海外上市、制度跃迁和银行绩效——“中银香港”案例分析

The Oversea Listing and System Jump of "Zhongyin Hongkong"

在考察中国银行业整体状况和总结海外上市理论的基础上,本案例分析了“中银香港”重组、发行上市和上市后的制度演变和绩效表现。本文认为,海外上市能够引致“中银香港”公司治理和管理机制的改革,破除路径锁定、提高企业绩效。“中银香港”管理层出现的历史丑闻无法否定“中银香港”在公司治理上的大幅进步。通过海外监管环境的强制和海外市场竞争的诱致,国家绝对控股的“中银香港”成功地实现了内部制度根本变迁,摆脱了传统国有银行的弊病,显著提高了企业的竞争力。

On the foundation of investigation of entire status quo of China's banking and on the summary of the theory about oversea listing, we have analyzed the regrouping of 'Zhongyin Hongkong' (ZH) , its issuance of shares and achievement after listing. In our view, oversea listing can cause trigger the reform of ZH's reform in company control and management mechanism, blaze a new path, and advance achievements. Regardless of the past scandals of the ZH managers, ZH's prodigious progress cannot be denied in company control. By compulsiveness of oversea supervisory environment and by inducement by competition in oversea markets, ZH, which is absolutely held by the State, has succeeded in radical change in internal systems and remedied traditional drawbacks of state-owned banks, noticeably lifting its competitiveness.