新形势下的银行转型发展

首先,从形势上讲,我们面临三个重要变化。第一个形势变化,就是利率市场化,这是必然趋势。现在看来,利率市场化进程可能会大大超出我们的预期。     

GAME THEORY AND THE AUDITOR'S PENALTY REGIME

This paper models the audit as a cooperative game played by the auditor and auditee within a penalty regime imposed by a regulatory authority. The paper investigates the relationship between the penalties set by the regulator and the jointly agreed strategy of the auditor and auditee, and discusses how the penalty regime might be employed so as to induce a particular strategic outcome such as high effort levels on the part of the auditee and/or auditor.     

商业银行个人金融业务"一对一营销"策略及其应用

随着科技的进步和经济的发展 ,营销所包含的内容和范围也在不断地延伸和扩大。为客户提供个性化的“一对一营销”应运而生。“一对一营销”是以客户为核心进行运作 ,其主要内容包括客户占有率、客户的保有与开发、与特定客户实现互动 ;其运作步骤包括识别客户、对客户进行差异分析、与客户保持互动、调整产品或服务以满足每个客户的需要。我行个人金融业务的现有营销方式存在很多不足 ,因此应借鉴“一对一营销”策略进行改革 ,具体包括 :导入客户关系管理工程 ,对客户实行分层管理 ;改造网点布局 ,整合业务流程 ,以理财业务内核心 ,为客户提供定制化服务 ;建立一支高素质的客户经理队伍 ;运用营销工具维系优质客户。     

工商银行发展个人金融业务的策略研究

个人金融业务的创新和发展,是推动我国商业银行发展的战略性举措之一,它既可以推动商业银行经济功能的转变,又有助于银行资产、业务、收益及客户结构的优化.发展定位不明确,客户管理落后,业务创新迟缓,风险管理脆弱,是直接影响我行个人金融业务发展与竞争实力提高的主要因素.我行个人金融业务的发展必须确立明确的发展思路,在整合机构、细分市场、差别服务、市场营销与技术保障等关键环节上取得突破,矫正扭曲的产品价格机制,确实提高个人金融业务的风险管理水平,整合服务产品与业务机构,不断拓展商业银行的服务领域,全面推动个人金融业务的突破性发展.     

商业银行信贷介入教育产业的策略研究

教育作为对国民经济发展具有全局性、先导性影响的产业,不仅具有公益性,而且蕴藏着巨大的商业价值.教育投资风险小、收益高,其市场前景非常乐观.我国教育市场现实和潜在的需求都极其庞大,商业银行若能开办好教育贷款业务,在利国利民的同时还能优化银行自身的资产结构,并培育未来的优质客户群.但就我国现状看,教育产业的运作机制不完善,有关法规中也存在诸多限制,因此商业银行目前还难以大规模投资于教育产业.笔者建议商业银行先以校办产业、学校固定资产项目建设等为切入点,全方位介入教育产业领域;同时随着教育体制改革的不断深入,拓展助学贷款业务.     

OPTION EXERCISE GAMES: THE INTERSECTION OF REAL OPTIONS AND GAME THEORY

While the real options approach has proven useful in providing an analytical framework for analyzing the timing of investment decisions, a notable failure of the approach has been an almost complete lack of strategic considerations. In standard real options models, invest-ment (and exercise) strategies are for-mulated in isolation, without considering the potential impact of other firms' exercise strategies. This paper illustrates how the intersection of real options and game theory provides powerful new insights into the behavior of economic agents under uncertainty.
Introducing strategic considerations into the real options framework can lead to a rethinking of standard real option analysis. For example, one of-ten cited conclusion of the real options literature is the overturning of the standard capital budgeting rule of in-vesting immediately in any project with a positive NPV. Because the fu-ture value of the asset is uncertain, there may be significant benefits to deferring the investment until condi-tions prove even more favorable. But this result clearly depends on the lack of competitive access to the project. If firms fear preemption, then the option to wait becomes less valuable. For example, while the standard real op-tions models suggest that a real estate developer should wait until the devel-opment option is considerably "in the money," competition and the fear of preemption will likely force develop-ers to build much earlier.     

小企业专营机构分阶段发展策略

提及浙商银行的小企业业务,要追溯到2006年,当时主要有两个目的,一方面要应对利率市场化,与此同时争取办一家有特色的银行。到今年6月,我行单户500万以下小贷规模接近300亿,每年增速都大幅度超过各项贷款平均增速,     

工商银行发展零售业务的战略及策略研究

零售市场业务将成为未来国内商业银行传统业务中最具发展潜力的一项内容.工商银行作为中国最大的商业银行,目前占据着零售市场最大的市场份额,具有发展零售业务的传统优势.但是在外资银行虎视眈眈、内资银行极力抢占市场份额,且急需改善内部经营管理、提高资产质量的严峻形势下,工商银行只有通过全面实施客户区分战略、大零售战略、重点战略和混业经营战略,大力整合和创新现有零售业务的组织机构、人力资源管理、产品结构、价格机制、分销渠道、营业推广策略以及决策支持、技术支持等支持手段,推陈出新,确立核心竞争力,方能在零售市场的激烈竞争中占据领先优势.     

中国银行业兼并重组导论

世纪之交国际银行业掀起的并购浪潮,为正在经历着深刻变迁的中国银行业开启了发展思路的崭新视角,引导兼并重组的产业力量推动中国银行业的体制变革和持续发展成为令人深思的问题.本文全面分析了兼并重组在优化资源配置、处理不良资产、推进市场化改造、维护稳健运行等方面对中国银行业的预期收益,同时提出,银行业兼并重组实践也要面临由银行体制、政府政策、资本市场和制度体系缺陷所造成的约束.在此基础上,本文力图塑造以兼并重组为主导的银行业改革和发展的新型模式,描述了围绕兼并重组的银行业系统性改革工程,并初步刻画出中国银行业兼并重组趋向的未来格局.     

TIME DIVERSIFICATION: AN ESSAY ON THE NEED TO REVISIT FINANCE THEORY

In 1985 Findlay and Williams offered a cogent critique of mainstream finance theory and of the need to revisit its framework of assumptions. They argued that the assumptions of the mainstream finance theory are manifestly contradicted by observation. They further contended that in the field of finance the basic positivist notion that ”assumptions do not matter if the model works” has been subverted into the notion that “assumptions cannot be criticised so long as the model cannot be shown not to work”. They predicted that since many models cannot be rejected, this posture could only lead to intellectual stalemate between supporters of opposing models. In spite of this prediction they offered no concrete examples of the types of stalemate that might develop; instead they addressed the whole field of finance and consequently their criticisms and recommendations were very general in nature.$PThe purpose of this essay is to provide a detailed analysis of the specific issue of time diversification in investment as an example of an intellectual stalemate between prominent academics employing the mainstream approach to finance theory and the majority of investment practitioners. The intention is to use this example as an illustration of the need to revisit the arguments of Findlay and Williams and the underlying framework of mainstream finance theory. In conclusion, in the spirit of Findlay and Williams, the important example of time diversification offers firm evidence of the need to revisit finance theory and to adopt a more behavioural stance towards its development.     

立足主业促转型——访中国长城资产管理公司济南办事处总经理刘学堂

近年来,伴随着政策性资产处置使命的圆满完成,中国长城资产管理公司以"化解金融风险、提升资产价值、服务经济发展"为新使命,以"打造百年金融老店、全力推进可持续发展"为目标,全面向商业化、市场化转型,充分展现了后发优势,取得了跨越式发展,形成了办事处、子公司、事业部"三大经营板块"齐头并进、协同发展的良好势头,引起社会各界的广泛关注。