绩效、控股权与战略投资者:转型经济银行改革的经验  

Performance, Controlling Stake and Strategic Investors: Experience from Banking Reform in Transitional Economy

作　　者：吴志峰[1] 

机构地区：[1]招商银行博士后工作站

出　　处：《金融论坛》2006年第5期3-9,共7页Finance Forum

基　　金：国家自然科学基金项目(项目编号:70373012)的一部分

摘　　要：东欧转型经济与中国当前的银行改革具有相似性。东欧国家在第一次银行改革中保持了国有控股权,但并没有提高经营绩效,继续开放导致超过75%的银行资产被外资控制。东欧国家的经验表明:在继续保持国有控股的情况下,引进战略投资者作为小股东并不能建立良好的银行治理结构,也不会有效改善经营业绩;而外国战略投资者控股银行后能够显著提高银行业绩,但国家也丧失了银行控股权,似乎在现有的改革路线中改善绩效与保持银行控股权二者不可兼得。因此,中国如果必须保持国内力量对主要银行的控股权,则应借鉴招商银行模式,建立国内大型企业法人持股的治理结构。The transitional economy in Eastern Europe is very similar to the ongoing banking reform in China. In the first banking reform, these countries remained majority shareholders in state-owned banks, but failed to improve their performance. But further open-up reform left 75% of banking assets under the control of foreign partners. This fact shows that： keeping a state-controlling stake, banks will neither have a good banking governance by introducing strategic investors as minority shareholders nor improve their performance effectively. On the contrary, foreign strategic investors can greatly better banking performance after they have acquired a controlling stake, although the state has lost the controlling stake. It seems that one cannot improve banking performance and retain state control in the ongoing reform at the same time. Therefore, China should establish a governance with legal person of large domestic enterprise holding shares against the model of China Merchants Bank if the Chinese side must stay in control of leading banks.

关 键 词：东欧国家 转型经济 银行改革 经营绩效 银行控制权 战略投资者 

分 类 号：F831[经济管理—金融学] F832.1