谈商业银行发展私人银行业务的战略意义

私人银行业务作为金融服务领域的一个重要部分及商业银行高利润的分支业务,已在西方国家得到了蓬勃的发展。中国的改革开放及经济的稳健增长,带来了社会财富总量的扩大和个人财富的积聚,私人银行客户群日渐形成．同时中国银行业和汇率制度的改革等因素都为发展私人银行业务提供了广阔的空间。外资银行也已在我国抢潍开展私人银行业务,我国商业银行必须深刻认识发展私人银行业务的重要意义,抓住这一难得的历史发展机遇。     

国外私人银行业务发展经验借鉴

国内私人银行客户群体巨大,市场发展前景广阔,但国内商业银行私人银行业务刚起步,缺乏经验、技术和人才,需要借鉴国外私人银行的发展经验,提升经营管理水平,为私人银行客户提供优质的金融服务.本文阐述了国内商业银行私人银行业务的发展现状,总结了瑞银集团、花旗银行、汇丰银行等私人银行业务的发展经验,在此基础上提出国外私人银行业务发展的经验启示.     

私人银行业务研究

银行作为金融企业,盈利是压倒一切的任务。要出色地完成这一任务,就要开发新金融产品,寻找新的客户,拓展新的市场。现在,国内外商业银行无论规模大小、历史长短,都萌动了发掘私人银行业务的意图,有些外资银行在中国设立了办事处或者营业性机构,不少中资商业银行设立了前所未有的私人银行部。研究私人银行与财富管理业务对于银行经营与发展具有重要的意义。     

我国私人银行业务发展存在的问题及思考

2006年以来，随着主要国有商业银行改制、上市工作取得重要进展，以及银行业的全面开放，以高端客户为服务对象的私人银行业务已成为商业银行关注的焦点。面对外资银行对国内市场中高端客户的激烈争夺，为了留住、吸引更多的高端客户，国内商业银行纷纷着手筹备私人银行业务，提供的私人银行服务雏形已显现。因此，分析当前我国私人银行业务发展面临的主要问题，探讨发展私人银行业务的主要措施就具有重要的现实意义。     

私人银行业务洗钱风险分析及对策建议

私人银行业务是指向高资产净值客户提供的以财富管理为核心的一揽子综合性金融服务。随着中国经济的快速发展以及富裕人口的日益增多,私人银行业务以其准入门槛高、私密性和专属性强而受到高收入人群的青睐,逐渐成为商业银行的重要服务领域及业务增长点。人民银行连云港市中心支行通过调研发现,由于私人银行业务私密性强、客户身份特殊,商业银行在为客户提供私人银行服务的同时,其面临的洗钱风险也不容忽视。本文结合基层人民银行反洗钱工作实践,剖析私人银行业务中潜在的洗钱风险隐患,并提出相关对策建议。     

金融危机后中资银行私人银行业务发展的战略选择

本文认为当前的全球金融危机给许多国家的商业银行造成了冲击,也加剧了中外资银行在私人银行业务上的竞争。作为私人银行业务后起者的中资银行,需要充分认识本次全球金融危机带来的发展机遇,利用自身信誉提升、人才易得性增强、抗风险处置能力提升的相对优势,克服竞争激励、分业经营、跨文化管理等劣势,在竞争中充分发挥比较优势和后发优势,争取良好的发展前景和优异的经营业绩。     

私人银行发展须突破三大瓶颈

2007年，私人银行登陆中国，其低调、私密的行事作风带来一丝神秘色彩，同时也成为国内许多高净值客户关注的焦点。在两年多的发展过程中，国内多家银行开始尝试私人银行业务，     

私人银行业务发展正当时——农行广东、宁波分行私人银行部考察报告

私人银行业务是指商业银行以财富管理为核心，面向个人高端客户提供的顶级专业化的一揽子金融服务。面对同业竞争，面对客户需求，农行作为大型综合性银行，有必要、有能力推出并办好私人银行业务。本文在对农行广东、宁波分行私人银行部考察调研基础上，从九个方面论述了湖北农行筹建私人银行部、发展私人银行业务的必要性及策略与思路。     

