我国商业银行开展投行业务问题的研究

发布时间：2018-03-26 22:01

本文选题：商业银行　切入点：投行业务　出处：《西南财经大学》2012年硕士论文

【摘要】：在当今金融业高速发展的时代背景下,中国金融业也走向了逐渐对外全面开放的道路,中国的商业银行将越来越受到来自外资全能银行的威胁。金融脱媒现象愈演愈烈,生存空间遭遇挤兑,使得商业银行不得不考虑改变以往银行业务尤其是存、贷、汇、兑等传统业务独大的局面。因此,开拓投行业务是商业银行为了自身发展的迫切需要,整体竞争力提高了,在我国银行业逐步对外开放背景下才能立而不败；此外,对商业银行投行业务的研究对商业银行由分业经营向混业经营模式过渡具有相当重要的意义,使得我国银行业与发达经济体的银行体系接轨。但2007年全球爆发的金融危机,华尔街五大投行殒落,使得各国金融监管当局和民众开始重新评判金融混业经营。所以对这一课题的研究具有重要意义。本文第一部分介绍了商业银行开展投行业务这一课题的研究背景、国内外金融学术界的专家学者们对这个问题的研究理论成果,还大致阐述了本篇文章的研究方法、研究思路以及新意与不足。在国外诸多学者对这一领域的探索过程及其成果中,倾向性比较多样化,诸如有关商业银行进行投资银行业务的收益及效率分析、风险研究、业务交叉、协作分析。但是他们中绝大多数都为商业银行开展投行业务投了赞成票的。我国金融业处于较为严格的分业经营模式,国内经济学者及银行界内人士在商业银行开展投资银行业务方面的研究尚处于起步阶段,主要的侧重点有四个方面：我国商业银行开展投行业务的理论探索、组织模式探索、策略探索、风险管理探索。本文以科学的世界观和方法论为指导,通过相对严谨的逻辑论证分析,系统的构建了理论框架。采用规范的数据分析方法来研究案例,使用了最新的数据和案例进行分析论证,具说服性和可靠性。本文第二部分通过商业银行开展投行业务的理论依据、具体案例以及国外发展历程这三个方面研究了其必要性,论证了商业银行开展投行业务是其发展的必然趋势。投行业务随着资本市场的深化壮大在原有传统本源业务(证券发行和承销、证券交易、证券私募发行)的基础上,又通过金融创新拓展出了相当部分的衍生业务(投资咨询和财务顾问、兼并和收购、项目融资、风险投资、资产证券化、金融工程等)。投资银行同商业银行为当前金融市场中两个最为举足轻重的中介结构,他们都是资金短缺方和资金盈余方之间的桥梁,但投资银行是直接融资的金融中介,商业银行是间接融资的金融中介。他们有着显著的区别,例如,投资银行的利润来源于客户支付的佣金而商业银行是存贷款之间的利率差,投资银行的本源业务是证券承销和交易而商业银行是存贷款业务,投资银行主要活动在资本市场而商业银行是货币市场,投资银行的业务无法用资产负债表表示而商业银行可以。对于商业银行进行投行业务的研究成果有许多,这一领域的研究理论基础包括范围经济、协同效应、市场竞争、资产专用性理论、规模经济、投资组合、交易成本等。笔者试图通过收益、成本及风险这几个角度定性分析商业银行投行业务的理论依据,论述了范围经济学说、交易成本学说、投资组合学说。然后根据所选取的数据建立回归模型,对银行资产规模变化同我国商业银行开展投行业务的关系进行显著性检验,从而研究这种混业经营模式下,商业银行是否通过充分利用资源的优势,发挥规模经济效应与范围经济效应,提高了自身整体效益。模型选取国内投行业务开展的领头羊——工商银行的业务数据进行研究,重点检验分析了商业银行资产规模受其开展投行业务的影响。分析表明投行业务收入增加将产生规模经济效应和范围经济效应,从而使银行的资产规模扩大。该实证分析也具有一定的局限性,我国有成百上千家的商业银行,且业务经营各具特色,笔者因为仅对单一的一家银行进行分析,检验的结果可能不够准确,但对于研究国内年轻的商业银行投行业务市场,具有重要的代表性,可为商业银行开展投行业务的策略提供一些参考。国外商业银行开展投行业务的主要模式,即金融控股公司和全能银行,笔者分析了混业经营的发展路径,为国内商业银行开展投行业务提供了历史依据。国外发达经济体商业银行发展经历了混业——分业——混业的模式。