我国商业银行国际化路径选择研究
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摘要
任何事物向前发展的过程中,路径的选择决定事物的成败。路径的选择受事物本身以及影响事物存在和发展的诸多因素影响,运用科学的理论和方法,结合实证研究的成果,可以对事物发展的路径进行正确的选择,从而决定事物的前进方向。
伴随着世界经济的飞速发展,生产的国际化和贸易的全球化趋势日益增强,国际间资金和资本的流动越来越频繁,规模越来越大,与之相配套发展的,商业银行的跨国经营也越来越普遍。一百多年间,特别是二十世纪80年代以来,由于各国政府放松对金融系统的管制和采取金融自由化的发展政策,欧美和日本等发达国家在进行国际贸易和实行资本输出过程中,先后出现了花旗银行、汇丰银行、美洲银行、三菱银行等一大批跨国经营的商业银行,分支机构遍布全球各地,经营范围涉及各国经济领域,形成一个跨国的经营网络,商业银行国际化经营已成为金融全球化的一个重要表现和内容。中国加入WTO,意味着我国经济与世界经济更加紧密融合,将推动以我国商业银行为主体的金融活动跨越国界,由局部地区性的传统业务活动发展为全球性的、创新性的业务活动。同时,根据世贸组织对等互惠,政策信息透明的原则,许多外资商业银行也开始涉足我国经济领域,开展各项经营业务,我国金融市场实际上已经成为全球金融市场的重要组成部分。而对日益激烈的竞争环境,为了抵御风险和提高盈利,我国商业银行也开始走向国际化的经营,符合当前时代潮流和经济发展规律的内在要求,对我国金融行业的发展具有战略意义。可以说,商业银行的国际化问题已经刻不容缓的摆在我们的面前。因此,有必要对商业银行国际化的路径选择进行深入的研究。
中国的商业银行要打造成为世界一流银行,在国际化发展中必须拥有清晰的国际化整体发展战略并有效地将其分解和具体化,要保持成长必须选择审慎缜密的发展路径而不是机会主义式抽签儿的方式和方法。根据银行国际化的内涵,商业银行国际化路径选择可以分解为机构国际化路径、业务国际化路径、管理国际化路径,机构国际化路径可以进一步具体分解为股权边界选择和区域市场选择,业务国际化可以进一步具体分解为业务选择和行业选择,管理国际化较为复杂,涵盖了融资、公司治理结构、风险控制、人才培养等多方而内容,考虑到本文研究商业银行在国际化决策时面临的现实选择,这一部分多属于后续工作,不再做阐述。因此,本文根据商业银行国际化内容提取了银行家在进行国际化决策时不可回避必须考虑的4个主要问题进行阐述,具体来说,本文的商业银行国际化路径是指商业银行在总体国际化发展战略引导下,选择不同的方式和策略完成跨国银行全球布局,从地理区域、行业选择、业务路径、股权边界14个维度进行考察。
本文首先说明了商业银行国际化的基本内涵,包括概念,内容,形式和标准等,对商业银行国际化路径选择的基础概念和理论基础进行了详细的阐述,具体将可能对商业银行国际化路径选择产生影响的理论基础按分析角度不同分为四类,一类是国际化动因理论,这类理论主要回答为什么商业银行要国际化的问题,但是其中涉及到的影响因素同样可为本文所研究的路径选择提供借鉴和参考；一类是并购学理论,从企业扩张方式的角度进行的路径选择分析；一类是商业银行发展阶段理论,从历史发展的角度进行总结归纳；最后一类是以战略经营的角度看待路径选择问题,即出于银行各种战略需要,以长期的企业价值最大化为目标进行了国际化路径选择。
其次从当前国际金融体制和全球金融市场出发,分析了我国政府对商业银行国际化的态度、发展水平和金融环境,考察了在巴塞尔协议约束下各国对金融的监管和市场准入控制,进而从我国商业银行核心竞争力出发,重点分析了我国这样一个新兴发展中国家的商业银行在进行国际化路径选择时需要考虑的各种影响因素。银行国际化并不是单纯的市场行为,要受到政治、对外经济交往、国际金融监管等诸多宏观因素影响,我们有必要将之放在一个更大的背景下,对全球金融体制和金融环境有一个正确的认识,对我国金融产业发展和国家金融战略有一个全而的了解,从而立足我国商业银行核心竞争力,寻找我国商业银行国际化的有效道路。同时,本文对花旗集团、美国银行、摩根大通、汇丰集团、三菱日联、瑞银集团、富国银行、美联银行、苏格兰皇家银行、德意志银行、渣打银行这11个大型金融集团的跨国发展之路,并通过与我国商业银行所处历史阶段、金融市场环境等因素的对比,寻找适合我国商业银行的有中国特色的跨国发展之路。通过比较上述11家金融集团的国际化过程,这种研究在国内的比较研究中,也尚属首次。
最后,本文总结我国商业银行国际化应遵循“本土化、市场化和阶段化”的原则,在业务,行业,地域和股权边界四个维度分别采用不同的路径。在业务选择方面,分析了人民币区域化带来的机遇,认为我国商业银行应当充分把握这一良机,重点发展自身所特有的优势业务—人民币业务,并推荐了科技发展和业务创新在推动国际化业务发展方面的重要作用；在行业选择方面,考虑现阶段商业银行的多余资本和盈利模式压力,如果发展业务多元化仍然在规模效应和协同效应曲线临界点内,则应当采取多元化拓展战略,反之,随着业务和规模扩张,如果出现了妨碍商业银行经营战略的情况,如盈利能力不行,或是阻碍核心业务发展等情况,那么也要进行果断的剥离,商业银行应在不断地扩张和剥离中达到自身的平衡；在地域方面,根据我国金融业的发展程度,借鉴国际金融集团的发展经验,本分提出了“整合港澳资源,拓展亚太地区,进军非洲南美市场,最后挺进欧美发达市场”的区域路径目标；在股权边界选择方面,本文以Dunning的OLI模型为基础,加入了市场环境(M)这一层面,形成了OLIM分析模型,以此分析了我国银行国际化路径选择的影响因素：银行规模、国际化经验、地理距离、文化差异、银行业管制、中国对东道国的直接投资、双边贸易额,东道国国际化程度及市场规模等,通过以上影响因素分析来决定选择哪种方式。
我国商业银行通过对这4个维度作出抉择,有计划、有组织、有序地实施国际化战略,推动海外扩张具体项目的实施。而且这些路径的选择具有内在的联动性,互相施加影响,互相制约,相辅相成,共同构成商业银行国际化的整体战略,推动商业银行向着跨国银行的目标得以逐步实现。
