关于我国商业银行公司类信贷业务风险监控机制浅析

本文从公司类信贷业务风险监控的核心指标、风险信息等方面,初步探讨了风险监控机制,论文认为:应将客户固定资产产生的经营现金流量作为风险监控的核心指标;将客户的风险信息分为宏观层面、竞争层面、集团层面和客户层面的信息;在对风险信息监测的基础上,应及时识别、评估客户风险,开展风险分类认定并设定跟踪的频率,并持续进行跟踪监测。在此基础上,本文提出了关于风险监控人员和风险监控系统两方面相关建议。     

山西票号人身顶股制激励机制分析

山西票号在历史上取得了辉煌的成绩,其有效的激励机制一直备受关注,本文将尝试分析人身顶股制是如何解决委托代理关系中道德风险问题的。鉴古可知今,理解山西票号激励机制发挥作用的根本原因,可以为现代企业制定激励措施提供参考。本文认为人身顶股制激励强度是合理的,并认为身股等级制、故身股和花红等身股给予方式和分红方式起到了重要激励作用,与激励强度同样重要。     

Institutional designs to alleviate liquidity shortages in a two-country model

Fujiki, 2003, Fujiki, 2006 extends the Freeman (1996) model to a two-country model, and demonstrates that elastic money supplies in foreign exchange markets yield efficiency gains in monetary equilibrium, and that several institutional designs achieve the desired elastic money supplies equally. This paper considers four institutional designs using a simplified version of the model of Fujiki, 2003, Fujiki, 2006, which includes a central bank intervention in foreign exchange markets, a combination of central bank discount window policy and the CLS Bank, foreign currency supply operations based on central bank swap lines, and cross-border collateral arrangements. These institutional designs yield the same efficiency gains in our model.     

经济政策变化是否影响了银行资产证券化发展?——基于经济政策不确定性的视角

以经济政策不确定性为主要特征的经济政策频繁变化将对银行产生不利冲击,并通过银行行为的变化推动资产证券化发展。文章以2011-2018年中国银行业数据为研究样本,基于经济政策不确定性对经济政策频繁变化进行衡量,充分识别经济政策不确定性与银行资产证券化发展的内在关系,以及相应的异质性特征。结果表明:(1)经济政策不确定性越大,银行发展资产证券化的动机越强;(2)影响机制检验发现,银行期限错配、风险承担及盈利水平的不利变化,是经济政策不确定性影响银行资产证券化发展的中介效应;(3)经济政策不确定性对银行资产证券化发展的促进作用,在非上市银行、城商行及农商行中更为显著。文章认为,鉴于银行发展资产证券化的目的在于应对外部环境及其对自身微观行为的不利冲击,监管部门应针对资产证券化的功能定位监管措施,并且尽量营造透明公平的环境,稳定银行机构对未来政策的预期,同时中小银行也要积极推动经营转型,主动增强适应宏观经济环境的能力。文章从经济政策不确定性这一宏观视角出发,拓展了银行资产证券化的研究维度,基于银行微观结构的变化深化了对经济政策变化及不确定性影响效应的认知。     

Bank lending and the business cycle: Does ownership matter in ASEAN countries?

We analyze the lending cyclicality of 213 ASEAN commercial banks over the period 2001–2015. The findings indicate that lending by private banks is procyclical while lending by state banks is countercyclical. Long-term liabilities also move countercyclically for state banks whereas funding for non-state banks in the form of deposit and long-term liabilities is procyclical. Greater lending cyclicality is observed for both private and state banks in Cambodia, Myanmar, Laos, and Vietnam (CMLV) compared to Indonesia, Malaysia, the Philippines, Thailand, and Singapore (ASEAN-5). Lending of non-ASEAN based foreign banks shows greater procyclicality than that of domestic banks for the ASEAN-5 countries, although not for the CMLV countries. During the global financial crisis, lending by non-ASEAN based foreign banks contracted sharply even as lending by ASEAN based foreign banks was unaffected. Overall, our results confirm that bank ownership influences lending and funding sensitivity to economic fluctuations.     

