中资商业银行与外资机构股权合作联盟治理研究

发布时间：2018-06-12 08:15

本文选题：中外商业银行 + 战略联盟　；参考：《南开大学》2012年博士论文

【摘要】：本世纪初，在金融全球化大背景下，在中国银行业改革进程中，不少中资银行出于自身需要，引入外资机构作为联盟合作伙伴，以期在补充资本金的基础上，能够实现资源深度融合，进而提升中资银行的竞争力。这一改革实践也引起了学术界的关注，并成为近年来银行改革研究的热点问题。然而，由于学科视角和研究出发点不同，这些争论大多围绕国有股权是否被“贱卖”、战略引资是否威胁中国金融安全以及引入外资股东后国有银行绩效、管理提升等角度展开，很少关注中外资双方在合作过程中，作为联盟双方在联盟过程中的治理机制和治理互动问题。基于这种情况，本文从中外双方开展联盟合作的现实出发，运用规范分析与实证分析相结合的方法，借助案例分析与计量分析工具，对中资银行与外资机构战略联盟的联盟结构与治理机制、治理绩效之间的影响关系进行了较为系统、深入的研究。论文首先就中资银行与外资机构联盟治理的前期研究成果进行了回顾，从联盟治理、银行联盟治理两个层面，从联盟结构、治理机制以及绩效表现等维度对前期文献进行了汇总分析。在此基础上，运用交易费用、资源理论和制度理论，对中资银行引入外资股东后的联盟治理相关问题进行了分析和研究，提出了相关研究假设，形成了本文研究的“联盟结构—联盟治理机制—联盟绩效”的效应传导模型。其次，论文运用案例分析工具，就建设银行—美国银行战略联盟的治理问题进行了深入剖析。从联盟谈判的开始，连续探讨了建设银行在引入美国银行这一联盟伙伴之后，在联盟契约治理、董事会治理、整合协调机制、监督机制等方面的治理措施和效果，一方面运用案例实际印证了部分假说内容，另一方面也通过案例研究发现一些有待澄清的问题来为后期的实证研究提供方向。最后，论文在前述规范分析、案例研究基础上，进一步收集了近年来引入外资战略联盟伙伴的15家中资银行样本数据，从股权结构与资源结构两个维度，遵循“联盟动因→联盟结构→联盟治理机制→联盟体绩效”逐层递进的分析逻辑，，通过对变量间的影响关系进行数据检验和实证分析，确证了中资银行与外资机构跨国股权联盟的联盟动因、联盟结构（股权结构、资源结构）、联盟治理机制与绩效间的传导效应。论文通过研究得出如下结论：第一，联盟动因影响中资银行与外资机构联盟结构的构成和选择。联盟动因的不同（深度、广度、持续时间的预期），将直接影响中资银行对于外资伙伴的选择及外资股东股权投入比例。第二，联盟结构的不同直接导致了联盟治理机制的差异。不同股权比例、股权集中度以及联盟方的资源背景，意味着不同的交易成本和资源禀赋优势，从而促使外资联盟伙伴在联盟治理机制的选择上采取不同的策略和立场，表现为联盟机制内容的差异。第三，联盟治理机制是联盟结构与绩效间的中介变量。联盟结构的不同引发了联盟治理机制选择的差异，而联盟治理机制作为相对具体的联盟管理机制之一，其不同的选择就意味着不同制度体系、交易成本构成和资源交互状况，而这些差异在实践中又引致了对银行最终绩效的影响。本文的创新点在于，一是从联盟治理角度对中资商业银行引入战略投资者后的治理结构、机制与绩效进行了较为系统的研究；二是从企业资源视角出发，研究了外资资源背景对中资银行与外资联盟治理的结构、机制的影响；三是在研究中对于部分较难测度的因素，如契约治理、联盟动因等提出了新的测量方法。本研究结论对于科学地认识中资银行与外资机构联盟治理实践效果具有重要的指导意义，同时也为中国银行业未来进一步探索国际化道路提供有价值的参考依据。
[Abstract]:At the beginning of this century, under the background of financial globalization, in the process of banking reform in China, many Chinese banks have introduced foreign capital as alliance partners out of their own needs, in order to achieve a deep integration of resources and enhance the competitiveness of Chinese banks on the basis of supplementary capital. This reform practice has also caused academic research. The attention of the world has become a hot issue in the research of banking reform in recent years. However, because of the different disciplinary perspective and research starting point, most of these disputes are about whether the state-owned shares are "sold" or not, whether the strategic introduction is a threat to China's financial security and the introduction of foreign shareholders to the bank performance, management promotion and so on. On the basis of this situation, this paper, based on the reality of the alliance cooperation between China and foreign countries, uses the method of combination of normative analysis and empirical analysis, with the aid of case analysis and measurement analysis tools, on the basis of this situation. A systematic and in-depth study is conducted on the relationship between the alliance structure of the strategic alliance and governance mechanism and governance performance.
First, the paper reviews the previous research results of the alliance governance between China and foreign capital institutions. From the two aspects of alliance governance and bank alliance governance, the previous literature is summarized and analyzed from the alliance structure, governance mechanism and performance performance. On this basis, the transaction costs, resource theory and system theory are used. This paper analyzes and studies the related issues related to the alliance governance after the introduction of foreign shareholders, and puts forward the relevant research hypothesis, and forms the effect transmission model of "alliance structure alliance governance mechanism alliance performance". Secondly, the paper uses the case analysis tool to govern the strategic alliance of the Construction Bank American bank. The problem is deeply analyzed. From the beginning