国有控股商业银行产权改革问题研究

【作者】 孔伟艳；

【导师】 王珏；

【作者基本信息】 中共中央党校 ， 政治经济学， 2010， 博士

【摘要】 从美国次贷危机演变而来的金融危机,使主要资本主义国家出现了商业银行国有化的现象。中国四大国有商业银行却反其道而行之,以2009年1月中国农业银行股份有限公司的成立为标志,完成了股份制改造。金融危机带来的银行国有化,是不是对过去非国有化改革的否定?股份制改革后,国有控股商业银行还存在哪些问题?这些问题的原因和对策是什么?国有控股商业银行深化产权改革的方向是什么?在推进金融体制改革的国内背景与金融全球化和金融自由化的国际背景下,研究和解决这些问题,在理论上有利于完善中国特色社会主义理论体系,探索现代商业银行产权制度;在实践上有利于推动我国四大银行深化产权改革,提高我国银行的微观经济绩效,进而提高金融业整体效率,防范和化解金融风险。本文遵循“问题→原因→对策”的研究思路,正文内容包括以下三个部分:1.问题部分(第1、2章)我国四大国有银行改革与发展的历史进程,包括大一统阶段、专业化阶段、商业化阶段和股份化阶段。对国有商业银行股份制改革按照三大类七项指标进行评估的结果表明,股份制改革是卓有成效的。但同时也遗留和产生了一些问题,包括国有控股商业银行引进战略投资者带来的金融安全问题,与国外先进银行相比在公司治理、风险管理和人力资源管理等方面的差距,以及股改上市、金融创新、混业经营等导致金融监管困难增加的问题。2.原因部分(第3章)国有控股商业银行在后股改时期存在问题的根源,在于产权改革不够彻底,股权结构高度集中。四大国有控股商业银行中国有股份(包括国家股和国有法人股)所占比例在70%以上(新建行为57.02%),政策制定主体和市场主体混淆的问题得不到根本解决,真正的公司治理制度就难以建立,高成本低效益的经营现状也就难以从根本上改变。因此,深化国有控股商业银行产权改革势在必行。本文接下来从理论综述与实践经验两个方面探索了深化产权改革的方向。首先,国内外大多数学者主张商业银行产权多元化和国有股减持。其次,世界主要国家商业银行产权制度的历史变迁和基本规律也表明:产权多元化是商业银行产权制度变迁的历史趋势,也必然是中国商业银行产权制度的发展趋势。最后,金融危机引起的银行国有化,只是产权多元化这一主旋律中的插曲。3.对策部分(第4、5章)我国要在尊重客观规律和分析基本国情的基础上,建立中国特色的商业银行产权制度。首先,在股份制改革现有成果的基础上,产权多元化具有必要性、必然性与可行性,建立以产权多元化为核心的现代商业银行产权制度,是国有控股商业银行深化产权改革的必然方向。其次,建立现代商业银行产权制度的首要步骤是优化产权结构,其目标模式应当是有一定集中度又存在相对控股股东的产权结构,其实现途径就是国有股减持。在已经股改上市的三大银行中,随着国有股减持,全要素生产率(TFP)、股本净回报率(ROE)和总资产净回报率(ROA)呈现上升趋势,有力地证明了这一点。最后,建议国有控股商业银行优化产权结构实行“三步走”战略:中国农业银行加快引资上市,三大国有控股商业银行继续优化产权结构,构造股权适度集中、国家相对控股的产权结构。在坚持国有控股商业银行产权多元化改革取向的同时,还要进行与产权改革相关的制度创新。主要包括:完善公司治理制度,使之与产权改革互相促进;稳步推进混业经营,扩大银行利润来源,分散银行经营风险;积极探索政治民主化改革,切断政企不分的根源;完善金融市场体系和相关法律,保障产权交易自由。论文综合运用了马克思主义的历史与逻辑相统一的方法、规范与实证相结合的方法。在分析国有股减持的贡献时,主要使用了定量分析方法。论文的主要创新点包括研究方法与研究结论的创新。(1)论文运用Cobb-Douglas生产函数y = f ( K , L )= AKαLβ,以已经股改上市的三大银行为案例,实证分析了国有股减持对全要素生产率的贡献,国有股减持对股本净回报率和总资产净回报率的贡献,具有研究方法上的创新。结果表明:①无论是以净资产为投入,以税前利润为产出,还是以总资产为投入,以税前利润加利息支出为产出,无论改革前后劳动力弹性系数β的值是否改变,三大银行股份制改革后的全要素生产率都比改革前明显增加;②随着国有股权比例的下降,国有控股商业银行的股本净回报率和总资产净回报率都明显提高。(2)研究结论的创新包括:①分析了商业银行产权制度与金融危机的关系,认为产权多元化配合风险管理和有效监管,才能有效防范金融危机。②国有控股商业银行产权改革的方向是建立现代商业银行产权制度,其基本内涵为主体明确、约束严格、产权多元、交易自由,核心是产权多元化,目标模式为有一定集中度又存在相对控股股东的产权结构,具体到我国就是股权适度集中、国家相对控股的模式,实现这一目标模式的有效途径是国有股减持。更多还原

