商业银行制度演进的逻辑——一个基于社会资金流动视点的分析框架

从社会资金流动视点观察,银行的经济性质是社会资金流动的管道,银行的基本功能是为经济活动中的资金流动提供管道服务。商业银行制度演进的实质,是社会资金流动管道功能的发展,是对现代市场经济中资金流动新态势的真实再现。中国的商业银行改革和发展的路径,是实现从原来的国家融资工具向社会资金流动管道的转变。     

Collateral composition,diversification risk,and systemically important merchant banks

The impact of collateral diversification by non-financial firms on systemic risk is studied in a general equilibrium model with standard production functions and mixed debt-equity financing. Systemic risk comes about as soon as firms diversify their collateral by holding claims on a big wholesale (merchant) bank whose asset side includes claims on the same producer set. The merchant bank sector proves to be fragile (has a short distance to default) regardless of competition. In this setting, the policy response, consisting in official guarantees for the merchant bank's liabilities, entails considerable government loss risk. An alternative without the need for public sector involvement is to encourage systemically important merchant banks to introduce a simple bail-in mechanism by restricting their liabilities to contingent convertible bonds. This line of regulatory policy is particularly relevant to the containment of systemic events in globally leveraged economies serviced by big international banks outside host country regulatory control.     

城市商业银行战略定位模式分析

城市商业银行(以下简称"城商行")成立伊始就确定了"服务地方经济、服务城市居民、服务中小企业"的市场定位.这一定位对于城商行成立初期迅速找准市场,形成自身特色和比较竞争优势,进而实现快速发展具有重要意义.     

Trade,credit and systemic fragility

This paper treats an idealized monetary framework in which merchant banks finance trade; trade which is induced by decentralized production. Indeed, merchant bank credit instruments, coupled with local bank deposits, facilitate decentralization of both production and trade. At the same time, decentralized production, exhibiting technological complementarity, induces systemic monetary fragility. However, with the decentralization of trade, the indemnification of either merchant bank credit instruments or of local bank deposits eliminates fragility. In particular, deposit insurance also stabilizes credit. The result is a stable cashless economy, a replacement of trade in specie.     

Integrative research into the financial services industry in Taiwan: Relationship bonding tactics,relationship quality and behavioural loyalty

This study develops and empirically tests a conceptual model examining the interdiscipline between relationship bonding tactics, customer satisfaction, trust/commitment and customer behavioural loyalty in a relationship marketing system. Based on three groups of samples from XYZ bank, one of the well-established merchant banks in Taiwan, the study's findings suggest that financial products with different product attributes will benefit the most from individual types and levels of relationship investment that can be applied directly to each product.     

Price and volume effects associated with derivative warrant issuance on the Stock Exchange of Hong Kong

This paper examines the price and volume effects of underlying stocks around the announcement date of derivative warrants issued in Hong Kong. In general, the results indicate that underlying stocks are subject to extra buying pressure a few days before the new derivative warrant issuance, which is consistent with our hypothesis about the hedging effect created by the merchant banks that initiate the warrant issuance. Since the prices of underlying stocks peak on the first day after the warrant announcement and are stable thereafter, the information effect associated with the warrant issuance appears to be weak and does not last long. In addition, we find that underlying stocks have abnormal increases in price and volume during the last 5 minutes of trading on the warrant issuance day. This might be due to investors’ buying behavior precipitated by information leakage about the successful warrant issuance and/or to the price manipulation by merchant banks in order to attain a better payoff from the warrant issuing business.     

对银行卡POS回佣收费状况的分析研究

本文通过对银行卡产业基本特征的分析,结合对云南、山东、内蒙古等地区银行卡特约商户回佣收费状况的调研,分析了国内银行卡产业的基本特征,提出了POS回佣收费应根据地区状况等因素采取差别定价机制和改革的建议,即在我国商户细分的基础上,按照商户交易规模实施二级差别定价,根据交易区间实施超额累退制定价方案,建议将发卡行、银联、收单行的收益分配比例进行适当调整.采取POS差别定价机制代替现行的单一定价机制,有利于解决"银商"之间有关手续费率的争端,有利于发卡行之间的良性竞争,促进和保障银行卡产业的持续健康稳定发展.     

对银行卡POS回佣收费状况的分析研究

本文通过对银行卡产业基本特征的分析,结合对云南、山东、内蒙古等地区银行卡特约商户回佣收费状况的调研,分析了国内银行卡产业的基本特征,提出了POS回佣收费应根据地区状况等因素采取差别定价机制和改革的建议,即在我国商户细分的基础上,按照商户交易规模实施二级差别定价,根据交易区间实施超额累退制定价方案,建议将发卡行、银联、收单行的收益分配比例进行适当调整.采取POS差别定价机制代替现行的单一定价机制,有利于解决＂银商＂之间有关手续费率的争端,有利于发卡行之间的良性竞争,促进和保障银行卡产业的持续健康稳定发展.     