In the process of everything development, path selection decides their success or failure. Path selection is influenced by itself and many other factors that the existence and development of things to influence. By using scientific theory and methods and combining with the results of empirical research, the path of things development can be selected correctly, and to decide things forward direction.
With the rapid development of world economy, the internationalization of production and the globalization of trade are growing trend, the flows of international finance and capital is more and more frequent, and the scale is bigger and bigger, with the development, cross-border management of commercial banks has become increasingly common. Hundred years, especially since the eighties of the twentieth century, due to governments relaxing the control of the financial system and taking the development policies of financial liberalization, during the international trade and the process of the export of capital, there is a large number of multinational operations of commercial banks, such as Citibank, HSBC, Bank of America, Mitsubishi Bank in Europe, America and Japan and other developed countries, which branches are all over the world, business related to the areas of national economies, and forming the transnational business networks, so international operations of commercial banks is an important manifestation and content of financial globalization. China's accession to WTO means that China economic integrates with the world economy much closer, which will promote financial activities of China's commercial banks as the mainstay across borders, from the local regional traditional business activities to global, innovative business activities. Meanwhile, according to the principle of reciprocity and transparent policy information of WTO, and many foreign commercial banks have begun to get involved in our economy area and carry out various operations, that is, China financial markets has actually become an important part of the financial markets in the world. Faced with increasingly fierce competitive environment, in order to withstand risks and improve profits, China's commercial banks has started to international business, which is in line with the current trend and the inherent requirement of the law of economic development, has strategic significance to the development of China's financial industry. That is, international issues of commercial banks have been of great urgency. Therefore, it is necessary to in-depth study the path selection of internationalization of commercial banks.
