要篇

宏观经济 52 企业融资成本为何难降？ /黄鑫冬 债务高企和融资难已成为我国当前宏观经济最大的纠结点，融资市场结构扭曲是我国债务循环面临的最大问题。本文着重探析我国融资体系的结构性问题，寻找融资成本高企的症结所在，从而对未来政策走向和效果进行理性推断。

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. 商业银行 65 新经济形势下银行业产品创新 分析/王 硕 刘天阳 随着实体经济面临挑战、金融改革快速推进、利率市场化进程不断加快，银行业盈利增速普遍下滑，不良连续上升，这些都促使商业银行向注重资本节约的精细化管理转变，产品创新已成为各大商业银行巩固存款和净息差、增加中间业务收入、促进经营转型的最重要手段。

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.

金融市场 81 商业银行新的利润增长点—投资银行业务/步艳红 冉玮玮 当前，国内投资银行业务在不断开拓新领域。投行业务离不开直接融资的发展，伴随我国直接融资规模在社会融资总额中的占比逐渐超过50%，以中间业务为核心的投资银行业务必然成为商业银行最大的利润增长点。

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. 全球视线 强化传统业务 挖掘客户价值 89 /郭宏宇 2014年第二季度是检验金融机构对沃尔克规则适应能力的关键时段，摩根大通在强化传统业务的基础上全面挖掘客户价值。对我国金融机构而言，重视商业银行和投资银行的传统业务、重视客户价值的挖掘，以及致力于金融服务的专业化是摩根大通业务调整所给出的经验借鉴。 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.