中国有问题金融机构处置研究

【作者】 檀江来；

【导师】 许少强；

【作者基本信息】 复旦大学 ， 金融学， 2008， 博士

【摘要】 中国金融机构大量出现问题的根源在于,计划经济时期财政性投资的的转嫁、地方政府对金融机构的行政干预、先天不足的融资体制、国有体制导致的所有人缺位、内部人控制和委托代理链过长以及泡沫经济等。另外,监管不到位、市场机制失灵同样会导致有问题金融机构的产生。一旦出现有问题金融机构,一定会给实体经济造成严重的负面冲击,并会产生了一系列令人生畏的负外部性,进而产生马太效应,形成银行业危机,甚至引发金融危机。纵观全球范围内有问题金融机构处置,救助机制、市场退出机制和存款保险制度(投资者保护制度)这三者构成了对有问题金融机构处置的框架体系。美国等国家和地区在处置过程中透明度较高、法制化程度高以及有关各方配合度都很高,这些都值得中国学习和借鉴。国外的实践也证明,处置的及时性非常重要。对国有商业银行救助行动是本次中国金融改革的重头戏。成立资产管理公司接收和处置四大商业银行不良资产;用外汇储备向四大银行注入资本金;引进战略投资者;股份制改造和发行股票上市。这些处置措施增强了金融结构的资本金实力,强化了金融机构的公司治理结构,使金融机构在透明化、规范化的框架下进行运作。对95%以上的有问题信托投资公司进行了关闭,对余下公司实行分业管理、规范运作。对于有问题证券公司的处置,则是结合股权分置改革以及对证券市场不规范行为的系列整治。对有严重问题的证券公司实行关闭和托管措施。在对有问题证券公司处置过程中建立了投资者保护基金。对于有问题金融机构处置的一系列措施,从总体上来说是有效的。由于各种原因,在整个处置过程中还是出现了一些问题:有问题金融机构引发接管方危机,被救助金融机构缺乏自我恢复技能,银行在执行贷款政策时矫枉过正,导致“担保链”问题,资产管理公司违规经营状况严重,对有问题金融机构的处置缺乏统一机制,有些措施容易产生新的问题。要想从根本上解决这些问题,金融企业在接管有问题金融机构过程中要量力而行,辩证认识金融创新,防范金融创新风险,提高有问题金融机构的自我恢复技能。从政府角度来看,要建立风险管理长效机制,可以利用证券市场,解决处置有问题金融机构的资金问题,改变经济发展模式,从根源上杜绝有问题金融机构。更多还原

【Abstract】 Many unhealthy financial institutions in China usually originate from the fiscal investment transfer, local government intervention, the immature financing system, lack of ownership under the state-owned structure, too long chain for the internal control and external agency, and the bubble economy. On the other hand, they are due to inefficient monitoring management, and invalid market organism. The unhealthy financial institutions will definitely have serious damage on the real economy, and will result in series of horrible negative externality. Furthermore, they will have Matthew domino effect, causing banking industry crisis and financial crisis.Looking around the world, the whole frame for dealing with those unhealthy financial institutions comprises of three parts: the rescuing organism, organism for exiting the market, and the saving insurance system (system for protecting the investors). China should learn from the other countries in dealing with unhealthy financial institutions with the high transparency, high level legalization, and harmonious cooperation among the related parties. The practices in other countries have also proved that quick actions are very important as well.The major part of China’s current financial reform lies in the actions for rescuing the state-owned commercial banks, which include but are not limited to: capital input into the four state-owned commercial banks with foreign currency reserve, inviting strategic investors, reform on the stock system, and issuing shares in the stock market. These actions have improved power of the financial institutions, enhanced the corporate management structure of the financial institutions, and helped the financial institutions operate under the structure of transparency and standardization. Most of the trust investment companies have been closed. As to dealing with the stockjobbers of problems, actions have been taken such as conducting reform on dividing the ownership, and series of punishment for irregular activities in the stock market. Those stockjobbers with serious problems have been either closed or sourced out for management. The investor protection fund has been established in the process of dealing with the stockjobbers of problems.Due to various reasons, some problems have been found while dealing with the financial institutions, which include low efficiency, leakage of state-owned assets, being lack of related laws, no self-recovering ability of the rescued financial institutions, series of problems after being rescued, problems found in the rescued institutions, etc. In order to solve these problems thoroughly, a long-term organism for healthy development of the financial market has to be established in a way that both the government and the financial institutions will take actions and regard the market as to the core of business. With improvement in management methods and market economy, it can be believed that China’s financial market will enjoy a sustainable, healthy and rapid development.更多还原