THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION AND REGULATION

This article describes thinking on the institutions of financial supervision and regulation prior to the current crisis and goes on to examine what lessons have been learnt subsequently. It concludes that the problem is not so much that central banks needed to be more closely involved in supervision at the outset but that many countries did not have satisfactory schemes in place for resolving problems in large institutions. Central banks and governments were then forced into ad hoc measures that could have unfortunate implications for moral hazard in the future unless fundamental problems are addressed.     

我国金融控股银行与非金融控股银行经营绩效比较研究

在受金融自由化改革和金融创新的推动下,混业经营在金融一体化下成为一种趋势。我国商业银行通过组建金融控股公司,已广泛开展保险、信托、证券、基金等业务间合作。本文以我国主要商业银行2005年至2007年的业绩表现为研究对象,对其进行了研究,结果表明:我国金融控股公司背景银行的经营绩效好于非金融控股公司背景银行,金控银行的手续费及佣金收入对绩效有更高的贡献率,我国应鼓励商业银行向金融控股公司转型,实现金控模式的规范发展。     

村镇银行可持续发展的瓶颈制约及推进机制研究

银监会调整放宽农村地区银行业金融机构准入政策实施以来,村镇银行蓬勃发展,已经成为我国农村金融的一支重要生力军。与此同时,村镇银行在发展过程中也暴露出很多问题,吸储难、结算难、内控弱、人才缺、环境差已经成为制约其进一步发展的瓶颈。基于此,构建村镇银行可持续发展的推进机制,对于扩大农村金融的有效覆盖,优化农村金融市场结构,防范和化解农村金融潜在风险都具有重要的现实意义。     

Central bank disclosure as a macroprudential tool for financial stability

The Basel Capital Accord (pillar 3) states that disclosure of information (transparency) is essential to financial stability. This study analyzes, through inflation reports, the disclosure of information from the Central Bank of Brazil concerning the credit market. We consider credit risk and capital buffers as measures of financial stability in this analysis. Furthermore, in order to measure the perception of the monetary authority on the credit market, we built two indices based on the central bank’s communication on credit development. We performed a panel data analysis based on a sample of 125 banks for the period from June 1999 to September 2014 (7000 observations). The findings suggest that central bank communication regarding expectations concerning the credit market contributes to financial stability. Therefore, this kind of communication of central banks (about credit development) may constitute an important macroprudential tool to improve financial stability.     

从物流金融发展的视角议企业、银行、物流三方共赢

在经济大背景下,物流金融作为一种新兴的金融创新产品,在物流产业市场中需求旺盛,物流金融为金融机构、供应链企业、第三方物流服务提供商之间提供了良好的发展平台,主要从物流金融发展的视角对融资企业、商业银行、物流企业三方共赢的问题进行简要分析,更好地促进企业、银行、物流三方和谐发展。     

基于“三农问题”视角的银行社会责任研究

银行等金融机构提供的资金有限,成为制约＂三农问题＂的瓶颈。本文从三农的重要地位出发,说明当前农业大省河南省的三农现状,通过研究银行基于＂三农＂方面的社会责任,引出银行的支农责任缺失,最后提出引导、监督银行履行社会责任的对策建议。     

Understanding the accumulation of bank and thrift reserves during the U.S. financial crisis

The level of aggregate excess reserves held by U.S. depository institutions increased significantly at the peak of the 2007–2009 financial crisis. Although the amount of aggregate reserves is determined almost entirely by the policy initiatives of the central bank that act on the asset side of its balance sheet, the motivations of individual banks in accumulating reserves differ and respond to the impact of changes in the economic environment on individual institutions. We undertake a systematic analysis of this massive accumulation of excess reserves using bank-level data for more than 7000 commercial banks and almost 1000 savings institutions during the U.S. financial crisis. We propose a testable stochastic model of reserves determination when interest is paid on reserves, which we estimate using bank-level data and censored regression methods. We find evidence primarily of a precautionary motive for reserves accumulation with some notable heterogeneity in the response of reserves accumulation to external and internal factors of the largest banks compared with smaller banks. We combine propensity score matching and a difference-in-differences approach to determine whether the beneficiaries of the Capital Purchase Program of the Troubled Asset Relief Program accumulated less cash, including reserves, than non-beneficiaries. Contrary to anecdotal evidence, we find that banks that participated in the program accumulated less cash, including reserves, than nonparticipants in the initial quarters after the capital injection.     

我国商业银行表外业务发展面临的风险问题探究

随着我国资本市场的逐渐成熟,我国商业银行表外业务也蓬勃发展,呈现一片良好势头,但是,由于表外业务无法体现在银行的财务报表中,缺乏足够的信息透明度,因此表外业务成为了部分银行一定程度上规避监管的一种手段,这使得银行的管理层和监管机构都承担着较大的风险。文中主要通过分析当前一些表外业务在快速迅猛地发展过程中暴露出的问题,又结合与当前的会计准则进行研究,得出银行以及相关信息使用者和投资者应该注意的主要风险问题,并提出相应的一些风险应对措施,希望能给我国商业银行发展表外业务提供理论建议。     

关于商业银行财务管理创新的探索

本文通过深入探索商业银行财务管理理论,结合近年来我国商业银行财务管理改革的主要进展以及存在的问题,提出推进我国商业银行财务管理创新,从而提升我国银行业在国际上的竞争力。笔者认为,当前财务管理改革的思路是建立一个“以成本效益原则为基础,以信息系统为平台,以预算管理为导向,以内部控制为手段,以业绩评价为依据,通过内外部审计强化监督”的财务管理体系。     

