【作者】 王毅；

【导师】 丁一兵；

【作者基本信息】 吉林大学 ， 世界经济， 2020， 博士

【摘要】 纵观中国经济发展史,开放与发展是不可或缺的主题,中国经济走过的历史实践中以开放为起点取得了诸多举世瞩目的历史成就,本土存款性金融机构的发展历史是其中的重要内容。回望百余年前,中国本土市场随鸦片战争首次开放,本土存款性金融机构开始由封建传统向近代化转型。尽管西方垄断资本主义和封建政府控制并阻碍了中国本土存款性金融机构的转型进程,但历史可见的是,旧式钱庄等传统金融机构实现了部分的现代金融转型,并且本土金融业在1927年南京国民政府垄断市场前便出现了现代金融业的雏形——新式银行。从对这段重要的开放历史的研究中发现,中国本土存款性金融机构在被动的开放环境中展现了积极、主动转型的一面,在近代化转型的时代潮流中占有一席之地。以史为鉴,1840-1927年间本土存款性金融机构发展呈现的强大生命力和内生性动力值得被历史铭记并为当前中国本土银行业在深化开放环境中提供借鉴。在经历战乱、新中国计划经济建设后,1978年,改革开放再次打开了中国封闭市场的大门,与1840年不同的是,这一次的市场开放是中国自己选择的主动开放。中国金融市场在改革开放中不断扩大开放程度,同时,中国本土银行业在开放环境中加强自身改革、完善内部结构,从大一统的银行体制出发,通过渐进式增量改革,最终建立了较为完备的本土银行业格局。伴随中国金融市场开放规模不断扩大,在外部竞争压力下,本土银行业在竞争与学习中稳步发展,本土银行机构职能逐步清晰,银行实力和竞争力显著提升,当前扩大市场开放条件下本土银行部门参与竞争夯实基础。以史为鉴,回顾1978年后中国本土银行部门的发展实例,银行这一经济部门窗口展现了包括又不限于金融业发展中的“中国道路”、“中国案例”的成功之处,同样成为今后中国本土及其他发展中国家银行机构参与国际竞争中可以借鉴的历史蓝本。回顾并专门研究近代1840-1927年和1978年改革开放后两个阶段中国本土存款性金融机构在开放条件下的发展历史,最重要的意义是挖掘其中涵盖的发展规律和理论价值,以为当下借鉴。就当前中国本土银行部门面临的发展环境而言,2016年中国入世15年缓冲期结束后,在西方国家对中国完全市场经济国家地位全面否定的冲击下,经济发展的外部不利因素不断影响着中国经济、金融的发展。特别是自2017年美国总统特朗普上任以来,“美国优先”战略的保护主义和单边主义政策引起中美间贸易摩擦不断升级,中美贸易政策不确定性上升,导致中国金融市场发展出现频繁波动。在世界政治和经济的全新格局中,中国坚持将改革开放进行到底,对内统筹改革,对外深化开放。2018年博鳌亚洲论坛上宣布中国金融开放的12条具体举措;2019年,国务院再次出台进一步扩大金融业对外开放11条措施,标志着中国金融开放进入快车道。在新一轮开放和发展战略中,如何正确把握中国银行部门的发展方向是当前中国银行业变革中需要慎重思考的问题。面对这一问题,一方面需要我们借鉴全球先进理念革新思维,另一方面需要更多地深入回顾并总结中国金融发展实践中的历史经验。“学史可以看成败、鉴得失、知兴替”,在中国本土存款性金融机构的发展历史实践中获取、总结发展经验,以史为鉴,无疑对深化开放背景下中国本土银行业的发展具有重要的现实指导意义。从理论上讲,金融开放对一国或地区特别是金融发展落后的国家具有显著的促进作用。金融开放能够带给本国相对廉价的国际资本,改善一国投资结构,优化金融结构,构建多元化金融体系,以更好地服务于地方实体经济的发展。因而,金融开放往往成为发展中国家金融转型的开端,落后国家的金融部门纷纷走上变革之路。然而,落后国家金融部门往往容易在金融开放中脱离本土实际,在西方国家的牵制中走上“依附他人”的发展之路。特别是20世纪70年代的“金融自由化”理论成为发展中国家解决金融抑制问题的主要手段,但在多国或地区的实践中看,西方国家的金融发展理念并不具备普适性,大多数发展中金融改革最终因金融危机被迫暂停或永久性搁浅。2008年,次贷危机对全球金融发展造成无可挽回的损失,这使得包括西方发达国家在内的世界各国开始重新审视金融开放以及新古典主义的自由放任发展策略。以往实践经验带来的反思是,在金融开放背景下,究竟怎样的发展路径能够帮助发展中国家金融部门实现“追赶”?中国作为金融后发国家的“试验场”,其本土金融部门的发展历史具有怎样的特征?中国金融开放与本土存款性金融机构发展的历史案例能够为未来中国和其他发展中国家带来怎样全新的理论借鉴?为此,本文在理论分析的基础上,回顾历史,结合实证研究对金融开放与本土存款性金融机构的发展这一命题进行科学阐述。为了实现这一命题研究的严谨性和科学性,本文依照“提出问题——分析问题——得出结论”的思路展开,以历史视角对中国自近代以来两时段金融开放进行纵向比较分析,在理论分析和历史阐述后,结合实证分析方法验证本文在中国案例研究中总结出的相关历史经验以及提出的相关结论,最后在以史为鉴基础上提出发展展望。依照这样的分析思路,本文主要设置以下6章内容:在文章第一部分(包括第1章)介绍本文写作的现实背景和理论背景,在写作背景基础上介绍文章研究的理论意义和实践价值。同时,引出本文的研究思路、结构安排和研究方法。第二部分是本文的理论分析部分(包括第2章、第3章、第4章)。其中,在第二章主要介绍了论文的基本概念和理论基础,并且在对已有成果进行评述的基础之上指出已有研究仍存问题或漏洞,提出进一步研究的空间。第三章介绍近代开放背景下本土存款性金融机构的变迁历程,以市场开放为起点,分析被动开放条件下外国在华银行对本土金融业的资本侵略事实以及本土存款性金融机构的发展历程。通过对近代开放后本土存款性金融机构的发展历史的回顾,对近代时期被动市场开放条件下本土金融业的发展作以总结。第四章对中国金融开放的第二个关键时期,即改革开放后金融市场开放进行理论分析,从中央银行职能的建立和完善,体制内银行部门的发展以及体制外本土银行业的创立分别进行讨论。根据开放程度的不断扩大,分为三个层次进行分析,在市场开放的不同阶段对本土银行体系的发展进行深入探讨。本文认为,通过对金融开放与本土存款性金融机构这一主题进行理论分析,在中国案例两时段的纵向比较中可知,开放背景下本土金融部门的发展应当以本土特征和本土优势为基础,实施适应本土结构的发展战略;而市场开放的态度将直接决定本土存款性金融机构发展转型的彻底性,在这一方面,历史发展的案例已经给出答案。同时,历史地印证了改革开放后中国共产党领导下的中国本土银行业变革的成功,即坚持中国特色的发展道路。第三部分(包括第5、6章)是本文的实证分析部分,这一部分以近代被动开放和改革开放后主动开放两时段分别进行金融开放与本土存款性金融机构发展之间的实证研究。第五章利用探索性因子分析、结构方程模型分析与中介效应检验对影响近代时期本土存款性金融机构转型发展的因素进行整合、验证。第六章利用面板回归模型和动态面板模型对主动开放下本土银行业的发展进行分析。第四部分(包括第7章)基于前面的理论和实证分析,对中国金融开放两时段的发展历史经验及教训进行总结。在经验总结的基础上以史为鉴,提出对新一轮金融开放背景下本土银行部门进一步发展的启示。本文历史地梳理了金融开放条件下中国本土存款性金融机构的发展脉络,对中国两时段开放背景下本土存款性金融机构自身的发展规律和经验进行总结,在此基础上结合经济学方法对发展规律进行科学阐述。肯定了中国两时段开放背景下本土存款性金融机构发展以本土结构为基础,以开放学习结合本土优势进行渐进式发展的成功经验以及内生性发展动力的关键作用,这一历史经验在一定程度上能够给出有别于其他视角的发展建议,对当前及未来中国银行业开放发展和其他发展中国家银行部门的发展而言具有重要的历史借鉴意义。更多还原

【Abstract】 Throughout the history of China’s economic development,opening up and development are two indispensable themes.In the historical practice of the Chinese economy,opening up has always been the starting point of many world-renowned historical achievements,among which the history of the development of local depository financial institutions is an important part.Looking back more than 100 years ago,China’s domestic market opened up for the first time with the Opium War,and local depository financial institutions began to transform from feudal tradition to modernization.Although western monopoly capitalism and feudal government controlled and hindered the transformation process of China’s local depository financial institutions,history shows that traditional financial institutions such as old-style money houses have achieved part of the modern financial transformation.Before the Nanjing national government monopolized the market in 1927,a new type of bank appeared