境外战略投资者参与中国银行业治理对银行绩效影响的差异化研究

引进境外战略投资者是近几年我国银行业改革的重大举措.截止到2006年底已有20余家中资银行引入了境外战略投资者.本文分析了我国银行业引进境外战略投资者的现状,并分别对不同类型商业银行进行比较,探讨不同类型银行引进境外战略投资者前后的经营绩效,以期对我国银行业改革提供一些参考建议.     

中小城市商业银行引进战略投资者分析

一、我国城市商业银行引进战略投资者的基本情况关于商业银行引进战略投资者问题,最早出现在20世纪90年代,当时国际金融公司入股上海银行,持股比例为5%,后增持至7%。2003~2005年,五大国有银行进行股份制改革,确定的改革思路之一是引进海外战略投资者,从此,我国商业银行进入引进战略投资者的高峰期。据不完全统计,目前城市商业银行中引进战略投资者的银行大约15家左右。从战略投资者的类别看,主要是引进银行类外资金融机构,个别城市商业银行引进大型中资企业,比如龙江银行引进中粮集团、汉口银行引进联想集团。     

我国商业银行引进境外战略投资者的效率影响研究——基于Malmquist指数

近年来我国银行业大举引进境外战略投资者,其对我国商业银行的影响众说纷纭。本文运用Malmquist指数分析近几年间引进境外战略投资者的16家商业银行的总体效率变化及样本中国有银行、股份制银行以及城商行在效率变化上的差异,结合境外战略投资者的引进分析其原因,并在此基础上提出相关建议。     

国有控股商业银行战略投资者委派监事制:基于国情的制度创新

本文结合对股份制商业银行企业特性的分析说明了股份制商业银行应高度重视监督权的配置,指出我国现有的股份制商业银行监督权配置低效的原因主要与其控股股东的特性有关．最后提出．西方国家按所持股份多少分配监督权的做法并不适用我国．可通过战略投资者委派监事这一新的监事会制度来完善我国国有控股商业银行监督权的配置。     

加强与战略投资者的合作 推进我国银行业的对外开放——访兴业银行董事长高建平

近年来，我国已有多家境内商业银行本着自愿和商业的原则引入了合格的境外战略投资者，引进战略投资者成为我国银行业对外开放的一种重要形式。     

我国商业银行引进海外战略投资问题研究

随着我国加入WTO后,中国经济已经逐步融入到世界经济的大湖之中,中国的商业银行也正在逐步进入世界经济的大舞台.作为支持我国经济发展的商业银行,在我国的经济发展中已经有近半个世纪的历史.近一段时间,在银监会的推动下,国内商业银行面对激烈的竞争,纷纷引进国外战略投资者.目前,四大国有商业银行:中国银行、中国建设银行、中国工商银行、中国农业银行已经基本敲定了海外投资者名单;其他股份制商业银行如兴业银行、交通银行、中信银行、北京银行、深圳发展银行等等,也已经进入了引进国外投资者的行列之中.     

论完善我国国有控股商业银行监事会制度

本文首先通过提出一种新的企业观,并结合对股份制商业银行企业特性的分析说明了股份制商业银行应高度重视监督权的配置,接着,对我国现有的股份制商业银行的监督权配置的现状进行了考察并对其低效配置的原因进行了分析,最后,本文提出,可通过战略投资者委派监事这一新的监事会制度来完善我国国有控股商业银行监督权的配置.     

绩效、控股权与战略投资者：转型经济银行改革的经验

东欧转型经济与中国当前的银行改革具有相似性。东欧国家在第一次银行改革中保持了国有控股权，但并没有提高经营绩效，继续开放导致超过75％的银行资产被外资控制。东欧国家的经验表明：在继续保持国有控股的情况下，引进战略投资者作为小股东并不能建立良好的银行治理结构，也不会有效改善经营业绩；而外国战略投资者控股银行后能够显著提高银行业绩，但国家也丧失了银行控股权，似乎在现有的改革路线中改善绩效与保持银行控股权二者不可兼得。因此，中国如果必须保持国内力量对主要银行的控股权，则应借鉴招商银行模式，建立国内大型企业法人持股的治理结构。     

中国银行业“引智”“淘金”

随着我国银行业改革推进和对外开放的步伐加快，很多商业银行都通过出让部分股权的方式，纷纷引进境外战略投资者。自1996年亚洲开发银行入股光大银行，首开国内银行吸收国际资本先河以来，已有多家中资商业银行通过股权方式引进了境外战略投资者，包括深发展、兴业银行、上海银行、南京商业银行、西安商业银行、上海浦东发展银行、民生银行等先后成功“引资”。2005年中国建设银行、中国银行、中国工商银行三家国有商业银行成功引进战略投资者掀起引资高潮。     

开创内资公众银行参股农村金融机构先河 交通银行战略入股常熟农村商业银行

2008年1月16日,交通银行股份有限公司与常熟农村商业银行正式在北京举行战略合作签约仪式。交行将以3.8亿元现金战略入股常熟农村商业银行,入股后交行将占常熟农商行10%的股份,成为其第一大股东。同时,两行还将根据协议开展业务合作和技术支持。此举使交行成为国内首个成功参股农村商业银行的大型国有     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.