银行国际化方式、绩效及风险研究——基于中国银行视角

The Entry Mode,Performance and Risk of Bank Internationalization-A Perspective from Bank of China

中国银行国际化肇始于民国,在近百年的国际化过程中并非平稳演进的,而是在国内外环境、市场和银行自身等因素综合作用下呈现出四个阶段性波动。每一阶段,中国银行国际化方式的选择侧重点不同、差异明显,导致国际化绩效和风险承担也不一样,但国际化进程则越来越与其内在实力、拓展需求相适应。新建付出的成本较低、自主管理权较大,一旦形成市场规模,盈利较为持续稳定;而通过并购进行国际化虽能迅速进入东道国市场,获得较大的资产形成规模经济,然而并购的成本较大。

The internationalization of Bank of China started in the era of the Republic of China.Its nearly 100 years'process did not evolve smoothly,but presented four stages of fluctuation under the comprehensive factors of domestic and foreign environment,market condition and the bank itself etc.During each of the stages,Bank of China chose different priorities in the entry mode of internationalization,which leads to different performance and risk taking.However,the process of internationalization is more and more commensurate with its internal strength and expansion demand.Greenfield entry is less costed and more independent in management.The profit of greenfield entry is more continuous and stable,once the market scale is formed.Acquisition entry can quickly enter the host country market and gain larger assets to form economies of scale,but it costs a lot.