Effect of the Launch of Stock Index Futures on the Market Value of China's Listed Banks The Study Group of Corporate Strategy and IR Dep., ICBC
［Abstract］ In the present paper, analysis is given of the possible change of market value of China's listed banks after the launch of stock index futures. By investigating market trends in major foreign stock markets and effect on composite stock price of China's equity market after the release of index futures，prediction is made on what will happen in China's stock market and value of listed banks. Discussion is also devoted to whether banking stocks are manipulative. It is pointed out that the stock market will be very volatile right before and after the release due to panic buying by financial institutes, but in the long term, given no risk arbitrage, the market trend will be finally decided by the financial muscles of these listed banks. According to international experience, China's listed banks will suffer temporally in their market value, but in the long run, the likelihood of being used as a market manipulation tool is very remote. ［Key words］ index futures; listed banks; stock market; Shanghai-Shenzhen 300 index
Effect of New Bonds on Shanghai Stock Exchange and Interbank Bond Market and a Comparative Study Su Gang
［Abstract］ The effect of new bonds is closely related with bond features, investors' behavior and market micro-structure. There exists similarity and dissimilarity between bond market in Shanghai stock exchange and interbank bond market as far as the effect of new bonds is concerned. With regard to benchmark treasury bonds with the largest turnover, the two markets have new bond effect. However, due to different investors' behaviors, Shanghai bond market tends to favor long and mid-term bonds while interbank market is inclined to short-term bonds. Moreover, order-driven trading method in Shanghai is suitable for continuously trading and information disclosure, thus convenient for observing the effect, whereas interbank market is only suitable for short-term investigation. In Shanghai, the larger profit margin between long and mid-term bonds and buy-back encourages arbitrage by buying back current bond. Long and mid-term new bonds will attract arbitrageurs to invest, thus magnifying new bond effect.
［Key words］Shanghai Stock Exchange Bond Market; interbank bond market; Liquidity; Effect Of New Bond ［Chinese Library Classification Code ］F830.91 ［Document Code］A
Commercial Banking Customer Service and Financial Innovation Xu Zhihong
［Abstract］ Customer service by commercial banks has become a focus of social attention. To constantly improve service quality is the fundamental duty of commercial banks and the need to maintain long-term profit growth. Customer service is a product function realized through business flow. So function suitability and flow convenience constitute two basic guarantees of service quality. This paper looks into the problems and their causes in customer service and points out that to improve customer service, commercial banks should innovate concepts, products, business flow and organization structure to enhance their service capability. Since service improvement is a basic, long-term and hard task that affects overall situation, nothing is more difficult, time-consuming and resource-demanding than service improvement.
Service Innovation Motive of Commercial Banks ——A Survey-based Empirical Study Li Jianying Feng Qin
［Abstract］ In this paper, motivational factors underlying service innovation by commercial banks are analyzed with reference to theoretical achievements at home and abroad from three perspectives comprising external channel, external behaviorist and internal motive. According factor analysis of the sample data collected from questionnaires to 11 banks, motivational factors are classified into five categories. On the strength of multivariate linear regression analysis, investigation is made on the impact of each factor under joint force of multi-factors on service innovation so as to identify key inductive factors. Regression result shows that strategic management and organizational factors play a vital role in driving service innovation by commercial banks.
［Key Words］ Service Innovation； Innovation Motive； Commercial Bank； Survey-Based Empirical Study ［Chinese Library Classification Code ］ F830.33 ［Document Code］ A
Competence Model for Customer Manager of Individual Business in Commercial Banks Wei Jun Zhang De
［Abstract］ This paper discusses competence model for customer managers in domestic commercial banks. Through corporate focus interview and key behavioral event interview, commercial banks in six provinces and municipalities are surveyed and a questionnaire is prepared and distributed to commercial banks in nine provinces and municipalities with 914 effective questionnaires collected. Then, in-depth study is made on the competence model with multivariate analytical method and competence evaluation method. By using explorative factor analysis and testifying factor analysis, a competence structural model is obtained that is composed of six competence modules featuring 28 factors: risk control, information access, consultation, service extension, conflict management and efficiency enhancement.
