民初至抗战后私营传统银行的公司化

The Demutualization of the Traditional Private Banks after 1937

抗战爆发后,私营传统银行的公司化已成为普遍现象,这对中小银行充实核心资本、维护信用以及政府稳定战时金融与经济起了积极的作用;但抗战爆发后私营传统银行的公司化,仍偏重资本的筹集而漠视银行的转机建制及内部治理结构的优化,因而存在经营非审慎、业务投机化、脆弱性高等问题。我国现有不少中小型银行类机构,包括信用合作社及股份合作制银行,公司化、合并及上市仍是这类金融机构提高资本充足率、抵御风险的有效途径。金融监管部门应以史为鉴,引导公司化的中小银行类机构着力改善内部治理结构和管理,审慎经营,而不能仅将公司化和上市作为募股集资或圈钱的手段之一。

Demutualization of the traditional private banks in China became a universal phenomenon after the Anti-Japanese war broke out. It played an important role in supplying the core capital of banks, maintaining the bank credit and stabilizing the order of economics and finance in the war. However, some demutualization of banks emphasized raising capital too much while disregarding the chance to build the system and optimization of internal governance structure. Besides, problems can be found in non prudential operation, speculation and high vulnerability. Now there are many credit unions and joint-stock banks in China, demutualization and public listing are still the effective ways of these financial institutions to improve capital adequacy against risks. Financial regulators should take history as a mirror, boot these small and medium banking institutions of demutualization, focusing on improving internal governance structures and management, manage prudently, rather than only taking demutualization and public listing as a means of raising fund.