股份制商业银行与外资金融机构合作模式的分析

【作者】 尹丽；

【导师】 曹廷贵；

【作者基本信息】 西南财经大学 ， 金融学， 2003， 硕士

【摘要】 竞争与合作是经济发展的基本规律和要求。《新帕尔格雷夫经济学大辞典》对竞争的解释是：“竞争系个人（或集团或国家）间的追逐；凡两方或多方力图取得并非各方均能获得的某些东西时，就会有竞争。”1 而合作“是相对于‘竞争’而言的一种人类的基本的经济行为，是两个或两个以上的主体之间从各自的利益出发而自愿进行的协作性和互利性的关系”2（黄少安，2000）。从全球经济发展的趋势看，竞争与合作从来都是相生相进、相辅相成的。竞争是合作中的竞争，合作又是竞争中的合作。随着中国金融体制改革的不断深化，中资银行之间已由局部竞争转向全面竞争，由全面竞争逐步转向局部到全面的合作。而入世后，经济、金融的全球化和金融业的不断开放又给银行业的竞争与合作注入了新的活力和内容，即中资银行与外资金融机构之间更为激烈的竞争和更为广泛的合作。这是中国改革开放的必然结果，也是国内银行业、尤其是股份制商业银行适应环境发展变化、全面参与国际竞争的需要。有关以股份制商业银行为代表的中资银行与外资金融机构合作的问题是近一、两年才提出来的，之前谈论的主要是双方的竞争方面，即使是那些涉及合作的文章其绝大多数的篇幅也较短小，由于强调时效性，在系统性和全面性上并不尽如人意，尤其对合作模式及我国的选择鲜有涉及。因此，尽可能详尽地对股份制商业银行与外资金融机构的合作模式（“契约型”和“资本型”）进行对比分析、并结合我国股份制商业银行最近两三年来与外资金融机构的合作实践来探讨我国适宜的模式选择及相关问题就成为本文写作的目的所在。正文共分五章，具体内容以及安排如下：第一章沿着“中、外资合作的外在动力—→合作的内在动因—→<WP=3>股份制商业银行与外资金融机构是最适宜的合作双方”安排内容，论述合作是股份制商业银行与外资金融机构竞争的必然选择。外在动力指的是中、外资金融机构现在身处的国际、国内经济金融大环境，包括全球化、混业经营、银行业经营地位的改变以及中国加入WTO等，是双方合作的必要性所在。双方的较量已经开始并将愈演愈烈，是采取“硬碰硬”的“视死如归”的竞争态度，还是改变策略谋求“在竞争中合作、在合作中竞争”来争取双赢呢？显然后者才是明智的，一味强调竞争的结果极有可能是两败俱伤、恶性竞争，中、外资金融机构之间的合作在当前的环境中有其必然性。内在动因是中资银行与外资金融机构之间比较竞争优势的存在，即一方的相对优势恰好是另一方的相对劣势。在市场经济条件下，经济人的行为是利益导向型的，之所以选择合作正是由于合作带来的净福利大于竞争带来的净福利。换句话说，互惠互利是合作产生的基础，也是合作得以维系的保证。通过从零售业务市场、公司业务市场的角度分析比较中资银行和外资金融机构存在的优劣势，得出双方具备了进行合作的可能性和可行性。接着，将论述的对象确定为中资银行中年轻的股份制商业银行和外资金融机构，这是由股份制商业银行区别于其他中资银行的特性决定的，一方面它有谋求与外资金融机构合作的主动性，另一方面它也是外资金融机构最为青睐的合作对象。第二章分析合作模式，是本论文最重要的部分。在第一章的基础上，有必要对多种多样的合作方式进行归类，按照合作建立基础的不同划分为单纯以业务、技术为依托的“契约型”合作模式和以资本为纽带、以产权融合为基础的“资本型”合作模式。通过详细比较两种模式在合作基础、合作范围、紧密程度、对资金的要求、合作的效果、合作各方的协调难度以及对外部环境的要求高低等方面的区别和能在一定条件下互相促进的联系，分析得出：虽然“资本型”合作模式的操作难度、对配套条件的要求较“契约型”模式更高，但“资本型”模式对提升我国股份制商业银行的竞争力水平、使作为银行改革排头兵的股份制商业银行带动整个中国银行业与国际接轨发挥出更具实质性的促进作用，加之我国当前政策面对开展“资本型”合作利好以<WP=4>及具体操作细则的即将出台，笔者以为应鼓励股份制商业银行大胆地运用“资本型”合作的模式，在此基础上推进包括“契约型”合作在内的与外资金融机构的全面合作，通过“引资”来“引智”和“引制”。事实是最具说服力的。在第三章中分别探讨了我国到目前为止极具代表性的三起股份制商业银行与外资金融机构“资本型”合作的案例，希望从中得到启示和借鉴。首先是IFC入主上海银行揭开了我国中小股份制商业银行引入外资与外资进行“资本型”合作的序幕；其次是我国股份制商业银行的“老大”、第一家上市银行——深圳发展银行与美国新桥投资集团的资本型合作案例，引入境外战略投资者确实让市场对深发展寄予了殷切的希望，但股权转让价格迟迟未定、转让细则久决不下，也给“资本型”合作的开展敲响了警钟；最后的、也最新的是2003年新年伊始敲定的花旗银行参股上海浦东发展银行，本次参股比例不及深发展一案，但与深发展一案不同的是，在公司发布的合作公告中不仅清楚地列出了股权转让的比例还有双方短、中及远期的合作战略安排，并确定以共建信用卡中心作为合作的开始，但合作能否算是成功尚需要时间更多还原

