中国跨国银行发展的客户追随模式检验

Empirical Research on China's Bank Internalization by the Test of Customers-Following Behavior

该文研究中国商业银行追随中国非金融类企业对外直接投资(OFDI)的跨国经营事实,将企业对外投资决策考虑进银行的目标函数之中,讨论了银行国际化经营的追随客户问题。基于2010年4月至2016年11月中资全国性银行的月度境外贷款数据,该文研究了中国非金融类对外直接投资对其影响。该文对中资银行境外分支机构进行细分,通过对2005-2015年国别面板数据进行的实证研究发现,银行境外分行设立受到中国非金融类企业对外直接投资发展的影响最为显著。同时结合中国工商银行境外机构客户与中国非金融类对外直接投资企业数据,进一步证实了中国银行业国际化过程中追随客户OFDI的行为特征。

This paper investigates the internationalization of China＇s banking industry following China＇s outward foreign direct investment （OFDI）. We take the OFDI decision of non-financial enterprise into bank＇s objective function, and establish a theoretical model which supports the following-customer behavior of multinational banks. By using monthly data of overseas loan funded by China＇s banks from April 2010 to November 2016, we have studied the effect of Chings non-financial OFDI on bank＇s oversea businesses. We have subdivided China＇s banks overseas primary affiliates and conducted empirical study based on panel data from 2005 to 2015. The results confirm that the establishment of overseas branches is influenced very significantly by Chings non-financial OFDI. We match the main customers of ICBC＇s foreign institutions with enterprises which performing non-financial OFDI, and further confirm the fact that China＇s commercial banks＇ foreign operations are characteristic of following their customers＇ OFDI.