【作者】 董飞；

【导师】 阮小莉；

【作者基本信息】 西南财经大学 ， 金融学， 2008， 硕士

【摘要】 2006年12月28日,银监会第55次主席会议通过《中国银行业监督管理委员会关于修改〈中国银行业监督管理委员会中资商业银行行政许可事项实施办法〉的决定》,将原实施办法第七条第四项“发起人股东中应当包括合格的境外战略投资者”修改为:“发起人股东中应当包括合格的战略投资者”。修改之前的《中资商业银行行政许可事项实施办法》中关于中资银行的发起人股东中应该包括合格的境外战略投资者的规定意味着新设的中资商业银行,必须引入境外股东;而修改后的文件不再要求设立中资银行必须引入境外战略投资者。的确,近年来,中资与外资在银行业股权投资上的合作日益增加,尤其是外资机构作为战略投资者进入中资商业银行,日益成为银行业对外开放中的一大亮点。大中小商业银行通过出让部分股权,纷纷引进境外战略投资者,形成了中国商业银行战略引资的热潮。中国银行业引入境外战略投资者始于1996年亚洲开发银行入股光大银行。2001年12月底,汇丰银行、香港上海商业银行分别参股上海银行8%和3%;2003年1月初,花旗集团首期取得上海浦东发展银行5%的股份,紧接着,国际金融公司、淡马锡控股有限公司、香港恒生银行等纷纷进入;2004年8月,汇丰银行又投资144.61亿元入股交通银行,占交通银行19.9%的股权,此后新桥投资、荷兰国际集团、澳洲联邦银行等都以第一大股东的面貌出现,占股比例提高;进入2005年以来,四大国有商业银行纷纷引入境外战略投资者:如中国建设银行于2005年6月17日向美国银行出售了9%的股份,价值30亿美元,中国工商银行向高盛集团旗下的投资子公司和德国安联保险公司出售35亿美元约9.9%的股份,中国银行先是向苏格兰皇家银行出售31亿美元约10%的股权,随后又向淡马锡出售31亿美元约10%的股权等等。截至2007年3月末,我国已有21家中资银行引进了29家境外战略投资者,引资金额达190亿美元。本文以此为背景,对当前中资银行在改革过程中引进境外战略投资者这一问题进行研究。论文主要分以下几个部分:第一部分,前言。本部分是论文的导论部分,介绍了论文的研究意义、国内外文献综述以及论文的研究方法、基本框架和主要内容。第二部分,中资银行引入境外战略投资者的背景分析和历程回顾。本部分从中资银行的引资需求、管理层的政策支持及外资参股中资银行的迫切愿望等方面对中资银行引进境外战略投资者的背景作了较为详细的分析,并以列表的形式对当前的中资银行业的总体引资情况作了介绍。中国银行业的引资过程主要分为以下几个阶段:第一阶段,早期试点阶段(2001年末之前)。这一阶段引进境外战略投资者的中资银行数目较少,以股份制商业银行和城市商业银行为主,而投资方以国际金融组织为主,并且带有一定的技术援助与合作性质;第二阶段,入世过渡初期摸索阶段(2001年末加入WTO至2004年)。中国成功加入世界贸易组织以后,外资金融机构参股中资银行的案例开始逐渐增多。这一阶段投资方逐渐从国际金融公司扩展到香港上海汇丰银行、法国巴黎银行、花旗银行、恒生银行等国际知名金融投资机构,被投资银行仍以全国性股份制商业银行和城市商业银行为主;第三阶段,后WTO时期的逐渐推广阶段(2004年至今)。这一阶段国有大型商业银行在股份制改革过程中先后引进境外战略投资者,与此同时境外投资机构更加趋于多元化。第三部分,中资银行引入境外战略投资者的正效应分析。国际知名金融机构的投资入股,最直接的效应就是短时间内使中资银行的资本金得到强有力的补充,资本充足率大幅提高;充足资本的同时也实现了中资银行股权结构的优化,对于中资银行建立多种股权互相制约的银行公司治理结构,使银行成为真正意义上的市场金融主体,从而完善金融运行与发展的微观机制也起到了体制转换的关键作用;境外战略投资者大多是国际知名金融机构,在商业银行经营理念、管理方法、信贷文化、风险控制技术及金融产品定价技术等方面有着丰富的经验,境外战略投资者的引入就成为国内银行业向国际先进银行学习的最便捷、最有效的途径,对我国商业银行快速吸收先进的管理经验和技术,改进全面风险管理框架,加强信贷风险管理,引进和创新金融产品和服务都有着积极的作用。从外资参股后中资银行的资本回报率、拨备覆盖率的提高及成本收入比、不良贷款率的下降等各项财务指标的初步改善也非常有利的说明了中资银行引入境外战略投资者的正面积极效应正在初步显现。第四部分,中资银行引入境外战略投资者的潜在风险关注。中资银行引入境外战略投资者对于中资银行来讲,是一把“双刃剑”,这是由引资过程中双方利益的不一致和着眼点的不同所决定的。作为投资方的境外金融机构,它们更看重的是其短期的资本收益和对参股银行甚至中国银行业、金融市场的控制权,从而最大化攫取全球金融市场的利润。外资参股中资银行,除了追逐利润这一资本的本质特性外,其更长远的目标是要控制这些商业银行和相应的中国市场份额,只有这样才能最大化其在华利润,资本对于利润的追求是无止境的,而外资也总是寻求以各种方式突破政策的上限,最大限度的持有中资银行的股份。由此导致的中资银行战略引资的过程中诸如控制权的争夺、机会主义的出现、甚至对我国金融稳定和金融安全的威胁等潜在风险的确值得关注。同时,外资参股城市商业银行,无疑会对民营资本的进入具有一定的挤出效应,况且目前境外投资者投资入股的都是位于中国经济发展最好的东部沿海地区的资产质量较好的商业银行,而金融资源不足的西部地区,迄今为止仅有西安市商业银行和南充市商业银行接受国际金融公司、加拿大丰业银行及德国投资与开发有限公司的参股。若这种状况继续下去,有可能加剧我国金融业地区发展的不平衡。第五部分,规范引入境外战略投资者发挥其积极作用的思考。综合前面章节对中国银行业引入境外战略投资者的收益与风险的分析,面对引进境外战略投资者这把“双刃剑”,要努力做到最大限度地发挥境外战略投资者的积极作用、缩小或降低其消极作用,就需要金融监管方面和中资银行方面的双重努力。金融监管方通过制定和完善相关的法律法规,在市场准入、市场运营、市场退出环节上最大程度地保证境外战略投资者的规范引入,从整体上把握中国银行业对外开放的速度和进度,在控股权和绩效之间争取找到最佳的平衡,在遵循市场规则的基础上保护本国银行业的发展,最大限度的降低战略引资对于中国金融稳定和金融安全的负面影响,未雨绸缪,审慎监管,充分发挥政策的导向作用,鼓励境外战略投资者参股中西部的中小银行,推动地区间经济金融平衡发展。与此同时,作为引进境外战略投资者主体的中资银行,应该本着“资源互补性”和“文化相容性”的原则甄别合格的境外战略投资者,引资后确保中方的控制权,对于外资方带来的先进技术,中资银行应该始终抱着“学习借鉴”的心态,尽快将外方的先进技术和管理经验“本土化”,培育自主创新能力,真正达到“为我所用”而非“受制于人”的引资目的,从而最大限度的实现引进境外战略投资者所带来的股权结构多元化、改善公司治理结构、完善内控机制、提高风险管理水平等积极效应、防范控制权旁落、国有资产被低估造成国有资产流失、联盟稳定性差等负面效应。第六部分,结论部分。本部分对全文进行了总结概括。中资银行引进境外战略投资者对中国银行业的改革和发展来讲,是一项全新的开拓性工作,战略引资所带来的积极效应正在逐渐显现的同时,其中孕育的潜在风险的确值得重视和关注。如何克服引进境外战略投资者的负面效应,最大限度地发挥战略引资的积极作用,需要金融监管部门和中资银行的共同努力。笔者认为,中国银行业在今后继续引进境外战略投资者的改革实践中,金融监管部门只要把握好开放的进度和力度,做足外资参股的市场准入、运营和退出环节的审慎监管,充分发挥政策的导向作用,中资银行只要严格遵循金融管理部门规定的原则和标准,在引入外资参股方的过程中不断增强自主创新能力,提高现代化金融服务水平,在绩效和控制权方面不断寻求最佳的平衡,真正做到“取长补短,为我所用”,相信定能实现与境外投资者的“双赢”。以上是本论文的主要组成部分。目前国内文献较多的是对战略引资某个方面的思考,观点不免失之偏颇,对于中资银行业战略引资的多角度辩证分析还不多见。本文的创新之处在于,对中国银行业引入境外战略投资者的积极效应和负面影响作了较为全面深入的分析,并对如何最大限度发挥战略引资的正面效应进行了积极的思考。更多还原

