基于信号博弈的中外资银行信贷竞争行为分析

在银行业全面开放及贷款利率市场化条件下,异,对中外资银行信贷舍约竞争行为的影响。结果表明：本文利用信号博弈模型,讨论了信息差异及经营成本差1）中资银行的竞争优势是老借款人。2）外资银行提供分离合约时,在中资银行的新借款人市场上将出现“柠檬效应”;外资银行提供混同合约时,中资银行将失去所有新借款人。     

商业银行安全水平的测度及其影响因素——基于跨国数据的实证分析

本文首先引进VaR法对传统Z值模型进行了修正,然后借助于基于VaR的Z值模型对我国14家主要商业银行与全球前100家商业银行的安全水平进行了测度,在此基础上分析和比较了国内外银行的安全水平及其影响因素。研究表明:在2001-2006年间,国内银行安全的均值水平低于国外银行,而2007-2009年间国内银行安全的均值水平则相对较高。进一步研究发现:国内银行安全水平受资产规模增长率、中介效率、行业集中度、人均GDP水平等因素的影响程度显著高于国外银行,而受非利息收入占比水平、净利差等因素的影响程度则显著低于国外银行。上述不同主要源于国内外商业银行业务结构与盈利模式的差异。     

How do Greek banking institutions react after significant events?—A DEA approach

The efficiency of Greek commercial banks is considered through the period 1995–2003 using the data envelopment analysis technique. Two approaches are used to measure efficiency: one using financial ratios as outputs only and the other viewing banks as credit generation and transaction institutions. The empirical results are used to examine the reaction of banking institutions after significant events such as M&As, privatizations and the crisis of the Athens Stock Exchange in 1999. In most cases performance deteriorates for the next 1 to 2 years, while increases thereafter, forming specific patterns of efficiency. In the last part we introduce an index to measure the management's efficiency through a process of change. The results suggest that the Greek banking sector operated efficiently on average during the destabilization periods. The contribution of the article is that it comprises the first study which examines empirically the performance behavior of banking institutions within the scope of change management theory.     

Changes in Management Practice and the Post-Acquisition Performance Achieved by Direct Investors in the UK

Changes in the competitive performance of 201 UK firms acquired by foreign investors are examined. Performance improvement was found to be associated with the introduction of changes to management practice rather than with contextual factors such as acquirer nationality, size, date of acquisition, profitability of subsidiary at acquisition or sector. The changes having most impact were increased efforts to improve the market image of the acquired company, the development of new products and services, and moves towards involving and developing staff. There appears to be more than one path towards post-acquisition performance improvement, with distinctions emerging between Anglo-American, Japanese and, to a lesser extent, French approaches. The successful Anglo-American approach involves a product innovation strategy, increased decentralization and improved training. High-performing Japanese acquisitions tend to emphasize a price-competitive strategy, to increase centralization and to adopt a longer-term HRM policy. The French path towards good post-acquisition performance includes increased cost control, more open communication and decentralization. The general conclusion of the investigation is that foreign acquisition can harness the assets and competencies of UK companies to good effect, but that there is more than one way of achieving this result.     

Moving HRD from the periphery to the centre for transformation of an Indian public sector bank: Keynote address, 4th Asian conference of the academy of HRD

The transformation of Bank of Baroda, one of the largest commercial banks in the public sector in India, into a highly customer centric, technology driven and an innovative entity in retail and SME (small and medium enterprises) segments represents one of India's most remarkable success stories and one of the quickest turnarounds ever in public sector banking.

Known as an important player in commercial banking with international operations for several decades, the bank was gradually declining in recent years. In an environment of competition within the public sector as also due to entry of private banks with latest technology and young staff, the bank plunged into an unprecedented spiral of failing to innovate and adopt new technology.

Drastic action was required to regain its leadership position in the public sector space. Over the next one and a half years, the bank was back in reckoning and was firing on all cylinders. It retained its core business on track with a bang, restored its image as the most vibrant player among public sector banks (PSBs) through wide-ranging initiatives such as a logo change, hiring a cricketing icon as brand ambassador, heightened credit growth, improving the work culture, initiating many customer-centric initiatives and restoring the customer base, derisking the treasury portfolio, and winning several accolades and awards.