混业转为分业,是防范金融过度自由化产生巨大风险,但最终,发达国家金融模式又由分业回归混业,顺应了提高经济资源利用效率、盈利能力及金融适度自由化发展繁荣的需要。因此,混业经营模式也因作为我国金融深化改革的参照模式,也是我国商业银行发展模式的归宿。本文第三部分分析了我国商业银行开展投行业务的现状。随着国内金融深化,分业经营模式越来越制约资金融通效率和机构盈利能力,限制了银行业、证券业、保险业三大金融支柱的发展壮大。2002年7月央行颁布了《商业银行中间业务暂行规定》,规定经审批的商业银行,允许开展承销、自营以外的其他投行业务,这标志着商业银行开展投行业务得到了政策支撑,国内金融业管制也逐步合理的放开。根据我国《商业银行法》第四十三条法规：“商业银行在中国境内不得从事信托投资和证券经营业务,不得向非银行金融机构和企业投资”。说明德国全能银行模式在国内是行不通的,也无法创办经营性金融控股公司。然而并未禁止纯粹性金融控股公司,为国内综合经营方面的金融创新提供了发展空间。国内商业银行业务经营模式尚处在分业经营体制下,所以其业务的交叉是国内银行业由分业走向混业发展道路上的中间产物,不属于国外发达经济体的混业经营模式,也不属于严格意义的分业经营模式。这样的背景下,现今国内商业银行开展投行业务的经营模式大致分为四类：单纯的业务合作模式、光大模式、中银模式、内部综合经营。我国商业银行开展投行业务应根据自身特征优势及业务拓展需要选择适合自己的模式。因为我国金融业经营模式处于由分业向混业的转变阶段,这几种现存的经营模式也将会逐步演变更新,以适应新的环境和挑战。分析了发展模式路径,需要进一步研究我国商业银行投行业务提供的产品及特征,这也就必然涉及我国商业银行投行业务所处发展阶段的讨论。商业银行投行业务产品的发展可分为两个主要阶段。第一个阶段是重点提供财务顾问业务,第二个阶段是重点提供投资和交易业务。现阶段国内商业银行投行业务提供的产品服务尚处于发展的第一阶段——财务顾问业务。我国商业银行开展投行业务具有现实可行性和必要性,符合金融业分业——混业经营模式转变的需要,增强商业银行的综合竞争力,顺应了货币市场和资本市场内在联系、分散优化我国商业银行的经营风险。但我国商业银行开展投行业务过程中也遇到了一些问题,包括：现行的法规制度约束了商业银行投行业务的发展、我国不成熟的资本市场影响商业银行选择投行业务经营模式、国内商业银行欠缺与投行业务相关的风险防范意识、品牌优势不足、高素质专业人才与创新能力缺乏。本文第四部分阐述了美国次贷危机及其对中国商业银行开展投行业务的启示。吸取美国监管不利的教训,我国在推进商业银行开展投行业务同时,针对于投行业务不断涌现的金融产品创新,及时、准确地调整相关的金融监管至关重要。应该建立一个严密的金融监管体系用于监控日益复杂的金融市场, 全能银行组织模式下商业银行传统业务与投行业务是充分交叉经营的,对风控技术水平要求非常的高,而当前我国金融业仍处于并且将较长的一段时间里处于分业经营模式,国内的监管环境、金融业及商业银行投行业的发育成熟度决定了全能银行组织模式不适合我国商业银行。当前国内商业银行开展投行业务主要有内部综合经营模式和银行集团模式两种组织模式。国内现在大多数商业银行开展投行业务均采取的是在内部设立机构部门经营的内部综合经营模式,从我国金融业长期以来的分业经营角度来看,内部综合经营模式将在较长一段时间内成为我国商业银行开展投行业务的主要模式。我国现存法规制度是不允许商业银行投行业务进行信托投资和证券经营业务,这就限制了投行业务经营范围,制约了资金运作效率的改善,不利于促进商业银行走向大型化、综合化、国际化。与此同时,国内金融业混业经营是大势所趋,银行集团模式将逐渐取代现在内部综合经营模式,成为走向成熟壮大的商业银行开展投行业务的主要组织模式。同时,在商业银行投行业务组织模式由内部综合经营向银行集团模式演变过程中,笔者对其发展提出了以下意见：进行有效市场定位并制定合理战略规划、力求金融创新产品树立自身品牌、积极拓展分销渠道壮大投行业务规模、构建自己的精英团队。