【Abstract】 At 2006 year’s end, along with joining the WTO transition-period’s conclusion, the Chinese finance industry will start the comprehensive foreign opening, the financial market will melt into the global finance system in a greater degree, a few Chinese banks introduce international strategic investor to improve competitive capacity. This thesis is extended at this background.The main thesis contains the following chapters:The first chapter is the preamble. This paper is part of the introduction of the research papers on the significance of literature and research methods paper, the basic framework and main contents.The second chapter, the introduction of foreign strategic investors course of the background analysis and review. Chinese-funded banks in the introduction of foreign strategic investors history. The process of foreign investments in China’s banking sector can be broadly divided into the following stages: the first stage, the early pilot phase. This phase of the introduction of foreign strategic investors in the number of banks in less funding to joint-stock commercial banks and city commercial banks and have invested mainly to the international financial organizations, and with a certain degree of technical assistance and cooperation in nature; Article Second stage: WTO transition early exploratory stage. China’s successful accession to WTO, the foreign shares of Chinese financial institutions banking case began gradually increased. This phase investment from the International Finance Corporation to gradually extended to the Hong Kong and Shanghai Bank, Citibank, Hang Seng Bank, and other renowned international financial and investment institutions, investment banks were still national joint-stock commercial banks and city commercial banks mainly the third stage, post-WTO era gradually promotion phase. This stage in the large state-owned joint-stock commercial banks in the process of reform has introduced foreign strategic investors, while foreign investment institutions become more diversified.The third chapter, the introduction of foreign strategic investors positive effect analysis. Renowned international financial institutions, investment shares, the most direct effect is a short period of time so that the Chinese-funded banks have strong capital added that the capital adequacy ratio substantially improved capital adequacy at the same time has also realized the Chinese-funded banks shareholding structure optimization, For a variety of Chinese-funded banks to establish equity mutual restraining bank corporate governance structure, enabled the banks to become a true sense of the main financial market, thereby improving the financial operation and development of micro-mechanism also played a key role in structural transformation; foreign strategic investors Most of internationally renowned financial