【作者】 苗萌萌；

【导师】 邓向荣；

【作者基本信息】 南开大学 ， 产业经济学， 2013， 博士

【摘要】 目前,我国地方性商业银行的发展已初具规模,但也面临金融脱媒进程带来的巨大挑战。选择什么发展策略来应对金融脱媒的冲击,是地方性商业银行亟待解决的问题。这不仅需要结合我国金融业发展的实际状况进行深入研究,也需要广泛采集“他山之石”。本文将目光转向金融脱媒已有近50年历程的美国,美国的银行体系在金融脱媒的影响下,经历了兼并和创新两大浪潮,社区银行的生存受到严重冲击。即便如此,许多社区银行依然存活下来,并获得较好的发展。本文以金融脱媒理论、产业组织理论、新制度经济学等为理论基础,采用定性分析和定量分析相结合的方法,深入剖析了金融脱媒对美国社区银行的影响机制,实证研究了金融脱媒背景下社区银行的效率变化,探讨了相对高效社区银行的规模及创新策略选择,并挖掘了美国社区银行发展路径对中国地方性商业银行发展可能的借鉴意义。任何一种新事物的出现都有其成因和演化过程,本文首先对金融脱媒和社区银行的概念进行了界定,系统梳理了金融脱媒的一般理论、金融脱媒与银行业发展的相关理论以及银行效率理论,为后续的分析提供基础。美国的金融脱媒分为初始、深化和脱媒校正三个阶段,在金融脱媒深化阶段,美国银行业竞争加剧,随着监管政策的放松,社区银行直面大型全国性银行的冲击,面临是否通过兼并重组来实现跨区域扩张的选择以及创新策略的选择。银行效率的高低关系到其生存能力,低效率的银行将逐渐在竞争中遭到淘汰。本文继而基于DEA-BCC模型和Malmquist指数分析法分别对社区银行的静态技术效率和效率的动态变化进行了测度,发现社区银行的效率并不随规模扩大而提高,但技术进步对于社区银行的效率提升十分重要。在对银行效率分析基础上,本文运用银行规模经济理论、激励机制理论、金融创新的攀比压力假说以及豪特林空间竞争模型分析了社区银行的最优规模问题和创新策略选择问题,提出四个观点：第一,社区银行和大型商业银行因市场定位和信息处理方式不同,其规模经济表现有较大差异;第二,社区银行的规模和效率呈现倒U型的发展关系；第三,深化传统业务服务、差异化经营是社区银行的创新策略选择；第四,不同规模社区银行的创新诉求并不一致,导致其创新方向有差异。论文进而用Tobit模型对社区银行的规模因素和创新因素与银行效率进行了回归分析,验证了以上观点。在金融脱媒的冲击下依然生存至今的社区银行,不仅得益于其正确的发展策略,也得益于其严密的风险控制体系。本文还梳理了美国社区银行的三层风险控制体系,发现各层级相互牵制,有序运转,总体呈现出股权结构集中、核心资本充足率较高、核心存款和关系型信贷业务突出、各监管机构协调统一以及审慎监管框架下的监管循环机制等特点。美国社区银行的发展实践可为我国提供可资借鉴的经验,本文最后部分探索了这种借鉴意义。中国地方性商业银行在发展过程中,政府应该进一步实行“国退民进”的政策,引导民间资本进入该领域,并逐步降低政府干预程度。地方性商业银行自身应进一步明晰产权结构、完善公司治理,明确立足地方的特色化、差异化战略定位,以一定的管理能力为边界进行规模扩张,并且在深化传统业务服务方面加强创新力度。论文主要在以下几个方面有所创新：第一,突破了以往从关系型信贷视角进行分析的研究思路,而是以金融脱媒为视角,从社区银行发展路径选择及风险控制关联角度对社区银行进行讨论。拓展了对该问题研究的视角,明晰了金融脱媒对社区银行的影响机制；第二,探讨了社区银行发展的最优规模。通过实证检验,提出社区银行是存在规模约束边界的,突破了以往研究均基于所有银行规模经济表现一致的前提,在银行规模经济方面做了理论上的探讨；第三,尝试对社区银行按规模进行分层,发现不同规模社区银行的约束条件有较大差异,导致其创新诉求不一致,这一发现对于我国地方性商业银行的创新策略选择有指导意义。更多还原

