基于DSGE模型的绿色信贷激励政策研究

在绿色金融政策实践与有关学术理论快速发展的背景下,本文以绿色信贷的激励政策为切入点,提供一种分析绿色金融政策的理论模型分析框架,并基于模型开展量化的政策效果分析。本文在真实商业周期框架的基础上引入银行部门,通过拆分厂商部门为“绿色”与“其它”两部分,并设置中央银行与财政部门的相关政策,纳入了绿色信贷激励政策。研究发现,针对绿色信贷的贴息、定向降准、再贷款(调整再贷款利率与质押率)均是有效且合意的激励政策,一定强度的政策不仅能够提高绿色信贷量,在绿色意义上优化经济结构,而且对总产出、总就业不会造成显著的负面影响,从而带来“经济”与“环境”双赢的结果。     

云银行的实施策略

导语:云银行,是建在"云"端的开放生态综合金融平台,也是金融数字化转型趋势下的必然产物。本文利用榕树模型作为云银行发展的理论基石,分别从云银行的营销获客、服务流程、产品创新与平台化战略四个维度探讨了云银行的实施策略。其中,服务大众客群是云银行批量获客之道,通过连接其他金融机构、ISV等生态参与者,形成金融生态联盟,以"客户为中心"共同优化金融服务流程和产品体系,依托"分布式+大数据+金融云"三大科技基础赋能云银行的平台化、数字化经营。     

The impact of internal marketing on the perception of service quality in retail banking: A Ghanaian case

Although there is a large volume of literature on internal marketing, there is limited empirical evidence on its impact on the perception of service quality in developing nations. A literature review of internal marketing and service quality has been completed. A survey of 32 top managers, 100 employees and 200 external customers of a major bank in Ghana was undertaken to assess the impact of internal marketing on the perception of service quality. The results suggest that internal marketing can have an influence on service quality. Implications of the study are highlighted, limitations noted and directions for future research are outlined.     

不完全资本市场下养老保险运营：国际考察与我国的策略

资本市场不完全是建立高效养老保险体系的重要障碍,国外在这方面已经进行了较为深入的研究。养老保险作为一个规模较为庞大的机构投资者在进入金融市场的过程中会产生积极与消极两个方面的影响。我国在不完全资本市场条件下养老金的管理体系存在着一些问题。如隐性债务和转轨成本的承担主体虚化;空账管理以及社会覆盖面难以扩大;退休年龄偏低等。本文对此提出对策建议。     

Switching customers from branches to internet: A credit union's journey

This research paper reports how a credit union applied knowledge from the literature to solve a marketing problem. A credit union serves a unique group of customers who may be in the same profession, have the same employer, or simply in the same regional location. The marketing problem is how to switch bank customers from branches to internet for the main reason of reducing transaction costs. The research model comprises the independent factors of customer, transaction, application, and bank; and the dependent variables the number of internet banking transaction, perceived usefulness of internet banking, and willingness to use internet banking measuring different aspects of internet banking. We carried out an on-site survey in different branches of our subject credit union to capture the opinion of customers who rely solely on branches for banking transactions. To our knowledge, this study provides a pioneer internet banking survey in the context of credit unions. The survey results reveal different internet banking facilitators for customers with and without internet bank accounts. For customers with internet bank accounts, application security is the most important facilitator variable for them to continue its use in the future; while promises for continuous improvement can be a prohibitive variable. In order to encourage customers without internet bank accounts to adopt internet banking, the management should focus on strengthening the variables of bank diversified service, bank responsiveness, bank image, and extra online instruction and feedback for complicate internet transactions; and reducing the negative effect of web fun/entertainment. We also found that the variables of proficiency in using computers, application security, and bank image have opposite effects on customers with and without internet bank accounts.     

