基于网络存储的虚拟机技术在银行业中的应用

中国进出口银行自2000年在全行范围内全面推广应用信息技术以来，在逐步设立银行营业性分支机构、不断增加人员数量、持续创新业务品种的形势下，除综合业务信息系统、办公自动化系统、大小额支付系统、SWIFT系统等重要核心系统基于专有系统平台或专有网络设施外，全行各核心系统周边还应用了十个非核心系统。这些非核心系统基于局域网PCN务器x86平台，     

《物权法》将如何作用于银行业

2007年3月16日十届全国人大五次会议通过了《中华人民共和国物权法》(以下简称《物权法》),该法将于2007年10月1日施行.《物权法》通过总则、所有权、用益物权、担保物权、占有等专篇对物权有关内容作了系统规范,其中有关物权的确立、变更以及担保物权的诸多新规定对银行业将会产生重大影响.为了集中透视《物权法》对银行业的影响,下面结合银行业实际,仅就可能对银行业带来重大影响的若干重点规定作一介绍,并就银行的应对注意事项进行提示.     

Debt in industry equilibrium

This article shows (1) how entry and exit of firms in a competitiveindustry affect the valuation of securities and optimal capitalstructure, and (2) how, given a trade-off between tax advantagesand agency costs, a firm will optimally adjust its leveragelevel after it is set up. We derive simple pricing expressionsfor corporate debt in which the price elasticity of demand forindustry output plays a crucial role. When a firm optimallyadjusts its leverage over time, we show that total firm valuecomprises the value of discounted cash flows assuming fixedcapital structure, plus a continuum of options for marginalincreases in debt.     

Foreign participation and banking competition: Evidence from the Indonesian banking industry

Foreign participation in Indonesian banking has expanded from the establishment of foreign de novo banks into the acquisition of existing local banks. The increase in foreign participation has therefore not been associated with a growing number of banks. This study aims to examine the competitive behavior of foreign and local banks as a competitive banking industry is important in boosting economic efficiency and economic growth. This study also examines the role of modes of entry of foreign banks on competition, either through the establishment of foreign de novo banks or the acquisition of local banks. The recent methodological refinements of the Panzar–Rosse method developed by Bikker et al. (2011) are employed to estimate the level of competition among local and foreign banks. Generally, the foreign banks, particularly foreign de novo banks behaved more competitively than local banks, and their penetration is therefore important in creating a contestable market. This study found that in terms of assets, on average foreign de novo banks were smaller, more efficient, and had lower overhead costs, so they could offer lower loan rates and disburse more loans. The recent consolidation in the Indonesian banking industry may have an adverse impact on competition as it restricts the establishment of foreign de novo banks.     

Customer values and CSR image in the banking industry

The authors analyse the role that collectivism and novelty seeking play in the formation process of corporate social responsibility (CSR) image in the Spanish banking industry. Two multisampling analyses of a structural equation model are performed on a sample of 1124 customers. The findings of the article allow the authors to anticipate CSR image based on (i) the congruence between the company and its CSR initiatives, (ii) the attribution of motivations for the company to implement CSR and (iii) corporate credibility in developing CSR initiatives. The findings also show that collectivists and innovative customers process information differently to individualists and conservative customers.     

Corporate governance and recent consolidation in the banking industry

Using the universe of publicly traded banks at year-end 1993, we find that target banks' outside directors, but not inside directors, tend to own more stock than their counterparts in other banks. Having an outside blockholder is also associated with banks becoming targets. In contrast to existing research on industrial firms, board structure does not help determine which sample banks sell. Neither the fraction of outsiders on a bank's board nor having an outside-dominated board differentiate the target banks in our sample. Instead, outside directors/shareholders and blockholders appear to be primarily responsible for encouraging bank managers to accept an attractive merger offer     

Demand estimation and consumer welfare in the banking industry

This paper estimates a structural demand model for commercial bank deposit services in order to measure the effects on consumers given dramatic changes in bank services throughout US branching deregulation in the 1990s. Following the discrete choice literature, consumer decisions are based on prices and bank characteristics. Consumers are found to respond to deposit rates, and to a lesser extent, to account fees, in choosing a depository institution. Moreover, consumers respond favorably to the branch staffing and geographic density, as well as to the bank’s age, size, and geographic diversification. Consumers in most markets experience a slight increase in welfare throughout the period.     

