外资银行与中资银行的战略合作决策研究  

Strategic cooperation decision of the foreign bank and China's bank

作　　者：邓光军[1] 曾勇[1] 李强[1] 何佳[2] 

机构地区：[1]电子科技大学经济与管理学院,成都610054 [2]香港中文大学财务学系

出　　处：《管理科学学报》2012年第7期71-85,共15页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(70872016)

摘　　要：允许外资银行以少数股权形式与中资银行战略合作是中国银行业开放和中资银行改革的一个重要举措.在此背景下,考虑外资银行与本地引资银行之一战略合作以及未来控股本地引资银行的可能性,基于委托代理理论,构建控股决策的实物期权模型和少数股权合作决策模型,研究了外资银行与引资银行合作决策的交互行为.结果表明:1)未来控股引资银行的可能性是外资银行积极参与本地银行合作的更重要原因;2)现有少数股权合作机制和未来控股的可能性都难以激励外资银行有效贡献努力水平;3)为促进外资银行提高努力水平,引资银行应在少数股权合作机制中加入约束条款,相对于约束条款中的高约束指标,低约束指标更能促进外资银行贡献高努力水平.strategic investors by selling them minority stakes. Under sucha background, considering the strategic coopera- tion between a foreign bank and one of the two local banks and the possibility of the foreign bank＇ s acquiring the major shares of her local partner in the future, this paper sets up decision models of real option of M＆A and minority stake cooperation to study the interaction between the foreign bank and the. local bank. The re- suits show that： （1） the possibility of acquiring her local partner in the future is the more important reason that the foreign bank takes part in cooperation; （2） the existing mechanism of cooperation based on minority shares can not effectively stimulate the foreign bank to make effort, and the possibility of acquiring her partner further reduces her effort level; （3） the local bank cooperating with the foreign bank should add new binding provisions in the cooperation contract to stimulate the foreign bank to make effort effeetively. Relative to a higher binding target in the cooperation contract, the lower binding target could stimulate the foreign bank to improve effort level more effectively.

关 键 词：少数股权合作 银行兼并 实物期权 战略决策 

分 类 号：F830.59[经济管理—金融学] F406.7