工商银行私人银行业务研究

私人银行业务以财富管理为核心,是个人金融业务的高级形式,也是商业银行资源综合运用能力的体现.该业务正是外资银行进入中国后将重点开展的业务,也将是内外资银行竞争的焦点.面对竞争激烈的私人银行业务市场,工商银行必须在打造中国第一零售银行的基础上,不断增强竞争实力,争抢个人高端客户,在私人银行业务上做大做强.本课题即在私人银行业务研究的基础上,结合目前中国私人银行市场现状及工商银行财富管理业务开展情况,对国内商业银行发展私人银行业务策略进行粗浅探讨,以期提供一些参考与借鉴.     

私人银行业务发展中的若干法律问题

私人银行业务属于金融产品中交易技术较为复杂的高端领域。随着中国国民财富的持续增长,通过发展私人银行业务争夺高端客户并以此获取丰厚而稳定的利润将成为未来中外资商业银行竞争的重要领域。本文从多个环节分析了国内私人银行业务发展中的主要法律障碍,提出了优化法律环境的相关建议。     

私人银行：现代商业银行的战略核心业务

私人银行是指以财富管理为核心,面向高净资产客户所提供的顶级专业化的一揽子金融服务,其已成为当今国际知名商业银行的战略核心业务。以家庭办公室为主要组织形式,向富裕人士提供高品质金融服务,是私人银行的重要特征。随着市场经济的快速发展,中国已经形成了一支在社会经济中越来越具有影响力的高收入群体,但由于缺失真正的私人银行服务,该群体日益增长的财富管理需求难以得到有效满足。金融全面开放后,私人银行在国内具有广阔的发展空间。     

Why do insiders trade? Evidence based on unique data on Swedish insiders

In this paper, we examine if corporate insiders have other motives for trading besides exploitation of private information. Our results show that insiders’ portfolio re-balancing objectives, tax considerations and behavioral biases play the most important role in their trading decisions. We also find that insiders who have allocated a great (small) proportion of their wealth to insider stock sell more (less) before bad news earnings disclosures. Finally, insider selling is informative for future returns among those insiders who have the greatest proportion of wealth allocated to insider stocks.     

MARKET EXPECTATIONS AND THE VALUATION EFFECTS OF EQUITY ISSUANCE

We examine how the wealth effects of equity offers are influenced by investors' expectation of the equity type (public or private) to be issued. Firms deviating to the public market may be issuing when information asymmetry or agency costs are high, and their wealth effects are more negative than for firms that are anticipated to issue equity publicly. Firms deviating to the private market, however, may signal firm undervaluation or monitoring benefits and experience more positive wealth effects than firms that are expected to issue equity privately. For the private issues, public market accessibility appears to influence the wealth effects.     

Current Wealth,Housing Purchase,and Private Housing Loan Demand in Japan

Japanese households accumulate wealth for down payments at a high rate. Therefore, current wealth plays an important role in home acquisition as well as public loans whose direct mortgage lending is a strong support for home purchasers. We estimate the wealth effect on private mortgage debt as well as housing consumption by applying a model where mortgage-debt demand is derived from house-purchase decisions and is determined jointly with housing consumption. We use a simultaneous equation Tobit estimation method. Wealth effects on private mortgage debt, likelihood of borrowing, and housing consumption are not elastic. On the other hand, a change in housing consumption affects the likelihood of borrowing elastically much more than the private mortgage amount of borrowers. Housing and private mortgage markets fluctuate very closely with the number of participants in the mortgage market. Therefore, the number of housing starts is linked strongly to the private mortgage market.     