THE PERFORMANCE OF BANK‐MANAGED MUTUAL FUNDS

The ability of banks to offer proprietary mutual funds has expanded over recent years, and the mutual fund industry has been a significant growth area for banks. I examine the growth and performance of bank proprietary bond mutual funds. The empirical results show no evidence that bank‐managed mutual funds underperform nonbank funds. I find some evidence that bank managers are more conservative than nonbank managers in terms of investment strategy and that banks appear more likely to target individual rather than institutional investors. Also, I find that abnormal fund performance does not appear to be a significant determinant of the net asset flows into and out of bank‐managed mutual funds. Rather, the results suggest bank investors rely mainly on past marketing information and the general reputation of the bank. JEL classification: G11, G21     

Customers' perceived value for private and state-controlled Hellenic banks

Under conditions of increasing competition banks try to improve their customers' level of satisfaction in order to create strong preferences and hence increase their customers' loyalty. This paper is based on data drawn from 1,470 questionnaires completed by customers of both private and state-controlled banks in various areas of Attica. It looks at the bank customers' satisfaction but focuses mainly on their perceived value from the banking services received. A first analysis of the data collected shows that state-controlled bank customers are older, with lower education and lower income. Additionally, state-controlled banks show lower proportions of very pleased customers and high proportions of displeased customers. A principal component analysis performed on the data related to perceived value has defined three main factors: professional service, marketing efficiency and effective communication, which have then been used as the basis for comparing the customers' perceived value between the two types of bank. The main findings of this analysis show that state-controlled bank customers enjoy a higher perceived value in the case of marketing efficiency (mainly due to the wider network and the favourable pricing policy) whereas private bank customers enjoy a higher perceived value in the case of professional service and effective communication.     

Relationship disconnect in retail banking

It has been established that increasing the role of technology in a service organisation can serve to reduce costs and improve service reliability. It is argued, however, that there remains an important role for personalised relationships in the delivery of any service proposition. Throughout this paper both of these perspectives will be discussed and an attempt is made to reconcile these apparently opposing views in the emerging age of technology-enabled remote relationships. Findings from a longitudinal research study with a large UK case bank that focused on the area of remote relationships are revisited and reinterpreted with management from the case bank in question. Through this reflective lens the bank's recent strategic decision to no longer proactively relationship manage its personal customer base is examined. In light of this deliberate relationship disconnection strategy key marketing implications are discussed.     

On the potential for Twitter to add value in retail bank relationships

It is argued that research within financial services marketing has omitted to pay sufficient attention to social media in banking contexts generally and its potential impact on retail bank relationships in particular. At a general level, this research study explores the advent of social media and the manner of its deployment in financial services. Specifically, this article reports on the deployment of Twitter in bank–customer communications. Accordingly, a content analysis of 400 Tweets sent from a range of financial service providers to their customers was conducted. A literature-based model allowed for the classification of these Tweets as either customer acquisition, engagement or retention-oriented. Findings indicate that Twitter is mainly used for customer engagement, but scope is identified for their more meaningful deployment in relation to customer acquisition and retention.     

建设金融开放门户背景下资源富集区着力发展绿色金融研究——以广西河池市为例

绿色金融发展已得到世界各国的关注和认可,中国也正在积极发展绿色金融,并在部分地区开展试点工作。广西开展绿色金融改革创新试点工作已写入中国人民银行等十三部委联合印发的《广西壮族自治区建设面向东盟的金融开放门户总体方案》。由于资源型城市的特殊性,与其他地方相比,发展绿色金融将面临更多的挑战,在大力发展绿色金融的背景下,资源型城市如何有效地推动绿色金融并逐步适应绿色金融的发展要求,需要积极探索。以广西河池市为例,分析研究发展绿色金融基本情况及存在难点并提出相关政策建议。     

Selling banks is the same as selling soap: Applying fast-moving consumer goods best marketing practices to the banking industry in Central and Eastern Europe

Attempts to market financial services as fast-moving consumer goods products are rather rare in the traditional banking industry. eBanka, a small retail and SME bank in the Czech Republic, applied the FMCG marketing approach with great success. Long-time FMCG marketer, Petr Pistelak, explains the basic principles of FMCG marketing and shows how they were applied to triple the revenue of a small bank in less than three years, while bringing the once struggling bank into profitability.     