China's commercial banks to build world-class banks in the international development must have a clear international strategy and, effectively decomposed and concrete, and to maintain the growth must select careful and cautious path rather than the opportunistic ways and means by balloting. According to the connotation of banks internationalization, internationalization path of commercial banks can be decomposed into the organizations internationalization path, the business internationalization path and the management internationalization path, meanwhile, organizations internationalization path can be further broken down into shares borders and regional markets selection, the business internationalization path can be further broken down into business selection and industry selection, and management internationalization, more complex internationalization, covering finance, corporate governance, risk control, personnel training, and many other content, taking into account facing the reality of commercial banks in the international decision-making selection in this paper, this part of the multi-part follow-up, do not elaborate. Therefore, according to the contents of internationalization of commercial banks, this paper extracts 4 issues that they can not be avoided when the bankers make international decision. Specifically, in the paper, internationalization path of commercial banks is under the guidance of the overall international development strategy to choose different ways and strategy to complete multinational banks globally, from business, industry path, geographic region and shares border 4 dimensions to investigate.
Firstly, this paper describes the basic content of internationalization of commercial banks, including concept, content, format and standards, and analyzes concepts and theoretical basis of internationalization path of commercial banks, specifically to divided theoretical basis that may affect internationalization path of commercial banks selection into four categories, one is an international theory of motivation, these theoretical answer the problem that why the commercial banks to internationalization, but the impact factors involving to provide reference for the path research in this paper; One is the theory of mergers and acquisitions, means from the perspective of business expansion to analysis the path selection; one is the theory of commercial banks development stage, from the perspective of historical development to summary; the last one is strategic business perspective to study path selection,that is, due to a variety of strategies need of banks, to choose international path by maximize the business value as long-term goal.
Secondly, from the current international financial system and global financial markets, to analyzes the attitude of the Government to internationalization of commercial banks, development level and financial environment, to study in the of the Basel regulatory constraints financial and market access control of the countries, and from the core competitiveness of China's commercial banks, starting a key analysis to China's commercial banks in emerging developing countries during the internationalization paths selection to consider various factors. Bank internationalization is not only, but also to be subject to political and foreign economic relations, international financial regulation, and many other macroeconomic factors, we need to place it in the a larger context to has a correct understanding to global financial system and financial environment,to China's financial industry and the country's financial strategy has a comprehensive understanding, which based on the core competitiveness of China's commercial banks, to find an effective way of internationalization. At the same time, the paper analyzes Citigroup, Bank of America, JP Morgan, HSBC Holdings, Mitsubishi UFJ, UBS, Wells Fargo, Wachovia, Royal Bank of Scotland, Deutsche Bank, Standard Chartered Bank, the 11 large international financial group development Road, and with the historical period in which commercial banks in China, the financial market environment factors such as contrast, searching for commercial banks in China with Chinese characteristics, cross-border development, by comparing the process of 11 international financial groups, such studies in the Comparative Study of China is the first time.
Finally, the paper summarizes that internationalization of Commercial Bank in China should follow the "localization, marketing, stage by stage" principle, in business, industry, geographical and shares border four dimensions to adopt different paths. In the business, analyzing the opportunities of RMB regionalization that China's commercial banks should take full advantage of this opportunity to focus on developing their own unique advantages Business-RMB business, and recommended technology and business innovation in the promotion of international the important role of business development; in the industry, given current capital and surplus of commercial banks profit model pressure, if the development is still in business diversification and synergies of scale within the critical point curve, you should take diversified expansion strategy, On the contrary, as the business and scale expansion, if business strategy that hamper the case of commercial banks, such as profitability, can not, or hinder the core business, etc., then have to be resolute detachment, commercial banks should continue to expand and stripping to achieve their own balance; in the region, according to the degree of financial development, drawing on experience in the development of international financial groups, put forward the "integration of Hong Kong and Macao resources, expanding Asia-Pacific, Africa, South America to enter the market, the last European and American developed markets advance "the local path goals; in shares border, this paper bases on Dunning's OLI model, joined the market environment (M) at this level, forming a OLIM model, to analyze internationalization path selection factors of China Bank:bank size, international experience, geographical distance, cultural differences, banking regulation, China's direct investment in host countries, bilateral trade volume, the degree of the host country and international market size, according to the above factors to determine the path selection.
China's commercial banks make decision according to these four dimensions, planned, organized and orderly to implement international strategy and to promote the implementation of overseas expansion projects. And the selection of these paths are inherently interconnected, influencing each other and check each other mutually, together constitute overall strategy of the internationalization of commercial bank,and to promote the goal of the commercial banks towards banks internationalization to gradually realized.
