国有商业银行引入战略投资者原因及条件的理论分析

A Theoretical Analysis of the Reasons and Conditions for the State-Owned Commercial Banks' Introducing of Strategic Investors

参股国有商业银行对战略投资者原有资产价值的影响是国有商业银行选择战略投资者的关键因素,战略投资者为了获得协同效用,或规避竞争压力,凭借自身雄厚的资金参股我国国有银行。在投资理论视角下,通过与互补型或强替代关系的战略投资者合作,相较于与温和替代型的战略投资者合作,国有商业银行能获得较大的效用,并且与其合作的战略投资者不易向财务投资者转变。因此,国有银行与互补性或强替代关系的战略投资者合作,是使国有商业银行实现引入战略投资者目标的前提。

The influence on the original asset of the strategic investors from joining the state-owned commercial banks is the key element that the commercial banks choose strategic investors, and in order to acquire accordance effect, or avoid competitive pressures, the strategic investors join the state-owned banks with their rich assets. From the angle of investment theories, through the reciprocal or strong-replacement cooperation with the strategic investors, compared with cooperation with moderate-replacement strategic investors, the state-owned banks can acquire larger effects, and their cooperative strategic investors are less probable to change into financial investors. So, state-owned banks＇ cooperation with reciprocal or strong-replacement strategic investors is the prerequisite for the state-owned banks to introduce strategic investors.