德意志银行的多元转型

华尔街五大独立投行的消失或转型、“超级金融市场”花旗集团的危机与重组,似乎意味着德国模式的“全能银行”重新回来了,而作为昔日“全能银行”标杆的德意志银行自身却在转型之中。     

国际金融危机下的应对之策

如果以新世纪金融公司申请破产保护为开端,在短短不足两年时间里美国次贷危机不断升级。随着华尔街5大投行全部消失,美国、欧洲众多商业银行倒闭或被兼并收购,华尔街金融风暴已席卷全球主要金融市场。现     

强化市场风险资本监管

近几十年来,全球金融市场交易活动发展迅猛,商业银行交易业务规模迅速扩大,交易业务结构日趋复杂。本轮全球金融危机中,交易业务,特别是复杂衍生品交易,导致部分全球大型金融机构出现巨额亏损,成为危机爆发的重要导火索,并显著扩大了金融危机的负面影响。本轮国际金融危机以来,巴塞尔委员会从根本上反思和完善市场风险资本监管制度,并大幅度提高了市场风险资本监管标准。相对而言,国内金融市场的规模、产品种类、投资者群体等都还处于初期发展阶段,国内银行交易业务整体规模较小,交易产品简单,因此在本轮危机中受到的冲击很小。     

银行系投行业务发展研究

正近年来,得益于直接融资市场的发展和商业银行对业务经营转型的重视,商业银行投资银行业务得到了快速发展。当前国内商业银行在投行业务领域的差异化发展格局已经初步形成,今后伴随国内金融市场的发展和金融体系的完善,商业银行开展投行业务的市场空间将更为广阔。本期特别策划"银行系投行业务发展"为封面专题,内容包括银行系投行概述、商业银行投行业务发展策略,以及企业资产证券化、企业并购重组、PPP产业基金等投行业务的内容和特点,并结合具     

重组:欧美银行业脱困之路

2011年下半年以来,裁员浪潮席卷欧美银行业。此次裁员规模之大,涉及银行之广在近年来仅次于2008年国际金融危机,其中尤以身陷主权债务危机重灾区的欧洲银行业为甚。被裁员的岗位主要集中于投行等与金融市场密切相关的业务领域。本次裁员潮爆发的原因和带来的启示值得我们深入探究。     

美国金融监管改革的最新进展与启示

正为提升金融市场稳定性、防范大规模危机再次爆发,美国大力推进金融监管改革。在近期加强场外衍生品交易集中清算、限制自营交易等金融监管改革(以下统称为"监管新规")中注重运用功能监管的理念,对具有相同功能的业务制定统一的监管新规,并通过与机构监管协调推进来完善金融监管体系。本文对美国近期     

证券融资交易国际监管改革进展及对我国的启示与借鉴

此次国际金融危机表明,影子银行由于缺乏监管、信息不透明、资本覆盖和流动性储备不足,成为系统性风险的重要来源。危机后,金融稳定理事会(FSB)和巴塞尔银行监管委员会等国际标准制定机构协调合作,制定了加强影子银行监测和监管的一揽子政策措施。其中,针对证券融资交易的流动性风险、杠杆风险、交叉传染风险和顺周期效应,提出了一系列监管措施建议,旨在防范证券融资交易的潜在系统性风险,维护全球金融稳定。我国在证券融资交易方面发布实施了一系列法规制度,但近期发生的“国海证券”等事件也暴露出部分证券融资交易行为不规范、反复开展证券融资交易产生流动性错配和杠杆风险、监管框架不够系统完整等问题,对金融市场稳定运行造成了一定的负面影响。本文论述了危机后国际标准制定机构提出的证券融资交易监管框架,结合我国业务发展情况和存在的问题,提出了完善我国证券融资业务监管的相关建议。     

金融危机背景下投资银行业务监管研究

随着次级贷款危机的深化,美国金融市场出现剧烈动荡。继"两房"被美国政府接管后,美国投资银行业深陷危机泥潭。第五大投行贝尔斯登因濒临破产而被摩根大通收购之后,雷曼兄弟随之申请了破产保护,美林证券被美国银行收购。与此同时,仅剩的摩根与高盛也不能维持现状,被迫变身为全能型银行以获取政府援助以及储蓄存款     