【Abstract】 The financial crisis that evolved from Subprime mortgage crisis has brought about bank nationalization in main Capitalist countries. On the contrary, the four majior commercial banks of China have completed shareholding reform with the foundation of Agricultural Bank of China Ltd. in January 2009. Does bank nationalization caused by the financial crisis deny the past non-nationalization reform? What are the problems of state-controlled commercial bank left after shareholding reform? What are the reasons for these problems? How to solve these problems? What is the orientation of the property right reform of state-controlled commercial bank? In the domestic background of promoting financial system reform and the international background of financial globalization and liberalization, studying and solving these problems theoretically can perfect the theoretical systems of socialism with China characteristics and explore the modern property system of commercial bank, and practically will contribute to deepen the property right reform of the four majior commercial banks in China, improve the performance of Chinese banks, increase the efficiency of financial industry, and prevent and cope with financial risk.In light of the research thinking of“problems-reasons-countermeasures”, the main body of this dissertation contains three parts as follows:PartⅠProblems (Chapter 1 and 2)The reform and development of the four majior commercial banks in China can be divided into four stages: Great unity, Specialization, Commercialization and Shareholding reform. It is suggested that shareholding reform is effective according to the standards of 7 indexes classified into 3 types. However, there are also a series of problems left, including the financial safety problem caused by state-controlled commercial bank’s introducing strategic investors, the gap between state-controlled commercial bank and external advanced bank in corporate governance, risk and human resource management, etc. and the increasing difficulties in financial supervision caused by shareholding reform and getting listed, financial innovation and integration of financial industry.PartⅡReasons (Chapter 3)The root of the problems in state-controlled commercial bank after shareholding reform is the incomplete property right reform and the highly centralized equity structure. The State-owned shares including the State shares and the State-owned corporate shares take up over 70% in the four state-controlled commercial banks(that is 57.02% in China Construction Bank), and the problems that policy making subject is mixed with market subject can’t be solved. Hence, true corporate governance mechanism can’t be established, and the current operation situation of high cost and low benefit can’t be changed completely. Therefore, deepening the property right reform of state-controlled commercial bank is imperative under the situation. Then the orientation of deepening the property right reform is explored from the aspects of both theoretical summary and practical experiences. Firstly, most scholars at home and abroad advocate the property diversification of commercial bank and the reduction of State-owned shares. Secondly, the historic change and its basic laws of the property system of commercial bank in main countries also suggest that property diversification is the historic trend of the property system transition of commercial bank, and is certainly the development trend of China. Lastly, bank nationalization caused by the financial crisis is the episode in the theme of property diversification.PartⅢCountermeasures (Chapter 4 and 5)We should establish the property system with Chinese characteristics of commercial bank on the basis of respecting objective laws and analyzing the basic situation of China. First of all, there are necessity, inevitability and feasibility with property diversification based on the achievements of shareholding reform. It is the inevitable orientation for state-controlled commercial bank in deepening the property right reform to establish the modern property system of commercial bank with the core of property diversification. Second, the foremost step of establishing the modern property system of commercial bank is to optimize the property structure. Its target model should be the property structure with certain concentration and relative controlling shareholders. The reduction of State-owned shares is an effective approach, which has been soundly proved by the fact that Total Factor Productivity (TFP), Return of Equity (ROE) and Return of Assets (ROA) of the three banks which have completed shareholding reform and got listed are rising with the reduction of State-owned shares. Finally, the three-step strategy of the property diversification of state-controlled commercial bank is put forward as follows. First, Agriculture Bank of China should speed up capital introducing and listing. Second, three state-controlled commercial banks should keep on optimizing the property structure. Last, the property structure containing both moderate centralization and relative controlling State-owned shares should be constructed.We should insist on the reform orientation of property diversification of state-controlled commercial bank, and carry out institution innovation related to property right reform as well. We should perfect corporate governance mechanism and get to mutual promotion with property right reform, steadily push forward integration of financial industry to broaden the resource of profit and diversify risks, positively explore the reform of political democratization to cut off the root of government’s over interference in state-owned enterprises, and improve financial market system and the laws concerned to ensure that property right can be traded freely.This dissertation adopts the methods of combining logics with history and normal analysis with empirical analysis from the perspective of Maxism. Quantitative analysis is mainly used when it refers to the contribution of the reduction of State-owned shares.The main innovations of this dissertation lie in research method and research conclusion. Firstly, this dissertation empirically analyzes the contribution of the reduction of State-owned shares to TFP, ROE and ROA, using the production function y = f ( K , L )= AKαLβand the case of the three banks which have completed shareholding reform and got listed, which is the innovation in research method. The results are as follows:ⅰ)TFP of the three banks increase after shareholding reform, whether the input is set to be pure or total assets, whether the output is set to be profit before tax or added to interest expenditure, and whether the elasticity of laborβchanges or not.ⅱ)Both ROE and ROA of state-controlled commercial bank obviously increase as the proportion of State-owned shares falls. Secondly, the innovation in research conclusion includes:ⅰ)The relationship between the financial crisis and property system of commercial bank is analyzed. It is concluded that only by the combination of property diversification, risk management and effective supervision, can the financial crisis be prevented effectively.ⅱ)The orientation for state-controlled commercial bank in deepening the property right reform is to establish the modern property system of commercial bank, whose basic connotation is that the subject should be clear, the constraints should be stringent, the property should be diversified, and the trade should be free. Its core is property diversification, its target model is the property structure with certain concentration and relative controllers and is the one containing both moderate centralization and relative controlling State-owned shares as for China, and its effective approach is the reduction of State-owned shares.更多还原