institutions, commercial banks operating in the concept of management methods, the credit culture, technology and financial risk control technology, product pricing has extensive experience in the introduction of foreign strategic investors into the domestic banking sector to the advanced international banks learning the most convenient and most effective way for China’s commercial banks quickly assimilate the advanced management experience and technology to improve overall risk management framework, strengthening credit risk management, and the introduction of innovative financial products and services have a positive role.The fourth chapter, Chinese banks, the introduction of foreign strategic investors concerned about the potential risks. Chinese-funded banks to introduce foreign strategic investors in terms of the Chinese-funded banks, is a "double-edged sword", which is the process by attracting investments in the interests of both sides inconsistent and the focus of attention by the different decision. As an investment, offshore financial institutions, which attaches greater importance is its short-term capital gains on equity and banks even China’s banking sector, the control of the financial markets, thereby maximizing grab global financial market profits. Shares of Chinese foreign banks, in addition to the pursuit of profit, the capital of the essence, the more long-term goal is to control the commercial banks and the corresponding share of the Chinese market, the only way to maximize its profits in China, the capital of the pursuit of profits is endless, and always seek foreign investment in a variety of ways breakthrough policy limit, the maximum holding in the bank shares. The resulting strategic foreign investments in Chinese banks in the process such as the right of control for, the emergence of opportunism, and even to China’s financial stability and financial security, such as the threat of potential risks is worthy of our attention. At the same time, foreign equity participation urban commercial banks, private capital will undoubtedly enter a certain crowding - out effect Moreover, the current foreign investors to invest in shares of the company in China’s economic development are the best asset quality of the eastern coastal areas of business better banks, financial resources and lack of the western region, so far only in Xi’an City Commercial Bank and Nanchong City Commercial Bank International Finance Corporation, HSBC Bank Canada and the German Investment and Development Company’s equity participation. If this situation continues, there may exacerbate the development of China’s financial industry in the imbalance.The fifth chapter, the introduction of strategic investors norms play its positive role to ponder. Comprehensive chapters on the front of China’s banking sector to introduce foreign strategic investors and the proceeds risk analysis, in the face of the introduction of foreign strategic investors this "double-edged sword," we should strive to maximize their foreign strategic investors active role in narrowing or reduce its negative effect on the need for financial supervision and Chinese-funded banks