中国国有商业银行的混业经营模式选择

【作者】 冯聪；

【导师】 韩康；

【作者基本信息】 中共中央党校 ， 政治经济学， 2011， 博士

【摘要】 在我国市场经济体制发展和金融体制深化改革的过程中,混业经营已经成为国内银行的一种普遍选择,不但大多数股份制商业银行和城市商业银行参与其中,作为在国内银行业具有核心地位和最具实力的国有商业银行,也在积极进行混业经营的实践。但进一步考察就会发现,商业银行的混业经营有着完全不同的模式。我国国有商业银行的混业经营应该选择什么样的模式?这是一个有争议的问题,也是一个在实践上亟需回答和在理论上需要深入研究的问题。本文的分析结论是,在中国目前的体制环境和发展条件下,国有商业银行采取金融控股公司的混业经营模式,是一个比较合适的选择。只有这个选择,才有利于提高金融市场的运作效率和金融资源的配置能力,促进国民经济平稳快速发展,同时增强自身盈利能力和可持续发展能力。按照国际经验,商业银行混业经营有三种基本的模式,即以美国为代表的金融控股公司模式、以德国为代表的全能银行模式以及以英国为代表的银行控股公司模式。这三种模式在组织架构、运作模式、风险隔离、资源配置等方面存在明显差异。不同的经营模式意味着截然不同的发展路径,关系到所在经济体金融体系的总体布局和金融资源的配置效率乃至宏观经济和金融体系运作的稳定性,同时将对金融机构自身的综合盈利能力和风险防控能力产生重要影响。国有商业银行是我国银行业和金融体系的核心,业务规模庞大,网点资源丰富,公司治理相对完善,与政府机构和国有企业保持着极为紧密的联系,在银行体系中占据主导地位,对于国民经济的发展具有特殊重要的意义。最值得注意的是,国有控股性质赋予了国有商业银行同时兼具实现自身营利最大化与充当国家金融政策工具的双重目标,这是国有商业银行与一般股份制商业银行最重要的区别。由此,国有商业银行的混业经营必须认真研究其特殊性,不能简单照搬国外股份制商业银行的实例,需要选择并构建一种具有中国特色的混业经营模式。本文认为,立足于我国当前特殊的经济金融发展阶段以及自身国有特性,国有商业银行在后国际金融危机时代应朝着混业经营的方向坚定地推进,并且把金融控股公司作为混业经营的优选模式,通过资本纽带充分连接资本市场与货币市场以及债券市场与股票市场,建立横跨银行、证券、保险等领域的超级一体化金融机构,在实现既定条件下自身收益最大化的同时,发挥全社会金融资源适度聚集、货币市场与资本市场充分整合、跨领域金融风险向上集中(向政府及其控制的金融控股机构集中)的金融稳定效应,从而实现银行主体微观效益与金融体系宏观效率相统一。我国国有商业银行向金融控股公司模式发展,尽管将增强国有资本在金融市场上的垄断地位,降低金融市场的竞争程度,然而在现阶段却是与我国国家主导型的市场经济体制以及当前的经济金融发展阶段相适应的,有利于我国在促进金融稳定的同时,充分调动社会金融资源支持以公有制为主体、多种所有制经济并存的市场经济发展。从长期来看,与国有金融控股公司的混业经营模式所共生的国家金融垄断是与我国经济和金融体制市场化改革的总体方向相悖的,需要前瞻性地做好模式演进中的制度设计,防止我国高度国家垄断的金融体制最终确立并发生体制“异化”。本文将通过以下逻辑架构,对中国国有商业银行混业经营的优选模式进行系统论述。第一部分阐明选题的背景和意义,指明现阶段我国国有商业银行选择优选的混业经营模式的紧迫性和重要性,提出混业经营的模式选择与路径设计、国有金融控股公司的金融垄断与金融稳定效应、国有金融控股公司发展中的国家角色这三个重大问题,同时就商业银行混业经营的相关研究成果进行梳理和阐述。第二部分就商业银行混业经营进行一般理论分析。从制度经济理论、规模经济和范围经济理论以及市场竞争理论等角度,为国有商业银行开展混业经营并选择优选的发展模式和路径提供理论支撑。第三部分就商业银行混业经营与美国次贷危机进行关联分析。从次贷危机的产生背景、演进历程、形成原因等角度,论证混业经营与金融危机之间并无直接关联,不能因金融危机在混业经营的背景下爆发,就将混业经营作为金融危机的根本诱因。同时,指出次贷危机在财务杠杆比率、适度金融创新、金融监管模式转变等方面,对于我国国有商业银行混业经营的启示意义。第四部分就中国国有商业银行混业经营的现状及进展进行分析。论述国有商业银行经营制度与宏观经济金融体制的关联性,得出银行混业经营的一般性发展规律。同时,对我国国有商业银行混业经营进行制度均衡分析,从制度需求与供给的角度得出我国国有商业银行现阶段开展混业经营的必要性和现实意义。第五部分就中国国有商业银行混业经营的三种可选模式进行分析。对以美国为代表的金融控股公司模式、以德国为代表的全能银行模式和以英国为代表的银行控股公司模式,从所在金融体系、模式特征、产生背景、经营效应、典型案例等维度进行比较分析,抽象出一般的规律性特征,为我国国有商业银行选择优选的混业经营模式提供借鉴和依据。第六部分就中国国有商业银行混业经营的优选模式进行分析。明确国有商业银行混业经营模式选择的目标设定,从与宏观金融体系、金融监管模式、金融发育水平、国有控股性质、避免同质化竞争等角度,论证国有金融控股公司正是国有商业银行混业经营的最优模式,同时指出国有商业银行由初级阶段混业经营至银行控股公司直至金融控股公司的动态发展路径。第七部分就中国国有商业银行混业经营的宏观效应与国家角色进行分析。论述在我国国家主导型的市场经济体制和金融体系中,国有商业银行向金融控股公司模式发展,对于充分调动社会金融资源支持经济社会发展具有重要意义,并指明这一发展趋势在总体上有利于我国提高金融效率和增进金融稳定。同时,国家作为国有商业银行的实际控制者,应发挥控股股东推动、金融环境建设、监管制度供给等重要作用,特别要做好前瞻性制度设计,防止国有金融控股公司的产生与发展导致我国金融体制发生“异化”,丧失向更高效率金融体制演进的自我发展机制。更多还原

