信息网络嵌入式海外扩张:中资银行全球经营网络形成机制的理论与实证分析

Information Network-Embedded Global Expansion:Theory and Empirical Evidence of Chinese Banks'Global Network Formation

本文通过构建银行的信息基础观理论框架,分析了跨国银行形成全球经营网络的动因、路径与效应,利用1978—2022年中资银行海外设立分支机构数据库,检验了中资银行全球经营网络的路径依赖、社群集聚、金融中心集聚以及同伴跟随效应。研究发现:首先,中资银行海外扩张的区位选择依赖于自身全球经营网络建立的信息优势,趋向于选取已设立分支机构地区或与已设立分支机构地区地理临近、经济联系紧密的地区扩张;其次,中资银行海外扩张的区位选择呈现显著的社群内集中效应,社群内频繁复杂的信息交流使中资银行依赖其经营网络的社群分布来进行海外扩张,形成向社群内集中的趋势;再次,金融中心凭借其在全球金融市场中核心性的信息地位和向周边地区的信息溢出作用吸引中资银行向该地区扩张,中资银行海外扩张呈现显著的向金融中心点集聚和圈层集聚效应;最后,同伴银行经营网络的信息溢出效应显著影响银行海外扩张的区位决策,中资银行海外扩张还呈现同伴跟随的特征。本研究为中资银行国际化提供了来自信息流的全新分析视角,有助于理解中资银行全球经营网络的构建动机和扩张路径,为中资银行全球化战略的制定和相关部门稳步推进金融开放提供参考。

Understanding the paths and inherent mechanisms of Chinese banks'overseas expansion is of great significance for the effective development of their global.Existing research lacks theoretical analysis of banks'overseas expansion from the perspective of information network embeddedness.Given the information-intensive nature of banks as service industries,the role of information and its driving forces in the global spread of Chinese banks calls for more comprehensive investigation.This paper has developed a comprehensive information network theory that integrates elements like information nodes,information flow,aggregation,pools and wetlands.Additionally,it offers a theoretical exploration of the overseas expansion of Chinese banks,focusing on four key dimensions:path dependence,community concentration,financial center agglomeration and peer following.Utilizing data of Chinese banks'overseas branches from 1978 to 2022,the paper employs Chaney's(2014)trade network model to portray the characteristics of Chinese banks'global networks and examines their modes of expansion.The findings indicate that Chinese banks,when expanding overseas,show a preference for regions either geographically or economically proximate to their current branches,illustrating a path dependence phenomenon.Additionally,there's a noticeable inclination for these banks to cluster within economically interactive communities,highlighting a community concentration trend.Furthermore,the allure of financial centers,with their global market informational advantages,serves as a driving force for the expansion of Chinese banks.Moreover,the informational influence of peer networks is significant,leading Chinese banks to exhibit the characteristic of following their peers when expanding.These research findings enhance the comprehension of the information-driven mechanisms underpinning the overseas expansion of Chinese banks,elucidate the formation of their global networks,and offer vital insights for advancing the coordinated development of Chinese banks'global network layouts.Moreover,these findings contribute to establishing a new,globally oriented competitive edge for Chinese banks and to the exploration of high-quality development within financial services.