银行业市场约束之研究

【作者】 陈俊龙；

【导师】 张静琦；

【作者基本信息】 西南财经大学 ， 金融学， 2001， 硕士

【摘要】 市场约束就是指银行的债权人或所有者，借助于银行的信息披露和有关社会中介机构，如律师事务所、会计师事务所、审计师事务所和信用评估机构等的帮助，通过自觉提供监督和实施对银行活动的约束，把管理落后或不稳健的银行逐出市场等手段来迫使银行安全稳健经营的过程。作为外部监督的一种形式，市场约束能有效地弥补官方监管所固有的缺陷，并能促进银行加强内部管理。官方监管与市场约束的作用是随着经济市场化的程度而此消彼长的。在新兴国家与转轨国家中，只要有明晰的产权制度和有效的激励与约束机制，市场仍能对银行进行比较有效的约束。但是，要想充分发挥市场约束机制的作用，在这些国家还必须构建良好的微观经济基础，例如良好的公司治理结构；完善的信息披露制度；标准的、与国际惯例接轨的会计准则；有限的安全网；发达的金融市场；富于竞争的银行结构；严格的市场退出制度；完善的法制；等等。这些实际上都是市场约束发挥作用的前提条件，没有这些条件，市场的力量就会大大减弱。当然，良好的宏观环境是市场约束发挥作用的大前提，因为市场约束是通过对单个银行的约束而达到维护整个系统的目的的，如果整个银行体系出了问题，市场的约束功能就会出现紊乱。 作为实行市场约束的一个典型例子，在市场监督与官方监管之间，新西兰似乎更侧重于市场的力量，并取得了较好的效果。其经验从宏观的角度而言，主要在于新西兰有一个比较稳健的银行体系和良好的宏观经济环境；从微观的角度来说，新西兰具有良好的金融基础设施（包括完善的信息披露制度），完善的公司治理结构和对银行管理层的有效监督。但新西兰的经验是否具有普遍性？它究竟能给我们以什么样的启示？文章对一些人们认为比较偏激的观念一一进行了分析，并提出了作者的观点。在我国，构建市场约束机制是必要的，这既与我国中央银行的外部监管乏力有关，也与我国商业银行内部控制水平不高有关，同时也是加入WTO的需要，从收益与成本的角度来说，还具有可行性。我国<WP=3>并非一定要等到各种条件都具备了再去构建市场约束机制。实际上，只要市场存在，其内部规律就会起作用，我们要做的就是去理顺市场中的各种关系，为之创造一个良好的环境，使之能更好地发挥作用，并消除市场失败后的各种消极外部效应。目前我国金融市场化改革已经到了攻坚阶段，国有四大商业银行在较大程度上摆脱了原来那种唯我独尊的态势，在经营理念和具体运作中有了一定的市场意识；而新建的中小商业银行则从一开始就进行商业化运作，而且各种配套改革措施使我国的金融市场已初具雏形，并正在深化过程中，这样就为市场作用的发挥提供了一定的条件与空间。如在1998年至1999年期间，我国曾发生过几起针对中小银行和农村信用合作社的挤兑风潮，这正是市场发挥作用的一种表现，它似乎在警告人们：请不要忽视市场作用的存在。为此，研究市场对银行业的约束已不再是一种可以“等等看”那么简单的事情了，而是必须要勇敢直面的一个严肃话题。实行市场约束，现阶段，我们主要应解决好以下一些问题：建立、健全完善的法人治理结构；加强信息披露制度建设；完善相关法制制度建设；加强对银行高级管理人员的监督等。文章共分四章。第一章是绪论，着重阐述了市场约束的定义，初步描述了市场约束发挥作用的过程，认为有效的市场约束可以弥补官方监管的不足，并能促进商业银行加强内部管理，市场与政府是在相互博弈的过程中达到动态均衡的。这是一个引子，旨在让人们对市场约束这个在我国还不十分熟悉的名词有个初步的印象和了解。 第二章是“有效的市场约束及其应具备的条件”，这是文章的重点。具体讨论了市场约束的作用机制与原理。作为一种力量，市场约束是通过一系列环节的相互作用来体现的。该章对这个链环中的每一个环节进行了较为深入的分析，认为：如果其中某一个环节出了问题，那么市场约束的作用将不是那么有效。从这里我们也可以体验到为什么本章要在“市场约束”前面冠以“有效”二字。市场是在其固有的领域内起作用的，在转轨国家中，由于传统计划体制的惯性运作，政府的干预也许还来不及从其应该撤出的领域退出，也就是说，政府的触角仍然过多地涉及应该主要由市场发挥作用的领域。当然，我们并<WP=4>不反对这种涉足，而是觉得这种涉足应该有正确的方式，并要保持一定的度。正确的方式应该是为市场约束作用的发挥创造条件，因为市场本身不会创造这些条件。 第三章是“新西兰的经验及评价”。本章介绍了新西兰在构建市场约束机制方面的一些经验。新西兰是一个十分注重市场约束力量的国家，在某种程度上，它甚至认为市场的力量超过了官方监管的作用。它认为，完善的信息披露制与对银行管理者的恰当监管可以使市场约束的力量发挥到极致。当然，作为一个旁观者，人们往往认为新西兰的经验比较偏激，对其中的某些做法表示不解和难以接受。为此，笔者针对这些问题一一进行了分析与评价。第四章是“构建我国银行业的市场约束机制”，这是文章的难点。因为在我国，目前还没有系统地讨论过这个问题，可供查找的资料也非常有限，这是难点之一；作为难点的另一个更多还原