我国离岸银行业务发展的战略意义及其策略选择

离岸金融市场近几年来在世界上发展很快,成为经济全球化经济金融活动的重要方面,日益引起人们的关注.离岸金融市场(Offshore Financial Market)是在市场所在地非居民与非居民之间,按照市场机制,从事有关境外货币存放和借贷交易的场所或营运网络.作为一种新型的同际金融市场,离岸金融市场有其特定的交易主体、交易客体、交易活动和交易中介等构成了区别于其他同际金融市场的独特性质.1、离岸金融市场的交易主体是市场所在地的非居民.2、离岸金融市场的交易客体是以境外货币表示的货币资金.3、离岸金融市场的交易活动包括各种形式的境外货币存放借贷活动.4.离岸金融市场的交易中介是从事离岸业务活动的各类国际金融机构,主要包括商业银行、投资银行、商人银行和证券公司等,是离岸金融市场总体中不可或缺的组成要素.     

次贷危机与信息责任

2007年3月爆发的美国次贷危机,至今已经演变成一场全球性的金融危机.在危机冲击下,昔日显赫的一连串知名金融公司,房地美,房利美、华盛顿互惠银行,贝尔斯登、雷曼、AIG集团或者已经破产,或者被政府接管,在大摩、高盛转型为银行控股公司后,华尔街五大投行已全部消失.政府救市工作还在继续.国内外许多专家,学者也在思考危机的原因以及如何防止下一次危机的发生.本文从信息责任的角度谈谈危机发生的原因,以及对我国银行转型和监管的启示.     

Competition and risk‐taking in investment banking

How does competition affect the investment banking business and the risks individual institutions are exposed to? Using a large sample of investment banks operating in seven developed economies over 1997–2014, we apply a panel VAR model to examine the relationships between competition and risk without assuming any a priori restrictions. Our main finding is that investment banks’ higher risk exposure, measured as a long‐term capital‐at‐risk and return volatility, was facilitated by greater competitive pressures for both boutique investment banks and full‐service investment banks. Overall, we find some evidence that more competition leads to more fragility before and during the recent financial crisis.     

What happened to profitability? Shocks,challenges and perspectives for euro area banks

This paper analyses the evolution of bank profitability from 2005 to 2016, with a focus on the period covering both the global financial crisis and the euro area crisis. To accomplish this, we constructed a dataset that includes financial statement information from 310 euro area banks. Using a dual approach – a ‘bottom-up’ approach as applied by bank analysts and macroeconomists' ‘top-down’ approach, we find that the profitability of euro area banks was hit by two shocks of different nature. The Lehman Brothers collapse affected mostly big banks with diversified portfolios via losses in their securities investment. The subsequent euro area debt crisis and economic recession hit more traditional banks specialising in retail lending activities, mainly through increasing impairment costs. If the first shock had a one-off impact on bank profitability, the second shock is far more long-lasting and is still depressing the profitability of banks in peripheral Europe.     

商业银行投资模式的拓展

当前,商业银行以越来越快的步伐拓展自己的投资业务。借鉴发达国家经验,我国商业银行拓展投资业务主要应从改变商业银行投资管理模式、丰富金融产品、提高商业银行投资市场的流动性、完善商业银行投资的信用风险和定价机制等方面入手。     

The good and bad news about the new liquidity rules of Basel III in Western European countries

New liquidity rules phased in under Basel III define the new net stable funding ratio (NSFR) to promote sustainable funding structures at financial institutions. In this paper, we analyze characteristics and drivers of NSFR for a sample of 921 Western European banks between 1996 and 2010. We find that a majority of banks have historically not fulfilled NSFR minimum requirements, in particular larger and faster growing institutions as well as banks also active in asset management and investment banking. Many of them have started increasing NSFR with the onset of financial crisis 2008 while this ratio had been sliding in earlier years. Interestingly, potential advantages in funding costs for low NSFR banks do not seem to translate into higher profitability and results of these banks are more volatile.     

