外资银行进入对中资商业银行绩效的影响与对策研究

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浙江财经学院硕士学位论文

III

摘要

外资银行进入是开放型经济的产物，是不可逆转的历史大趋势。自我国开放

银行业以来，外资银行通过入股中资商业银行或在我国设立机构等方式逐步进入

我国金融市场。随着外资银行进入深度的加大，它们在我国金融体系中占有的地

位越来越重要。中资商业银行是我国金融业的主体，也是我国国民经济的命脉。

外资银行的进入对中资商业银行的发展既带来了新机遇又带来了新挑战。一方面，

外资银行进入有利于引进先进技术以加快我国商业银行金融创新的步伐，有利于

提高我国商业银行的经营管理水平，有利于弥补我国商业银行资本金的不足，有

利于推进我国商业银行的股份制改造；另一方面，我国银行业的开放将加剧外资

银行抢夺中资商业银行的优质客户，中资商业银行将面临生存空间的挑战，同时

外资银行大量入股中资商业银行将会增加中资商业银行控制权丧失的潜在风险。

2006 年12 月11 日，我国加入世贸组织的过渡期结束。我国从此进入对外资

银行全面开放的时期，外资银行与中资商业银行的全面竞争正式开始，外资银行

进入对中资商业银行带来的机遇和挑战越来越明显。在这些机遇和挑战之下，中

资商业银行进行相应的和有效的改革、我国政府采取有力的支持和保障措施，就

成为保证中资商业银行进一步发展的关键。绩效是商业银行生存和发展的基石。

因此，我们要做好改革、支持和保障工作就首先应深入了解外资银行进入对中资

商业银行绩效的影响。只有这样我们采取的应对措施才能更具有针对性、实质性

和有效性。基于这一指导思想，本文运用理论分析和实证分析相结合的研究方法，

从产业组织理论、产权论和超产权论的角度，在深入分析外资银行与中资商业银

行之间的竞争优势、竞争与合作行为的基础上，通过建立计量经济模型，综合分

析了外资银行进入对中资商业银行经营绩效的影响，进而提出了相应的对策和建

议。

本文运用 1996～2006 年我国 19 家具有代表性的商业银行的面板数据建立个

体固定效应模型，用以实证研究外资银行进入对我国中资商业银行的盈利能力、

经营效率和抗风险能力等绩效表现的影响。实证结果显示，在短期内，由于主要

受国内严格利率管制的限制，再加上中资商业银行长期以来收入的单一化——主

要是利差收入，外资银行进入对中资商业银行的净利息收入率和税前利润率的影

响目前还不显著，但外资银行的进入增加了中资商业银行的经营费用率和资本充

浙江财经学院硕士学位论文

足率，这说明外资银行进入的技术示范效应和学习效应已经很明显，中资商业银

行面对外资银行的进入正在积极改善自身抗风险的能力；并且我国宏观经济形势

的变化对我国中资商业银行的绩效影响很大；另外由于中国银行业过度垄断导致

的低效率，单纯用市场结构理论并不能很好地解释中资商业银行的绩效变化。基

于上述结论，本文认为，面对外资银行的全面进入，中资商业银行要获得持续发

展，必须加强自身建设、全面提升自身竞争力；政府及其他监管当局还应该积极

改善中资商业银行经营的外部环境，为中资商业银行与外资银行开展公平、健康、

安全和稳健的竞争与合作提供法律和政策上的保证。

关键词：中资商业银行；外资银行；银行业开放；经营绩效；竞争力

ABSTRACT

浙江财经学院硕士学位论文

Foreign banks’ entry results from open economy and it is an irreversible historic

tendency. Since China open the banking Sector, foreign banks have gradually entered

China’s financial market through equity participation in Chinese commercial banks or

institution in China. With the increasing depth of their entry, foreign banks’ status in

China’s financial system has become more and more important. Chinese commercial

banks are main bodies of China’s financial industry, and also are lifelines of our national

economy. Foreign banks’ entry will bring new opportunities and new challenges for the

development of Chinese commercial banks. On one hand, foreign banks’ entry will help

introduce advanced technology to speed up Chinese commercial banks’ financial

innovation, raise the management level of Chinese commercial banks, make up for

capital deficiencies of Chinese commercial banks, and promote Chinese commercial

banks the joint-stock system reforming; one the other hand, the opening of Chinese

banking sector will intensify foreign banks to scramble Chinese commercial banks’ high

quality customers, Chinese commercial banks will be confronted with the challenges of

living space, while a large number of foreign banks to become shareholders of Chinese

commercial banks will increase the potential risk that Chinese commercial banks lose

themselves’ control power.

