【作者】 文庆能；

【导师】 陈野华；

【作者基本信息】 西南财经大学 ， 金融学， 2008， 博士

【摘要】 21世纪金融、贸易和技术的流动变化将决定新时代的政治经济现实。全球化浪潮风起云涌,随着加入WTO过渡期安排的结束,我国金融业全面开放的趋势不可逆转。当前除中国农业银行外,国有银行股份制改革都已经按照“注资-改组-上市”的思路顺利完成,引进境外战略投资者成为其中重要的战略安排。随着银行业开放进程的深入,作为战略投资者的国际活跃银行给中资银行施加了强大的竞争压力,甚至有可能对我国金融安全造成影响。银行业是关系国计民生的战略性产业,银行业开放整体战略与我国金融安全的维护息息相关,而外资进入后我国金融权力的重新分布与配置是这一系列争议的焦点。然而作者在研究中发现,对权力和安全的理解本身就根植于不同的认识论,在学术界,不同学派对开放与安全的看法针锋相对。金融安全和控制权不仅是一个复杂的政治经济学问题,而且还涉及人们对世界观与价值观的认识。基于这样的出发点,本文以金融安全、银行业开放与银行业控制权为主要对象,着重研究了这三个方面的逻辑联系。本文试图回答这样几个理论问题:在开放进程中,哪些因素影响到银行业控制权?怎样解读金融安全?银行业控制权配置状态的改变又怎样影响到国家的金融安全?本文的研究不仅为金融安全和银行业控制权研究构建了一个分析框架,也为我国银行业控制程度评判和安全维护提供了初步的参考依据。全文共分为六章。第一章基于对国际政治经济与金融经济理论的分析,提出全球化时代的金融安全观。本章的重点是阐述金融安全的内涵、观念、研究视角和理论渊源。金融安全问题是一个综合国际政治、经济、文化诸方面的重大课题,如何树立金融安全研究框架本身就是一个理论问题。国家安全、经济安全与金融安全是相互关联的三个层次。金融安全的维护是国家安全战略的重要组成部分,它的提出它一方面与系统性风险、金融危机等命题相关;另一方面牵涉到资源配置的权力、金融主权等方面的内容。中共中央在新世纪颁布了“新安全观”的立场文件,本文基于“全球化”和“以国家为中心”的现实,提出了“新金融安全观”的认识原点。金融安全的研究应该从经济与政治两个方面来分析。金融经济的效率与稳定需要经济学的理论研究;而金融权利的博弈与斗争则要用到政治学方面的分析工具。经济学视角的研究重点在于分析金融风险和危机给安全带来的威胁。一方面表现为金融财富安全和金融体系的稳定。这意味着金融安全是金融本身的稳定和金融发展的安全,这也是对金融安全最基本的理解。另一方面,基于金融与经济的关系,金融风险的累积和金融危机的爆发也会影响到实质经济层面,可以说金融危机与经济危机没有严格的分界线,金融安全也是经济安全的核心。政治学视角的研究重点在于分析受金融因素影响的国家“非经济核心价值”,金融安全可以表现为国家政治和军事等领域的安全受金融因素的影响程度,这意味着我们把金融主权看作是对国家安全的支撑。在全球化的今天,金融领域的政策手段已经成为大国博弈的重要工具。金融开放决策是利益与安全的权衡,在拓展世界影响力的舞台上,金融控制与反控制的博弈是一个重要的砝码。各国对广义金融安全的解读尤为重要。总的来说,金融安全的关键在于对金融核心价值的维护,而金融核心价值主要体现金融机构通过市场对资源的配置功能上,而一国对关键资源的支配和控制问题又衍生出金融权力的问题。金融体系的高效稳定和资源控制权配置本身就是不可分割看待的。如果只是牢牢掌握着金融资源的控制权,而体系内部存在诸多弊端和风险隐患,金融不能为国家经济发展提供足够支持,那么这并不是真正的金融安全;反之,仅仅片面考虑金融业的市场环境与经济效益,而导致金融资源的控制权旁落,这肯定也会威胁到国家金融安全。在金融国际化的大背景下,金融的开放必然伴随着开放国对金融运行效率改善的期望与金融控制权丧失的风险之间的艰难平衡。金融开放的过程也是金融非核心主权不断被分享的一个过程。第二章通过综述文献研究了银行业开放的动因与效应,并运用国际比较分析了各国银行业开放中控制权的博弈案例。20世纪90年代以来,国际金融业竞争日趋激烈,规模巨大的银行业兼并重组浪潮在世界范围内展开,这一切正在悄然改变着国际银行业的格局。我国也以前所未有的幅度开放银行业市场。为什么国际银行业会出现如此激烈的变动?允许外资银行进入会给东道国带来怎样的宏观效应和控制权威胁?本章从跨国银行与东道国的角度分析了银行业开放的多种理论假说,并对外资银行进入效应研究进行了系统评述。从银行业开放的宏观效应来看,西方发达国家正通过地缘经济政策和操纵国际组织等手段促使其他国家开放银行业市场,试图获取其银行业控制权。一些中东欧与拉美国家由于经济转型或经济危机开放银行业,导致大部分市场份额被外资所控制;反倒是各个经济大国对外资进入银行业进行严格监管,并将银行业牢牢地控制在本国企业或政府手中。第三章是全文的重点。本章从银行个体和产业的角度出发,构建了关于银行业控制权的理论研究框架,并建立了评判银行业外资控制程度的指标体系。银行业开放带来的控制权威胁是东道国政府和人民要面临的严重困扰。对研究者来讲,谈银行控制权已经非常困难,要给银行业控制权的分析建立一个框架更是难上之难。然而我们要从理论上说清楚一家银行的控制权和一国银行业的控制权体现在哪些方面。本文基于公司治理与产业控制理论的研究,从特殊性和核心竞争力构成出发,解析了银行的控制性要素。本文认为,对于一家现代银行,控股权仍然是基本的控制性要素;另外通过占有某些非资本的控制性要素也能在一定程度取得相对的控制权。银行业控制权不是控制银行资本总量和家数的简单加总。其核心是控制银行市场的经济利益,以及控制银行业资源对国家经济与安全局势的辐射能力。银行市场的经济利益及其对国家战略的影响是控制权争夺的动机或结果,外国经济体可能通过扩张经营性机构和参股并购这两条途径来侵占东道国银行市场,控制金融资源。产权、人才、信息、网络系统、核心技术都可能成为争夺的要点。另外,东道国银行业结构决定了外资控制的途径和策略;提高银行体系国际竞争力、促进金融稳定是东道国保障控制权的根本措施;而政府的规制和监管是反制外资渗透控制的主要形式和手段。本章初步建立了衡量银行业控制程度的指标体系我们将通过政府规制能力、东道国市场状况和外资银行控制力三个方面来刻画一国银行业被外资现实控制的程度和可能的发展趋势。根据上述指标体系,我们引入我国银行业开放的实证数据,对我国银行业外资控制程度做一个初步的判断。第四章通过分析境外战略投资者的全球发展战略、国际并购行为和中国区发展态势,阐述了战略投资者引入对我国金融安全的影响。引进境外战略投资者是我国商业银行改革的重要举措。虽然中资银行的股权开放抱着合资共赢的良好初衷,然而外资银行的战略动机和行为对我国金融业带来了巨大压力。跨国并购扩张是跨国银行整体战略的核心组成部分。在一些国家银行业开放进程中,跨国银行总是扮演了积极参与者与推动者的角色,因此,外资金融机构参股中资银行和在中国开设营业性机构,都是其全球战略框架下的一枚棋子,外资在中国的并购行为只是国际银行业并购浪潮的一个局部。其中汇丰、花旗等国际活跃银行在中国市场具有相当大的战略雄心,需要引起我国监管部门的高度重视。第五章重点研究了国际政治因素对我国银行业开放战略抉择的影响。金融开放并非一个单纯的经济学问题,在抉择过程中往往必须考虑国内利益集团之间以及国家之间争夺权力与利益的博弈。从国际政治的角度来看,国际金融领域呈现出明显的中心—边缘结构。地缘政治、意识形态和文化观念会给不同国家的金融安全带来显著的差异。本章对中东欧、拉美和近代中国等金融开放典型案例的分析,提出对于当今中国这样一个社会主义大国来说,保有银行业控制权一定是保障金融安全必要条件。由于各国国情不同,大国的金融安全观念与小国存在显著差异。