Today, Bank of Baroda has embarked upon more wide-ranging changes and a new vision to change the bank from a ‘vanilla banking’ entity to a ‘multi-specialist bank’. The author, who joined the bank as a HR specialist and eventually rose to become CEO of the bank, extensively used his HRD knowledge and academic background to initiate changes to harness energy in the bank's 40,000 staff to drive organization change.

Achieving a successful outcome seems to be far more difficult for a public sector bank with a legacy culture, high degree of unionization, poor compensation and aging staff. In spite of these constraining factors, the paper argues that it is through mobilizing the passion of people that leadership can transform organizations and put them on high growth trajectory.     

基于银行-资产双边网络模型的系统性风险及投资策略研究

受近几年的国际金融危机及金融全球化的影响,对金融系统的系统性风险的研究已成为国内外学者的关注热点。考虑到当前基于"银行-资产-银行"间接传播渠道的相关研究相对匮乏,本文基于银行-资产双边网络模型来分析银行系统性风险。首先,使用中国47家上市银行2018年的资产负债表数据构建了中国银行系统的双边网络模型,研究分析各类资产遭受冲击时外部冲击、降价出售效应及银行所持有的各类资产占银行总资产的比例对银行系统性风险的影响。然后,引入系统性冲击方式,通过设置具有不同属性的两大类资产并生成四种冲击事件来构建银行的投资策略模型,从资产视角探讨银行最优的投资策略。研究发现,外部冲击与降价出售效应这两个产生系统性风险的影响因素在一定区间值时会产生叠加效应,使银行系统性风险急剧增加;五种资产类中,贷款类资产对外部冲击最敏感;分析发现在各类资产冲击下都未倒闭的所有银行的资产组合具有一定的相似性;进一步研究发现银行系统中存在着最优的资产组合,使得银行在稳定的同时能获取最大收益,并且资产负债比越大的银行其风险承受能力越强,从而可以选择更激进的投资策略来追求高收益。     

关于产权、市场与我国银行业市场绩效关系的分析

通过实证分析1996-2002年间银行生产效率和市场结构变化对我国商业银行业市场绩效的效应,发现资产份额和资本份额的变化都对我国银行业市场绩效有正的效应;尽管国有银行生产效率提高对我国银行业市场绩效有正的效应,但国有银行生产效率提高的主要原因是政府的救助。基于实证分析,本文关于产权、市场与银行业绩效关系的讨论表明:银行业市场结构的渐进式变化诱致国有银行的产权改革且约束股权分散程度,国有银行的产权改革又促进银行业市场竞争,交互关系不断深化两种结构的调整,将使银行业的市场绩效得到提高。     

The Internet and the Deconstruction of the Integrated Banking Model

The rapid development of information and communication technologies (ICTs), with the Internet being one of the most significant, is shaking the foundation of the banking industry. Simply deploying the Internet as a more efficient distribution channel will not bring sustainable strategic advantages. To compete effectively, banks may need to embrace a new set of strategic priorities, based on the 'unbundling' of banking services and processes, and the 'deconstruction' of the integrated banking model. Such a radical transformation threatens the profitability and survival of some existing incumbent banks, and at the same time, it brings a cohort of new opportunities and powerful new players to the market. This paper reviews existing studies on the use of the Internet in banking, and highlights two prevailing models and the strategic thinking behind them. Based upon recent empirical evidence gathered from in-depth case studies and other information sources in the UK, the paper discusses a number of emerging tendencies and explores possibilities to reconcile the discrepancies between the two prevailing models. The paper calls for a radical departure from existing strategies in the banking industry based on the concept of process integration and service bundling. A new framework is outlined for banks and other financial organizations in developing and evaluating their strategies. The latest evidence suggests that at least eight models of Internet banking, somewhere on the spectrum between the two prevailing models highlighted by previous studies, have emerged in the UK. These models are illustrated briefly in the paper. This is still a rapidly evolving area, and new research is clearly needed to understand the key dynamics of the banking industry in the networked economy. Finally, some themes for further research are highlighted.     