On December 11, 2006, the transition period of our country joining the World

Trade Organization was over. Our country enters full opening period to the foreign

banks from that time, foreign banks and Chinese commercial banks’ opportunities and

challenges deriving from foreign banks entry become increasingly evident. Under these

opportunities and challenges, Chinese commercial banks carry on corresponding and

effective reforms, and our government takes effectively supporting and protecting

measures, which become the key that guarantees Chinese commercial banks to further

develop. Operating performance is the cornerstone of commercial banks’ survival and

development. Therefore, if we want to do the reforming, supporting and protecting

works well, we should firstly thoroughly understand the impacts of foreign bank’s entry

on the operating performance of Chinese commercial banks. Only in this way can we

take the corresponding measures more having pertinence, substantiality and validity.

Based on this guiding ideology, the paper uses the research method of combining

浙江财经学院硕士学位论文

theoretical analysis and empirical analysis, from these perspectives of the theory of

industrial organization, the theory of property rights and the theory of ultra-property

rights, on the foundations of deeply analyzing competitive advantages, competitive and

cooperative behaviors between foreign banks and Chinese commercial banks, by

establishing econometric models, comprehensively analyzes the impacts of foreign

banks’ entry on the operating performance of Chinese commercial banks, and then puts

forward the corresponding countermeasures and proposals.

This paper use Chinese 19 representative commercial banks’ panel data to establish

individual fixed-effect model, in order to empirically study the impact of foreign banks

entry on performances’ representation on the profitability, efficiency and anti-risk ability.

Empirical evidences show that, in short-term, mainly because of the restrictions of strict

control over interest rates, in addition Chinese commercial banks’ income long was

simplified——income was mainly spread, foreign banks’ entry has no remarkable

influence to net interest income and pre-tax profit margin rate of Chinese commercial

banks at present; but foreign banks’ entry increases Chinese commercial banks’

operating expenses rate and capital adequacy rate, this indicates that the technology

demonstration effect and learning effect from foreign banks’ entry are very clear, and

facing foreign banks entry, Chinese commercial banks are actively improving own

ability to resist risks under foreign banks’ entry; and also the varieties of our country’s

macroscopical economic position dramatically affect the operating performance of

Chinese commercial banks; in addition because of the low efficiencies resulted in

excessive monopolization of Chinese banking, only using the theory of market’s

structure can’t explain the varieties of the operating performance of Chinese

commercial banks very good. Based on the conclusion above, the paper believes that,

facing foreign banks’ all-round entry, Chinese commercial banks can obtain sustainable

development, they must strengthen self-construction and upgrade their competitive

ability; the government and other regulator authorities should also actively improve the

external environment in which Chinese commercial banks manage, provide the

guarantees in legal and policy for developing fair, healthy, safe and dovish competitions

and cooperations between Chinese banks and foreign banks.

浙江财经学院硕士学位论文

VII

Keywords: Chinese commercial banks; foreign banks; banking open; operating

performances; competitive ability

浙江财经学院硕士学位论文

VIII

第一章导论·················································································································· 1

第一节选题的背景与意义··················································································· 1

第二节基本概念的界定 ······················································································ 2

第三节国内外相关研究文献综述······································································· 3

第四节本文的研究方法、结构安排及创新之处 ··············································· 9

第二章外资银行进入对东道国商业银行绩效影响的理论分析······························ 12

第一节外资银行进入他国的动因分析····························································· 12

第二节商业银行绩效决定因素的理论分析 ····················································· 16

第三节外资银行进入影响东道国商业银行绩效的外部因素·························· 22

第四节外资银行进入影响东道国商业银行绩效的内部因素·························· 25

第三章外资银行针对中资商业银行的经营行为分析 ············································· 30

第一节外资银行在我国的发展历程及现状 ····················································· 30

第二节外资银行与中资商业银行竞争优势的比较 ········································· 33

第三节外资银行与中资商业银行的竞争与合作 ············································· 38

第四章外资银行进入对中资商业银行绩效影响的实证分析 ································· 47

第一节待检验假说 ···························································································· 47

第二节计量模型的构建 ···················································································· 48

第三节实证结果及其分析················································································· 53

第四节本章的结论与启示················································································· 58

第五章银行业开放形势下中资商业银行发展的对策建议 ····································· 61

第一节全面提高中资商业银行的竞争力 ························································· 61

第二节积极改善商业银行经营的外部环境 ····················································· 68

结论·········································································································································· 73

参考文献······················································································································ 74

附录：实证研究的基础财务指标数据列示··························································· 80

致谢·························································································································· 86