【Abstract】 Accompanying the development of the China’s state-oriented market economy and the reform of financial system, China’s state-owned commercial banks have obviously started the banking mixed operation process. Now, we are standing at a quite vital point, and should choose an optimal model to develop banking mixed operation. There are three models which could be chosen to develop banking mixed operation by China’s state-owned commercial banks. The first model is the American financial holding company, the second model is the Germany universal bank, and the third model is the British bank holding company. The chosen model is highly related to the economic and financial background of the country which the model lies in, and different model has lots of distinctions in the field of efficiency, risk prevention capabilities and so on. The choice of the optimal model will be influenced by both the diversified financial requirements and development of the financial institution.China’s state-owned commercial banks should development banking mixed operation confirmedly in the post-subprime crisis period considering the special economic and financial development stage as well as the state-owned character. At the same time, China’s state-owned commercial banks should regard the financial holding company as the optimal model to develop mixed operation and connect the capital market and the money market as well as the bond market and the security market so as to fully make use of the advantages of economy of scale, financial synergy and financial deepening. The financial holding company model could also optimize the distribution efficiency of financial resources and support the development of China’s market economy. In the process of transition from state-owned commercial bank to financial holding company, we should follow a dynamic path from the model of primary banking mixed operation to the model of bank holding company and then to the model of financial holding company. In the path, we could make use of the efficient M&A method through the capital market to reach the final goal of building state-owned financial holding company.Even though that China’s state-owned commercial banks develop toward the financial holding company will strengthen the monopolization of state-owned financial capital and weaken the competition in financial market, it’s generally adaptive to China’s state-oriented market economic model as well as the economic and financial development stage. From the long term perspective, the monopolization of state-owned financial capital which generates with state-owned financial holding company will depart from the general direction of China’s financial system reform. We should design an efficient system to prevent the financial system from“alienation”. At the same time, the government should play the role of the controlling shareholder, the builder of financial environment and the provider of supervision system so as to keep the transition from state-owned commercial bank to state-owned financial holding company smooth and efficient.The first part emphasizes the meaning of the research project and highlights the necessity of choosing an optimal model to development banking mixed operation for China’s state-owned commercial banks. At the same time, this part put forward three important questions which are the choice of the optimal path toward banking mixed operation, monopolization of state-owned financial capital and financial stability and the role of government in the process that China’s state-owned commercial banks develop towards state-owned financial holding company.The second part analyzes the banking mixed operation of commercial bank with general theories which include the institutional economic theory, the economy of scale theory, the economy of scope theory and the market competition theory. This part provides theoretical support for the choice of the optimal model and path that China’s state-owned commercial banks develop towards banking mixed operation.The third part analyzes the relationship between banking mixed operation and the subprime crisis. From the perspective of the subprime crisis’s background, evolution path and forming reasons, this part gets a conclusion that is the banking mixed operation is unrelated with the subprime crisis, so we shouldn’t attribute the subprime crisis to banking mixed operation. At the same time, we should learn from the subprime crisis in the fields of financial leverage ratios, financial innovation, and financial supervision system. The forth part analyzes the present status and progress of the mixed operation of China’s state-owned commercial banks, and research the relationship between the change of the state-owned commercial bank system and the change of the economic and financial system. Next, this part analyzes the system equilibrium of the mixed operation for China’s state-owned commercial banks, and highlights the practical significance for China’s state-owned commercial banks developing towards banking mixed operation from the financial demand and supply perspective.The fifth part analyzes the three optional models for China’s state-owned commercial banks to develop banking mixed operation. This part compares American financial holding company, Germany universal bank and British bank holding company from the perspective of the financial system, main character, background and management effect, and then get the regularity of general characteristics of different banking mixed operation model to support the optimal selection of China’s state-owned commercial banks to develop banking mixed operation. The sixth part analyzes the optimal model of banking mixed operation for China’s state-owned commercial banks. This part put forward the optimal goal for banking mixed operation and argues that state-owned financial holding company is the optimal model for China’s state-owned commercial banks to develop banking mixed operation from the perspectives of financial system, supervision model, state-owned holding nature, and so on. Besides, this part argues that China’s state-owned commercial banks should follow a dynamic path from the model of primary banking mixed operation to the model of bank holding company and then to the model of financial holding company.The seventh part analyzes the macroeconomic effects of banking mixed operation and the role of government. This part argues that it’s very meaningful for supporting the economic development and helpful for keeping financial stability that China’s state-owned commercial banks develops towards China’s state-owned financial holding company in the background of China’s state-oriented market economic and financial system. As the actual holder of China’s state-owned commercial banks, the government should play the role of the controlling shareholder, the builder of financial environment and the provider of supervision system, and should design an efficient system to prevent the financial system from“alienation”that the monopolization process of state-owned financial capital couldn’t be reserved.更多还原