我国私人银行业务现状与发展对策

党的十七大报告提出,要增加公民的财产性收入.虽然我国的财富管理市场正处于初步发展阶段,但发展私人银行业务的条件已基本具备,社会财富格局的改变,个人金融投资理念的不断成熟,市场竞争日趋激烈,迫切需要国内商业银行大力拓展私人银行业务.     

如何激发民营企业创新--来自实际控制人财富集中度的视角北大核心

在我国实施创新驱动发展战略的背景下,本文从企业重大事项决策者实际控制人的视角,分析其财富集中度对民营上市公司创新的影响。结果显示,实际控制人财富集中度越高,企业创新水平越低。机制检验显示,实际控制人财富集中度会降低企业风险承担。这表明,实际控制人财富集中度越高,其对创新失败风险的容忍度越低,进而不利于企业创新。进一步研究显示,政府补助(机构投资者)可以发挥“风险缓冲”(“监督制衡”)的作用,削弱实际控制人财富集中度对企业创新的负面影响。本文还发现,财富集中的实际控制人更可能进行技术并购,以作为自主创新不足的替代。本文从实际控制人财富集中度的视角对企业创新的相关研究进行深化,并拓展了政府补助、机构投资者、技术并购在企业创新中发挥作用的相关研究;同时从实际控制人财富分散成本和风险、政府风险分担和机构投资者制衡约束等视角为推动民营企业创新的政策制定和公司治理改革提供参考。     

高净值客户的“钱夹份额”之战

私人银行产业正处于发展的黄金阶段。受市值高增长率和全球经济走强驱动,全球富裕阶层的财富近年来迅速增加,极大地推动了私人银行业务需求的增长。富裕群体希望通过私人银行服务,获得关于如何实现财富保值增值和留传给下一代的理财建议。     

The Displacement Effect of Public Pensions on the Accumulation of Financial Assets*

The generosity of public pensions may depress private savings and provide incentives to retire early. While there is plenty of evidence supporting the latter effect, there remains considerable controversy over whether public pensions crowd out private savings. This paper uses international micro‐data sets collected over recent years to investigate whether public pensions displace private savings. The identification strategy relies not only on cross‐country differences in generosity but also on differences in the progressivity or non‐linearity of pension formulas across countries. We estimate that an extra dollar of pension wealth depresses accumulated financial assets around the time of retirement by 22 cents. An extra 10,000 dollars in public pension wealth reduces the average retirement age by roughly one month, which implies an elasticity of years of retirement with respect to pension wealth of 0.15.     

Bidder Gains and Losses of Firms Involved in Many Acquisitions

Abstract:  We examine shareholders' wealth effects (both in the short- and the long-run) of UK frequent bidders acquiring public, private, and/or subsidiary targets with alternative methods of payment between 1987 and 2004. We find that, in the short-run, bidders break even when acquiring public targets and gain significantly when buying private and subsidiary targets. This result is robust after controlling for relative size, bidder's book-to-market ratio, target origin, and industry diversification. Our long-run evidence, however, reveals that acquirers experience, significant wealth losses regardless of the target type acquired, indicating that markets may initially overreact to the acquisition announcement. As a result, we argue that contrary to Fuller et al. (2002) who suggest that acquiring private and subsidiary firms creates value for bidding firms, a reliable conclusion on bidders' shareholders wealth effects cannot be based solely on a short-run event study.     

Going private transactions,bondholder returns,and wealth transfer effects

We examine how buyout activity and deal characteristics drive bondholder returns and the wealth transfer effects between bondholders and stockholders in going private transactions from 1981 to 2006. We find that various deal characteristics are major determinants of the cross-sectional variation in bondholder returns. In particular, a single private equity acquirer mitigates bondholder losses. On the other hand, bondholders have larger losses when a reputable buyout firm is involved in the deal. Bondholders experience losses in the 1980s and 2000s, but enjoy gains in the 1990s. Our findings remain robust to consideration of deal financing, relative cost of credit, and level of market overheating. We find a negative and significant relationship between stockholder and bondholder wealth effects, which supports the wealth transfer hypothesis.