对中国国有银行引入境外战略投资者路径选择的思考

由于国有银行在中国国有企业改革中承担着政策性负担任务,导致其产生大量的不良贷款,使其不适应在中国金融逐渐开放条件下的发展,必须对其进行改革。其中一个办法就是引进战略投资者来参与国有银行的公司治理和风险管理。从外部环境、监管层、银行自身和战略投资者的优势四个方面阐述国有银行引入战略投资者的原因。面对境外战略投资者的＂减持风暴＂对中国国有银行的影响,提出如何慎重地引进对境外战略投资者、如何对引入机制进行改革以及境外战略投资者如何退出等对策。     

关于国有银行引进境外战略投资者的主要争论

随着交通银行、建设银行、中央银行、工商银行先后引进境外战略投资者并上市,国内外专家学者和媒体对国有银行引进境外战略投资者表现出广泛的关注,产生了截然相反的两种观点。这两种观点的主要分歧集中在股权转让的价格如何、应引进境外战略投资者还是国内投资者两个方面。一种观点认为,引进境外战略投资者加快了国有银行的进一步改革,有利于优化国有商业银行的产权结构,有利于改善银行的公司治理,因而是非常必要的,同时,股权转让价格是谈判形成的,并未低于账面净值,不能以事后的IPO价格倒推之前的股权转让价格;另一种观点认为,商业银行…     

境外战略投资者是否改变了银行平滑盈余行为——基于我国不同所有权银行的分析

平滑盈余行为是银行公司治理结构存在缺陷的表现。近年来,银行积极引进境外战略投资者以改善其公司治理结构,但是境外战略投资者能否抑制银行平滑盈余行为,尚未看到相关研究。本文采用境外战略投资者持股比例、派驻董事成员和制衡银行第一大股东作为公司治理的衡量变量,并结合我国银行所有权结构的差异,来实证研究境外战略投资者对银行平滑盈余行为的影响。经研究发现股份制商业银行不存在平滑盈余行为,但国有控股商业银行和城市商业银行存在平滑盈余行为;境外战略投资者通过改善银行公司治理结构有效抑制了银行的平滑盈余行为,但抑制效应仅在城市商业银行中显著存在。     

战略投资者介入我国上市银行公司治理问题研究及对策分析

随着银行业市场竞争的日益加剧,我国商业银行越来越多地通过引进战略投资者来完善落后的公司治理机制,提高银行的竞争力。文章以我国上市银行为研究对象,深入分析战略投资者影响银行公司治理的理论机理,从而得出战略投资者可以促进上市银行治理改善的结论,并就我国上市银行应该如何引进战略投资者提出相应的对策建议。     

战略投资者参与中国上市银行公司治理问题研究

文章以中国上市银行为研究对象,在分析战略投资者影响上市银行公司治理机理的基础上,通过数据分析得出上市银行公司治理中存在很多问题。本研究表明战略投资者会对这些问题的解决产生积极影响,因此,我国银行业要积极正确地引进战略投资者以改善上市银行公司治理,提高上市银行的竞争力。     

战略投资者不能从根本上改变国有商业银行的公司治理结构

我国新一轮国有商业银行改革的一个重要特征是引入了境外战略投资者,监管当局甚至把引入境外战略投资者作为银行股份制改革和上市的一个重要条件。目前,四大国有银行中的建设银行、中国银行以及工商银行都已引入境外战略投资者。引进战略投资者主要是为了完善商业银行的治理结构。那么战略投资者的引进真的就能完善国内国有商业银行的治理结构吗?笔者认为并非如此。本文将从战略投资者的投资目的,25%的股权约束及国有商业银行的接受程度三个方面进行讨论。     

韩国银行体制变革的经验与启示

本文分析了亚洲金融危机前的韩国金融制度、金融危机后的改革措施及绩效。韩国的经验是 :必须果断解除政府与国有银行及国有银行与大企业财团的非市场化关系 ,银行改革过程中需要引进外国战略投资者 ,有效处理不良金融资产并保持稳定的政策环境 ,实施金融监管一体化。     

