香港金管局集团式监管的框架及启示

2008年11月,香港金管局在其网站上公布了对香港注册商业银行的集团式监管办法英文草案.该办法主要捕述了金管局对三种不同类型的金融集团所采取的监管模式,以及涉及到的国际监管合作,以期让商业银行更清楚地了解目前金管局是如何从金融集团整体角度进行综合监管的,考虑作为集团一分子的商业银行可能面对来自集团其它成员的风险.本文总结了其主要内容,并提出对我们的启示.     

宏观审慎监管政策目标、框架及工具的国际经验借鉴——以新加坡金管局为例

2008年全球金融危机凸显了监管机构进行宏观审慎监管的重要性和必要性,全球主要经济体及主要国际机构均加大了对宏观审慎监管的研究和改革力度。在此背景下,新加坡金管局也进一步强化了其自身的宏观审慎监管要求,明确提出了宏观审慎政策的政策目标,厘清了宏观审慎政策与微观审慎监管政策之间的补充和协调关系,完善了从风险识别到政策响应的宏观审慎监管框架与监管流程,并研究推出了较为丰富的宏观审慎监管政策方法与政策工具。本文对新加坡金管局的宏观审慎监管政策目标、框架及工具进行了研究整理,以期对我国的宏观审慎监管研究有所参考和启发。     

香港金融管理局非现场监管模式对当前反洗钱工作的启示与借鉴北大核心CSSCISSCI

1997年后香港金融监管局（以下简称“金管局”）实施改革,现场检查和非现场监管职能进一步专业化,由不同的监管人员专门履行其职责,非现场监管内容主要体现在非现场监管工作流程及非现场监管数据信息系统两方面。     

促进数字资产创新 抑制加密货币投机

<正>新加坡希望建立创新且负责的全球数字资产中心,以提高金融交易效率并创造经济价值。本文所描述的数字资产发展战略、监管方法与实现这一目标密切相关。创新和监管并非不能共存。有观察者认为,新加坡金融管理局（简称：金管局）关于加密货币和数字资产的立场似乎很不明确。一方面,金管局积极地将新加坡打造成金融科技中心,与业界合作探讨并支持分布式账本技术（DLT）的应用和数字资产案例的创新。金管局也曾表示,希望将优秀的加密货币公司吸引到新加坡。另一方面,金管局对加密货币业务的企业展开严格且漫长的执照申请程序。金管局也一直向散户投资者发出强烈警告,并采取措施限制散户投资者购买加密货币。观察者对此感到困惑和忧虑。部分人指出,金管局的立场存在明显的矛盾——尽管金管局表示“对建立加密货币或代币化经济的潜力感到兴奋”,但该机构“实施了严格的制度”。部分人则哀叹金管局的数字资产政策出现了“U形反转”。他们认为,金管局曾经“做出支持加密货币的决定”,但现在“过于谨慎,失去了作为全球加密货币中心的吸引力”。然而也有另外的声音指出,金管局已经取得正确的平衡,“加密冬天”证明金管局的政策是正确的。金管局真正想...     

香港银行业公司治理监管实践的启示

香港金融管理局对银行公司治理的主要监管要求香港金融管理局(以下简称金管局)对银行公司治理的监管要求通常采用指引的方式,其主要目标是,重申对银行公司治理及财务健全负有最终责任和银行在公司治理方面所必须遵守的最低标准,     

香港银行监管制度的特点及其借鉴

香港实行三级银行制，现有136家持牌银行、42家有限制牌照银行及40家接受存款公司。作为市场经济制度框架下的银行监管体制也有其独到之处，银行监管机构是香港金融管理局(简称金管局)，其银行监管的特点主要有以下几点：     

银行公司治理之路

作为特殊的公司,商业银行的公司治理倍受各方关注,20世纪90年代以来,完善商业银行公司治理,规避金融风险的呼声日益高涨.特别是东南亚金融危机以后,各国纷纷做出完善本国商业银行公司治理的努力.在东南亚,新加坡金管局要求商业银行必须设立提名委员会,提名委员会需包括5～7名董事会成员,且该委员会成员必须经金管局批准.该委员会主要确定和审查董事会成员,以及管理层、薪酬、审计和其他委员会的提名和任命.印尼银行规定在每家银行内部必须任命"合规稽核官",直接负责审计商业银行是否符合印尼银行审慎性规定,合规稽核官必须具有独立性并承担责任;此外,印尼银行详细阐述了"合适和适当"(fit and proper)测试,要求所有董事会员和某些高级管理行政人员必须通过这一任职资格型测试.     

