重要的社会资本，它可以从增加银行收入和降低顾客成本两个方面对银行价值创造做出贡献。本文利用中国上市商业银行的数据，通过多元回归分析，实证研究顾客忠诚对商业银行价值的影响。研究结果表明，顾客忠诚对商业银行价值有显著的正向影响，商业银行的忠诚顾客能为其创造更大的价值。基于研究结论，本文建议我国商业银行应树立社会责任理念，完善社会责任信息披露；秉承客户为先的理念，进行有效的客户管理，提高服务水平，降低客户成本；与顾客建立情感枢纽，以提高顾客忠诚。
［关键词］ 顾客忠诚；商业银行；公司价值；社会责任；信息披露；客户管理
［Abstract］ Customer loyalty is an important social capital. It can contribute to the value creation of bank by increasing bank revenue and reducing customer cost. Based on the data of Chinese listed commercial banks and multiple regression analysis, this paper empirically researches the influence of customer loyalty on the value creation of banks. The results of the paper show that the loyal customer has a significant positive influence on the value of banks, and the customer loyalty can create more value for the banks. On the basis of the above results, the paper suggests the Chinese commercial banks establish the concept of social responsibility, improve the disclosure system of social responsibility information, effectively manage customers, improve service, reduce customer costs, establish emotional relationship with customers so as to improve customer loyalty.
［Key words］ customer loyalty; commercial bank; corporate value; social responsibility; information disclosure; customer man-agement
企业借款增强抑或降低盈余质量——基于外部治理环境和宏观经济政策的研究
冯展斌 杨兴全 李庆德
［摘 要］ 本文在分析企业借款影响盈余质量的双重作用机理的基础上，选取2003~2011年所有A股上市公司数据，实证检验外部治理环境和货币政策对企业借贷与盈余质量两者关系的影响。结果表明：总借款、短期借款与盈余质量呈倒“U”形关系，长期借款与盈余质量负相关；外部治理环境的改善验证了投资者保护的惩罚假说，恶化了企业借款与盈余质量的关系；货币紧缩增强了银行的监督治理效果，改善了企业借款与盈余质量的关系。货币紧缩时期，银行能够识别企业的盈余质量表明改革取得初步成效，法律执行机制不健全导致外部治理环境仅起到威慑效果，意味着要深化改革。
［关键词］ 企业借款；盈余质量；A股上市公司；外部治理环境；货币政策
［Abstract］ Based on the analysis of the mechanism of dual impacts on the quality of corporate loans, this paper selects the data of all A-share listed companies during 2003~2011 to examine the relationship between external governance environment and monetary policy empirically. The conclusions of the paper are as follows: there is an inverted "U" shaped relationship between total loans or short-term loans and earnings quality, and long-term loans are negatively related to earnings quality; improvements in external governance environment have verified the penalty hypothesis about investor protection and worsened the relationship between corporate loans and earnings quality; monetary tightening has enhanced the effects of the supervision and management of banks, and improved the relationship between corporate loans and earnings quality. In the period of monetary tightening, banks can recognize enterprise’s earnings quality, which shows that reforms in financial sector have achieved initial results. The mechanism of law enforcement is not perfect, which leads to the result that the external governance environment has only a deterrent function, so the reforms need to be deepened.
［Key words］ corporate loan; earnings quality; A-share listed company; external governance environment; monetary policy