外资参股:“战略投资”还是”财务投资”?——基于商业银行综合价值能力的分析

Foreign Investment:“A Strategic Act” or “A Financial One”:An Analysis on Comprehensive Value Capacity of Chinese Commercial Banks

引进外部战略投资者参股国内银行的经营是近年来我国商业银行改革过程中出现的重要现象,但境外投资者是否扮演了"战略投资者"的角色,则一直存在较大的争议。立足于中国银行业的改革与开放宏观经济背景构建综合价值能力指标体系,并以此对我国12家主要商业银行的短期绩效与长期发展能力等进行评估,在此基础上,进一步验证境外投资者参股对商业银行各方面绩效的影响。结果表明,我国商业银行近年来的综合绩效改善主要源自国内的经济增长、货币化程度的提高以及国有商业银行的股份制改革。外资参股在一定程度上促进了商业银行短期效益的提升,但相应弱化了银行的长期发展能力,而从总体上来看,境外投资者的参股更具有短期的"财务投资"色彩,而并没有起到战略投资者应有的作用。

Attracting foreign investment has been a regular way of the operation of domestic commercial banks. But it is still controversial whether foreign investors perform the role of strategic investors. Based on the target system of the reform and macro-economic construction background of domestic bank industry, this paper assesses the short-term as well as long-term operational performances of 12 commercial banks, and examines the effect of foreign investment on these performances. Results show that the improvement of the comprehensive operational performance comes mainly from the develop- ment of domestic economy, the enhancement of currency marketization and the stock reforms of state- owned banks. Foreign equity participation on while on the other hand weakens the long-term investors rather than strategic ones. the one hand promotes the short-term performance, capacity. Thus foreign investors play a role of financial