【作者】 杨翰；

【导师】 冯用富；

【作者基本信息】 西南财经大学 ， 金融学， 2007， 硕士

【摘要】 我国国有商业银行在银行体系中占有绝对主体地位,其改革的进程和绩效,直接关系到我国银行业的整体素质和竞争力的提高,影响我国社会主义市场经济体制改革目标的顺利实现。国有银行的改革已经进行了20多年,虽然取得了一定的成绩,但国有商业银行综合竞争能力依然不强,仍然存在许多制约其发展的问题。随着国际金融一体化进程的加快,国有商业银行参与国际竞争、寻求在世界范围内的发展正在成为一种必然。根据我国加入WTO的承诺,2006年是我国银行业全面对外开放的大限。随着这一天的临近,竞争日趋激烈,股份制商业银行和城市商业银行的各项业务指标的市场份额正在逐步扩大,外资银行也必将随着国民待遇的施行,市场份额也会逐步扩大,各家银行都在进行大胆的改革与创新。而提高国有商业银行综合竞争力所面临的最大障碍和困难,正是如何真正实现产权多元化,如何改善公司治理、风险管理、产品创新的水平以及如何建立现代商业银行企业文化的问题等。而这些问题在短时间内不可能完全靠自己来解决,需要借助外部的力量与资源。中国银行业经过二十多年改革,取得了相当大的成绩,但是,由于体制原因和经营水平低下,也形成了许多久治不愈的难题。例如:不良资产率居高不下,资本充足率达不到《新巴塞尔协议》的最低要求,内部风险控制不力等。所有这些问题的根源在于单一的国有产权结构无法满足现代银行业发展的要求。因此,当务之急是要解决体制问题。本文从回顾中国银行业引进境外战略投资者的现状开始,并以中国建设银行案例进行重点分析,指出了境外战略投资者在我国商业银行股份制改造过程中的积极作用。同时,也分析了对战略投资者的两个主要争论,即国有股权是否被“贱卖”和引进境外战略投资者是否威胁到中国金融安全。当然,引进境外战略投资者我们不是走在最前面,因此,有很多的国际经验值得我们借鉴。本文出于对经济制度和社会制度的考虑,只介绍了中东欧转型国家引进境外战略投资者的情况。通过对引进后的结果进行分析,可以看出引进境外战略投资者是一个复杂的工作,还需要多方面的配合。在中国渐进式改革背景下,引进境外战略投资者没有严重影响到国家对银行业的控制权,是银行业股份制改造的一个不错选择引进境外战略投资者是促进我国商业银行进行股份制改造的一个重要手段,战略投资者对我国银行业存在的几个问题都有很好的帮助作用。首先是资本充足率。根据《巴塞尔新资本协议》对资本充足率的要求,中国银行业几乎无法达到这个标准。引进境外战略投资者不仅可以直接获得资本金的补充,而且通过改善公司治理结构和股份制改造,可以进一步提高资本充足率。其次,引进境外战略投资者可以改善我国银行业的公司治理结构。完善公司治理机制是引进战略投资者的根本目的,中国银行业所有问题的根本症结就在于没有良好的公司治理结构。引进外资就是引进一双眼睛来盯住银行资产,监督银行内部的组织结构体制得到真正彻底的改善。最后,提高银行的竞争和创新能力。由于银行的产品和技术有很强的外在性,要模仿别人的优势很困难,因此提高我国银行业的竞争力和创新水平不能完全靠自己,需要引进别人的先进技术和经验,通过消化吸收,为我所用。但是,境外战略投资者带我我们的也不光是好处,也有许多风险值得我们警惕。一是弱化了国家对银行业的控制力。境外战略投资者参股中国商业银行绝非为了短期利益,根本上说,他们需要参与银行的经营决策和管理,为自身带来最大的利益。从这个角度来说,境外战略投资者希望持股比例越大越好,这与我们提出的在国家控制权基础上进行商业银行股份制改造的目的是有冲突的。这不仅体现在股权结构的冲突上,还可能由此引出许多道德风险。另外,由于中国的特殊国情,引进境外战略投资者后建立的股权结构是否稳定也值得怀疑。二是对监管的挑战。中国银行业的分业监管体制、以行政代替市场的监管手段和不完善的监管法律,在引进境外战略投资者后都将很不适应新的经营管理模式和新金融产品的出现,这将在监管上出现真空,如果不改变监管模式,会使得监管部门和银行的冲突加剧,引发银行业危机。通过对引进境外战略投资者利弊的比较,我们既要发挥引进境外战略投资者后的优势,又要对其中的风险加以控制。首先,在引进模式上要强调多样化。各个银行的制度环境不同,业务优势不同,引进境外战略投资者的目的也有不同,所以在引进时要充分考虑这些因素,结合资产规模、经营管理水平和技术水平,综合决定应该以什么模式引进战略投资者。其次,政府要从法律层面保障引进境外战略投资者的成功。引进境外战略投资者是我国银行业改革在制度上的一个重大突破,因此,急需完善相关法律法规的建设和国家角色的确定。最后,针对引进战略投资者后可能出现的道德风险,银行在引进时必须从技术层面上对战略投资者做出约束,同时,强化双方的合作,保证股份制改造的成功。中国银行业引进战略投资者问题研究,是当前金融体制改革的关键环节和热点问题,实务部门和学术界围绕这个问题有着各种各样的实践探索和意见分歧。在此背景下探讨这个话题,有助于我们加深对当前金融体制改革的认识。自2003年中央政府动用外汇储备为中国建设银行和中国银行注资以来,国有独资商业银行的改革进展顺利,除中国农业银行以外,其余三家已陆续启动股份制改革,并相继引进战略投资者,取得较理想的阶段性成果。其中,中国建设银行股份公司已经完成了注资、股份制改造、引进战略投资者和公开上市等改革步骤,成为一家国有控股的公开上市公司,接受股东、金融监管机构、上市交易机构、投资者和评级、经纪等中介组织的监督。中国建设银行的战略投资者正在发挥积极的作用,帮助其进一步改善公司治理,改造业务流程,提升产品体系,提高内控能力和风险管理水平。目前,其他各行根据各自的实际情况,正在积极调整,加快包括引进战略投资者在内的各项改革。由此可见,妥善引进战略投资者,有效利用其积极的一面,是我国国有商业银行成功改制,提高竞争能力,化解银行业金融风险的一个关键环节。更多还原