香港银行业先进审计理念及借鉴

香港金管局对银行的监管,由合规性监管发展到以资本为本的监管,再发展到目前的以风险为本的监管制度.1998年12月,金管局根据《香港银行业顾问研究报告》的建议,全面建立推行了风险为本的监管制度.以风险为本的监管方法,把风险状况融入CAMEL评级制度内,其中风险状况是对认可机构的潜在风险与风险管理制度的质素两者平衡后评估得出.CAMEL评级制度每个项目均受到八种潜在风险（信贷、市场、利率、流动资金、业务操作、法律、信誉及策略）的一种或多种影响,而这些都是金管局指定须在监管程序中进行评估的风险.     

香港金融管理制度简介

香港实行分业监管制度,主要的金融监管机构包括香港金融管理局(金管局)、证券及期货事务监察委员会(证监会)、保险业监理处(保监处)及强制性公积金计划管理局(积金局),分别负责监管银行业、证券和期货业、保险业以及退休计划的业务。香港的接受存款机构分为三级,分别是持牌银行     

商业银行资本监管的新框架

资本监管是审慎银行监管的核心,监管资本要求是商业银行面临的最重要外部约束条件之一,直接影响到商业银行的经营行为和银行体系的信贷供给能力,并对宏观经济运行产生影响。2012年6月8日,银监会发布了《商业银行资本管理办法(试行)》(以下简称《资本办法》)。《资本办法》吸收了国际金融监管改革的最新成果,坚持我国资本监管的成功经验,结合国内银行业实践,对现行资本监管制度进行全方位     

Don’t Stand So Close to Me: The role of supervisory style in banking stability

With the establishment of an integrated Banking Union, the harmonization of supervisory styles (regulation being equal) plays a central role. Our paper addresses a central question: what supervisory culture has been demonstrated to be most effective at ensuring the stability of European banks? We identify six different supervisory cultures and observe to what extent the words used in public speeches by the deans of the national supervision authority reflect the national cultural values of the Hofstede framework (Hofstede et al., 2010). By analyzing a panel of banks operating in the EU-15 from 1999 and 2011, our paper provides empirical evidence that supervisory culture influences the stability of banks. Our results have important policy implications: our paper is the first to provide empirical evidence of heterogeneity in the supervision styles in Europe and its effect on banking stability.     

Executive compensation,supervisory board,and China’s governance reform: a legal approach perspective

China’s corporate governance system implements both American and German style mechanisms, but the supervisory board, a typical feature of German style governance is generally considered dysfunctional. After 2006, the newly amended Chinese Corporate Law significantly enhances the role played by supervisory boards. Our study examines if the new Corporate Law improves supervisory board’s monitoring over executive compensation, which becomes one of the main agency concerns in China’s emerging market, thus providing a quasi-experimental testing of the legal approach of governance (La Porta et al. in J Financ Econ 58:3–27, 2000). We examine the effects of both size and meeting frequency of supervisory boards on executive compensations in Chinese listed companies, by using data before and after the new Corporate Law became effective in 2006. We find that before the new Corporate Law became effective, supervisory boards did not affect executive compensation, although their role after that became significant; both supervisory board size and meeting frequency affect total executive compensation, and supervisory board size also influences pay-performance sensitivity. Furthermore, we find that there exists a non-linear effect of supervisory board meeting frequency on executive pay, and an optimal range exists. Policy implications are discussed.     

