注资与国有银行改革的深层次思考--基于政治经济学范式的分析

本文从政治经济学的视角分析了注资与国有银行改革的几个相关问题。其主要观点大致有：(1)国有银行改革的核心在资产部分，在微观基础未能得到有效改善的前提下，对银行的资本金结构进行单方面的改革注定不可能取得令人满意的效果；(2)我国国有银行的资本金是国家声誉与居民储备之间的一种奇特资本联盟，国家声誉的“入股”使得居民的核心存款变为附属资本，因此我国国有银行的资本金是充足的，注资没有必要；(3)国家声誉的不可分性使国有银行改革过程中必须保证国家对银行的绝对控股，国有银行制度的存在有其合理性，不能一味否定。本文的政策结论是，国有银行改革应和微观经济基础的改革结合在一起，从中国长期的制度变迁角度进行渐进式的改革，并在股份制改革上市过程中保持国家的绝对控股地位．片面追求短期效应的单方面注资是不可取的。

An In-depth Thinking on Capital Injection and Reform of SOBs

In this article the writer analyses the problems of capital injection and reform of state-owned banks from a perspective of political economics. The arguments include: 1. The critical part of the reform involves the banks' assets. Without effectively improving the micro-foundation of the economy in the first place, one-sided adjustment of the banks' capital structure is bound to fail. 2. The capital of China's SOBs is a unique alliance between government's prestige and household savings. The government's sharing in the banks turns the savings of the households into subordinative capital. In this sense the capital of our SOBs is adequate and it is unnecessary to inject capital. 3. The indivisibility of the government's prestige makes it necessary to maintain the absolute equity control of banks by the state in the course of reforms, which cries for the rationality of state-owned banking system that should not be completely negated. Hence the conclusion: reform of SOBs should be conducted in combination with that of microeconomic basis and it should be carried out gradually to allow for the long-run institutional transformation and maintain the dominant shares of the state in IPO of the SOBs. In a word, one-sided injection in pursuit of short-term effect is not advisable.