in the local financial industry,which was a prototype of the modern financial industry.From the study of this important history of opening up,it is found that China’s local depository financial institutions have shown a positive and active transformation in a passive environment for its opening up,and have a place in the era of modern transformation.After learning the lessons of history,the strong vitality and endogenous power presented by the development of local depository financial institutions between 1840–1927 is worthy of being remembered by history.It also provides a reference for China’s domestic banking industry in the current deepened opening up environment.After the wars and the construction of a planned economy in New China,reform and opening up opened the door to China’s closed market again in 1978.Unlike 1840,it was China’s own will to open up its market.China’s financial market has continued to expand its degree of openness in the course of reform and opening up.At the same time,China’s local banking industry has strengthened its own reforms and improved its internal structure in the environment of opening up.Starting from the unified banking system,it adopted incremental reforms and established a more complete local banking industry structure before the 19 th CPC National Congress proposed the expansion of financial opening up.With the continuous expansion of the opening up of China’s financial market,under the pressure of external competition,the local banking industry developed steadily in competition and learning,the functions of local banking institutions gradually become clear,and the strength and competitiveness of banks was significantly improved,laying a solid foundation for the local banking sector participating in competitions after the expansion of market opening up condition.The lessons of history and the review of the examples of the development of China’s domestic banking sector from 1978,banks,a window of economic sector,showed the success of the “Chinese path” and “Chinese character”.It will also become a historical blueprint and a reference for banking institutions participating in international competitions of China and other developing countries in the future.The reviews and specific studies of the development history of China’s domestic depository financial institutions under the condition of opening up in the two periods of modern market opening up(1840–1927)and post reform and opening up(from 1978)are significant,because they unveil the development rule and theoretical value,which are historical lessons for now.In terms of the current development environment faced by China’s local banking sector,after the end of a 15-year buffer period for China’s WTO accession in 2016,under the impact of Western countries’ complete denial of China’s status as a full market economy,external adverse factors for economic development continued to affect China’s economic and financial development.The situation is especially intense since US President Trump took office in 2017.The protectionist and unilateralist policies of the “US First” strategy have been causing an escalation of Sino-US trade frictions and a rising in the uncertainty of Sino-US trade policies,which led to frequent fluctuations in China’s financial market.In a new pattern of world politics and economy,China has been insisting on carrying out reform and opening up to the end,coordinating reform internally and deepening its opening up to the outside world.In 2018,the Boao Forum for Asia announced 12 specific measures for China’s financial opening up.In 2019,the State Council of China introduced 11 measures to further expand the openness of the financial industry to the outside world,which marks the opening of China’s financial industry switch onto the fast track.In a new round of opening up and development strategy,how to correctly grasp the direction of Chinese banking sector is an issue that needs to be carefully considered during the current transformation of China’s banking industry.To face this problem,we need to learn from the global advanced ideas to innovate thinking on the one hand,and deeply review and summarize historical experience in China’s financial development practice on the other.