图、表目录

浙江财经学院硕士学位论文

图2－1 贝恩的 SCP 框架图 ···················································································· 17

图2－2 修正的 SCP 框架图 ···················································································· 18

图2－3 母国与东道国国别分类组合图·································································· 24

图2－4 外资银行进入对东道国商业银行绩效影响的示意图······························· 29

图3－1 2004—2005 年深圳中外资银行增长速度对比图 ····································· 40

图3－2 外资银行与中资商业银行价格战的收益图 ·············································· 41

表2－1 拉美和中欧部分发展中国家外资银行的资产比重表······························· 12

表2－2 1996 年部分亚洲国家和地区的银行业开放程度指标表·························· 13

表3－1 外资银行参股中资商业银行情况表·························································· 45

表 4－1 中资商业银行资本充足率的官方数值与替代数值对比表······················ 49

表4－2 对NIM 的检验···························································································· 53

表4－3 对PRO 的检验···························································································· 53

表4－4 对ER 的检验 ······························································································ 54

表4－5 对EQ 的检验······························································································ 54

表4－6 一年期存贷款利率差额表············································································ 55

表4－7 中国商业银行业绝对市场集中度 CR4指数表············································ 58

浙江财经学院硕士学位论文

第一章导论

第一节选题的背景与意义

20 世纪 70 年代以来，世界经济一体化和金融全球化已成为一种不可逆转的趋

势。各国金融都面临着开放或进一步开放的压力。通过商业存在这一形式所进行

的金融服务贸易已占到了世界金融服务贸易的七成以上，而银行的跨国设立（即

外资银行）是以商业存在形式所进行的金融服务贸易的重要方式。当前在阿根廷、

智利、捷克、匈牙利和波兰等国家，外资银行的资产占东道国总资产的比例已经

超过 50％。外资银行的进入对东道国银行业的影响越来越大。世界银行报告（2001）

就曾指出：“外资银行的引入既能够提高金融体系的运营效率和竞争度，甚至还可

以提高金融体系的稳定度。外资银行的进入通常伴随着法规的健全和透明度的提

高，特别是带来国际化的结算和审计标准。外资银行带来的竞争压力会激励国内

银行，并且使国内银行努力经营并减少高风险的危险行为。这样会给国内银行业

带来危机感，从而强化并制定一些审慎的监管银行的法规。”①

1979 年外资银行的第一家非营业性机构——日本东京银行北京代表处在我国

诞生，1981 年起我国允许外资银行在华设立营业性机构，新加坡南洋银行深圳分

行成为第一家进入我国的外资银行营业性机构。自此不同国家的外资银行纷至沓

来，扩张地域不断由沿海开放城市和中心城市向内陆城市挺进。根据 2007 年中国

银监会公布的《中国银行业开放报告》，截至 2006 年12 月底，在我国注册的外资

独资和合资法人银行业机构共 14 家，下设 19 家分支行及附属机构；22 个国家和

地区的 74 家外资银行在我国 25 个城市设立了 200 家分行和 79 家支行；42 个国家

和地区的 186 家外资银行在我国 24 个城市设立了 242 家代表处；外资银行在中西

部和东北地区已设立营业性机构 30 家，占全国外资银行机构总数的 10%。外资银

行在华经营的业务品种已超过 100 种，115 家外资银行机构获准经营人民币业务。

在华外资银行本外币资产总额 1033 亿美元，占中国银行业总资产的 1.8%。

2006 年12 月11 日是我国银行业历史上具有特殊意义的日子，这一天起，加

入世贸组织的五年过渡期结束了，我国开始向外资银行全面开放我国境内公民的

① World Bank. Finance for Growth Policy Choices in a Volatile World [R]. World Bank Policy Research Report, New

York: Oxford University Press, May 2001: 4.