因而大国制定银行业开放战略时会更多地考虑到国际地位、国家影响力等方面的制约因素。本章通过对国际政治因素的分析,提出我国银行业开放战略充分体现了于中美两国之间国家战略层面的角力。非对称性的相互依赖与必然的战略冲突使得中美之间建立了经济战略对话机制,而在银行业开放博弈中,我国政府始终坚持了“以我为主,循序渐进”的原则。第六章是论文的基本结论与展望。本章归纳了前文的研究结论,并基于对未来银行业控制权与安全形势的判断。本文提出现阶段所有证据都不足以支持国外势力通过控制我国银行市场进而威胁金融安全的说法;并且在可预见的时间内,我国银行业控制权也是能够得到保障的。本章最后通过对未来我国金融安全威胁可能爆发点的分析,提出了关于制定我国银行业开放与安全维护战略的政策建议。本文的创新之处主要体现在以下三点:第一,研究视角新颖,从国家安全与开放战略的高度切入金融安全问题,在全球政治经济背景下研究金融安全问题的内涵、层次与观念,构建了金融安全基于金融经济和金融政治双视角的综合研究框架。本文剖析安全问题的理论渊源,将国际格局、金融权力等要素纳入分析范围,拓宽了研究视野。本文在“互信、互利、平等、协作”的“新安全观”基础上,加入“以国家为中心”的分析视角,提出了认识“新金融安全观”的逻辑起点:将金融开放看作是非核心金融主权的分享过程,将金融安全维护看作是国家对核心主权的坚守和保障。第二,本文深入剖析各国政府与银行的行为动机、策略及其政治经济约束,从个体和产业的角度出发,将有关银行业控制权的零散理论纳入了统一的研究框架,阐述了银行业开放、银行业控制权与金融安全的逻辑联系,增强了理论研究的系统性和解释力。第三,本文建立起评判银行业外资控制程度的指标体系,在国内首次对我国现阶段银行业控制权与态势进行了评判,对金融安全形势的未来变化趋势进行了预估;在此基础上提出维护我国金融安全的战略要点,给出了相应的政策建议。更多还原

【Abstract】 In the 21st century, the flowing change of finance, trade and technology will decide the political economic reality in the age of globalization. The wave of globalization is blustery. Along with the conclusion of the transition period after entering WTO, the opening of financial industry in our country is irreversible. The property right reform of state-owned commercial banks has already completed smoothly except the Agriculture Bank of China, which the introduction of strategic foreign investors becomes one of the important strategic arrangements. With the extent of the banking industry opening deepening, as strategic investors, international active banks exert great competition pressure on the banks of China, and maybe influence the financial security of our country. The banking industry is strategic industry, so the overall strategy of the opening of bank is closely linked with the financial security maintenance, and the new disposition of financial resource after the foreign capital enters, which is the focal point of those disputed questions. Based on this background, this article takes financial security, banking industry opening and the control rights of banking industry as the main objects, and focuses on the logical relation of the three aspects. This article has constructed an analysis frame for the financial security and the control rights of the banking industry. The full text altogether divides into six chapters.The first chapter proposes a new view of financial security in the age of globalization based on the theories of IPE and financial economics. The key point is the connotation, the idea, the research angle and the origin of theory of financial security.The problem of financial security is a big comprehensive problem of international politics, international economy, culture and etc. How to set up financial security research frame is itself a problem on theory. The national security, the economic security and the financial security are cross-correlation three levels. Financial security’s maintenance is the important component of national security strategies, and it is linked with systematic risk, financial crisis, financial sovereignty, and etc.The key of financial security lies on maintenance of the core value of finance, and the core value mainly manifests resources disposition function through market. The highly effective stable financial system and the resources’control right disposition