The Impact of Enterprises’ Shadow Banking Activities on Business Performance: A Test Based on Mediator Effect of Investment Scale and Investment Efficiency

ABSTRACT

In recent years, China’s financial sector has gradually been alienated from the real sector, allowing financial innovation and regulatory arbitrage add their own value to finance. High interest rates in the financial industry have led to changes in the real sector, revealing a trend toward “financialization” and “quasi-financialization”; a typical example of this includes nonfinancial enterprises’ shadow banking activities. In this article, we use annual data from 2004 to 2015 of A share listed companies on the Shanghai and Shenzhen Stock Exchanges, to examine the influence of nonfinancial enterprises’ shadow banking activities on business performance. The results show that, overall, enterprises’ shadow banking activity improve operating performance. In addition, from the perspective of earning structure, nonfinancial enterprises’ shadow banking business increases financial benefits, but has a significantly negative effect on operating income. Further tests show that enterprises engaged in shadow banking activities will impact operating income through the two intermediary variables of investment scale and investment efficiency. However, the negative effect of investment in crowding out operating income is greater than that of the efficiency-improving effect on operating income. This article provides policy guidance in terms of recognizing diverse aspects of shadow banking system that divorce the real economy from the financial economy.     

新形势下金融服务贸易出口策略探讨

世界贸易自由化和我国金融业的开放给我国金融机构发展和金融服务的出口提供了良好的机遇.本文对金融服务出口的目前的形势做了较全面的分析,指出了限制我国金融服务贸易发展的问题,并针对这些问题提出了相应的扩大金融服务出口的对策.希望对金融机构制定金融服务出口策略有所帮助.     

地方金融发展能够影响FDI的区位选择吗?——一个基于城市商业银行设立的准自然实验

本文以城市商业银行的设立为自然实验,结合1990-2015年中国295个地级市数据以及成立的184家城市商业银行,运用双重差分方法系统考察了地方金融机构对FDI区位选择的影响。研究表明,城市商业银行的成立显著促进了城市FDI的流入;经过一系列稳健性检验和进行倾向得分匹配(PSM)估计之后,这一结论依然成立。结合企业数据证实城商行的设立提升了企业从银行获得贷款的可能性,能够通过缓解企业融资约束而影响FDI的区位分布。对城商行兼并和异地扩张行为的进一步分析表明:城商行经营规模的扩张,无论是对属地还是异地城市FDI的促进作用均不明显,而城商行资金规模的扩张对FDI有明显促进作用。这些发现将为我国完善金融体系和升级银行业结构、吸引FDI促进区域经济协调发展提供理论和经验支持。     

新形势下推进我国银行业国际化经营的战略思考

经济金融全球化是当今重要的时代潮流,它深刻地影响着世界经济格局,也对我国经济金融发展产生深远的影响.本文在全面分析我国银行业国际化经营现状的基础上,提出了推进我国银行业国际化经营战略的基本设想:统一规划和构建银行业国际化经营的战略平台;积极建立以大型商业银行为主体的国际化经营机构布局;重点拓展亚洲、欧洲、美国三大金融战略区域;有选择地推进我国银行业对国外银行机构的重组、并购和联合经营;选择成熟的国际金融产品为平台,逐步构建银行业国际化经营的产品序列;以我国跨国公司为载体,加强国际化经营的战略协同;进一步构建与国际银行业接轨的风险控制系统.     

Who Benefits from Deregulating the Separation of Banking Activities? Differential Effects on Commercial Bank,Investment Bank,and Thrift Stock Returns

We analyze the deregulation impact on commercial banks, investment banks, and thrifts associated with four major events progressively integrating commercial and investment banking activities in the United States during the 1990s. We find that commercial banks are the only group to react favorably to Federal Reserve announcements relaxing firewalls and easing restrictions on commercial bank revenues from investment banking activities. These regulations primarily benefit large banks. The Bankers Trust acquisition announcement of investment bank Alex Brown is associated with increased wealth for each of the three types of financial service institutions. At the eventual deregulation of the financial services industry, with the passage of the Financial Services Modernization Act in 1999, the values of commercial banks and investment banks increase significantly although thrifts are not affected.     

对外开放是否导致银行业的风险上升？——基于外资持股比例与海外资产占比的实证检验

对外开放是否导致商业银行的风险上升,以往学者的研究结论并不统一。本文基于中国392家商业银行的微观数据,检验了“引进来”(用外资持股比例作为替代指标)与“走出去”(用海外资产占比作为替代指标)对商业银行风险承担行为的影响。结果显示,对外开放与商业银行的风险之间呈现非线性曲线特征并存在临界点;对中小型商业银行而言,过高的外资持股比例与过低的境外投资规模会带来风险;对大型商业银行而言,境外投资规模存在一个阈值区间,在阈值区间内,可能导致银行风险上升。政策建议是:外资参股中小型商业银行的比例可能不宜过高,鼓励中小型商业银行加大境外投资力度,大型商业银行可以根据特定时期的目标来调整对外开放策略,同时应强化风险预警与防范手段,在坚持与扩大银行业对外开放的背景下,实施宏观审慎原则,维护我国金融体系的整体稳定。     

中国银行业注资辨析

当前这场国际金融危机下,各国纷纷实施注资行为救助问题银行.而我国政府曾多次向国有银行等金融机构实施过各种形式的注资,中国银行业的注资问题也一直受到了学术界与实务部门的普遍关注.本文旨在从中西方对比的视角,探讨中国银行业注资的背景、方式、期限选择的特殊性所在.     