金融监管对商业银行产品创新影响——基于两阶段DEA模型的研究

以金融监管为视角,从银监会政策发布到各商业银行设计理财产品产生收益,其政策效应过程是有衔接分阶段性的。本文运用两阶段的数据包络分析(Data Envelopment Analysis, DEA)方法,将监管环境下银行理财产品的运营过程分为创新产品设计与创新产品市场表现两个阶段,得到了2004年至2014年间我国银行业的创新效率,结果显示第一阶段的银行业产品创新效率和第二阶段的理财产品市场表现效率基本上呈现出正相关的关系,且金融监管对商业银行产品创新的影响效果有一定的滞后性。此外,通过计算出历年银行业创新效率投入指标的改进值,找出了效率非有效的年份与最佳效率的年份在投入产出上的差距,并从监管者的角度和银行操作层面为针对银行产品创新的监管改进提供了政策建议。     

Efficiency and stock performance of EU banks: Is there a relationship?

The purpose of this paper is to examine whether the stock performance of EU listed banks is related to their efficiency. Our sample consists of 171 banks operating in 15 EU markets over the period 2002–2006. First, we use stochastic frontier analysis to estimate the cost and profit efficiency of banks, while controlling for environmental factors. Then, we investigate if changes in profit and cost efficiency are reflected in changes in stock prices. Our results indicate that the change in profit efficiency has a positive and significant impact on stocks prices; however, there is no relationship between changes in cost efficiency and stock returns.     

中国A股市场金融板块间风险相依关系及动态演化研究

将中国金融板块细分为国有大型银行、全国性股份制银行、城商行、证券、保险和信托等6个金融子板块，并以2015年中国股市异动和2019年新冠肺炎疫情为研究背景，分析在两个场景下的不同时期内，6个金融板块间的风险相依关系及其动态演化。通过计算各板块间波动指数的互信息，构建金融板块风险相依关系网络，并使用最大生成树刻画该相依关系的核心结构。研究发现，在市场处于相对平静时期，银行类金融板块与非银行类金融板块二者彼此之间的风险关联较弱，处于相对割裂状态；在市场走势波动较大时，银行类金融板块与非银行类金融板块之间的风险关联程度增强，且保险板块成为重要的中间节点；在两个场景下的异动期和疫情期，国有大型银行板块和城商行板块分别成为最大的风险节点。     

引入外资战略投资者对我国商业银行效率的影响

在当前外资入股我国银行业显著加速的背景下,研究引入外资战略投资者对我国商业银行效率影响,回答引入外国战略投资者后是否能够影响商业银行效率具有重要的实践价值.本文将商业银行按股权结构分为三大类,在随机前沿法理论模型的基础上依据修正的产出法构建了成本利润方程,实证研究了引入外资战略投资者后对我国商业银行效率的影响.实证结果表明:在引入外资战略投资者后,不仅改善了银行的成本效率,同时促进了银行利润效率的提升;研究还证明银行业实施的"财务重组-引入战略投资者-上市-完善治理制度"改革提高了银行效率.     

Do performance and environmental conditions act as barriers for cross-border banking in Europe?

This paper attempts to analyse whether banking technology and environmental conditions act as barriers for the entry of foreign banks in each European banking industry. We evaluate how the efficiency score of a representative commercial bank of a given European country changes if it decides to move abroad. To carry out this analysis, we use a sample of 700 banks belonging to 11 European countries. Countries are paired and each couple is studied by using four DEA production frontiers. These frontiers allow us to measure the technological and environmental gaps between the two countries considered and, based on them, to predict the new efficiency score of the representative bank of a country that decides to operate in a different country. The results indicate, as expected, that being technologically advanced appears to be a significant deterrent to foreign competition, and that adverse environmental conditions constitute a real barrier for cross-border banking activity. Additionally, the results suggest that host-nation banking performance is a good safeguard against cross-border competition.     

Financial Globalization and the Governance of Domestic Financial Intermediaries

We model a small open economy in which both domestic financial intermediaries and entrepreneurs face incentive constraints, as in Holmstrom and Tirole (1997) , to study the general equilibrium impact of various types of capital inflows on the efficiency and governance of domestic banks. Banks have an advantage in monitoring firms, but the latter can collude with banks and offer side‐payments to reduce the intensity of monitoring. Opening up to international capital flows makes domestic banks’ capital scarcer relative to uninformed capital, thus increasing the relative cost of monitoring. We show that capital account liberalization has ambiguous effects on the governance of the domestic financial system by sometimes increasing firms’ incentives to collude with banks. We characterize the conditions under which governance is more likely to deteriorate after opening up the capital account, and discuss the effects on investment, productivity and output. We also analyze the effects of foreign direct investment in the corporate and banking sectors. Stylized facts are consistent with the predictions of the model.     