【Abstract】 The state-owned commercial bank (the SOCB) is the core of Chinese bank. The steps and results of the reform of the SOCB involve directly with strengthening China’ s commercial banking, and influence the objective of the reform of China’ s socialist market economy realization successfully. The reform of SOCB has been in progress for over 20 years, there have been some results, but its strength is very weak and many problems have not been solved. Along with the international integration of China’s economy and finance, it’s becoming inevitable for the SOCB to participate in international competition, looking for opportunities from all over the world to expand business and increase profits. As our promise for WTO, China’s financial market will be open to the world after 2006. Along with this day, the competition must become more and more intense. The market share of city commercial bank and joint-stock commercial bank will be greater and greater, and the oversea banks will be treated as the national banks. It is the reality of SOCB that how to achieve the control of property rights and improve corporate person management level, risk management, and how to blaze new trails. The problems can not be solved by ourselves in near future, and must depend on external help.As a beginning, this paper review the situation about introduction of strategic investor. With the case of Bank of Construction, it is expressed that there is a positive effect on the reformation of Chinese banks. Though the introduction into the strategic investor is a important breakthrough in the reform of property right, we need to pay attention to another two questions which are the state-owned asset is sold cheaper than its value and our finance safety is threatened by the strategic investor. The essence of these questions are whether we should introduce the strategic investor. So, we need to analyze the importance of introduction into the strategic investor.Though the introduction into the strategic investor, we can enhance the ratio of capital adequacy. Now Chinese banks almost can’t satisfied with the international standard about the ratio of capital adequacy, through the introduction into the strategic investor, we can get the capital directly, and by improving corporate governance structure, we can further raise their ratios of capital adequacy. Secondly, the introduction of foreign strategic investors in China’s banking industry to improve corporate governance structure. The fundamental crux of all problems lies in not having a good corporate governance structure. Bringing into the foreign strategic investor is to introduce a pair of eyes to focus on bank assets. It can make the bank’s organizational structure to be truly radical improvement. Finally, it can raise the competitiveness of the banks and innovation capability. As the bank’s products and technologies have a very strong externality, it is very difficult to imitate other people’s advantages. So Chinese banking industry can not completely depend on there own to improve the competitiveness and innovation. It needs to introduce advanced technologies and experience.However, foreign strategic investors doesn’t take us advantage alone, there are many risks needs to be guard. It can cause the weakening of the control of the state-owned share. Overseas strategic investors invest the commercial banks in China is not for short-term interests, it is said, they need to participate in the banking business’s decision-making and management. They hope that they can get more share, but it is conflict with our aim that keep the bank in the control of the state-owned share.Through the compare of the advantage and shortcoming, we not only use the advantage, but also control the risks. Introduction into the strategic investor is a key issue in the banking industry’s reformation. In this context , this topic will help us to deepen the current understanding of the reformation of the financial system.更多还原