A Multivariate Statistical Analysis of the Characteristics of Credit Card Dong Zhiyong Di Xiaojiao
［Abstract］ This paper develops a chart of credit card variables based on a questionnaire in Beijing and uses factorial analysis, ANOVA (analysis of variance) and KMO analysis to interrelate credit card variables and demographic variables. Through quantitative analysis, current conditions and characteristics of China's credit card market are obtained: there leaves much room to improve in service quality; annual service charge is too high; new functions remain to be tapped and publicized further; compared with other user groups, the young-user group is the most willing to accept, recognize, overdraft and timely repay credit card and marketing segmentation should be based on overdrafting amount and service. Finally policy suggestion is provided.
An International Comparison of the Competitive Efficiency of Chinese Commercial Banks Zhang Na
［Abstract］ Through a comparative analysis of efficiency concept and effectiveness of commercial banks supported by data envelope analysis method, 10 domestic banks and 6 foreign banks are evaluated in terms of efficiency during 2003-2005. It is found that efficiency of our commercial banks is lower than that of world advanced banks. According to the data of 2005 processed with single-factor index approach, Chinese banks and international advanced banks are compared with regarding operational efficiency, cost and capital allocation. Result shows that the profitability of our commercial banks as a whole is lower than their foreign counterparts and so are their assets' profitability and capital returns. It is pointed out that only by incessant reform in all aspects can our commercial banks keep on learning and overcoming their weakness and improve their banking efficiency.
［Key Words］ Commercial Bank； DMU(decision making units)；DEA； Scale-Income
［Chinese Library Classification Code ］ F830.33 ［Document Code］ A
Study 0n Measurement of Operational Risks under "Home-Branch" System Based 0n Delta-EVT Model Zou Wei Chen Yun
［Abstract］ Defective system design and faulty personnel management are responsible for operational risks in commercial banks under the "home-branch" system. Given incomplete data on operational losses, this paper classifies losses and collects risk factors like errors in home-to-branches management manning, errors in internal staff composition, quality of the staff, time-lag of report of risks and ability of home bank's quick response. Then Delta-EVT model is used to calculate with Delta approach the operational losses caused by above-mentioned factors. Through calculation, excess losses resulting from ineffective control and external events are obtained. When these two factors are combined through the threshold, one can use EVT method to accurately measure operational risks caused by defective system design in the course of operation and during upward information transmission.
［Key Words］ Operational Risk； Delta-EVT Model； Operational Loss； Excess Loss ［Chinese Library Classification Code ］ F830.51 ［Document Code］ A
Compliance Cultural Construction of State-controlled Commercial Banks The Study Group, Jiangsu Branch, ICBC
［Abstract］ With the end of transitional period of China's WTO accession, China's banking sector will be fully opened to the outside world. Compliance risk will gradually loom large for state-owned commercial banks apart from to credit risk, market risk and operational risk. To effectively control such risk for long, commercial banks should strengthen compliance cultural construction. In consideration of actual requirement with reference to banking experience through analysis of the content and characteristics of compliance cultural construction and reality of state-owned commercial banks in this respect, this paper suggests that they should improve compliance system and organizational structure, emphasize "effective interactive" compliance culture, establish effective performance evaluation system and lay stress on compliance culture when reengineering business flow.
Paradox of Applicability of Interim Freeze Right in the Law of Anti-Money Laundering Ge Liwei Duan Weiming Wu Zhongming Zhang Fang Liu Li
［Abstract］ Interim freeze right is an important right delegated to competent authority under the State Council by "The Law on Anti-Money Laundering of the People's Republic of China". Exercise of this right will heavily influence financial institutions, legal persons, economic organizations, citizens and the society at large. However, due to its imperfect theoretical design and inaccurate wording, this right is theoretically unfeasible and operationally inapplicable. There exists a paradox between freeze and defreeze, bringing about some adverse effects. It is argued that such stipulation on interim freeze right should be amended and improved in time.
［Key Words］ Anti-Money Laundering； Interim Freeze Right；legal applicability; Paradox of Applicability ［Chinese Library Classification Code ］ D922.28 ［Document Code］ A