基于共同持有资产的银行间接关联网络研究

金融市场是一个复杂系统,银行之间不仅有直接的拆借关系,还能够通过投资市场建立间接关联。本文分析了资产内生相关性、资产降价出售以及银行投资行为等因素对银行间接关联程度的影响,基于这些因素通过持有共同资产构建银行系统的间接关联,并以此为基础通过平面极大过滤图方法生成银行间接关联网络,论证了该网络中的系统重要性银行,并通过对该网络结构特征的分析,发现间接关联网络具有小世界和无标度等特征,这些特征与银行通过直接拆借形成的网络相似。本文对于银行间接关联网络的研究不仅能够更加清晰地了解银行之间的关系,也为银行系统性风险的监管提供了新的视角。     

外资银行的进入对我国信贷市场贷款价格的影响

本文从中资银行和外资银行分别具有信息优势和融资成本优势的基本假设出发,建立了不对称信息下的银行信贷市场竞争模型,从贷款价格的角度来研究外资银行通过绿地投资和兼并收购两种方式进入对我国信贷市场的影响,且在并购方式中将并购对象按规模分为了本地大银行和小银行。结果表明,外资银行通过兼并收购本地大银行方式进入对贷款价格的降低效果不大,而通过兼并收购小银行方式进入能够全面降低本地银行的贷款价格,在处于竞争劣势地位的本地大银行的老客户市场通过绿地投资模式进入可以大幅度的降低贷款价格。     

基于专利地图理论的中国银行业商业方法专利研究

将专利地图和专利分析相结合,探讨了商业方法专利在中国银行业发展的背景,并对中国银行业商业方法专利进行了详尽的检索。然后,从专利管理图视角对中国银行业专利发展现状、内外资银行商业方法专利发展、商业方法专利申请人数变化以及商业方法专利在内外资银行间的分布状况进行了深入的研究。从专利技术图视角对中国银行业商业方法专利的发展领域、IPC分类以及商业方法专利的授权情况进行了深入的分析。最后,归纳出中国银行业商业方法专利的发展现状。     

基于分块极大值模型的商业银行操作风险计量研究

尽管高级计量法由于具有计算精确和节约监管资本等优点而被多数商业银行所青睐,但对于采用哪一种方法来刻画低频高危的操作风险尾部数据却没有一致认识。本文根据巴塞尔委员会关于操作风险计量的原则,采用分块极大值方法和概率加权矩参数估计法,对中国商业银行1990—2009年间的操作风险数据进行了实证。从图形检验和数值检验结果来看,该模型估计的参数具有较高的拟合优度,能够较好地拟合操作风险极端值的尾部分布,为商业银行计量操作风险资本提供了较高的参考价值。     

基于核心-边缘网络的中国银行风险传染

采用核心-边缘网络刻画我国银行间市场的网络结构,结合各银行同业往来资产和负债信息构建风险传染模型,对单个银行倒闭以及资产价格泡沫破灭两种情况下的传染过程进行模拟.研究发现,近年来我国银行系统的抗风险能力不断增强,但在所有银行中中国银行的风险传染程度最严重,应该加强对系统重要性银行的重视.同时,防范银行危机的关键在于控制资产价格泡沫,在合理的资产价格水平下,外界冲击难以对银行系统的安全性构成威胁.     

Digitalization in the financial industry: A contingency approach of entrepreneurial orientation and strategic vision on digitalization

Technology is rapidly changing the financial industry. Banks, in particular, are faced with a shift from traditional, interpersonal forms of service to digital financial services. These digital technologies are more and more becoming today’s standard in the banking sector, they challenge traditional business models, and they provide opportunities for banks to capitalize on. Building on the concept of entrepreneurial orientation (EO), this study of banks in Germany, Switzerland, and Liechtenstein aims at developing insights that explain how banks can use the tactics and strategies associated with EO to achieve superior performance in the digitalization age. The results from a survey in 102 banks show that: 1) banks that display high levels of EO report a higher level of performance, and 2) the relationship between a banks’ strategic vision on digitalization, and performance is moderated by EO. These results indicate that the sheer level of the digitalization of a bank does not affect profitability. Instead, in this time of technological change banks should develop a clear vision on digitalization that is characterized by innovation, being ahead of the competition, and a willingness to take risks.