伴随着世界经济的飞速发展,生产的国际化和贸易的全球化趋势日益增强,国际间资金和资本的流动越来越频繁,规模越来越大,与之相配套发展的,商业银行的跨国经营也越来越普遍。一百多年间,特别是二十世纪80年代以来,由于各国政府放松对金融系统的管制和采取金融自由化的发展政策,欧美和日本等发达国家在进行国际贸易和实行资本输出过程中,先后出现了花旗银行、汇丰银行、美洲银行、三菱银行等一大批跨国经营的商业银行,分支机构遍布全球各地,经营范围涉及各国经济领域,形成一个跨国的经营网络,商业银行国际化经营已成为金融全球化的一个重要表现和内容。中国加入WTO,意味着我国经济与世界经济更加紧密融合,将推动以我国商业银行为主体的金融活动跨越国界,由局部地区性的传统业务活动发展为全球性的、创新性的业务活动。同时,根据世贸组织对等互惠,政策信息透明的原则,许多外资商业银行也开始涉足我国经济领域,开展各项经营业务,我国金融市场实际上已经成为全球金融市场的重要组成部分。而对日益激烈的竞争环境,为了抵御风险和提高盈利,我国商业银行也开始走向国际化的经营,符合当前时代潮流和经济发展规律的内在要求,对我国金融行业的发展具有战略意义。可以说,商业银行的国际化问题已经刻不容缓的摆在我们的面前。因此,有必要对商业银行国际化的路径选择进行深入的研究。
中国的商业银行要打造成为世界一流银行,在国际化发展中必须拥有清晰的国际化整体发展战略并有效地将其分解和具体化,要保持成长必须选择审慎缜密的发展路径而不是机会主义式抽签儿的方式和方法。根据银行国际化的内涵,商业银行国际化路径选择可以分解为机构国际化路径、业务国际化路径、管理国际化路径,机构国际化路径可以进一步具体分解为股权边界选择和区域市场选择,业务国际化可以进一步具体分解为业务选择和行业选择,管理国际化较为复杂,涵盖了融资、公司治理结构、风险控制、人才培养等多方而内容,考虑到本文研究商业银行在国际化决策时面临的现实选择,这一部分多属于后续工作,不再做阐述。因此,本文根据商业银行国际化内容提取了银行家在进行国际化决策时不可回避必须考虑的4个主要问题进行阐述,具体来说,本文的商业银行国际化路径是指商业银行在总体国际化发展战略引导下,选择不同的方式和策略完成跨国银行全球布局,从地理区域、行业选择、业务路径、股权边界14个维度进行考察。
本文首先说明了商业银行国际化的基本内涵,包括概念,内容,形式和标准等,对商业银行国际化路径选择的基础概念和理论基础进行了详细的阐述,具体将可能对商业银行国际化路径选择产生影响的理论基础按分析角度不同分为四类,一类是国际化动因理论,这类理论主要回答为什么商业银行要国际化的问题,但是其中涉及到的影响因素同样可为本文所研究的路径选择提供借鉴和参考；一类是并购学理论,从企业扩张方式的角度进行的路径选择分析；一类是商业银行发展阶段理论,从历史发展的角度进行总结归纳；最后一类是以战略经营的角度看待路径选择问题,即出于银行各种战略需要,以长期的企业价值最大化为目标进行了国际化路径选择。
其次从当前国际金融体制和全球金融市场出发,分析了我国政府对商业银行国际化的态度、发展水平和金融环境,考察了在巴塞尔协议约束下各国对金融的监管和市场准入控制,进而从我国商业银行核心竞争力出发,重点分析了我国这样一个新兴发展中国家的商业银行在进行国际化路径选择时需要考虑的各种影响因素。银行国际化并不是单纯的市场行为,要受到政治、对外经济交往、国际金融监管等诸多宏观因素影响,我们有必要将之放在一个更大的背景下,对全球金融体制和金融环境有一个正确的认识,对我国金融产业发展和国家金融战略有一个全而的了解,从而立足我国商业银行核心竞争力,寻找我国商业银行国际化的有效道路。同时,本文对花旗集团、美国银行、摩根大通、汇丰集团、三菱日联、瑞银集团、富国银行、美联银行、苏格兰皇家银行、德意志银行、渣打银行这11个大型金融集团的跨国发展之路,并通过与我国商业银行所处历史阶段、金融市场环境等因素的对比,寻找适合我国商业银行的有中国特色的跨国发展之路。通过比较上述11家金融集团的国际化过程,这种研究在国内的比较研究中,也尚属首次。
最后,本文总结我国商业银行国际化应遵循“本土化、市场化和阶段化”的原则,在业务,行业,地域和股权边界四个维度分别采用不同的路径。在业务选择方面,分析了人民币区域化带来的机遇,认为我国商业银行应当充分把握这一良机,重点发展自身所特有的优势业务—人民币业务,并推荐了科技发展和业务创新在推动国际化业务发展方面的重要作用；在行业选择方面,考虑现阶段商业银行的多余资本和盈利模式压力,如果发展业务多元化仍然在规模效应和协同效应曲线临界点内,则应当采取多元化拓展战略,反之,随着业务和规模扩张,如果出现了妨碍商业银行经营战略的情况,如盈利能力不行,或是阻碍核心业务发展等情况,那么也要进行果断的剥离,商业银行应在不断地扩张和剥离中达到自身的平衡；在地域方面,根据我国金融业的发展程度,借鉴国际金融集团的发展经验,本分提出了“整合港澳资源,拓展亚太地区,进军非洲南美市场,最后挺进欧美发达市场”的区域路径目标；在股权边界选择方面,本文以Dunning的OLI模型为基础,加入了市场环境(M)这一层面,形成了OLIM分析模型,以此分析了我国银行国际化路径选择的影响因素：银行规模、国际化经验、地理距离、文化差异、银行业管制、中国对东道国的直接投资、双边贸易额,东道国国际化程度及市场规模等,通过以上影响因素分析来决定选择哪种方式。
我国商业银行通过对这4个维度作出抉择,有计划、有组织、有序地实施国际化战略,推动海外扩张具体项目的实施。而且这些路径的选择具有内在的联动性,互相施加影响,互相制约,相辅相成,共同构成商业银行国际化的整体战略,推动商业银行向着跨国银行的目标得以逐步实现。