are in itself inseparable. Under the background of financial internationalization, it is very hard for the opening country to balance between the risk and the efficiency in finance opening process. The process of finance opening is a process to share non-core financial sovereignty.The second chapter studies the motivation and the effect of banking industry opening through the literature research, and analyzes various game cases of banking industry’s control rights through international comparative analysis.This chapter analyzes many kinds of hypothesis from angle of the multinational bank and the host country, and makes a systematic commentary on the effect of foreign bank entry. From the macro effect of the opening of the banking industry, the western developed countries want to get the control right of banking industry through geography economic policy and other methods. Some Eastern European and Latin American countries opened banking industry because of economical reforming or economic crisis, which causes the majority of market share controlled by the foreign capital. On the contrary, the economic giants carry strict supervision on the foreign capital into banking industry, and the enterprises or the government of the country controls the banking industry firmly.The third chapter is the key point of the full article. This chapter constructs the frame to study the control right of banking industry from individual bank and banking industry angle, and establishes the indicator system to judge the degree of banking industry controlled by foreign capital.Based on the company government theory and industry control theory, this chapter analyzes the essential control factor from particularity and core competitiveness. This article believes that control right is the basic factor for a modern bank, and we can get relative control right through control non-capital factor. The control right of banking industry is not only the total banking capital quantity. The core is to control the economic interest of market and control the emissivity of banking industry resources to state economy and security. The economic interest and its influence on national strategies is motivation or result of the competition on control right. Foreign economy may invade the market of host country through expanding managerial organization or share-holding merger. The structure of banking industry in host country decides the way and the strategy of foreign capital to control; To enhance the international competitiveness of bank system and promote financial stability is the basic measure to keep control right; Government’s rules and regulations are the main form and method to counter foreign capital seepage.The fourth chapter elaborates the influences of introducing strategic investors on financial security of our country through analyzing the foreign strategy investor’s whole world developmental strategy, international merger and acquisition behavior, and the development momentum of Chinese area.The introduction of foreign strategic investors is an important action for the commercial bank reform in our country. Although the original intention of releasing bank’s stockholder’s rights was good, foreign bank’s strategic motive and behaviors