浙江财经学院硕士学位论文

人民币业务，取消开展人民币业务的地域限制和其他非审慎性限制，在承诺基础

上对外资银行实行国民待遇。这标志着我国银行业的开放力度将进一步加大。因

此，深入分析外资银行进入对我国商业银行绩效造成的影响具有非常重要的理论

和现实意义。一方面，它可以有助于丰富和完善跨国银行进入对东道银行业绩效

影响的理论体系，由于我国是一个典型的经济转型国家，通过对我国的研究，可

以为跨国银行进入对经济转型国家银行业绩效影响的研究提供一定的借鉴和指

引；另一方面，根据研究的结果提出具体对策，能加快我国银行业改革，使其在

金融全球化的背景下，更加稳健和高效地生存和发展。

第二节基本概念的界定

一、外资银行

世界银行组织定义外资银行为外资所有权占比超过 50%的银行。因此不仅仅是

那些外资银行设立的分行、附属行、联属行等称为外资银行，那些并购后外资所

有权超过 50%的银行都称为外资银行。

2006 年11 月颁布的中华人民共和国外资银行管理条例（国务院令第 478 号）

对我国的外资银行概念进行了界定。条例中所称的外资银行是指依照我国有关法

律、法规，经批准在我国境内设立的下列机构：（1）一家外国银行单独出资或者 1

家外国银行与其他外国金融机构共同出资设立的外商独资银行；（2）外国金融机

构与我国的公司、企业共同出资设立的中外合资银行；（3）外国银行分行；（4）

外国银行代表处。第（1）项至第（3）项所列机构统称外资银行营业性机构。该

条例所称外国金融机构，是指在中华人民共和国境外注册并经所在国家或者地区

金融监管当局批准或者许可的金融机构。该条例所称外国银行，是指在中华人民

共和国境外注册并经所在国家或者地区金融监管当局批准或者许可的商业银行。

二、外资银行进入

世贸组织成立时的《服务贸易总协定》对金融服务的提供者和内容进行了定

义。其中，金融服务的提供者被定义为包括自然人与法人，而不包括一国政府、

中央银行、货币发行机构和为政府意图活动的机构。金融服务的内容则定义为任

何有关在金融方面的服务，如，银行借贷、接受存款、外汇服务等。因此，在它

浙江财经学院硕士学位论文

国市场上提供金融服务的外资银行应是“非中央银行”的商业银行实体。于是，

本文将“外资银行进入”的概念定义为，以追求预期商业收益为目标的外资银行

通过设立机构、参股和并购等多种方式到达他国银行市场，并在东道国相应监管

部门允许的范围内从事经营各种金融服务活动的行为和过程。

第三节国内外相关研究文献综述

随着金融全球化的不断深入，外资银行进入对东道国银行业绩效的影响越来

越受到国内外学者的关注。专家学者们从多个角度对此进行了研究。纵观国外研

究的文献，按其研究方法可将其分为理论研究和实证研究。

一、理论研究文献综述

从理论研究的视角看，关于外资银行进入对东道国银行业绩效的影响存在两

种观点。一种是外资银行进入会改善东道国银行业的绩效，另一种是外资银行进

入对东道国银行业绩效的改进具有非确定性。前一种观点的理由是外资银行进入

存在如下效应：（1）市场竞争效应。外资银行的进入会直接对东道国国内银行业

产生竞争压力，迫使国内银行提高效率，改善服务质量，适当降低利率和利润，

改革一些落后的做法，以达到国内银行业绩效的改善。（2）技术溢出效应。外资

银行的进入给东道国银行业输入先进的经营管理知识、新技术和新产品，有助于

提高东道国政府部门的金融监管能力和水平，促进东道国金融改革的市场化，为

东道国银行经营绩效的改善提供技术条件。（3）人力资本效应。外资银行的进入

有助于提升东道国金融业从业人员的人力资本水平使得国内银行运作得更有效

率。其代表性人物 Levine（1997）认为外资银行的进入加强了银行业的竞争，也

赋予本国银行业更多应用先进银行业务技术及技巧的能力，增进了国内金融市场

所提供的金融服务品质及效率性，促进了银行监管和法律基础设施的建设，提高

了本国对国际资本的使用，从而提高了整个银行体系的绩效。后一种观点的核心

思想是，外资银行的进入对东道国银行业绩效的改进会受到其他因素（如，东道

国的经济发展水平、政府监管能力和金融发展状况等等）的影响，有一定的初始

条件和路径依赖。最早提出这一观点的 Stiglitz，J．（1994）指出，国内银行因与

外资大银行进行竞争，会给其带来很高的风险成本和利润损失，外资银行通常倾

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摘要：

浙江财经学院硕士学位论文III摘要外资银行进入是开放型经济的产物，是不可逆转的历史大趋势。自我国开放银行业以来，外资银行通过入股中资商业银行或在我国设立机构等方式逐步进入我国金融市场。随着外资银行进入深度的加大，它们在我国金融体系中占有的地位越来越重要。中资商业银行是我国金融业的主体，也是我国国民经济的命脉。外资银行的进入对中资商业银行的发展既带来了新机遇又带来了新挑战。一方面，外资银行进入有利于引进先进技术以加快我国商业银行金融创新的步伐，有利于提高我国商业银行的经营管理水平，有利于弥补我国商业银行资本金的不足，有利于推进我国商业银行的股份制改造；另一方面，我国银行业的开放将加剧外资银行抢夺...

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