金融错配、非金融企业影子银行化与经济“脱实向虚”

当前,我国一些非金融企业通过直接或间接的方式从事影子银行业务。本文利用2004-2015年上市公司数据研究发现,金融错配程度的提高整体上会提高企业影子银行化规模,并且这种效应仅在金融深化程度较高、经济资源市场化配置程度偏低的地区显著;僵尸企业和盈利性较差的企业,分别受到“利润追逐”和“投资替代”机制的影响,金融错配对其影子银行化趋势的正向作用更为明显。机制检验发现,金融错配水平的上升通过提高融资约束程度从而降低企业实体投资水平,这种效应在资产专用性较强的企业中更为明显;金融错配主要通过融资约束程度和实体投资规模,而非资本回报率渠道作用于企业影子银行化行为。本文研究对于提高信贷资源配置效率,防范经济“脱实向虚”具有较强的政策意义。     

打造有温度的“零接触”金融服务

2020年伊始,突如其来的新冠肺炎疫情,打乱了人们正常生产生活节奏,一场“居家隔离”的“抗疫战”在全国掀起。疫情发生以来,交行认真学习习近平总书记系列重要讲话和指示批示精神,深入贯彻党中央、国务院决策部署,按照监管部门政策指引,统筹推进疫情防控和金融服务工作,努力实现疫情防控和经营管理“双胜利”     

金融错配、非金融企业影子银行化与经济“脱实向虚”

当前,我国一些非金融企业通过直接或间接的方式从事影子银行业务。本文利用2004-2015年上市公司数据研究发现,金融错配程度的提高整体上会提高企业影子银行化规模,并且这种效应仅在金融深化程度较高、经济资源市场化配置程度偏低的地区显著;僵尸企业和盈利性较差的企业,分别受到“利润追逐”和“投资替代”机制的影响,金融错配对其影子银行化趋势的正向作用更为明显。机制检验发现,金融错配水平的上升通过提高融资约束程度从而降低企业实体投资水平,这种效应在资产专用性较强的企业中更为明显;金融错配主要通过融资约束程度和实体投资规模,而非资本回报率渠道作用于企业影子银行化行为。本文研究对于提高信贷资源配置效率,防范经济“脱实向虚”具有较强的政策意义。     

商业银行交叉销售的现状分析与策略建议

新世纪以来,银行、保险、投资等多领域金融产品的交叉销售成为各家金融机构获取客户、服务、扩张和盈利的重要工具。文章分析了当前商业银行交叉销售的现状,指出国内银行业已取得基本确立交叉销售的经营理念和经营模式、初步建立CRM系统为交叉销售提供技术支持等成效,但仍存在市场定位不明、销售手段单一、产品缺少重点等不足。文章从客户策略、产品策略、渠道策略、服务策略、队伍策略、激励策略等方面就推进我国商业银行交叉销售提出建议。     

中国银行业注资辨析

当前这场国际金融危机下,各国纷纷实施注资行为救助问题银行。而我国政府曾多次向国有银行等金融机构实施过各种形式的注资,中国银行业的注资问题也一直受到了学术界与实务部门的普遍关注。本文旨在从中西方对比的视角,探讨中国银行业注资的背景、方式、期限选择的特殊性所在。     

BANK FAILURE AND CONTAGION EFFECTS: EVIDENCE FROM HONG KONG

In this paper the influence of three Hong Kong bank failures on stock prices of the colony's banking industry is examined. As deposit insurance is nonexistent in Hong Kong, the world's fourth-largest financial center, an interesting environment is provided for testing contagion effects of bank failure on other healthy financial institutions. By examining contagion effects in an environment void of explicit deposit insurance, this study should provide interesting insights into the resiliency of modern-day financial markets. In turn, insights should also be provided into debates concerning the role and reform of deposit insurance and the rationale for regulation of the financial services industry in general. The results indicate that unexpected bank failure causes significant negative stock price reactions within the banking industry; yet, some banks are less affected than others.     