新型货币政策担保品框架的绿色效应

本文以2018年6月我国央行开始接受绿色信贷资产作为MLF合格担保品这一事件为准自然实验,运用双重差分模型分析我国新型货币政策的担保品扩容对绿色信贷企业融资的影响。研究结果表明:第一,将绿色信贷资产纳入央行合格担保品范围增加了绿色信贷企业的信贷可得性,并降低了绿色信贷企业的信贷成本;第二,企业的异质性分析表明,民营绿色信贷企业在融资可得性方面对政策反应更显著,国有绿色信贷企业在融资成本方面对政策反应更显著;第三,分行业的扩展性检验表明,央行合格担保品扩容政策对于环保行业的绿色信贷企业主要通过提高融资可得性发挥作用,而对于重污染行业的绿色信贷企业则主要作用于其信贷融资成本。基于以上实证结果,本文认为央行担保品扩容具有绿色效应,可综合运用央行担保品框架和借贷便利类货币政策工具,加强我国新型货币政策的定向调控功能。     

“多言寡行”的环境责任表现能否影响银行信贷获取——基于“言”和“行”双维度的文本分析

基于我国推行绿色信贷的政策背景,本文考察了企业“多言寡行”的环境责任表现能否影响银行的信贷决策。研究发现:(1)从总体来看,“多言寡行”的环境责任表现有助于企业获取更多的银行借款。(2)相比于长期银行借款,“多言寡行”对于短期银行借款的正向影响更为明显。(3)《关于构建绿色金融体系的指导意见》的出台抑制了“多言寡行”对银行借款的正向影响。(4)进一步分析发现,相比于环境责任表现“少言多行”以及“少言寡行”的企业,企业“多言寡行”的环境责任表现对于银行的信贷资源具有显著的正向影响;“多言寡行”对银行借款的正向影响在无背景关联、价值较低以及市场环境更差的企业中更为明显。本文有助于信贷机构认识到绿色信贷政策面临的执行风险,为确保绿色信贷的健康发展提供了新的决策参考。     

我国商业银行营销战略问题

随着我国银行业WTO承诺期的临近结束,银行业对外开放程度和市场运作化程度将会越来越高,日益变化的竞争环境要求商业银行必须以顾客为导向,实施市场营销战略。本文通过对现阶段我国商业银行实施营销状况的分析,总结出我国商业银行在商业化经营、市场化竞争的发展过程中所存在的问题,并给予深层次的原因剖析,在此基础上提出了我国商业银行营销战略的重点。     

新会计准则下银行资产分类会计选择的理论建模

2007年1月1日起实施的新会计准则对商业银行最重要的影响在于资产分类方面的新规定。新准则规定基于管理者持有该证券的动机和是否具有持有到期的能力对金融资产分类。资产分类的不同决定着市场价值变化对盈利水平和银行权益的影响。本文考虑新会计准则对银行资产分类的可能影响,设计了一个债券类产品和贷款,根据投资者效用和动机研究银行的资产分类决策,对银行考虑新会计准则对其影响时的资产分类决策建模。模型的解表明,风险中性的银行权衡流动性需求、权益稳定、资产收益几个方面决定其金融资产的分类,而银行收益和股东价值仍主要取决于银行的投资战略和对市场的预期,对资产分类规定的变化不会影响银行的实际收益,但短期银行会考虑其流动性需求和监管资本的稳定性,来决定银行的分类决策。     

Promotional messages in multichannel banking: Attractive or annoying?

Financial service providers possess a great deal of information about their customers. Customer information is used to serve customers and deliver the right messages to the right customer groups. Owing to the nature of financial services – that is, the need for credibility, long-term commitment and involvement of sensitive personal information – the planning and implementation of suitable marketing is extremely important. Financial services are offered through multiple channels, but electronic channels have increased in importance both for customer acquisition and retention purposes. In addition, electronic channels offer personalization possibilities that did not exist before. In this study, we examine, with the help of electronic focus group interviews, the kind of channels customers prefer when promotional messages include different types of personalization. In addition, the acceptance of promotional messages in the online banking context is explored. The results indicate that the channel preferences of customers diverge depending on the type of personalization used in the message. Furthermore, based on the opinions of customers concerning several authentic online banners, a personalization matrix was developed. The findings show that preference-matching personalization with informative content is accepted by the majority of customers. The article offers financial managers new perspectives on bank marketing in general, and online bank marketing in particular.     

