商业银行进入资本市场问题研究

【作者】 徐加胜；

【导师】 张大军；

【作者基本信息】 中共中央党校 ， 政治经济学， 2007， 博士

【摘要】 资本市场与商业银行的发展存在着相互依存、相互制约的关系。在国内资本市场发展迅猛和我国银行业已经实行全面对外开放的形势下，我国商业银行经营形势严峻，经营压力很大。论文研究目的旨在从资本市场发展对商业银行产生的影响这一角度来探讨商业银行的经营发展问题，或者说是从商业银行和资本市场的关系这一角度来研究商业银行。作者想在深入探讨商业银行和资本市场关系的基础上提出自己关于商业银行上市与机制完善、商业银行的资本市场业务创新以及商业银行与资本市场融合的风险与监管等问题的思考。论文主要运用的研究方法有：①制度分析和供求分析的方法；②历史分析的方法和比较研究的方法；③规范分析和实证分析、理论实证和经验实证相结合的方法。在理论实证上靠理论逻辑演绎自身，在经验实证上主要限于一般性数据罗列。论文研究总体上沿着从理论到实践的思路，首先是充分奠定商业银行进入资本市场的坚实理论基础，然后对商业银行进入资本市场的重要途径、业务创新以及风险监管等现实问题逐一进行具体论述。从篇章结构的安排来看，除引言外，论文共分五章。第一章主要通过对商业银行与资本市场关系的理论分析来阐述商业银行进入资本市场的理论基础。在这一部分，作者从默顿和博迪的金融功能观、系统论、规模经济与范围经济理论、金融资产同质性理论、金融资源共享理论、金融共生理论等多个角度对商业银行进入资本市场问题进行全方位的理论分析。作者认为，商业银行与资本市场是相互依存、相互制约、既竞争又互补的关系，两者不是可以完全替代的。第二章主要从实证分析的角度对主要发达国家和部分发展中国家商业银行与资本市场协调发展的国际经验作一整理总结，并追溯到新中国成立之前对中国商业银行的发展历史作一梳理，按照“洋为中用”和“古为今用”的原则，结合资本市场发展对中国商业银行已经产生重大影响的事实，充分揭示中国商业银行进入资本市场的现实意义。同时分别以美国和中国的数据为基础对证券资产与传统商业银行总资产之间的关系进行实证分析。第三章主要对商业银行上市，尤其是国有商业银行上市，这一商业银行进入资本市场的重要途径作一专门分析。作者对商业银行上市中存在的诸如商业银行上市的现实意义、中国国有商业银行上市的路径选择、商业银行IPO定价、商业银行上市的法律问题、商业银行信息披露问题、国有商业银行股改中引进境外战略投资者与控制权问题以及关于股票期权、员工持股计划等激励机制建设问题进行了具体分析。第四章主要探讨商业银行的资本市场业务创新问题。其内容在很大程度上属于操作层面的。作者首先对商业银行业务创新进行理论诠释，介绍国际上商业银行借助资本市场做大做强的经验，然后从制度经济学角度，提出推进金融混业经营的供需因素，指出目前我国商业银行可以经营的业务范围，并对银行全能化的发展趋势进行分析。继而，作者对商业银行开展资本市场业务的原则、发展战略等问题提出思考，最后作者对一些需要着力发展的商业银行投资银行业务作一介绍，比如财务顾问业务、企业重组并购业务、银团贷款业务、资产证券化等具体业务。第五章主要分析商业银行与资本市场相互融合的风险及其监管。作者首先对商业银行上市的风险、信贷资金入市的风险以及商业银行设立基金管理公司等拓展资本市场业务可能带来的风险因素进行分析。然后根据我国实际，提出具有前瞻性和可操作性的风险监管战略，并对风险监管体系构建、以及防范和化解商业银行与资本市场融合的风险问题提出对策建议。论文主要创新之处是：1．选题上的创新。论文跳出了就商业银行论商业银行的传统局限，明确以商业银行进入资本市场问题研究作为题目，这在以往所有论著和文献检索中并不多见。从这个意义上说，论文选题有些新意。2．理论分析的创新。论文从多个视角对商业银行与资本市场的关系进行了理论探讨，较为全面地分析了商业银行与资本市场之间相互依存、相互制约、既竞争又互补的关系，从而使论文在前人基础上对商业银行与资本市场之间关系的理论分析有所发展。3．论文对有关中外金融史料和现实中的商业银行与资本市场协调发展的内容进行了整理分析并得出如下结论：第一，商业银行进入资本市场是各国现代商业银行发展的大趋势；第二，证券市场发展并未对商业银行资产增长产生显著负面影响。4．论文对中国商业银行上市的路径选择、商业银行IPO定价、商业银行上市的法律问题、商业银行信息披露问题进行了探讨。5．论文提出了商业银行上市后实行员工持股计划和股票期权的政策建议。6．论文提出了可以进一步放宽外资参股中资银行的入股比例、国有商业银行改革要坚持国有的观点，指出设置“金股”是我国政府保持国有商业银行战略控制权的有效途径。7．论文提出银行全能化是我国商业银行经营转型的目标模式的观点，指出商业银行发展资本市场业务要坚持“有所为，有所不为”的原则，提出了商业银行发展资本市场业务的总体战略思路。8．论文对国有商业银行上市的风险、信贷资金入市的风险、商业银行设立基金管理公司的风险等问题进行了专门分析，提出了建立中国金融监管协调委员会，建立统一的金融监管体制和风险监管体系等政策建议。更多还原