“As we learn history,we know how we succeeded and how we failed,what we gained and what we lost,where we rose and where we fell” said President Xi Jinping.Summarizing the practice and development of China’s domestic depository financial institutions and acquire some experience from the history will undoubtedly be important in guiding the practice of deepening the development of China’s domestic banking industry in the context of opening up.Theoretically,financial opening up can significantly promote the development of a country or region,especially those with backward financial conditions.By bringing in relatively cheap international capital,improving the investment structure,optimizing the financial structure,and building a diversified financial system,financial opening up can better serve the development of the local real economy.Therefore,financial openness usually marks the beginning of a financial transformation in developing countries,after which the financial sectors of backward countries begin to take the road of change.However,in the process of their financial opening up,these financial sectors tend to deviate from the local realities and take the path of “dependency on others” in the containment of western countries.In particular,the “financial liberalization” theory of the 1970 s has become the dominant method for developing countries to solve the problem of financial restraint.However,in the practice of many countries and regions,the financial developing concepts of western countries are not universal.Most of the developing financial reforms were eventually suspended or permanently stranded due to financial crisis.In 2008,the subprime mortgage crisis brought irreparable losses to global financial development,after which countries around the world,including western developed countries,started to reexamine financial opening and the neoclassical-type laissez-faire strategy of development.Experience of the practices in the past brought us reflections: in the context of financial opening,what kind of development path can help developing countries’ financial sectors to “catch up”? As a proving ground for financial latecomer countries,what are the characteristics of the development history of China’s local financial sector? What kind of new theoretical references can the cases of China’s financial liberalization and the development of domestic depository financial institutions bring to China and to other developing countries in the future? To this end,based on theoretical analysis,historical review,and empirical research,this article explains the proposition of financial opening and the development of domestic depository financial institutions.In order to be rigorous and scientific while conducting this proposition research,this article lays its foundation on the pattern of “questions – analysis – conclusions”.The author takes a historical review and focuses on the comparative analysis of the two periods of China’s financial opening since modern times.After theoretical analysis and historical elaboration,the author adopts the method of empirical analysis to verify historical experience and conclusions from the case studies of China.Finally,the author puts forward a prospect for development based on historical experience.According to this pattern,this article sets up the following 6 chapters:In the first part of the article(including Chapter 1),the realistic background and theoretical background of the writing of this article are introduced,based on which the author explains the theoretical significance and practical value of the research.At the same time,the research ideas,structural arrangements and research methods of this paper are also introduced.The second part is the theoretical analysis of this article(including Chapter 2,Chapter 3,Chapter 4).Among them,the second chapter mainly introduces the basic concepts and theoretical basis of the thesis,points out the problems or loopholes in the existing research based on the review of the existing results,and proposes the space for further research.Chapter 3 introduces the changes of domestic depository financial institutions under the background of openness in modern Chinese history.Starting