CORPORATE GOVERNANCE IN AN EMERGING MARKET: THE CASE OF ISRAEL

Despite significant capital-market reforms in the mid-1980s, the Israeli government and banks continue to play an unusually dominant role in Israeli financial markets. Israeli banks operate as merchant banks and, through pyramid structures of ownership, control large segments of manufacturing, construction, insurance, and services. In addition, the banks dominate all facets of the capital market, including underwriting, brokerage, investment advice, and the management of mutual and provident funds.
Because of this dominance by the banks, several important mechanisms of corporate governance are missing. There is no effective market for corporate control; institutional investors have little incentive to monitor corporate managers; and those managers in turn have little incentive to improve firm performance and increase shareholder value.
To be sure, there has been an impressive wave of IPOs on the Tel Aviv Stock Exchange (TASE) in the 1990s. But those firms' stocks have substantially underperformed the market since going public, and many "higher-quality" Israeli firms have chosen in recent years to list their securities on the NASDAQ and not at home. The main reason the most promising Israeli firms go public in the U.S. is because that is where U.S. and other foreign investors want to buy them; such investors want the assurances that come with the U.S. corporate governance system.     

Responding to a Shadow Banking Crisis: The Lessons of 1763

In August 1763, northern Europe experienced a financial crisis with numerous parallels to the 2008 Lehman episode. The crisis affected merchant banks that were funded by short‐term credit instead of deposits. We use archival data to show that these “shadow” banks suffered a sudden loss of funding after the failure of a major bank. The central bank at the hub of the crisis, the Bank of Amsterdam, responded by broadening the range of collateral it accepted. The data also show how this emergency liquidity helped to contain the crisis, by preventing the collapse of at least two other major banks.     

对银行信用卡业务转型及市场营销新突破的思考

信用卡最早诞生于20世纪50年代的美国，经过近六十年的发展，已经在全球范围内实现了广泛的普及和受理，是目前最为流行的银行卡支付和消费信贷金融工具。同时，作为商业银行向零售客户提供服务的重要载体和渠道，信用卡为银行源源不断地提供着丰厚且稳定拓展、维护和绑定客户关系方面发挥着重要的战略作用，被誉为最具价值的零售银行产品线。     

价值导向的商业银行市场营销体系研究

美国银行业处于最开放、公平和有效的市场中,其领先的市场营销直接决定了其全球一流的经营业绩。中国也处于快速地趋近开放、竞争的市场环境,系统分析、整体认识美国商业银行市场营销可以为中国商业银行提供有益的参照。为此,本文提出了价值导向的商业银行市场营销体系:市场营销必须集成客户、员工与外部利益团体的价值;体现价值取向的定位是市场营销成败的根本;应从客户、市场和产品三个维度来把握复杂的营销组合;市场营销始于科学的研究、基于必要的信息、成于资源的保障。最后,本文用美国相关学术研究及商业银行营销实践验证了所提出的营销体系。     

Foreign banks and credit in Mexico

The role that foreign banks play in developing countries has been arduously debated. Foreign banks can improve the efficiency of the banking sector in the host country but they can also undermine local banks by selecting only the most trustworthy borrowers. In this paper, I analyze the period between 2005 and 2014 and compare the differences between foreign and domestic banks in Mexico and Colombia. Analyzing Mexico is of great importance given that foreign banks control more than 80% of the banking assets. Also, given the difference in institutional development between Mexico and Colombia, I can control for regulatory environment. After controlling for size, institutional development, and country of origin, I find that foreign banks have not stimulated growth in Mexico through commercial loans. Previous studies suggest that this lack of credit to companies may be due to a weak enforcement of contracts rather than to foreign ownership. However, Colombia has a weaker enforcement of contracts environments and foreign banks also do not provide as many commercial loans as domestic banks. This paper is of particular interest to regulators in developing countries that need foreign capital and those that want to intensify the allocation of commercial credit.     

Bank Competition with Financing and Savings Substitutes

This paper models the banking competition in loan and deposit markets on two levels. We measure the competition among different banks and among banks and non-bank financing and saving alternatives. We estimate a model of demand, cost, and market equilibrium equations for differentiated products by using data from the confidential reports that Spanish banks provide to the Bank of Spain during the period from 1988 to 2003. This database contains information on the effective interest rates on new loans and deposits, and the expected loan losses obtained from the Spanish Credit Register. The estimated price elasticities show that the products offered by different banks are close substitutes, which puts pressure on the banks’ profits margins. However, the substitutability between bank and non-bank products is much lower than the substitutability among products offered by different banks. The results also show that Spain’s entrance into the Eurozone did not cause a structural change in the demand and cost conditions of Spanish banks. The banks financed most of the imbalances between bank loans and domestic deposits before the crisis through the interbank market.     