【Abstract】 The development of local banks in China is in its infancy. In order to deal with the increasingly serious impact of the financial disintermediation, we should conduct in-depth studies not only on Chinese banking system according to national conditions, but also on other countries’experience broadly. This article focuses on community banks in the United States, where financial disintermediation has a history of nearly50years. Under the influence of the financial disintermediation, the U.S. banking system has experienced two major waves of mergers and innovation, which seriously threatened the survival of community banks. Even so, many community banks still survive and get better development.Based on financial disintermediation theory, industrial organization theory and the new institutional economics, the author analyzes the mechanism of the influence on community banks of financial disintermediation, the efficiency and relatively efficient scale and innovative strategies of community banks, and the possibly inspiration for Chinese local banks.The emergence of any new born things has its genesis and process of evolution. The author firstly defines the concept of financial disintermediation and community banks, then makes literature reviews of the financial disintermediation theory and its connection with the development of the banking industry, as well as the efficiency theory of banking. The history of U.S. financial disintermediation is divided into three stages:the emergence stage, the deepening stage and the re-disintermediation stage. In the deepening stage of the financial disintermediation, the banking sector in the United States saw intensified competition, as well as the deregulation. Community banks were exposed to the direct competition from the large national and regional banks, facing the hard choice of whether to do interstate expansion through mergers and acquisitions and how to deal with the innovation booms.The viability of a bank depends on its efficiency. Inefficient banks will gradually be eliminated in the competition. By measuring the static Technical Efficiency and the dynamic changes of Total Factor Productivity of the U.S. community banks with the DEA-BCC model and Malmquist Index analysis method, the author finds that instead of asset expansion, it is technology that matters for the improvement of community bank efficiency.On the basis of the analysis of bank efficiency, the author does theoretical and practical research on the relationship between bank efficiency and the scale factors as well as innovation factors, through the theory of scale economy of banking, incentives mechanism, bandwagon pressures of financial innovation and Hotelling spatial competition model. Four propositions are put forward. First, the scale economies of community banks and large banks are quite different due to the different market positioning and information processing. Second, the scale of community banks has an inverted U-shaped relation with bank efficiency. Third, Improvement in bank efficiency can be achieved by deepening the traditional business services and importing differentiation. Fourth, Community banks of different scale have different demands for innovation, so their innovation will differ in directions. To verify the above four views, with the regression analysis method, the author used Tobit model to analyze the scale factors and innovation factors of community banks.Under the impact of the financial disintermediation, some community banks survived and made profit successfully, not only due to its correct development strategy, but also its strict risk control system.The risk control system can be pictured as a series of concentric circles, which consist of Management Information System, internal controls and effective supervision. These interconnected circles are featured by concentrated equity, higher core capital ratio, core deposits, relationship loans, coordination of supervision agencies and multiple regulatory methods.American Community Bank’s practice of development is helpful for Chinese local banks. The paper explores the inspiration in the last. Chinese government should further guide private capital to enter the area of local commercial banks, and gradually reduce the degree of government intervention.Local banks should clarify the structure of property rights, improve corporate governance, and make characteristic and differentiated strategic positioning based on its community. Furthermore, the expansion of local banks should be limited by their management capabilities.The main originalities of this paper are as follows:First, instead of from the angle of relationship loan, the author studied community banks by taking financial disintermediation into consideration, and risk control and development path are also discussed in that way. This can broaden the horizon of the researchers studying on this issue, and at the same time the process of how financial disintermediation affects community banks is clarified. Second, the author analyzed what the optimum scale of a community bank is. By empirical test, the author found that the optimum scale of a community bank has a constrained boundary. Besides, unlike the previous theories that are based on the premise that all the banks have the same economies of scale, the author studied theoretically on the economies of scale of banks. Third, the author tried to classify community banks by their different scale, and then found that community banks of different scale differs greatly in constraint condition. Furthermore, such difference will make community banks have various demands for innovation, and this may give insight to the local commercial banks in China, so that they can choose a better innovation strategy.更多还原