【Abstract】 It is interdependent between the development of capital market and commercial banks. Under the situation that the domestic capital market development is fast and the banking industry of our country has already been completely open, commercial banks’ management of our country is rigorous. The research purpose of this paper is to probe into the management and development of commercial banks from the angle that the development of capital market affects on commercial banks.In other words,the paper researches commercial banks from the point of view of the relation between commercial banks and capital market.The writer wants to probe into such questions as below:the relation between commercial banks and capital market, listing of banks,the capital market business innovation of commercial banks,risk supervision on the fusion of commercial banks and capital market.The writer mainly uses the following several kinds of research approaches:①the method of institutional analysis and supply-demand analysis;②the method of historical analysis and comparative research;③the normative analysisi method combined with the positive analysis method.Generally speaking,train of thought in writing is from theory to practice. At first,the writer establishes the theoretical foundation that commercial banks enter capital market.Then the writer discusses the important way that commercial banks enter capital market, business innovation , risk supervision etc.The paper includes the preface and five chapters.Chapter 1 mainly elaborates the theoretical foundation that commercial banks enter capital market by theoretical analysis on the relation between commercial banks and capital market. In this part,the writer examines this matter from various angles,which include Merton and Bodie’s functional perspective of financial theory, systematic theory,scale-economy and scope-economy theory,fmancial asset similar nature theory,financial resources sharing theory,financial symbiotic theory etc.The writer points out that the relation between commercial banks and capital market is competitive and interdependent.Each of them can not be completely replaced by the other.Chapter 2 sorts out and summarizes the international experience that commercial banks and capital market are coordinated in some developed countries and developing countries from the point of positive analysis view.In this part,the writer sorts out the developing history of China commercial banks also.According to the fact that capital market has greatly affected commercial banks,the writer reveals the realistic meaning that commercial banks enter capital market in China.At the same time,this chapter analyzes the relation between security assets and traditional commercial bank’s assets by using the data of America and China. Chapter 3 mainly anylyzes listing of banks,especially the listing of state-owned commercial bank,which is an important way that commercial banks enter capital market.In this chapter,the writer will discuss the following problems: the realistic meaning of listing of banks,the path choice of listing of state-owned commercial bank, the pricing of commercial bank’s IPO,the legal issues of bank listing,the information disclosure of commercial banks, introducing foreign strategic investor and control right issues of state-owned commercial banks during bank restructuring,stock option and Employee Stock Ownership Plans (ESOP) etc.Chapter 4 mainly discusses the capital market business innovation of commercial banks.Most contents of them belong to the operating field.In this chapter,the writer gives some theory annotation to the commercial bank business innovation and introduces some experience that commercial banks become bigger and sronger by using capital market in the world first.Then the writer puts forward some supply-demand factors that promote the comprehensive operation of finance from the institutional economics angle, points out the business scope of commercial bank in China and analyzes the trend of universal banking. Afterwards,the writer puts forward the principle and development strategy that commercial banks develop capital market business.Finally,the writer introduces some investment-banking business of commercial banks, such as financial consultation, enterprise merger and acquisition,banking syndicate loans arrangement,and asset-backed securitization etc.Chapter 5 mainly analyzes the risk factors and risk supervision about the fusion of commercial banks and capital market.In this chapter,the writer first points out the risk of listing of banks,credit fund getting into stock market,and commercial banks establishing fund management company etc.Then the writer puts forward risk supervision strategy,and advances some suggestions about the problem that how to construct risk supervision system and how to guard against or control the fusion-risk of commercial banks and capital market.The paper’s main innovation is as follows:1.It is the innovation in choosing subject.The paper jumpes out of the traditional limit that discusses commercial banks in the area of commercial banks.The writer chooses studying on the problem of commercial banks entering capital market as the paper’s title,which is not offen seen in the past works and documents.The paper’s choosing subject has some new meaning from this angle.2.It is the the innovation in theory analysis. The paper elaborates the relation between commercial banks and capital market from various angles,completely analyzes the relation between commercial banks and capital market,which is competitive and interdependent.Therefore,the paper develops the theory analysis between commercial banks and capital market based on the former research.3.The paper sorts out and summarizes the contents that commercial banks and capital market are coordinated in China and foreign countries’financal history and reality from the point of positive analysis view.The paper’s conclusion is as follows:First,it is a trend of modern commercial banks that commercial banks enter capital market in all countries;Secondly,the development of securities market has not clearly negatively influenced the increase of commercial bank’s assets.4.The paper discusses the path choice of listing of state-owned commercial bank, the pricing of commercial bank’s IPO,the legal issues of bank listing,the information disclosure of commercial banks etc.5.The paper puts forward the policy suggestion that commercial banks carry out stock option and Employee Stock Ownership Plans (ESOP) after listing of banks.6. The paper puts forward the viewpoint that our country can loose the stock right structure limit that foreign capital invest Chinese commercial banks.The paper also insists on that the government of our country should controle the ownership of state-owned commercial banks during the process of our country’s banking reform.The paper points out that the government can maintain its strategic control over banks by setting up golden share in the stock right structure of state-owned commercial banks.7.The paper puts forward that universal banking is the goal mode of our country’s commercial bank operarional transformation,and commercial banks develop capital market business should persist in the principle of doing or not doing. The paper advances the integrated strategic thought that commercial banks develop capital market business in China.8.The paper analyzes the risk factors of listing of banks,credit fund getting into stock market,and commercial banks establishing fund management company etc. The paper puts forward some suggestions such as setting up coordination committee of financial supervision in China, constructing the unified financial supervision system and risk supervision system etc.更多还原