此外,还需要重点加强我国商业银行开展投行业务的风险防范。国内投行业务的外部监管应当以集中立法型监管体制为主,自律型为辅,做到：1)风险性监管完善原有的合规性监管。2)严格执行市场准入和退出机制。3)引进国外优良的资本监管制度,完善场外交易市场的业务监管规定。4)加强对开展投行业务的商业银行公司治理的管理监督。根据“业务发展,内控先行”的风险管理原则,国内商业银行开展投行业务,应当建立健全内部风险控制机制：加强商业银行内部资金的管理、遵守业务办理流程及规定、建立和完善内部风险控制体系。另外,商业银行对风险的事前预警、事中控制及事后处理能力也需要加强,有效地完善商业银行开展投行业务的风险内控能力。综上所述,有管制的促进商业银行开展投行业务,这对改善国内商业银行主要利润来源种类过于单一化、风险过于集中化、传统银行业务生存空间逐渐紧缩等问题有较好的推动作用,不但增大了利润源头的辐射面,还分散了商业银行的风险,毫无疑问将很大程度上积极推动商业银行向综合化、全球化、全能化发展,是适应市场发展、提高自身竞争力、与时俱进的战略选择。因为主客观层面的缘由,国内商业银行开展投行业务的实际实践方面有待进一步的深入研究
[Abstract]:Under the background of the high - speed development of financial industry in China , China ' s financial industry is also moving towards a more comprehensive and open way . China ' s commercial banks will increasingly be threatened by foreign - funded full - energy banks . As a result , China ' s commercial banks will increasingly be threatened by foreign - funded full - energy banks . As a result , commercial banks have to consider changing the traditional business of traditional banking , especially deposit , loan , exchange and exchange . Therefore , opening investment banking business is an urgent need for commercial banks to develop their own development .
In addition , the research on the investment banking business of commercial banks is of great significance to the transition of commercial banks to the mixed operation mode , which makes the banking system of China ' s banking and developed economies track . But the financial crisis of the global outbreak in 2007 , the five big investment banks of Wall Street fall , so that the financial supervision authorities and the people begin to re - judge the financial mixed operation . So the research on this subject is of great significance .