has brought huge pressure on financial industry in our country. The multinational merger and acquisition is the core constituent in the multinational bank overall strategy. In some countries’process of opening banking industry, the multinational banks have always acted as active participant and pusher, so foreign financial institutions’share-holding in Chinese-funded bank or starting operating institution in China is an important step under their global strategy framework, and the foreign merger and acquisition behavior in China is only a part of international merger and acquisition in banking industry. Some international active banks, like HSBC and the Citibank, have great strategic ambition in Chinese market, which worth our government’s attention.The fifth chapter studies the influence of international politics on the strategic choice of banking industry in our country.Financial liberalization is by no means a pure economic question. When we make choice, we must balance among the domestic interest groups and as well as countries. From international politics’angle, international finance domain presents obvious center - marginal texture. The geopolitics, the ideology and the culture will bring remarkable difference to different nations’financial security.The sixth chapter makes conclusion and forecasts. This chapter concludes the preamble research conclusions, and makes judgments on future banking industry and financial security situation. This article proposed that all evidences at present stage are insufficient to support the view that foreigners will threat financial security through controlling bank market of our country, and in foresee time the control right of banking industry in our country can obtain the safeguard. At last, this chapter proposes policy suggestion for the opening of banking industry to maintain financial security in our country.This article presents three innovations as follows:First, the angle of research is new. This article cuts into financial security problem from the national security and the opening strategy, studies the connotation, level and idea of financial security under the global politic economic background, and constructs a comprehensive financial security research frame based on double angles of financial economy and the financial politics.Second, this article thoroughly analyzes the motive, the strategy and the political economic constraint of various countries’governments and banks, integrates the scattered theory about banking industry’s control right into one unified frame from individual and industrial angle, and elaborates the logical relation among the opening of banking industry, the control rights of the banking industry and financial security, which strengthen the fundamental research’s systematic characteristics.Third, this article establishes indicator system of judging the degree of banking industry controlled by foreign capital, carries judgment on the banking industry’s control right situation at present stage in our country for the first time in domestic, estimates financial security situation’s future change tendency, proposes the strategic points to maintains financial security in our country and gives the corresponding policy suggestions.更多还原