引入境外战略投资者，改善银行公司治理了吗？.docVIP

引入境外战略投资者，改善银行公司治理了吗？ ——基于新桥深发展的案例思考 刘志远刘 青* 南开大学商学院摘要：Can Foreign Strategic Investors Improve Governance of China’s Banks? ——Based on the Entry of Newbridge into Shenzhen Development Bank Liu Qing, Liu Zhi-yuan School of Business, Nankai University Abstract: Strategic foreign investors participate in reform of China’s banking industry more and more with the three of big four state-owned commercial banks selling equity stakes to them as part of a plan to diversify its ownership structure. But US investment group Newbridge Capital taking a 17.89 per cent stake in Shenzhen Development Bank is a special case, because Newbridge wined the controlling right to reform the organization through market abiding with related regulations. Our paper starts from Newbridge entering into Shenzhen Development Bank, analyzes how foreign strategic investors influence on banks’ corporate governance through case study. And we find strategic investors improved governance, but the financial performance doesn’t change too much. One possible reason is western ideas and persons with management abilities need a process to adapt China, the other reason relates to capital constraint of Shenzhen Development Bank, which means it is true that government funded “big four” state-owned commercial banks from another side. Keywords: Strategic Foreign Investor, Corporate Governance of Banks, Shenzhen Development Bank 引入境外战略投资者，改善银行公司治理了吗？ ——基于新桥入主深发展的案例思考 0. 引言 2007年，是中国正式加入WTO后,按照对银行部门自由化所做的承诺,逐步取消地域、客户和业务方面的限制,全面开放本国银行服务市场的第一年,而在这之前，境外投资者就开始以各种形式实际进入中国银行业。从1996年亚洲开发银行首次入股光大银行开始,并随着中国政府进一步放开外资进入中国市场的限制,外资入股中资银行目前己成为国外大型银行金融集团进入中国的首选方式,形成了商业银行引入外资战略投资者的热潮。2005年以来,引入外资战略投资者更是达到了新的高潮:三大国有银行建行、中行、工行均成功引进了外资战略投资者。在上述背景下,探讨外资银行尤其是外资银行战略投资者进入对中国商业银行的影响,对国内商业银行的发展具有重要的现实意义。 中国金融监管部门对于中资银行引进战略投资者的热潮给予了高度评价。银监会主席刘明康认为,公平、公正地选择境内外战略投资者,改变单一的股权结构,实现投资主体多元化,是转变国有商业银行公司治理行为的“催化剂”。中国银监会还规定，设立股份制商业银行时，发起人股东中应当包括合格的境外战略投资者。这意味着，今后中国新设立的的股份制商业银行均必须要有境外战略投资者作为发起人股东。监管层认为，引进外资的股份,不完全是为了资本金的问题,更重要的意义,在于促进银行公司治理结构的完善,