互联网金融浪潮下城商行经营发展面临的问题与挑战

近年来,伴随着科学技术的进步,以搜索引擎、大数据、社交网络和云计算等互联网技术手段为基础的互联网金融的迅速发展,因其较低的运营成本、便利的操作服务、完善的客户信用等级评估系统和惠及面较广的需求旺盛客户源,对传统商业银行业务产生了一定程度上的冲击。城市商业银行作为商业银行体系中的重要组成部门,由于资产规模和业务总量不大、IT系统建设滞后等,必然面临更多的问题与挑战,但同时如果能够积极转型,发挥自身优势,又未尝不是一个良好的机遇。     

风险管理对提升商业银行核心竞争力的影响分析

目前我国已经形成了构架较为完整的商业银行体系,银行业进入蓬勃发展时期。但是由于我国银行商业化进程起步较晚,机构间规模相差较大,竞争不充分,导致金融服务和金融产品趋同,银行业和各银行机构竞争力不足,缺乏个性的核心竞争力。本文将从商业银行的生存、发展和实现内在价值最大化三个方面来阐述有效的风险管理是商业银行长久的核心竞争力。     

私人银行业务发展的法律障碍及对策

私人银行业务在发展过程中,遇到了内部、社会、法律等多个方面的障碍。中国私人银行业务的发展需要监管部门的严格监督、立法部门的法律完善以及相关金融机构的大力协助,在外汇、反洗钱、境外投资等领域取得更大的进步。同时,私人银行也应当关注这种新兴服务方式带来的法律风险,采取合理有效的措施加以防范和化解,包括:建立和完善法律风险管理系统、技术系统与人员支持系统,通过特别机制鼓励银行积极承担反洗钱义务,实行混业经营、统一监管,放松外汇管制,规范境外投资,制定专门法律规范。     

中国银行业对外开放度测评及理性开放策略研究

截至2007年末,外资银行不仅在中国设立代表处、分行,还注册成立了外资独资和合资法人银行业机构,同时还有33家境外机构投资者参股了25家中资商业银行。面对扑面而来的外资银行,中国的一些金融理论和实务工作者提出了"贱卖论"、"威胁论"和"单边开放"的质疑。在这种情况下,对中国银行业对外开放水平的判断和评价凸显其重要性。本文对2003～2007年这一时期的中国银行业对外开放度进行测算,结论是中国银行业对外开放属于中等水平;本文还从实际对外开放趋势的角度进行分析,结论是中国银行业的实际对外开放度远比定量测度的要高。在当前国际金融市场动荡及一些国家银行业表现出脆弱性的状况下,中国银行业应汲取其他国家银行业开放的经验和教训,走适度理性的开放道路,才能更加有利于中国银行业进一步增强自身的稳定性。     

Spillover effects of banking systemic risk on firms in China: A financial cycle analysis

This paper investigates the spillover effects of banking sector risk on firms in China and explores the risk transmission channels from the perspective of financial cycle. We use the banking risk-taking and systemic risk as the proxies of financial booms and busts. Our study yields four main findings. First, the banking risk-taking reduces firm risk in financial booms. Higher financing costs and constraints, larger firm size and financing scale, and state ownership inhibit the spillover effects. Second, the banking systemic risk increases firm risk during financial busts. Higher financing costs and constraints, larger firm size and financing scale, and state ownership facilitate the spillover effects. Third, the magnitudes of banking risk spillovers vary across industries, and this effect is more pronounced in the manufacturing industry. Fourth, bank risk-taking affects firm risk differently through various channels in different leading periods. When leading 1 to 3quarters, banking risk-taking reduces firm risk, and channel variables inhibit the spillover effects. However, when leading 4 to 8 quarters, the rising bank risk-taking eventually increases firm risk, and channel variables amplify its spillover effects. Our study offers important policy implications for risk assessment and mitigation in the Chinese loan market.     

数字时代的银行业变迁——网点布局与行业结构

数字技术可以帮助市场主体重构组织模式,数字经济时代的金融业也因此迎来变革。本文基于2014年至2019年我国县级行政区数据,研究发现,数字金融的发展显著减缓了我国银行业金融机构实体网点的扩张势头,这种效应主要体现在股份制商业银行和城市商业银行上,并主要影响这两类银行的基层机构。同时,我们发现数字金融的发展加快了农村合作金融机构的转型和网点退出,但对国有“六大行”没有显著影响。进一步研究发现,数字金融的影响效果会随着经济发展程度提高和地区金融可得性增加而增强,但随着在位银行的市场势力提升而下降。本文为理解数字经济时代银行业的变迁提供了一定参考。     

Competition and risk‐taking in investment banking

How does competition affect the investment banking business and the risks individual institutions are exposed to? Using a large sample of investment banks operating in seven developed economies over 1997–2014, we apply a panel VAR model to examine the relationships between competition and risk without assuming any a priori restrictions. Our main finding is that investment banks’ higher risk exposure, measured as a long‐term capital‐at‐risk and return volatility, was facilitated by greater competitive pressures for both boutique investment banks and full‐service investment banks. Overall, we find some evidence that more competition leads to more fragility before and during the recent financial crisis.