论我国农村金融监管制度的改革与完善

对我国农村金融监管制度的完善应紧密结合我国农村金融自身所具有的鲜明特性。金融监管应追求安全与效率的和谐统一。金融监管的方式应从单纯的合规性监管、统一监管更新为以风险性监管和分类监管、差别监管为主。在健全农村金融监管法规的基础上应有针对性地对民间金融合法化。多元化的监管体系和足够的监管资源、均衡投入的监管力量也是成熟的农村金融监管制度必不可少的。     

借鉴美国的监管方式强化我国的金融监管

全球金融市场面临越来越大的风险,监管日益成为重要课题。怎样把金融资源放到最有效的地方去,同时使风险得到最好的控制,这是我国金融体制改革亟待解决的问题。因此,借鉴美国的监管方式,研究我国金融现状,提出完善金融监管的措施,是当前金融体制改革的重点。     

A Study on Designing a Financial Supervisory Institution in Taiwan

This paper investigates world trends in financial supervision, including the separation of treasury and finance and the shift from departmental regulation to functional regulation. Based on the trend toward integration in financial supervision and examination, this paper proposes the adoption of a functional approach to financial supervision and the problems that may occur when we restructure the financial supervisory framework in Taiwan. This paper also discusses various financial supervisory institution models and weighs their advantages and disadvantages. Finally, it advances other issues concerned with the restructuring of the financial supervisory system, including the repositioning of the Central Deposit Insurance Corporation (CDIC), and adjustments in the powers conferred upon the Central Bank to conduct examinations.     

Bank supervision and corruption in lending

Which commercial bank supervisory policies ease—or intensify—the degree to which bank corruption is an obstacle to firms raising external finance? Based on new data from more than 2500 firms across 37 countries, this paper provides the first empirical assessment of the impact of different bank supervisory policies on firms’ financing obstacles. We find that the traditional approach to bank supervision, which involves empowering official supervisory agencies to monitor, discipline, and influence banks directly, does not improve the integrity of bank lending. Rather, we find that a supervisory strategy that focuses on empowering private monitoring of banks by forcing banks to disclose accurate information to the private sector tends to lower the degree to which corruption of bank officials is an obstacle to firms raising external finance. In extensions, we find that regulations that empower private monitoring exert a particularly beneficial effect on the integrity of bank lending in countries with sound legal institutions.     

On a subjective approach to risk measurement

This study is based on the analogy between hedging a risky asset and keeping reserves to meet an unknown demand. The optimal hedging level, which depends on individual preferences, is regarded as a measure of risk. We determine the set of optimal levels and investigate the properties of the associated risk measures. This approach provides a new insight into Value at Risk (VaR). We consider it as a solution of a certain optimal inventory problem with linear cost and loss functions. We show that these functions determine the confidence level of VaR. In this way we obtain a simple model that helps us to choose a proper confidence level α and explains why supervisory institutions (such as the Basle Committee) choose a higher α than financial institutions themselves.     

国有控股商业银行监督权配置问题研究

本文首先通过提出一种新的企业观,并结合对股份制商业银行企业特性的分析说明了股份制商业银行应高度重视监督权的配置,接着,对我国现有的股份制商业银行的监督权配置的现状进行了考察并对其低效配置的原因进行了分析,最后,本文提出,可通过战略投资者委派监事这一新的监事会制度来完善我国国有控股商业银行监督权的配置。     

上市公司会计信息披露的政府监管

在我国现阶段,提高上市公司会计信息披露质量依然非常重要和迫切,必须结合我国实际,健全以政府部门为主导的会计信息披露监管机制,使政府监管最终走向适度监管的目标。本文通过对我国监管机制的考察,探析上市公司会计信息披露的政府监管问题及其成因,最终提出相应的改进对策及建议。     

Contagion risk in the interbank market: a probabilistic approach to cope with incomplete structural information

One lesson of the financial crisis erupting in 2008 has been that domino effects constitute a serious threat to the stability of the financial sector, i.e. the failure of one node in the interbank network might entail the danger of contagion to large parts of the entire system. How important this effect is, depends on the exact topology of the network on which the supervisory authorities have typically very incomplete knowledge. In order to explore the extent of contagion effects and to analyse the effectiveness of macroprudential measures to contain such effects, a reconstruction of the quantitative features of the empirical network would be needed. We propose a probabilistic approach to such a reconstruction: we propose to combine some important known quantities (like the size of the banks) with a realistic stochastic representation of the remaining structural elements. Our approach allows us to evaluate relevant measures for the contagion risk after default of one unit (i.e. the number of expected subsequent defaults, or their probabilities). For some quantities we are able to derive closed form solutions, others can be obtained via computational mean-field approximations.