Climate policy uncertainty and risks taken by the bank: Evidence from China

This paper studies the relationship between three types of risk borne by banks and climate policy uncertainty (CPU). We use panel data for 210 commercial banks in China from 2009 to 2020. This paper has the following main conclusions: Firstly, climate policy uncertainty significantly reduce the passive and active risks borne by banks and increase the insolvency risks borne by banks; Secondly, the impact of CPU on the passive risks borne by listed banks is greater than that of unlisted banks, and the impact of CPU on the active and insolvency risks borne by listed banks is less than that of unlisted banks; Thirdly, the impact of CPU on the three types of risks borne by banks is most pronounced among rural banks and state-owned banks and least pronounced among joint-stock banks. After a series of robustness tests, such as the system GMM approach, different sample periods and controlling for endogeneity, the results of this paper remain robust. We also used the difference in difference (DID) method to study the policy dynamic effects of the 2016 Paris Agreement, and we passed a parallel trend test. Our results provide insights for policy makers and investors. Policy makers should formulate visionary policies in order to minimize the adverse effects of CPU; investors should keep an eye on the implementation of climate policies and pay attention to the impact of policies on the economy, so that they can adjust their investment strategies rationally.     

Monetary policy and bank lending:: Evidence from German banking groups

This paper analyses the impact of monetary shocks on bank lending in Germany. We follow a cross-sectoral approach by looking at six different banking groups. In general, smaller banks hold a larger buffer of liquid assets which they can use to offset monetary shocks. In addition, the response of bank lending after a monetary contraction is very different across banking sectors. Lending by the credit co-operatives, which are on average the smallest banks, declines most, whereas big banks are able to shield their loans portfolio against monetary shocks. Overall, our results provide support for the existence of a bank lending channel.     

Consumer payment choice: Merchant card acceptance versus pricing incentives

Using transaction-level data from a three-day shopping diary, we estimate a model of consumer payment instrument choice that disentangles the effect of merchant card acceptance from credit card pricing incentives (rewards) at the point-of-sale. The lack of merchant card acceptance plays a large role in the use of cash, especially for low-value transactions (less than 25 dollars). Participation in a credit card rewards program induces a shift toward credit card usage at the expense of both debit cards and cash. In contrast, changes in the amount of rewards (ad valorem) has a small or inelastic effect on the probability of paying with credit cards. Our findings highlight the importance of the two-sided nature of retail payment systems and provide key insights into consumer and merchant behaviour.     

Interest rate indexation and the pricing of loan commitment contracts

The central question addressed in this paper is why most loan pricing agreements between banks and their commercial customers involve additive rather than multiplicative markups over the base lending rate. It is argued that banks generally prefer additive pricing because the real value of the premiums moves inversely with inflation. Therefore this pricing formula provides an automatic partial inflation hedge for banks. Most borrowers who hold long positions in nominal assets also prefer this formula for the same reason. However, some borrowers who hold net short positions in nominal assets prefer multiplicative pricing. Banks provide them with such a form of pricing in exchange for appropriate compensation. Supporting empirical evidence is provided.     

A PRACTICAL APPROACH TO CAPITAL STRUCTURE FOR BANKS

Like U.S. companies in many industries. American's bank's attention to capital structure is reflected in their high level of stock repurchases in recent years. But, if banks are responding to some of the same economic forces that are driving industrial firms to shed excess capital, there are some important differences between banks and industrials that complicate the process of establishing appropriate capital levels for banks. The most important difference comes from regulation. Since the implementation by FDICIA of risk based capital guidelines in the early 1990s, the capital ratios of U.S. banks have increased substantially. In fact, most U.S. banks today carry considerably more capital than is required by the regulators. This tendency to exceed regulatory capital levels is especially pronounced for smaller institutions, which can in turn be explained by the riskier profile of smaller banks: While such banks have the highest proportion of the lowest-risk assets (such as cash, mortgages, and marketable securities), they also have a much greater degree of concentration (and co-variance) among their riskier assets.
This article recommends using a quantitative economic approach (such as a RAROC model) to generate a lower bound on the amount of necessary capital. This estimate can then be translated into a target capital structure by taking account of a variety of practical, qualitative considerations, including banks' preference to maintain capital levels that provide a comfortable margin above bank regulators' "well capitalized" levels. Although such considerations will vary in importance from one bank to another, they will generally include management's risk tolerance, regulatory constraints, market pressures (as reflected in peer group capital levels), the bank's prospects and investment plans, and, for larger banks, rating agency requirements.     

中小企业银行融资方案的新型设计 --"关系贷款"及"银行辛迪加和相机治理"

本文旨在从信息不对称造成信贷配给的角度为中小企业融资难问题提供一种解决方案。欧美等成熟市场经济国家通过银企建立稳定的交易关系来消除两者之间的信息不对称,提高贷款可得性;青木昌彦的银行辛迪加和相机治理模式的突出特点在于组建辛迪加,加强牵头行对企业贷款的事中和事后监督。本文吸收两者的优点并结合我国的实际情况,提出了我国中小企业银行融资的模式:企业向银行申请贷款之前必须与其有稳定的交易关系,以便银行进行有效的事前监督;银行一旦接受贷款申请,即可作为牵头行来组建银行辛迪加,集中借款企业与辛迪加成员的交易信息,并承担全部的事中和事后监督责任;一旦企业出现财务危机,牵头行负责大部分债务的偿还。