民营化、国有化与中国国有银行改革

Privatization, Nationalization and the Reform of State-owned Banks

国有银行自上世纪70年代中期以来出现了民营化的国际趋势,一些国家 因此发生了银行危机。而此前全球曾有过国有化浪潮。虽然国有银行效率比民营银行 低,但经验研究却表明,国有银行与银行危机之间没有或很少有因果关系;而且由于有政 府信誉担保不易发生挤兑。中国国有银行改革过程实际上是政府逐步放弃控制权的过 程,但切不可因效率而忽视金融稳定;简单地依靠所有权变更无法解决国有银行脆弱性问 题;而且,与境外战略投资者合作时要谨防金融主权失控风险。

The privatization of State-owned banks has been a trend around the world since mid 1970s, in which some countries experienced banking crises. However, there existed a bank nationalization wave before bank privatization . Although state-owned banks have poorer performance than private banks, Empirical studies to examine the relationship between banks and banking crisis have found little or weak evidence of a causal link. State-owned banks are less susceptible to run as government provides guaranty. In fact, during state-owned banks reform in China, government is increasingly giving up the control over state-owned banks. International experiences show that both efficiency and financial stability should be considered, and it is more important to constitute and improve institutions relating to banking than to solve problems of bank ownership, moreover, risks of losing financial sovereignty should be avoided in foreign strategic investors' purchasing shares of state-owned banks.