In the process of everything development, path selection decides their success or failure. Path selection is influenced by itself and many other factors that the existence and development of things to influence. By using scientific theory and methods and combining with the results of empirical research, the path of things development can be selected correctly, and to decide things forward direction.
With the rapid development of world economy, the internationalization of production and the globalization of trade are growing trend, the flows of international finance and capital is more and more frequent, and the scale is bigger and bigger, with the development, cross-border management of commercial banks has become increasingly common. Hundred years, especially since the eighties of the twentieth century, due to governments relaxing the control of the financial system and taking the development policies of financial liberalization, during the international trade and the process of the export of capital, there is a large number of multinational operations of commercial banks, such as Citibank, HSBC, Bank of America, Mitsubishi Bank in Europe, America and Japan and other developed countries, which branches are all over the world, business related to the areas of national economies, and forming the transnational business networks, so international operations of commercial banks is an important manifestation and content of financial globalization. China's accession to WTO means that China economic integrates with the world economy much closer, which will promote financial activities of China's commercial banks as the mainstay across borders, from the local regional traditional business activities to global, innovative business activities. Meanwhile, according to the principle of reciprocity and transparent policy information of WTO, and many foreign commercial banks have begun to get involved in our economy area and carry out various operations, that is, China financial markets has actually become an important part of the financial markets in the world. Faced with increasingly fierce competitive environment, in order to withstand risks and improve profits, China's commercial banks has started to international business, which is in line with the current trend and the inherent requirement of the law of economic development, has strategic significance to the development of China's financial industry. That is, international issues of commercial banks have been of great urgency. Therefore, it is necessary to in-depth study the path selection of internationalization of commercial banks.