公允价值在国有控股银行中应用现状分析

国有银行完成股份制改造，建立了公司治理架构，引进了国际战略投资者，打开了，与国际银行合作的大门。上市国有控股银行一切应按照股份公司治理结构的要求进行管理运作，提高商业银行的经营质量和效益，使我国上市银行在同业竞争中立于不败之地。我国于2006年2月15日发布的企业会计准则体系包括四项金融工具会计准则。这四项金融工具会计准则的颁布与实施使得人们非常关注公允价值计量对我国银行业所产生的影响。     

我国银行业引进战略投资者风险研究--控制权租金引发的股权转移和效率损失

我国银行业通过股权方式引进战略投资者,为的是分散股权以达到长远的银行治理结构改善和经营效率提高的目的.但我们的研究却发现:通过引进战略投资者而建立的分散模式的股权结构是不稳定的.当控制权租金大到可以补偿控股风险和股权交易成本时,战略投资者就有动机促使股权分散模式重新回归到股权集中模式,并导致银行控制权的转移和造成额外效率的损失,这也就是我国银行业引进战略投资者的风险.因此,如何降低控制权租金,已成为我国银行业引进战略投资者风险防范的关键.文章认为应该从银行经理收益目标函数的选择和市场微观基础建设两个方面来加以解决.     

境外战略投资者减持国有商业银行股份引发的思考——基于公司治理视角的分析

今年年初以来,随着国有商业银行境外战略投资者股权禁售期的结束,四大国有商业银行的境外战略投资者纷纷减持其所持股份。基于公司治理理论的分析框架,借鉴少数股权大股东的理论视角分析,我们发现境外战略投资者从决策机制、激励机制和监督机制三个层面上参与国有商业银行的公司治理,对国有银行公司治理改革具有积极的长期效应,但是我们同时也需要注意到引入境外战略投资者存在的经营风险,需要调整相关的政策应对潜在的风险。     

中国银行业引进境外战略投资者的绩效分析

引进境外战略投资者是近几年中国银行业改革的一项重要措施。自2001年加入世界贸易组织后,已先后有十几家中资银行引入了境外战略投资者。中国银行业引进境外战略投资者这一改革措施的选取是正确的,但外资持股比例与银行绩效没有必然联系的实证检验结果提示我们,银行绩效的提升不一定非要以外资控股为前提。对于中国这样一个大国来说,保持国内力量的银行控股权应该具有重要战略意义。     

Stock Market‐Induced Currency Crises—A New Type of Twins

This paper explores the link between currency crises and the stock market in emerging economies. By integrating foreign stock market investors in a currency crisis model, we reveal a new fundamental inconsistency as a potential crisis trigger: since emerging economies' stock markets often have high returns, whereas central bank reserves grow slowly or decline, the amount of reserves foreign investors can deplete when selling their stocks and repatriating the proceeds grows over time and is considerably higher than funds that have been invested in the stock market. Capital withdrawals of foreign stock market investors can trigger currency crises by depleting central bank reserves, particularly in successful countries with booming stock markets and large foreign investment.     

全流通环境下投资者利益保护研究——控股股东、中小股东和经理人三方博弈分析

随着上市公司控制权的转移,投资者保护在全流通环境下有了新的内涵。文章从公司的委托代理问题出发,构建了控股股东、中小股东和经理人的三方博弈模型。各方决策的混合策略纳什均衡结果显示,股权的集中在一定程度上可以抑制公司的内部人控制;为保护投资者利益,应对控股股东和经理人的违规操作进行严厉惩罚,降低投资者的监督稽查成本,健全上市公司的治理机制。     

A Report on the March 2001 Investor Sentiment Survey

Steep declines in the value of publicly traded stocks in the first quarter of 2001 left many market observers speculating whether investor sentiment had undergone a significant and negative change, and whether investors would subsequently flee stocks in favor of less volatile investment options. A survey study of investor expectations and confidence was conducted in late March 2001 to capture investor sentiment and compare it with similar measures taken in surveys conducted in 1998 during a period of rapid market incline. The surprising results are that there are only minor differences in investor sentiment in terms of: (a) confidence in the long and intermediate performance of the stock markets; (b) composition of stocks versus bonds in their portfolios; (c) the intention to buy on the dips; (d) the amount of risk investors plan to undertake. The high level of investor confidence observed in 2001 (in spite of a severe drop in market value) is potentially accounted for by psychological processes that influence investor judgment. These processes include reliance on image-driven affective evaluations of common stocks that contribute to excessive optimism.     

