实物期权视角下外资银行进入中国农村金融市场时机分析

Analysis on Opportune Moment of: Foreign Banks' Entry into China's Rural Financial Market from the Perspective of Real Option

随着2006年12月11日中国银行业对外资全面开放,更多的外资银行进入中国,其业务范围也逐渐扩展到几乎所有的金融领域。在农村金融市场上,外资银行也成为率先进入的生力军。外资银行进入中国农村金融市场这一投资机会可视为实物期权。根据实物期权理论,外资银行在该市场所面临的不确定程度、当期现金流、可逆程度、可延迟程度、竞争、先动优势等都会影响其进入时机。实物期权理论对加速或者延缓包括外资银行在内的各类银行进入农村市场的时机有一定的理论指导意义。

Along with the overall opening of China＇ s banking to foreign capital, December 12, 2006, the more foreign banks have entered China with the scope of its business extended to almost all areas of finance. At the same time, foreign banks have become a new force pioneering the entry in the rural financial market, and the opportunity for foreign banks to invest in China＇ s rural market may be considered as a real option. According to the theory of real option, the uncertainty, current cash flow, reversibility, ability to defer, competition, first- mover advantage will all influence the opportune moment. And this theory is of certain theoretically guiding significance in accelerating and delaying the opportune moment of banks of all kinds including foreign banks.