in double efforts. Through the development of the financial supervision and perfect relevant laws and regulations, market access, market operators, the market withdraw from areas outside the greatest extent possible guarantee that the introduction of strategic investors norms, the overall opening up of China’s banking sector grasp the speed and progress in between control and performance to find the best balance in complying with the rules of the market to protect its banking sector on the basis of the development of strategies to maximize the reduction of foreign investments in China’s financial stability and financial security, the negative impact of the hidden perils, prudential ; give full play to the leading role of policies to encourage foreign strategic investors participated Midwest small and medium banks, and promote inter-regional economic and financial balance development. At the same time, the introduction of foreign strategic investors as the main Chinese-funded banks, and in a "complementary resources" and "cultural compatibility" principle screening of qualified foreign strategic investors, after attracting investments to ensure China’s control over for the foreign side advanced technology, the Chinese-funded banks should always hold on to the "learn from" the mentality of, as soon as possible, foreign advanced technology and management experience of "localization" and nurture the ability of independent innovation, really, "I used "rather than" being manipulated by others "of capital purposes, thus to maximize the introduction of foreign strategic investors brought about by the shareholding structure diversification, improved corporate governance structure, improve internal control mechanisms, risk management, such as the level of positive effects, precautions to lose control of the state-owned assets have been undervalued caused the loss of state assets, the poor stability of the negative effects.The sixth chapter is the concluding part. The full text of this part of a speech summed up. Chinese banks, the introduction of foreign strategic investors in China’s banking reform and development of speaking, is a new pioneering work, how to overcome the introduction of foreign strategic investors, the negative effects and maximize the positive play a strategic role in attracting investments the need financial regulatory departments and the joint efforts of Chinese-funded banks. We believe that the banking sector in China will continue to introduce foreign strategic investors in practice, as long as the strict compliance with the provisions of the financial management principles and standards, to make every effort to avoid problems that may arise, we can do in the premise of safeguarding national interests, and outside investors to achieve a "win-win" goal,These are the main components of the thesis. In this paper, the innovation lies in the fact that the introduction of the China Banking outside strategic investors and the positive effects of a negative impact on the more comprehensive and in-depth analysis, and play a strategic foreign investments in how to maximize the positive effects of positive thinking.更多还原