国际资本流入中国银行部门动机变迁研究

Motivation Change of International Capital Flows into China’s Banking Sector

中国近年来一直是国际资本流入最多的发展中国家,银行部门更是外资投入的热点。十几年来进入银行部门的外资不论是规模还是投资方式都发生了很大变化。动机决定行为,行为决定结果,只有充分了解外资为什么来,才能理解外资将会采取什么行动,造成什么影响?对此问题的研究将有助于决定对银行外资采取什么样的开放政策和引资策略。以外资进入中国银行部门的动机变迁为研究的中心,通过对1996-2008十三年来外资进入中国银行部门的历程和变化进行实证分析,发现传统理论认为的"客户追随"动机只在早期起主导作用,在中后期则是追求相对优势动机、追求东道国提供的市场机会动机、外资银行自身追求全球战略布局动机在不同程度上交替引导外资进入中国的银行部门,因此中国银行部门的开放政策也应作相应调整:鼓励外资进入中西部地区金融业比优先开放东部地区金融业对中国金融体系发展更有利;鼓励外资积极投入中小银行比鼓励外资参股大型银行对中国银行业的治理结构优化更有利。

China has more capital inflow than any other developing countries in recent years. 1996-2006 is an important reforming period of its banking sector, which gradually opens up to foreign investment. Why the foreign investors come and what action will they take？ What are the implications？ This paper is an empirical analysis of the motivation of foreign investment into the China’s banking sector during 1996-2006, and it finds that the traditional theory of the ＂customer following＂ motivation did play a leading role in the early stage; but after 2002, it is the comparative advantage motivation, the motivation of pursuit of market opportunities provided by the host country, the motivation of foreign bank’s global strategic layout have in various degrees guided the foreign investment. Accordingly, China’s open door policy of the banking sector should also be adjusted.