China's commercial banks to build world-class banks in the international development must have a clear international strategy and, effectively decomposed and concrete, and to maintain the growth must select careful and cautious path rather than the opportunistic ways and means by balloting. According to the connotation of banks internationalization, internationalization path of commercial banks can be decomposed into the organizations internationalization path, the business internationalization path and the management internationalization path, meanwhile, organizations internationalization path can be further broken down into shares borders and regional markets selection, the business internationalization path can be further broken down into business selection and industry selection, and management internationalization, more complex internationalization, covering finance, corporate governance, risk control, personnel training, and many other content, taking into account facing the reality of commercial banks in the international decision-making selection in this paper, this part of the multi-part follow-up, do not elaborate. Therefore, according to the contents of internationalization of commercial banks, this paper extracts 4 issues that they can not be avoided when the bankers make international decision. Specifically, in the paper, internationalization path of commercial banks is under the guidance of the overall international development strategy to choose different ways and strategy to complete multinational banks globally, from business, industry path, geographic region and shares border 4 dimensions to investigate.
Firstly, this paper describes the basic content of internationalization of commercial banks, including concept, content, format and standards, and analyzes concepts and theoretical basis of internationalization path of commercial banks, specifically to divided theoretical basis that may affect internationalization path of commercial banks selection into four categories, one is an international theory of motivation, these theoretical answer the problem that why the commercial banks to internationalization, but the impact factors involving to provide reference for the path research in this paper; One is the theory of mergers and acquisitions, means from the perspective of business expansion to analysis the path selection; one is the theory of commercial banks development stage, from the perspective of historical development to summary; the last one is strategic business perspective to study path selection,that is, due to a variety of strategies need of banks, to choose international path by maximize the business value as long-term goal.
Secondly, from the current international financial system and global financial markets, to analyzes the attitude of the Government to internationalization of commercial banks, development level and financial environment, to study in the of the Basel regulatory constraints financial and market access control of the countries, and from the core competitiveness of China's commercial banks, starting a key analysis to China's commercial banks in emerging developing countries during the internationalization paths selection to consider various factors. Bank internationalization is not only, but also to be subject to political and foreign economic relations, international financial regulation, and many other macroeconomic factors, we need to place it in the a larger context to has a correct understanding to global financial system and financial environment,to China's financial industry and the country's financial strategy has a comprehensive understanding, which based on the core competitiveness of China's commercial banks, to find an effective way of internationalization. At the same time, the paper analyzes Citigroup, Bank of America, JP Morgan, HSBC Holdings, Mitsubishi UFJ, UBS, Wells Fargo, Wachovia, Royal Bank of Scotland, Deutsche Bank, Standard Chartered Bank, the 11 large international financial group development Road, and with the historical period in which commercial banks in China, the financial market environment factors such as contrast, searching for commercial banks in China with Chinese characteristics, cross-border development, by comparing the process of 11 international financial groups, such studies in the Comparative Study of China is the first time.
Finally, the paper summarizes that internationalization of Commercial Bank in China should follow the "localization, marketing, stage by stage" principle, in business, industry, geographical and shares border four dimensions to adopt different paths. In the business, analyzing the opportunities of RMB regionalization that China's commercial banks should take full advantage of this opportunity to focus on developing their own unique advantages Business-RMB business, and recommended technology and business innovation in the promotion of international the important role of business development; in the industry, given current capital and surplus of commercial banks profit model pressure, if the development is still in business diversification and synergies of scale within the critical point curve, you should take diversified expansion strategy, On the contrary, as the business and scale expansion, if business strategy that hamper the case of commercial banks, such as profitability, can not, or hinder the core business, etc., then have to be resolute detachment, commercial banks should continue to expand and stripping to achieve their own balance; in the region, according to the degree of financial development, drawing on experience in the development of international financial groups, put forward the "integration of Hong Kong and Macao resources, expanding Asia-Pacific, Africa, South America to enter the market, the last European and American developed markets advance "the local path goals; in shares border, this paper bases on Dunning's OLI model, joined the market environment (M) at this level, forming a OLIM model, to analyze internationalization path selection factors of China Bank:bank size, international experience, geographical distance, cultural differences, banking regulation, China's direct investment in host countries, bilateral trade volume, the degree of the host country and international market size, according to the above factors to determine the path selection.
China's commercial banks make decision according to these four dimensions, planned, organized and orderly to implement international strategy and to promote the implementation of overseas expansion projects. And the selection of these paths are inherently interconnected, influencing each other and check each other mutually, together constitute overall strategy of the internationalization of commercial bank,and to promote the goal of the commercial banks towards banks internationalization to gradually realized.
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