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论文编号：	4143
作者编号：	1120060727
上传时间：	2012/6/4 11:18:14
中文题目：	中资商业银行与外资机构股权合作联盟治理研究
英文题目：	Research on Alliance Governance of the Equity Alliance between Chinese Commercial Banks and Foreign Institutions
指导老师：	周建
中文关键字：	中外商业银行；战略联盟；股权联盟；联盟治理；传导机制
英文关键字：	Commercial bank；Strategic alliance；Equity alliance；Alliance governance；Transmission mechanism
中文摘要：	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。
英文摘要：	At the beginning of this century, many Chinese banks introduced foreign institutions as their alliance partners against the backdrop of financial globalization for the purpose of their development in the reform of banking industry in China. They bear the hope that this will improve their competitiveness through in-depth resource integration and capital supplement. However, disputes concerning this issue prevail in the academic circle due to different perspectives people take. Most of the disputes center on the point whether the state-owned stock rights are sold at too cheap a price or whether the invitation of strategic investment will threaten our financial security. Little attention has been given to the mode and content of the strategic alliance cooperation between Chinese banks and foreign institutions, especially the alliance governance after both sides enter into equity cooperation. Considering the above mentioned situation, this paper is devoted to make an in-depth and systematic analysis of the strategic alliance governance from the practical situation of alliance cooperation between Chinese banks and foreign institutions. In the analysis, normative analysis and empirical analysis are combined to investigate the issue; besides case analysis and quantitative analysis tools have been adopted. The paper gives a review of the research achievements made concerning the alliance governance between Chinese banks and foreign institutions in the first place from two perspectives of alliance governance and alliance bank governance. In addition, the paper makes a general analysis of the previous documents and literature from the aspect of alliance structure, governance mechanism and performance. Based on these analyses and the transaction cost theory as well as resource theory and institutional theory, the author conducts analysis and research into the issue of alliance governance after the introduction of foreign shareholders to Chinese banks. In the second place, this paper makes an all-round analysis of the strategic alliance governance between the China Construction Bank and the Bank of America. The paper discusses the measures taken and the effects of those measures since the Bank of America becomes an alliance partner of the China Construction Bank from the aspect of alliance contracts governance, alliance structure selection, board governance, trust-based incentive mechanism, control mechanism and so on. On one hand, the paper confirms the assumption proposed by case and practical evidence. On the other hand, in the process of case study and analysis, the author discovers some issues that need clarification, which develop more room for further empirical study. In the end, the author collects sample data from fifteen Chinese banks which introduced foreign strategic alliance partners in recent years on the basis of previous normative analysis and case study. The paper confirms the transmission mechanism between alliance motivation, alliance structure (equity structure, resource structure), alliance governance mechanism and performance in overseas equity alliance between Chinese banks and foreign institutions by analyzing the relations between different variables through data validation and empirical analysis. The analysis is conducted from two perspectives of equity institutions and resource structure following the analytical logic of “alliance motivation→alliance structure→alliance governance mechanism and behavior→alliance performance”. Conclusions are as follows: first, alliance motivation influences the composition and selection of the structure of Chinese banks and foreign institutions alliance. Different alliance motivation (anticipation of the depth, broadness and lasting time) will influence selection of foreign partners and the ratio of equity investment by foreign shareholders. Second, the differences in alliance structure lead to variable alliance governance mechanism. Different share proportion, equity centralization and the resource background of the alliance partner mean differences in transaction cost and resource advantages, which lead to different strategies and standpoint adopted by the foreign alliance partner in the selection of alliance governance mechanism. In the third place, alliance governance mechanism is a mediator variable between alliance structure and performance. Differences in alliance structure lead to different alliance governance mechanism. As a comparably concrete mechanism of alliance operation mechanism, differences in alliance governance mechanism give rise to different institutional systems, transaction cost systems and resource integration systems, which bring about variable performance of banks. The innovation of this paper lies in: first, the systematic research on the governance structure, mechanism and performance of Chinese commercial banks after the introduction of strategic investors from the perspective of alliance governance; second, the research on the influence of foreign resource background on the structure and mechanism of alliance governance between Chinese banks and foreign investors; third, new measurement method toward indices which are hard to measure including agreement completeness. The conclusion of this research is significant and instructive to the understanding of practical effects of alliance governance between Chinese banks and foreign institutions; besides it also provides a valuable reference to the further internationalization of Chinese banking industry.
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