of the alliance negotiation, the management measures and effects on the alliance contract governance, the board governance, the integration coordination mechanism, the supervision mechanism and so on are discussed continuously after the alliance negotiation. Through the case study, we find some questions to be clarified to provide direction for the later empirical research. Finally, on the basis of the previous normative analysis and case study, the paper further collects the sample data of 15 Chinese banks which have introduced foreign strategic alliance partners in recent years, and follows the "alliance movement" from the two dimensions of ownership structure and resource structure. The causal analysis logic of the alliance structure, alliance governance mechanism and alliance performance, through the data test and Empirical Analysis on the relationship between the variables, confirms the alliance motivation of the transnational equity alliance of the Chinese capital banks and the foreign capital institutions, the alliance structure (equity structure, resource structure), the alliance governance mechanism and the performance. Conduction effect.
Through the study, the following conclusions are drawn: firstly, the motivation of the alliance affects the structure and selection of the structure of the alliance of Chinese capital banks and foreign capital institutions. The difference of the motivation of the Alliance (depth, breadth, duration expectation) will directly affect the choice of foreign capital partners and the proportion of foreign capital shareholders' equity investment. Second, the differences in the structure of the alliance. The difference of the alliance governance mechanism directly leads to the difference of the alliance governance mechanism. The different share ratio, the ownership concentration and the resource background of the alliance means different transaction costs and resource endowments, thus promoting the foreign alliance partners to adopt different strategies and positions in the choice of the alliance governance mechanism, showing the difference in the content of the alliance mechanism. Third, The alliance governance mechanism is the intermediary variable between the alliance structure and the performance. The difference of alliance structure leads to the difference of the choice of alliance governance mechanism, and the alliance governance mechanism is one of the relative specific alliance management mechanisms. The different choice means the different system system, the transaction cost composition and the resource interaction condition, and these differences are in the same way. In practice, it leads to the ultimate performance of banks.
The innovation of this paper is that the first is the systematic research on the governance structure, mechanism and performance of Chinese commercial banks from the angle of alliance governance, and the two is to study the influence of the background of foreign capital on the structure and mechanism of the alliance of Chinese capital banks and foreign capital from the Perspective of enterprise resources; and the three is to study In the study, some new measurement methods are put forward for some of the more difficult factors, such as contract governance and alliance motivation. The conclusion of this study is of great guiding significance to the scientific understanding of the effect of Chinese banks and foreign capital organizations in the practice of governance, and also provides valuable reference for the future of China's banking industry to further explore the road to internationalization. Test the basis.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.3

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