from the market opening,this chapter analyzes the development history of local depository financial institutions and the facts of capital invasion of foreign banks in China against the local financial industry under the conditions of a forced opening up.By reviewing the development history of local depository financial institutions after the opening up in modern era,the development of the domestic financial industry under the condition of forced market opening in modern Chinese history is summarized.Chapter 4 makes a theoretical analysis on the second key period of China’s financial opening,namely a theoretical analysis on the financial market from the reform and opening up to the beginning of the 19 th CPC National Congress.The establishment and improvement of the functions of the central bank,the development of the banking sector within the system,and the creation of the domestic banking industry outside the system are discussed respectively.According to the continuous expansion of the degree of openness,the analysis is divided into three levels,and the development of the local banking system is discussed in depth at different stages of market opening.This paper believes that through theoretical analysis of the theme of financial opening and local deposit financial institutions,it can be seen from the vertical comparison between Chinese cases in the two periods that the development of the local financial sector in the context of opening up should be based on local characteristics and local advantages,and a development strategy adapted to local structures should be implemented;an open market attitude will directly determine the thoroughness of the development and transformation of local deposit financial institutions,to which the cases in the history of development have given the answer.At the same time,it is confirmed through history that the success of China’s domestic banking reform under the leadership of the Communist Party of China after the reform and opening up,that is,adherence to the path of development with Chinese characteristics.The third part(including Chapter 5,Chapter 6)is the empirical analysis of this article.In Chapter 5,by adopting exploratory factor analysis,structural equation model and intermediary effect tests,this paper integrates and verifies the factors that influence the transformation and development of local depository financial institutions in modern Chinese history.Through empirical analysis,the paper concludes that the key factor for the development of local depository financial institutions in the context of financial openness is the endogenous motivation for development.The sixth chapter analyzes the development of local banking industry under the active opening by using panel regression model and dynamic panel model.Based on the previous theoretical and empirical analysis,the fourth part(including Chapter 7)summarizes the experience and lessons of the historical development of China’s two-period financial opening.Based on the summary of experience and drawing lessons from history,the author concludes the paper with the inspiration for a further development of the domestic banking sector in a new round of financial opening.By reviewing the development history of China’s domestic depository financial institutions under the context of financial opening up,this paper summarizes the lessons and developing patterns of local depository financial institutions in the context of China’s two-period openness,and adopts methods in economics to elaborate the law of development.The author supports the successful experience of taking local structures as a foundation for the development of domestic depository financial institutions and the incremental development through combining open learning with local advantages under the background of China’s two-period openness and the key role that an endogenous motivation plays in the development.This historical experience can be a proposal for the development which is different from other perspectives.It also puts forward a significant lesson for the current and future development with openness in China’s banking industry and for the development of banking sectors in other developing countries.更多还原