境外战略投资者减持中国国有控股商业银行股权的原因、影响与对策

2008年年底以来,境外战略投资者大幅减持中国国有控股商业银行股权,对中国股市造成了很大的冲击,严重影响了中国金融安全。本文认为,为了防止类似冲击再次发生,必须对中国国有控股商业银行相关机制尤其是境外战略投资者的引入机制进行改革,进而从根本上减少境外战略投资者转变为战略投机者的可能性,降低由于境外战略投资者退出而对中国股市和中国金融安全造成的冲击。     

Skewness preferences,asset prices and investor sentiment

Prior research has found that investors have strong preferences for stocks with positive skewness. These preferences have been shown to lead to price premiums and subsequent underperformance. This study extends this growing body of literature by testing whether the underperformance of stocks with positive skewness is driven by periods of high investor sentiment. The motivation for these tests is based on a broad literature in Psychology that an individual’s mood can directly affect the individual’s subjective probability assessments. In the framework of our tests, more optimism among investors may strengthen investors’ skewness preferences. The empirical results in this study support this idea as the underperformance of positively skewed stocks is shown to be primarily driven by periods of high investor sentiment.     

How the Hungarian State-owned Banks were Privatised

Hungary was the first transition economy to complete the process of privatisating state banks. This article outlines this process in the light of the economic and financial pressures after 1989, which had severely weakened the financial condition of these banks. It describes the ways in which bank balance sheets were consolidated by state-underwritten loan write-offs and injections of capital within a new legislative framework. The main privatisations are described in a set of mini-case studies. The process was effectively complete by end-1997. The EBRD was closely involved as adviser and investor, significant revenue was generated for the state (albeit much lower than the consolidation support required), foreign strategic investors were attracted and no major financial institution had to be liquidated. Despite the attendant controversy and scandal, the Hungarian experience offers useful lessons to other transition economies which have yet to seriously address this issue.     

Attitudes and Trading Behavior of Stock Market Investors: A Segmentation Approach

This study identifies and characterizes segments of individual investors based on their shared investing attitudes and behavior. A behavioral finance literature review reveals five main constructs that drive investor behavior: investment horizon, confidence, control, risk attitude, and personalization of loss. Ninety individual investors were surveyed via questionnaire on these constructs. A cluster segmentation analysis identified four main segments of individual investors: 1) risk-intolerant traders; 2) confident traders; 3) loss-averse young traders; and 4) conservative long-term investors. Each segment purchased different types of stocks, used different information sources, and had different levels of trading behavior.     

The demand of energy from an optimal portfolio choice perspective

This paper analyses the demand for energy sector by employing a model form strategic asset allocation literature and quantifying the welfare losses incurred by an investor due to sub-optimal asset allocation. Our sample group includes fifteen major oil producing and consuming countries. We analyze the short-run and long-run desirability of energy sector in the optimal portfolio of an investor with varying level of risk aversion; that is, risk averse and risk tolerant investors. Our results show that the portfolio demand for energy sector is myopic or short-run. For long-run investors, investing in a portfolio of equity market and government bonds is a better proposition. In addition, energy sector is more desirable for risk tolerant investors.     

Assessing bank equity risk under Legacy Loan Program

We study the effects of purchasing distressed loan on bank equity risk under the Legacy Loan Program (LLP), in which the government is in partnership with private investors. The bank may refuse LLP when its knock-out value is too low. When the bank decides to participate in the LLP, the participation of a private investor generates a decrease in bank interest margin and an increase in equity risk, but the knock-out value with the LLP assistance generates an increase in bank interest margin and a decrease in equity risk. Our results suggest that the success of LLP depends critically on the willingness of a weak bank to participate in it. However, the participation of a private investor in LLP does not decrease the weak bank’s equity risk but poses instability to the banking system.