市场发展不均衡下外资银行进入模式研究  

The Entry Modes of Foreign Banks Under the Imbalance of Credit Market

作　　者：刘彬[1] 曾勇[1] 李强[1] 张波[2] 

机构地区：[1]电子科技大学经济与管理学院 [2]中国建设银行广西区分行

出　　处：《投资研究》2012年第5期34-51,共18页Review of Investment Studies

基　　金：国家自然科学基金项目"境外战略投资者在中资银行和外资银行在中国:理论与实证研究"(项目编号:70872016)的研究资助

摘　　要：市场特征将影响外资银行的进入模式和在华总资产。本文在市场存在高质量客户区域和低质量客户区域假设的基础上,建立外资银行进入模式的模型,从理论上给出外资银行在华独立发展总资产较少的一个解释。结论表明:因为外资银行在低质量客户区域存在信息劣势,在两个区域客户质量差异较大的情况下,外资银行将在客户规模差异小时选择在高质量区域独立发展模式,而在两个区域客户规模差异也大时选择既独立发展又股权合作的复合模式。只有两个区域客户质量差异不变,随着区域规模差异的增大,外资银行才倾向于选择单纯股权合作模式。此外,外资银行对本地市场熟悉程度下降将降低其选择独立发展模式的可能性。The entry modes and gross asset of foreign banks are affected by market characteristics. This paper divides the whole credit market into two regions with different quality of borrowers, and focuses on how the difference in characteristics between two regions affects the foreign banks＇ choice among Greenfield investment, shareholding and complex mode which enter through both the two modes above. The result shows that information asymmetry is a key determinant for foreign banks＇ entry modes choices. The greater the difference in quality of borrowers between two regions, the foreign bank is more likely to enter into the region with higher quality of borrowers via Greenfield investment. However, as the difference in region size between two regions increases, the foreign bank tends to enter into the whole market via complex mode. Only when the difference in quality of borrowers is fixed, would the foreign banks be more likely to hold shares of domestic bank as the difference in region size become greater. Meanwhile, the foreign banks would reduce the likelihood of Greenfield investment when they are not familiar with domestic market. All the conclusions above provide theoretically, useful explanations for the small gross asset of foreign banks through Greenfield investment.

关 键 词：外资银行 市场特征 信息不对称 进入模式 

分 类 号：F831.2[经济管理—金融学]