要篇

宏觀經濟 52 企業融資成本為何難降？ /黃鑫冬 債務高企和融資難已成為我國當前宏觀經濟最大的糾結點，融資市場結構扭曲是我國債務循環面臨的最大問題。本文著重探析我國融資體系的結構性問題，尋找融資成本高企的癥結所在，從而對未來政策走向和效果進行理性推斷。

Difficulties in Reducing Corporate Financing Costs High debt and hard financing have become maximum tangled point under the macro-economy， and financing structure twisted is the biggest problem faced by debt cycle in China. This paper focuses on the structural problems of financing system in China， finds crucial reasons of the high financing cost， and carries out rational inference on the future policy direction and effect. 商業銀行 65 新經濟形勢下銀行業產品創新 分析/王 碩 劉天陽 隨著實體經濟面臨挑戰、金融改革快速推進、利率市場化進程不斷加快，銀行業盈利增速普遍下滑，不良連續上升，這些都促使商業銀行向注重資本節約的精細化管理轉變，產品創新已成為各大商業銀行鞏固存款和凈息差、增加中間業務收入、促進經營轉型的最重要手段。

Innovation of Banking Products under the New Economic Situation With real economy facing challenges， financial reform and interest rate marketization process accelerating， in the banking sector profit growth generally declines and BLLP continuously rises ，which have prompted commercial banks to the fine management focusing on capital economy. In the big commercial banks， product innovation has been the most important means to consolidate deposits and net interest margin， increase the intermediary business income， and promote business transformation.

金融市場 81 商業銀行新的利潤增長點—投資銀行業務/步艷紅 冉瑋瑋 當前，國內投資銀行業務在不斷開拓新領域。投行業務離不開直接融資的發展，伴隨我國直接融資規模在社會融資總額中的占比逐漸超過50%，以中間業務為核心的投資銀行業務必然成為商業銀行最大的利潤增長點。

Investment Banking Business： New Profit Growth Point of Commercial Banks At present， the domestic banks continuously open up new areas in investment banking business. Direct financing is one of the decisive factors for the investment banking business. Along with direct financing proportion in the total social financing scale gradually more than 50% in China， investment bank， with intermediate business as the core business， is bound to become the biggest profit growth point of commercial bank. 全球視線 強化傳統業務 挖掘客戶價值 89 /郭宏宇 2014年第二季度是檢驗金融機構對沃爾克規則適應能力的關鍵時段，摩根大通在強化傳統業務的基礎上全面挖掘客戶價值。對我國金融機構而言，重視商業銀行和投資銀行的傳統業務、重視客戶價值的挖掘，以及致力于金融服務的專業化是摩根大通業務調整所給出的經驗借鑒。 Mining Customer Value on the Basis of Strengthening Traditional Business The second quarter of 2014 is the crucial period to test the adaptability of financial institutions to the volcker rule. JP Morgan chase comprehensively mines customer value on the basis of strengthening traditional business. For financial institutions in our country， it is the very important experience given by business adjustment of Morgan chase to focus on the traditional business of commercial banks and investment banks， pay attention to mining customer value and financial services specialization.