【作者】 谢海垚；

【导师】 常清；

【作者基本信息】 中国农业大学 ， 农业经济管理， 2014， 博士

【摘要】 当前,我国商业银行面临的内外部经济环境正在发生深刻变化,国内经济增速放缓,结构性矛盾十分突出,随着一系列市场化改革措施推进,对商业银行的经营管理和发展改革提出了巨大挑战。纵观历史,我国商业银行面临的环境与美国商业银行20世纪70年代有许多相似之处,届时的美国商业银行借助金融衍生品的应用极大促进了业务的转型,这为我国商业银行的转型发展提供了有益的借鉴。金融衍生品作为金融创新和发展的重要组成部分,是商业银行发展的一个重要方向,必将对商业银行的经营和发展产生重要的影响,加强对金融衍生品的研究和利用也将成为我国商业银行改革与发展的重要课题之一。本文围绕商业银行为什么需要应用金融衍生品、应用金融衍生品的商业银行需要什么样的内在条件以及如何实施金融衍生品等核心问题,通过借鉴美国商业银行金融衍生品的发展的领先实践和先进经验,利用实证分析的方法,论证了商业银行应用金融衍生品的动因及内在条件要求；通过对比借鉴分析,首次全面系统的明确了中美商业银行在应用金融衍生品的动因、内在条件、发展现状、发展时序、环境条件及配套措施等方面的差异性,并在此基础上首次系统性的提出了我国商业银行应用金融衍生品的中国特色发展道路。本文研究结果显示,首先,商业银行应用金融衍生品是在相关动因驱使下,为满足现代发展和经营需要的一种必要的有益尝试,商业银行应用金融衍生品符合其动因预期。第二,商业银行应用金融衍生品需要具备一定的内在条件。这些内在条件包括资产规模、收入结构、贷款租赁、资产流动性、资本结构等方面。同时,应用不同种类的金融衍生品,在内在条件要求上具有一定的差异性。第三,我国商业银行在资产规模、贷款不良率、资产流动性等方面与美国商业银行相当,已经基本具备开展金融衍生品业务的内在条件。第四,我国商业银行在应用金融衍生品的动因、内在条件、现状、环境及配套措施等方面与美国商业银行存在一定的差异性。第五,中美商业银行应用金融衍生品的差异性,决定了我国商业银行应用金融衍生品是一个缓慢的、渐进的、条件逐步完善的过程,并将采取与美国不同的发展道路。动因上的差异性,决定了我国商业银行金融衍生品的发展是一个缓慢的渐进过程；内在条件的差异性,决定了我国商业银行金融衍生品的发展是一个条件逐步完善的过程；应用现状的差异性,决定了我国商业银行的金融衍生品业务在短期内难以达到美国的发展水平,不可能一蹴而就；而不同金融衍生品发展环境和配套措施的差异性,决定了在发展时序和路径上不同于美国商业银行,需要走有中国特色的发展道路。更多还原

【Abstract】 Currently, the internal and external economic environment faced by commercial banks in China has been profound changed. The domestic economic of China has a significant growth recession, and there will be a series of measures to promote market-oriented reforms. All this will present a huge challenge to the commercial banks of china. Throughout history, this paper found that China’s commercial banks are facing the same environment with U.S. commercial banks in the1970s. At that time, the U.S. commercial banks’business transformation had a great development by means of the application of financial derivatives, which provided a useful reference to China’s commercial banks. Financial derivatives business has become important source of non-interest income to the major commercial banks and financial institutions in West Country. Financial derivatives as an important part of financial innovation and development are an important direction to the development of commercial banks. It is beneficial to change the customer structure of commercial banks, upgrade the structure of income, and realize the transformation of business structure, help to improve the level of risk management of commercial banks. It will have a significant impact on the operation and development of commercial banks.This paper focuses on the core issues that why the commercial banks need to apply financial derivatives, what kind of internal conditions needed to the application of financial derivatives and what kind of development road should be took by commercial banks to apply financial derivatives. This paper analysis the development of financial derivative of U.S. commercial banks through example analysis, demonstrate the motivation of commercial banks to participate in the financial derivatives market, makes clear the internal condition of commercial banks to implement the requirements of financial derivatives. This paper reference the development path and environmental conditions of the U.S. commercial banking, analysis the differences between China and U.S. in environmental conditions, then this paper puts forward a strategies of implement step by step and supporting measures. This is the first comprehensive and systematical reference research on motivation, internal conditions, development status, timing of development, environmental conditions and supporting measures about the application of financial derivatives, and for the first time gives a development road with Chinese characteristics about the application of financial derivatives systematically.The results are:Firstly, financial derivatives trading are a necessary useful attempt to modern commercial banks. By constructing empirical analysis model, this paper analysis the impact on performance and risk of commercial bank by financial derivatives, and found that it is beneficial to the performance of commercial bank. As we expected, due to the complexity of financial derivatives and high risk, the application of financial derivatives, inevitably increases the risk of commercial bank operations. Secondly, there need to have certain inherent conditions for the commercial banks to develop financial derivatives. By constructing empirical analysis model, this paper found that commercial banks need to have certain inherent to develop financial derivatives trading, such as asset size, income structure, loans and leases, asset liquidity, capital structure, etc. At the same time, different types of financial have some differences on condition requirements. Thirdly, China’s commercial banks already have the basic conditions for financial derivatives transactions from their own perspective now. By comparing the US’s top four banks and commercial banks, this paper found that China’s commercial banks has the fairly inherent conditions in asset size, non-performing loans ratio, liquidity and other aspects; The revenue structure is Similar with U.S. commercial banks in1970s. The capital adequacy rate of commercial banks in China is continuously improving in recent years. Fourthly, there are some differences in motivation, internal conditions, business environment and implementation of financial derivatives between China and U.S. Analysis the development path of financial derivatives of U.S. commercial bank, this paper found that China’s commercial banks are currently facing the similar environment with U.S. commercial banks in1970s, but specific to the different types of financial derivatives, there are many differences in the application environment for China’s commercial banks. Finally, these differences determine there will be another path for commercial banks of China to use financial derivatives. The using of financial derivatives by commercial banks should be combined with China’s national conditions, it will be a long way, and should take a different strategy with U.S. commercial banks.更多还原