【Abstract】 Market discipline is a process in which the creditors or owners of a bank will transfer their deposits or assets from an unsound bank to others (according to the information exposure which comes from the bank and other institutions such as the lawyer office, the accountant office and the valuation institution of credit, etc.) in order to assure that the bank will run soundly, or it will be keep out of the market. As a way of exterior supervision, the market discipline can not only effectively make up the innate defects of authority supervision but also promote the interior management of a bank. The power of market discipline will overcome the power of authority supervision if an economy is highly marketed; or the adverse is true. In a developing nation, market discipline can also act if it has a good ownership and management right structure and an efficient regulation of stimulation and discipline. But it is not enough if we want to get the power of market discipline to maximum. So some preconditions must be met in these countries which means good micro base of economy, including perfect information exposure, better company management structure, limited safe net; restrict market-seceded regulation; competitive market structure; flourishing financial market and perfect laws system, etc. Of course, sound macro economy circumstance is the first premise of efficient market discipline since the market discipline achieves its goals by means of action to single bank. If the bank has problems, the function of market discipline will get into trouble.As a typical example, Newzealand seems prefer to the power of market discipline between the authority supervision and the market discipline, and the country seems get success so far. Newzealand’s experiences include two aspects: one of it is that Newzealand has good macro economy circumstances and sound bank system in the view of macro point; the other is that it has good finance base facilities including <WP=8>perfect information exposure, perfect corporate management structure and efficient supervision of the managers of banks. But are the experiences of Newzealand general? What enlightenment can it bring to us? The article analyzes all the issues concerned about by people and proposes the viewpoint of the author itself. In our country it is necessary to practice market discipline. The reasons lie in four aspects: first, the authority supervision has flaws, so it cannot act well; second, the interior management level of a bank is lower; third, it is the requirement of entering WTO; forth, the benefit of market discipline outdoes the cost which will occur if we have no it. We can structure the mechanism of market discipline before all the preconditions show up. In fact, only if the market exists, the market law will act. So we ought to put all things in order and create good circumstances for it in order that the market discipline can act well. Today, our financial reform has entered the crucial phase, the four state-run banks are partly running according to the requirement of market which differs from its original self-importance, and the small new commercial banks have been running according to the requirement of market from their establishment, and all else reform measures also practice as a form of a complete set, which provides conditions and space for the market discipline. For example, several accidents of "bank rush" in some small banks in our country during the years from 1998 to 1999 which is a show of market discipline, and it seems to warn us with the advice: do not ignore the exist of market discipline. So it has no more time for us to study the market discipline to banking. We must face to the issue bravely. If we want to practice market discipline just now, such questions must be resolved as follows: establish and complete management structure; enforce the information exposure; complete the related laws and enforce the supervision of the high grade managers of bank etc.The paper includes four chapters. The first chapter is preface, which <WP=9>explains the更多还原