政府融资平台清理的法律依据与完善的思考

地方政府融资平台通过举债融资,在加强基础设施建设和应对国际金融危机中发挥了积极作用.但与此同时,融资平台贷款中规模膨胀、管理缺失、政府违规担保等风险也随之积聚.2010年,国务院出台<关于加强地方政府融资平台公司管理有关问题的通知>,政府融资平台贷款的清理和规范也随之成为银行业机构2010年及2011年的重要工作.     

The near-collapse of LTCM,US financial stock returns,and the fed

We examine both the contagion and the “too-big-to-fail” hypotheses in the context of the long-term capital management (LTCM) crisis in the US financial services industry. Our results show that those commercial and investments banks that were exposed to LTCM lost market values significantly around important events surrounding the near collapse of LTCM, but the losses experienced by investment banks are much higher than the losses faced by commercial banks. Smaller S&L institutions and bigger insurance companies were also affected by the crisis, implying a form of contagion effect in the financial sector. We find some evidence of a `too-big-to-fail' policy with the involvement of the Fed in LTCM, as perceived by the markets.     

Earnings and capital management and signaling: the use of loan-loss provisions by European banks

This paper investigates the relationship between loan-loss provisions (LLPs) and earnings management in the context of the capital adequacy of Euro Area (EA) banks versus non-EA credit institutions. This paper also examines whether LLPs signal managements’ expectations concerning future bank profits to investors. Additionally, this paper traces the role of bank regulations and creditor protection systems in explaining income smoothing. Evidence drawn from the 1996 to 2006 period indicates that LLPs do reflect changes in the expected quality of a bank's loan portfolio for both groups of banks, and that earnings management is an important determinant of LLPs for EA intermediaries, whereas non-EA credit institutions use LLPs to signal private information to outsiders. The paper also finds that higher protection of creditors’ rights significantly reduces the incentives to smooth earnings for EA banks. During the recent financial crisis, EA bank managers are much more concerned with their credit portfolio quality and do not use LLPs for discretionary purposes, whereas LLPs at non-EA banks are used to smooth income more than for the purposes of managing capital ratios or conveying private information about future performance to the market.     

Bank soundness and bank lending to new firms during the global financial crisis

This paper examines how the soundness of financial institutions affected bank lending to new firms during the 2008 financial crisis by using a unique firm–bank match‐level dataset of 1,467 unlisted small and medium‐sized enterprises incorporated in Japan. We employ a within‐firm estimator that can control for unobserved firms’ demand for credit through firm ? time fixed effects. The major findings of this paper are the following four points. First, sounder financial institutions may be generally less likely to provide financing to new firms. Second, our results suggest that sounder financial institutions were less likely to provide loans to new firms during the 2008 financial crisis. Third, financial institutions were less likely to provide financing to new firms during such crisis as compared to those with the same soundness during non‐crisis periods. Finally, such lending relationships to new firms that are established during the financial crisis by sounder financial institutions are more likely to be continued than such lending by less sound financial institutions.     

十二五期间如何优化商业银行信贷结构

为了应对国际金融危机,2009年中国政府采取了投资拉动政策,商业银行也加大了信贷投放,信贷资产规模急剧增加,存量资产和新增资产的结构发生了一些变化。尽管股改以来商业银行信贷结构趋于优化,但是仍存在房地产业、地方政府融资平台、部分风险较高行业的贷款规模偏大等问题,未来商业银行调整信贷结构应从以下六方面着手:科学配置信贷资源;通过信贷增量优化带动存量优化;创新中间业务,带动传统业务发展;依托产业价值链,引导信贷资金投向;关注金融生态变化,明确信贷优先投放区域;紧紧围绕"十二五"规划,把握贷款行业投向。     

Capital Adequacy Pre- and Postcrisis and the Role of Stress Testing

The financial crisis forced the development of new approaches for determining capital adequacy in banks since extant methods clearly did not prepare banks or their supervisors sufficiently. The success of stress testing as a crisis response tool, particularly in the U.S. in 2009, has led to its adoption postcrisis as the tool of choice for assessing capital adequacy in banks and testing resiliency to economic and financial shocks. But the increased reliance on stress testing in financial peacetime has given rise to a new risk concentration, namely, in the rather narrow set of scenarios and their translation to outcomes and impact on bank financials.