Outside monitoring and CEO compensation in the banking industry

We hypothesize that CEO compensation is optimally designed to trade off two types of agency problems: the standard shareholder-management agency problem as well as the risk-shifting problem between shareholders and debtholders. Analyses in this setup produces two predictions: (1) the pay-for-performance sensitivity of CEO compensation decreases with the leverage ratio; and (2) the pay-for-performance sensitivity of CEO compensation increases with the intensity of outside monitoring on the firm's risk choice. We test these two hypotheses for the banking industry where regulators and nondepository (subordinated) debtholders provide outside monitoring on the risk choice. We construct an index of the intensity of outside monitoring based on three variables: subordinated debt rating, non performing loan ratio and examination rating assigned by regulators. We find supporting evidence for both hypotheses.     

Accounting-based thresholds and growth decisions in the banking industry

Review of Accounting Studies - This paper examines the effects of accounting-based thresholds in regulation on growth decisions in the banking industry. To investigate this relation we study...     

Derivative activities and managerial incentives in the banking industry

Using a sample of 175 publicly traded bank holding companies (BHCs), we find that managerial incentives and external monitoring affect the decision to use derivatives in the banking industry. Managers with incentives that are more closely aligned with the interests of shareholders, as reflected in a high percentage of CEO shareholdings, are less likely to use derivatives when insider holdings exceed 10%. Similarly, when outside directors own substantial equity, the firm is less likely to use derivatives. These results suggest that managers with large equity stakes take advantage of the risk-shifting opportunities of deposit insurance by not hedging. For BHCs with insider holdings below 10%, however, monitoring by outside directors is associated with a greater likelihood of derivative usage. This suggests that monitoring by outside directors may lead to more risk-averse behavior on the part of managers with small equity stakes.     

Information content of analyst recommendations in the banking industry

We investigate whether analyst recommendations about banks become more valuable in periods when the information environment for banks is more uncertain. The degree of uncertainty in the information environment for banks is time-varying because of time-varying changes in information asymmetry for banks and in bank regulations. Based on a sample of 23,632 analyst recommendations of 1106 banks, we find that analyst recommendations are more informative for banks that are riskier and subject to a higher degree of information asymmetry. Furthermore, regulations that reduce the information asymmetry (Sarbanes-Oxley Act) or the risk (Dodd-Frank Act) of the banking industry also reduce the information content of analyst recommendations, while regulations that increase the risk of the banking industry (Gramm-Leach-Bliley Act) increase the information content of analyst recommendations. Our results suggest the role of an analyst is more valuable when the information environment is more uncertain.     

Product differentiation and efficiencies in the retail banking industry

We empirically quantify the welfare implications of bank entry in the United States between 2000 and 2008. We use a fully structural framework that combines a differentiated demand model with an endogenous product model to investigate the market outcomes. We find no evidence for under- or over-entry. Compared with the socially efficient outcome, there is a mild welfare loss resulting from banks entering wrong locations in product space. Compared with the observed outcome, consumer surplus drops by 20–38% and bank profits decline by 48–59% when banks are homogeneous. Therefore product differentiation significantly improves welfare under free entry.     

Capital market equilibrium with externalities, production and heterogeneous agents

The paper studies general equilibrium in an economy with externalities, production and heterogeneous agents. The model developed builds on Brock [Brock, W.A., 1982. Asset prices in a production economy. In: McCall, J.J. (Ed.), The Economics of Information and Uncertainty. University of Chicago Press, Chicago, pp. 1–43] and Merton [Merton, R.C., 1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance 42, 483–510]; it involves both a stock market and a market for loans, together with negative externalities produced by a subset of firms. Importantly, the technological production structure of the firms is reflected in the properties of the shares traded in the stock market. Agents are heterogeneous in their financial choices, potentially discriminating against the firms producing a negative externality. The model sheds light on the utility costs of the discriminating behavior and on the impact on the price of the stock issued by the firm which is responsible for the externality. The model is used to study the factors which may magnify or reduce the impact of discrimination. A set of discriminated firms may be seriously affected only if the discriminating investors command a large portion of overall wealth and/or they do not represent important diversification instruments. The model can be applied to understanding the effects of socially responsible investment, whereby investors discriminate against companies belonging to some sectors which are perceived as socially dangerous or unethical.     

