外资银行进入中国:少数股权还是独立发展  

Foreign banks' entry into China:Minority equity or greenfield

作　　者：陈旭东[1] 曾勇[1] 

机构地区：[1]电子科技大学经济与管理学院,成都610054

出　　处：《系统工程学报》2015年第3期370-382,共13页Journal of Systems Engineering

基　　金：国家自然科学基金资助项目(70872016)

摘　　要：首先基于抵押贷款的视角构建了多家银行的信贷竞争均衡模型,在此基础上研究了具有经营成本优势的外资银行面对具有抵押品处理能力优势的中资银行时的外资银行进入模式选择问题,并进一步分析了未来并购政策与市场双重不确定性、外资银行的自身特征对其进入模式的影响.研究结论表明:随着并购政策出台可能性降低、市场的不确定性增加,外资银行趋于独立发展;外资银行的抵押品处理能力越强,经营成本越低,外资银行越愿意独立发展进入.This paper constructs a bank competition model between foreign banks with lower operating cost and local banks with better ability of liquidating collateral based on collateral view, and investigates how the uncertainty of merger policy, credit market scale and foreign banks＇ characteristics affect the foreign banks＇ entry choice. The results show that under the condition of the small likelihood of merger policy intro- duced or high credit market uncertainty, foreign bank prefer greenfield. Foreign banks with better ability of liquidating collateral or lower financial cost prefer greenfield.

关 键 词：外资银行进入 少数股权 独立发展 抵押贷款 

分 类 号：F832.3[经济管理—金融学]