Impact of international expansion strategy on the performance of Japanese banks

The effect of cross-border diversification on bank performance is part of the broader debate on how multinational banking and financial integration affect the global financial economy. Previous studies that examined this relationship present mixed results - namely that cross-border diversification improves bank performance but also increases bank risks that could lead to systemic failure. Even so, this line of debate has not been examined in the case of Japanese banks conducting international operations. The present study questions whether cross-border diversification improves the performance of Japanese banks and to what extent each cross-border expansion activity affects bank performance. The latter was largely ignored in previous studies. Our results show that cross-border diversification improves cost efficiency but decreases/harms the profit efficiency of the banks analyzed. In addition, we find that the expansion of foreign assets and foreign branch operations present funding risks and operational inefficiency. We offer two important recommendations. First, as a major player in international lending, the current expansion activities of Japanese banks require close monitoring and supervision to prevent systemic risk resulting from aggressive and risky overseas expansion activities. Second, the current expansion strategies of Japanese banks, especially the expansion of overseas assets and branch operations (retail banking), should be re-examined.     

Bank dependency on foreign funding and global liquidity shocks: The importance of US monetary policy for a developing country

We examine international spillover effects of US monetary policy on bank lending in Cambodia, using unique data about loan disbursements and the funding structures of Cambodian banks from 2013Q1 to 2019Q2. The banking sector in a developing country is likely dependent on foreign funding, while the dependency could be the source of vulnerability to international monetary and economic conditions. We empirically document that US monetary policy is likely to be transmitted to Cambodian bank lending through foreign funding. We also document that Cambodian banks change their risk-taking behavior in response to the spillover effects of US monetary policy. Furthermore, these results are robust for US monetary policy, but weak and not robust for the monetary policies of the Cambodian bank’s major shareholders’ home countries, suggesting that US monetary policy should be primarily taken into account in supervising banks that are reliant on foreign funding, in addition to domestic economic conditions.     

香港保荐人制度的持续改革及对完善内地保荐制度的启示

中国香港的保荐人制度目前在进行持续的改革。结合香港的经验,中国内地保荐人制度可以在如下几方面加以完善:一是保荐人制度应从“双保制”回归到“单保制”;二是对现有保荐人的职能适当分离。另外,应考虑出台一个详细的保荐人资格规定。     

面向海峡西岸经济区建设加快应用型外经贸人才培养的若干措施

海峡西岸经济区的建设对外经贸人才的培养提出新的挑战和要求,如何更好更快地培养出面向海峡西岸经济区建设所急需的应用型外经贸人才,是摆在我省高等职业技术教育面前的一个重要课题。文章分析了海峡西岸经济区建设意义与应用型外经贸人才培养关系,并从培养模式、“双师型”师资建设、产学结合三个方面提出了建议。     

Deposit drains on “interest-paying” banks before financial crises

This paper conducts an econometric test of Diamond and Dybvig’s [Diamond, D., Dybvig, P., 1983. Bank runs, deposit insurance, and liquidity. Journal of Political Economy 91, 401–420] theory of bank runs as interpreted by Chari [Chari, V.V., 1989. Banking without deposit insurance or banks panics: lessons from a model of the U.S. national banking system. Federal Reserve Bank of Minneapolis Quarterly Review 13, 3–19] and Calomiris and Gorton [Calomiris, C., Gorton, G., 1991. Origins of banking panics: models, facts, and bank regulation. In: Hubbard, R.G. (Ed.), Financial Markets and Financial Crises. NBER and Univ. Chicago press, Chicago, pp. 109–173]. We test whether or not seasonal deposit drains on New York banks coincide with the bank panics of 1873 and 1893 in the United States. We use individual bank level data to illuminate the reason for withdrawals. The evidence reveals that the panic of 1873 could have included a seasonal interior drain. A seasonal interpretation of Diamond and Dybvig’s model cannot be applied to the bank panic of 1893.