Signaling,network externalities,and subsidies

A signal may be more effective the greater the number of people who use the same signal, thereby creating a network externality and potentially generating multiple equilibria. A subsidy to the signal can increase efficiency, and the signalers may benefit from the subsidy even if they pay taxes to finance it. But people who benefit from the signal may oppose too large a subsidy, because a large subsidy could destroy the signaling value.     

Banking industry volatility and banking crises

While studies using balance sheet information of banks and macroeconomic indicators to forecast banking crises are prolific, empirical research using market information of banks is relatively sparse. We investigate whether banking industry volatility, constructed with the disaggregated approach from Campbell et al. [Campbell, J.Y., Lettau, M., Malkiel, B.G., Xu, Y., 2001. Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk? The Journal of Finance 56, 1–43] using exclusively publicly available market information of banks, is a good predictor of systemic banking crises in the analyses including data from 18 developed and 18 emerging markets. We find that banking industry volatility performs well in predicting systemic banking crises for developed markets but very poor for emerging markets, which suggest that the impact of market forces on the soundness of the banking system might be different for developed and emerging markets. We also find that those macroeconomic and banking risk management indicators have different impact on the probability of banking crises. Therefore, the traditional cross-country results of the studies on banking crises need to be interpreted cautiously.     

银行业网络安全管理

网络安全日益成为各大银行关注的焦点。一直以来,人们始终是围绕着网络边界安全、用户群体、服务器群体开展安全工作的。保护网络必须做到内外兼治,要实现网络安全、有效、稳定地运行,仅仅依靠单一的产品或解决方案是不行的。单一的产品或解决方案只能顾及安全的某一个领域,只有将网络边界安全、用户群体安全、服务器群体安全、管理策略有机地组合在一起,才能全面实现网络的安全管理。     

Discretionary loan loss provision behavior in the US banking industry

Review of Quantitative Finance and Accounting - Earnings management can be opportunistic and add noise to earnings, or informative about a firm’s underlying economic performance and add...     

Assessing competition in the banking industry: A multi-product approach

This paper investigates the competitive aspects of multi-product banking operations. Extending Panzar and Rosse’s (1987) model to the case of a multi-product banking firm, we show that higher economies of scope in multi-product banking are associated with lower Panzar–Rosse measures of competition in the banking sector. To test this empirical implication and determine the impact of multi-production on market power, we use a new dataset on the Brazilian banking industry. Consistent with our theoretical prediction, we find that banks that offer classic banking products (i.e., loans and credit cards) and other banking products (i.e., brokerage services, insurance and capitalization bonds) have substantially higher market power than banks that offer only classic products. These results suggest a positive bias in the traditional estimates of competition in which multi-output actions are not considered.     

后危机时代我国银行业的发展之路

2007年爆发的国际金融危机有力地表明,主要依靠担保融资市场开展业务的金融机构具有很大的脆弱性,全球银行业公司治理尚有诸多缺陷.虽然整体上来看,我国银行业受国际金融危机影响较小,但鉴于国际金融危机的教训和我国银行业的发展现状,后危机时代我国银行业需转变盈利模式,培养自身核心竞争力,提高公司治理水平,完善风险防范机制.     

Are labor-saving technologies lowering employment in the banking industry?

Labor statistics show that the average labor hours per dollar of banking output fell by more than 30% between 1992 and 2002. The proliferation of labor-saving technologies was widely believed to be the major reason. While the first-round effect of a labor-saving technology with a given level of output is a reduction in required labor per unit of output, the second-round effect is a reduction in wage costs that will increase output. Analytically, a given type of labor-saving technology is more likely to have a positive effect on employment if the elasticity of substitution between capital and labor, the price elasticity of demand, and the cost-reducing impact of the new technology are sufficiently large. The main empirical findings of this study are that labor-saving technologies, and the spillovers of these technologies, are associated with higher firm-level employment. These results seem robust to a wide range of specifications and controls.