【Abstract】 Competition and cooperation are basic rules and requirements of economy development. The tendency of global economy shows that competition and cooperation are always mutually beneficial and can never be separated from each other. With China’s financial system reform’s further deepening, the partial competition between Chinese banks has turned into all-round competition, then into partial and all-round cooperation. After China’s entry of the WTO, with the economic and financial globalization and financial industry’s continuous open-up, competition and cooperation in banking has taken on a new look: Chinese banks and foreign capital financial institutions (FCFIs) acutely compete as well as widely cooperate. This is exactly the result of China’s reform and open-up, and is also the requirements of our banking especially the Share-holding Commercial Banks (SCBs) adapting to the changing environment and making enough preparations for international competition. As theory research is concerned, nearly all researches focus on competition. It is just one or two years since this discussion about cooperation between SCBs and FCFIs started, so the existing articles published openly are mostly quite short with few theories’ support. So this thesis is written in order to comparatively analyze the SCBs and FCFIs’ cooperation modes (including Agreement Mode Cooperation and Capital Mode Cooperation).This thesis consists of five chapters and the main extent arrangement is as below:Chapter One: Cooperation——the inevitable choice in the competition between SCBs and FCFIs. This chapter is arranged in the order of outside impetus of Chinese and Foreign banks’ cooperation, then inner impetus and then SCBs regarded as the most proper partner with FCFIs. Outside impetus mainly includes international and domestic economic and financial environment that Chinese banks and<WP=7>FCFIs are confronted with. Competition is absolutely unavoidable, so whether the ’hard-to-hard’ tactic of sole competition or the tactic of cooperation aiming at mutual benefit should be adopted? Of course the latter is more reasonable. Inner impetus is SCBs and FCFIs’ comparative advantage to each other, that is, one party’s advantage is exactly the other party’s comparative disadvantage. In the market economy, economical person is self-interest oriented. And it is after making comprehensive comparisons between two sorts of net welfare resulting from cooperation and competition that the choice of cooperation is made up. Mutual benefits are the fundamentals of establishing cooperation and the security of its continuity. The last segment of this chapter draws a conclusion that it is because of SCBs’ features that SCBs have initiatives to cooperate with FCFIs and meanwhile SCB is the most appropriate partner in FCFI’s opinion. Chapter Two analyzes cooperation modes in detail. There are two modes—— Agreement Mode Cooperation based on banking operations and Capital Mode Cooperation based on some degree of the integration of property right. These two modes have great differences in the aspects of cooperation basis, the wideness of cooperation, the level of tightness, the requirement for funds, the effect of cooperation, the difficulty of two parties’ coordination and the requirements for outside environment. As a coin has two sides, these two modes have certain relationship that can mutually benefit to some extent. Capital Mode Cooperation can play a greater role in increasing SCBs’ competitive ability, accordingly driving the whole China banking to promote and to catch up with international advanced standards than Agreement Mode Cooperation. Moreover, China’s current policy supports this mode and the concrete stipulation will be made to order in the near future, so it should<WP=8>be encouraged that SCBs bravely adopt the Capital Mode Cooperation on the basis on which all-round cooperation will be put into effect between SCBs and FCFIs aiming at attracting advanced technology and attracting perfect institutions by means of attracting funds from overseas更多还原