我国建立显性存款保险制度的必要性与可行性分析

伴随着我国金融体制改革的深入,四大国有商业银行陆续完成股份制改造,大量股份制商业银行兴起,金融市场日趋完善,但同时金融业的系统性风险也在加大,银行破产在市场化的背景下可能成为现实。我国现行的隐性存款担保模式不再适应金融快速发展的需要,在我国建立显性存款保险制度十分必要且迫切。     

当前金融形势下的银行经营风险控制

商业银行是经营货币的金融中介组织，在当前金融形式下，银行存在着各种经营风险，对风险的控制是银行的当务之急，文中从风险控制的内容，原则措施上详细作了分析。     

商业银行中间业务的现状、问题与对策

本文运用描述性统计方法，对10家上市银行中间业务收入的现状与问题进行了比较分析。研究表明，我国商业银行的中间业务发展较快，对业绩的贡献越来越大，但存在的问题也较为突出，如中间业务收入占比偏低、增速放缓、金融创新不足及业务同质化严重等。最后，文章提出了加大创新力度，注重差异化战略等相应的对策建议。     

Fed Credit Policy: What is a Lender of Last Resort?

Discussions of the Fed׳s financial crisis lending – and its role as “Lender of Last Resort” more generally – often overlook the distinction between monetary policy and credit policy. Central bank actions constitute monetary policy if they alter the quantity of the bank׳s monetary liabilities, but constitute credit policy if they alter the composition of the bank׳s portfolio without affecting the outstanding amount of monetary liabilities. In the 19th century, Henry Thornton and Walter Bagehot advocated Lender of Last Resort policies as a means of expanding the money supply when the demand for money surged in a crisis. In contrast, the Fed׳s recent crisis lending for the most part left its outstanding monetary liabilities unaffected, and thus represented credit policy, not Lender of Last Resort activity. Credit allocation in a crisis is potentially costly because it affects market participants׳ beliefs about the likelihood of future central bank rescues, which in turn reduces their incentive to protect themselves against financial distress and thus exacerbates financial instability. Credible limits on credit policy thus are critical to central banks׳ core policy mission. One path to establishing such limits is to create “living wills” that detail how to resolve large, complex financial firms without government support.     

金融会计国际化对我国商业银行的影响

随着我国商业银行改革的不断推进,与国际金融接轨已成为我国银行业发展的必然趋势,其金融会计的国际化也日趋明显。金融会计的国际化突破了传统会计理论的束缚,改变了传统的资产负债表和损益表的内容和结构,特别是公允价值和新资产减值准备方法的应用,必将会对商业银行会计信息质量和经营管理产生重大影响。本文分析了我国金融会计的国际化发展趋势,并对金融会计国际化给我国商业银行所带来的影响进行了探讨。     

物流金融风险与控制

物流金融是物流与金融相结合的金融创新服务,大部分商业银行都提供该项金融服务。金融机构参与物流供应链的实际运作,主要表现在信用贷款、仓单质押、权利质押、信托、贴现等金融业务中。这些物流金融中的主要形式都存在着一定的风险,对这些风险的控制有助于物流企业提高管理水平和经济效率。     

“金融脱媒”形势下江苏商业银行发展战略选择

随着我国金融改革的进一步深化发展,金融脱媒即"金融非中介化"趋势也在不断扩大,资金融通在间接金融与直接金融之间转换,伴随而来的是作为间接金融主要媒介的商业银行在其经营管理上所面临的一系列问题。本文对金融脱媒做了详细的介绍,并分析了金融脱媒趋势给江苏商业银行带来的影响,并对江苏商业银行的发展提出了一些合理化建议。     

我国城市商业银行市场定位问题——基于金融共生理论的研究

市场定位是商业银行发展战略的永恒主题,现阶段我国城市商业银行客户定位"缺"位和区域定位"错"位的战略缺陷以及发展困境,主要在于城市商业银行与政府、企业、居民、银行同业间金融共生关系的不和谐性。依据金融共生理论,城市商业银行的正确定位依托于和谐有序的金融共生界面,实现其内涵可持续发展,提高对地区经济的贡献度,就需要综合考虑并合理平衡金融共生体内各要素的利益,从制度层面引导其正确定位于中小企业和本土社区。     

Does transparency of central banks communication affect credit market? Empirical evidence for advanced and emerging markets

This study examines the effect of the transparency of central banks communication on credit market. In particular, this study investigates how central banks’ effort to provide more detailed information about their objectives regarding the price stability (monetary policy transparency) and financial stability (financial stability transparency) policies are able to mitigate information asymmetry on credit market, through the net interest margin charged by the banks to engage in financial intermediation (credit spread). The findings denote central bank transparency is able to reduce the credit spread. Additionally, the evidence suggests the effect of central bank transparency on the credit spread is greater in emerging markets, where there is less information available on credit market. In brief, transparency in central banks communication is an important tool to mitigate the information asymmetry in the credit market.     

国有商业银行不良资产证券化可行性分析

四大国有商业银行的巨额不良资产,不仅关系到自身的生存与发展,还关系到我国金融体系的稳定,必须尽早化解。本文论述信贷资产证券化作为一种转移信用风险、提高资产流动性、安全性和效益性的金融创新工具,能有效地化解不良资产,促进金融市场的发展,从而有助于防范金融危机。我国应借鉴国际经验并结合本国国情,将信贷资产证券化运用到国有商业银行不良资产的实际化解工作中。     

上市银行2003年度财务报告比较研究

金融企业由于其业务的特殊性,其财务报表的分析方法与一般制造业企业存在较大的差异。本文结合国内经济环境,从规模和成长性、资本状况、盈利性、信用风险、利率风险五个方面,对我国五家上市银行2003年度财务报告进行比较分析,发现用存贷款总额、净利差、资产利润率、拨备覆盖率、对房地产业贷款比率、利率敏感性缺口等指标能够较好地分析上市银行的经营状况。