银行顾客品牌信任向品牌忠诚转化的路径研究——以中国工商银行为例

文章从商业银行与顾客之间的关系现状入手,基于中国消费者在拥有高品牌信任的同时,却有着较低的品牌忠诚的现象,分析如何将顾客对商业银行的品牌信任转换为品牌忠诚的营销路径.以中国工商银行为例,介绍该银行将顾客对其品牌信任转化为品牌忠诚的营销实践,以期能够对现代商业银行品牌管理提供参考.     

我国个人银行结算账户开户数量合理性实证研究

随着金融供给侧结构性改革和普惠金融进程的不断深入,我国金融服务质量不断提升,银行服务的可获得性和服务质量均得到明显改善。个人银行账户分类改革实施以来,个人多元化支付需求得到充分满足,银行账户风险得到有效控制。但在市场机制作用下,科学合理的银行账户数量对刺激金融服务需求、实现普惠金融、控制金融风险将起到推动作用。本文将针对市场环境下,通过建立科学的分析框架对个人银行账户开立需求与合理开户数量进行关联分析,选取层次分析法AHP和BP神经网络组合,训练得出“个人银行账户开立需求-个人银行账户合理数量”预测模型。最终根据不同个体银行账户开户需求系数得到个人银行开户指导数量并提出数量管理实施路径和相关政策建议。     

绿色信贷政策得不偿失还是得偿所愿？——基于资源配置视角的PSM-DID成本效率分析

党的十九大报告聚焦生态文明体制改革,明确提出了发展绿色金融的战略要求。商业银行作为实施绿色信贷政策的主体,更加关注因此而产生的成本效率问题,即考量银行自身是得不偿失抑或得偿所愿？本文基于2005—2017年间73家中国商业银行的数据,首先,运用SFA模型测算商业银行的成本效率;其次,运用倾向得分匹配—双重差分法(PSM-DID)实证分析绿色信贷政策对银行成本效率影响的净效应;最后,采用边际动态检验方法考察绿色信贷政策净效应的影响趋势。文章发现绿色信贷政策的实施会通过成本效应机制降低银行成本效率,但同时因其改善了银行的信贷风险管理、提升了银行的声誉,从而对银行成本效率施加正向影响。此外,文章还发现绿色信贷政策的净效应呈现U型趋势,表现为2007—2013年绿色信贷政策净效应负向影响加深,2014年后出现转好信号,现已越过U型谷底。因此,从长期看,绿色信贷政策将有利于银行成本效率提升。     

绿色信贷政策能够促进企业绿色创新吗？——基于政策效应分化的视角

本文实证检验了绿色信贷政策影响重污染企业和节能环保企业绿色创新的不同效应。研究发现,绿色信贷政策对绿色创新的影响在两类企业之间存在分化:政策能更有效提升节能环保企业的绿色创新,对重污染企业绿色创新的促进作用相对有限。从银行信贷决策视角看,政策效应的分化一定程度上源于政策对信贷融资的影响存在差异:政策使重污染企业融资规模降低、融资成本提升的同时,促进了节能环保企业融资规模的增加。从企业绿色行为决策视角看,政策效应的分化一定程度上源于政策对企业绿色行为的影响存在差异:重污染企业采用“低成本策略”,节能环保企业则采用“竞争优势策略”。绿色信贷政策的效应还受企业所有权性质、现金持有以及企业规模的影响,而竞争性的银行业结构和政府补助有助于发挥政策对重污染企业绿色创新的促进作用。本文研究对评估绿色信贷政策的经济效果,推动政策进一步精准发力具有一定参考意义。