Can Introduction of Strategic Investors Push Forward the Reform of State-Owned Commercial Banks?--in discussion with Mr. Tian Guoqiang and Mr. Wang Yijiang
- 经济学院－已发表论文 
田国强、王一江两位老师合作发文认为:引进外资战略投资者推动国有商业银行改革可以做到“打破一种局面、引进两类股资、形成三方制约、达到四个有利”。但我们在引入模型分析的结果却是:当国有商业银行的控制权租金大到可以补偿控股风险成本和股权交易成本时,引进外资与非国有两类股资后所形成的三方制衡体系是不稳定的,被打破的国有股一股独大的局面可能被新的股权集中模式所替代,而外资战略投资者更可能寻求获得银行的控制权,并造成银行价值额外的损失。因此,引进战略投资者推动国有商业银行改革成功的关键在于要先行从市场微观基础建设方面消除国有商业银行特殊的垄断地位、降低国有商业银行的控制权租金。In the paper co-authored by Mr. Tian Guoqiang and Mr. Wang Yijiang, it is believed that introduction of foreign-funded strategic investors can propel the reform of our state-owned commercial banks in a way that can "break a pattern, usher in two sources of stock capital, establish a balance and check by three parties and reap four benefits." However, our findings after a model analysis indicate that: when the rent of controlling right of state-owned commercial banks is large enough to make up for the costs of holding risks and equity transactions, the balance and check by three parties resulting from introduction of foreign and private capital is unstable, the situation where state shares predominate, which is just removed, may be replaced by a new form of stock centralization; while foreign-funded strategic investors are more likely to seek to control our banks, causing extra loss of our banking value. Therefore, the key to the success of the reform of state-owned commercial banks by introducing strategic investors lies in the fact that the monopoly of state-owned commercial banks should be first abolished in micro-infrastructure and their rent of controlling right reduced.