The first part of this paper introduces the research background of the subject of investment banking business in commercial banks , and the research results of experts and scholars at home and abroad .

However , most of them have voted in favour of commercial banks to carry out investment banking . But most of them have voted in favour of commercial banks to carry out investment banking .

Based on the scientific world outlook and methodology , this paper constructs a theoretical framework through the relatively rigorous logic demonstration analysis and systematic construction . Using the standard data analysis method to study the cases , the latest data and cases are used to analyze the case , and the persuasion and reliability are used .

The second part of this paper studies the necessity of the theoretical basis , concrete case and the process of foreign development through commercial banks , and demonstrates the inevitable trend of the commercial banks to carry out investment banking business .

With the deepening of the capital market , the investment banking business is based on the original traditional source business ( stock issuance and underwriting , stock exchange , securities private placement ) , and a considerable part of the derivative business ( investment consulting and financial advisor , merger and acquisition , project financing , venture capital , asset securitization , financial engineering , etc . ) is expanded through financial innovation .

Investment banks and commercial banks are two of the most important intermediary structures in the current financial market , both of which are the bridge between the capital shortage and the fund surplus , but the investment bank is the financial intermediary of the direct financing . The commercial banks are the financial intermediaries of the indirect financing .

This paper attempts to analyze the business data of commercial banks through profit , cost and risk , and then sets up a regression model based on the selected data .

Foreign commercial banks carry out the main modes of investment banking , namely , the financial holding company and the full - energy bank , the author analyzes the development path of the mixed operation and provides historical basis for the investment banking business of the domestic commercial banks .

The third part of this paper analyzes the current situation of investment banking business in China ' s commercial banks . With the deepening of domestic financial deepening , the mode of division operation has restricted the development and growth of the three financial pillars of banking , securities industry and insurance industry . In July 2002 , the central bank issued the provisional rules for the intermediary business of commercial banks .

The business operation mode of domestic commercial banks is still under the sub - operation system , so the cross of its business is the intermediate product of the domestic banking industry from the branch to the mixed development path , it is not a mixed operation mode of the developed economy abroad , and it is not a strict sub - operation mode . In this background , the operation mode of the commercial bank in China is divided into four categories : simple business cooperation mode , light mode , medium - silver mode and internal integrated management .

This paper analyzes the path of development mode , needs to further study the products and characteristics of investment banking business of commercial banks in our country , which will inevitably involve the discussion of the development stage of investment banking business of commercial banks in China . The development of investment banking products in commercial banks can be divided into two main phases . The first stage is to provide financial consulting business , and the second stage is to provide investment and transaction business . At present , the domestic commercial bank investment banking service provided product service is still in the first stage of development .

China ' s commercial banks carry out investment banking business with realistic feasibility and necessity , and meet the needs of the transformation of financial sector - mixed operation mode , strengthen the comprehensive competitiveness of commercial banks , adapt to the internal relations of money market and capital market , and disperse and optimize the operation risk of commercial banks .

The fourth part of this paper expounds the American subprime crisis and its inspiration to China ' s commercial banks to carry out investment banking business .

Commercial bank ' s traditional business and investment banking business are fully cross - operated under the mode of full - energy bank organization , and the demand for wind - control technology is very high . At present , China ' s financial industry is still in the branch business mode , the domestic regulatory environment , financial industry and commercial banks ' development maturity determines that the full - energy bank organization model is not suitable for our commercial banks . The investment banking business of domestic commercial banks mainly includes internal integrated operation mode and banking group mode .

At present , most commercial banks carry out investment banking business , which is the internal comprehensive management mode of the internal establishment of the institutional sector . From the perspective of the long - term division operation in China ' s financial industry , the internal integrated operation mode will become the main mode of the investment banking business of commercial banks in China for a long period of time . The existing regulatory system in China is the main mode that does not allow commercial banks to invest in investment and securities business . At the same time , the domestic financial industry mixed operation is the trend , and the mode of the banking group will gradually replace the current internal integrated operation mode and become the main organization mode for the commercial banks to carry out investment banking business .

At the same time , the author puts forward the following opinions on the development of commercial banks in China . In addition , the internal risk control mechanism should be strengthened to strengthen the management of the internal funds of commercial banks , and to establish and perfect internal risk control system . In addition , the commercial banks should strengthen the management of internal funds of commercial banks , and improve the internal risk control system . In addition , the commercial banks should strengthen the pre - warning , control and post - processing ability of the risk .

To sum up , there is a good driving role in promoting commercial banks to carry out investment banking business , which has a better driving role in improving the types of main profit sources in domestic commercial banks , the risk of being too centralized , and the gradual tightening of traditional banking living space . It not only increases the radiation level of the source of profit , but also disperses the risks of commercial banks , and is undoubtedly a strategic choice to adapt to market development , improve their competitiveness and keep pace with the times .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.2

【相似文献】