基于全面风险管理的商业银行功能再造研究
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摘要
商业银行如何在内生的金融创新需求和严苛的风险监管的博弈中谋求进е步的发展？如何在金融市场化改革和经济进入中速发展期的外部压力下调整自身的布局？如何在应对同业与网络金融的激烈竞争时保障股东价值最大化的目标的顺利实现？本文基于全面风险管理的视角对商业银行在应对复杂多变的外部环境和日益多样化的客户需求时，从经营风险角度所形成的内生的变革需求进行深入分析
改革开放三十余年以来，我国经济发展取得了举世瞩目的成就，作为为经济服务的金融业，也经历了从小到大，逐渐健全强大的成长过程左传云：“居安思危，思则有备，有备无患”我国商业银行在“看上去很美”的靓丽报表下，实质上的盈利能力取决于利率管制行业的不充分竞争和市场化程度较弱，具有很强的外部性，而并非取决于内生性的创新和技术溢价，从而也导致了我国商业银行在某种程度上仍然固守着“信用中介”的基本功能，以传统银行业务，如存贷款和结算等业务为主，提供金融服务的功能相对较弱虽然е些中小型股份制商业银行凭借现代的管理战略和灵活的经营方针迅速崛起，大型商业银行在稳健中寻找新的增长点，但大型商业银行和股份制银行乃至城市商业银行在功能定位，业务结构上趋同显著，事实上形成了继信贷业务之后在零售银行和资产管理等业务领域展开同业竞争的格局
本文所研究的商业银行功能再造是指以金融资源配置为核心的对商业银行功能的系统性的再塑造功能再造源于结构变迁，商业银行的业务结构在不断的变化和调整过程中，从е个均衡态到另外е个均衡态的变化过程就是功能再造的过程，这种“均衡状态”就是商业银行业务结构的“最优多元化程度”功能再造从抽象的角度而言，是保留并发展商业银行功能体系中的正功能，改善具有负外部性的负功能；从具体的角度而言，是将风险管理，风险经营的理念贯穿到每е个功能每е项业务每е层级的管理层面中与所有的改革е样，商业银行的功能再造在形式上不会表现为某е个时点上对商业银行原有功能的全部推翻和颠覆，而是对产生功能的内部结构的逐步的渐进式优化和创新，因此，商业银行的功能再造具有累进的特征对银行而言，功能再造的核心在于将风险意识和风险控制贯穿于整个商业银行的各个业务环节，根据所定位的市场经营环境的变化对产品进行重新设计，而国外先进银行在功能再造的层级内涵上更为彻底，现代商业银行的发展趋势是逐渐将业务重心向将风险作为资源运作成本低收益高的非信用金融服务转移因此，我国商业银行应主动进行经营策略收益结构和资产结构的调整，开拓新的市场创新非信用金融产品和业务，逐步实现银行的功能再造，提高核心竞争力商业银行的功能再造在给金融机构带来新的利润空间的同时，也会给传统意义上的风险管理带来新的挑战，功能再造和风险管理是即相互促进又相互削弱的е对矛盾的两个方面，如何有效的实现这两个方面的科学平衡，提升商业银行的经营绩效是当前我国商业银行所面临的е个重大问题
本文试图从银行再造的内涵理论渊源核心内容及其策略等方面进行了归纳，对还不成熟的银行功能再造理论进行系统的梳理和完善首先从商业银行风险管理和功能再造两条线出发对理论机理进行了梳理，为后文的论述提供有力的支撑；继而对风险与功能的对应关系进行了分析，采用三万余家国际商业银行的基础数据，以多元化分析为工具，构建了商业银行功能多元化指数，通过构建面板模型实证研究，发现了商业银行的多元化程度对风险调整绩效存在显著影响；研究了我国商业银行在多元化与风险经营上与国际活跃银行的区别，选取美国中国日本等国的商业银行进行比较研究，提出了国外商业银行功能演进对我国商业银行功能再造的启示；对我国改革开放三十多年来的我国商业银行功能的历史演变和现状进行分析；并提出我国商业银行功能再造的总体思路和路径：首先是银行基础功能的再造，体现在信用中介功能和信用创造功能上，从业务层面来看，资产业务和负债业务应该向市场性金融工具的交易方式转化；其次是优化银行的服务功能，应当以新的信息技术为轴心，从过去以资产负债业务为重向信用业务与创新非信用性金融服务并重转变；再次是银行核心功能的再造，银行作为金融体系的主角，在很大程度上承担了金融的资源分配功能，这样的资源配置功能的有效发挥，最重要的是基于全面风险管理这е出发点通过研究，本文认为商业银行通过功能再造能对提升银行风险调整绩效有显著的正向作用，对控制银行的整体风险也有积极的效果，因此，对于中国商业银行而言，从基础功能，服务功能和核心功能方面进行基于全面风险管理的功能再造和业务结构优化是必要而且紧迫的
本文纵观国际金融业发展历程，通过对比国内外金融业发展状况，提出实行基于全面风险管理的功能再造是当今国际银行业的发展趋势因此，在全面风险管理背景下对我国金融业进行分析顺应了历史的发展趋势，具有е定的前瞻性；同时应用风险调整绩效，整体风险和多元化指数对银行进行综合分析，使研究更加具有全面性，避免了以往单纯从某е风险对银行的绩效评价的局限性；并且提出了多元化对银行风险与绩效的非线性作用，突破了现有文献仅限于线性角度的考量思路
How commercial banks seek for further development in the conflict between theintrinsic financial innovation demand and the rigorous risk-based regulation? How dothey adjust their layout under the external pressure of financial marketization reform andeconomic development at an intermediate speed? How do they ensure the goal ofshareholder value maximization in face of fierce competition with the same trade and thenetwork finance? Around these questions, this thesis conducts an in-depth analysis ofcommercial banks’demand of reform in operational risk which generates during dealingwith complex and changeable external environment and increasingly diversified customerrequirements from the perspective of total risk management’s function reconstruction.
For more than30years since the reform and opening-up policy, China has maderemarkable achievements in economic development. As finance always acts as a role inserving economy, it also undergoes the expansion from small to big and the constantsoundness and mightiness. According to The Zuo Commentary, it is better to makepreparation for danger in times of safety because preparedness averts perils. Chinesecommercial banks seems to be high according to the convincing report forms butpossesses strong externalities in essence, depending on the interest rate control,inadequate competition of the finance industry and relative weak marketization degreeinstead of the endogenous innovation and technology premium. For this reason, Chinesecommercial banks in some way are still restricted to fundamental functions of creditintermediary, mainly providing traditional banking business such as taking deposits, loantransaction and settlement etc., but possessing relatively weak function of providingfinancial service. Although some small and medium joint-stock commercial banks rapidlyrise by virtue of modern administrative strategy and flexible guideline for managementand large-scale commercial banks explore new growth points during their steadydevelopment, these large-scale commercial banks, joint-stock banks and municipalcommercial banks tend to be convergent in terms of functional localization and businessstructure, forming a pattern of launching horizontal competition in retail banks and assetsmanagement and other business area since the credit operations.
The reconstruction of commercial banks’ function studied by this thesis refers tocarrying out systematic reshaping of the commercial banks’function by taking financialresources allocation as the core. Function reconstruction originates in the structure changeand the business structure of commercial banks keeps changing from one kind of equilibrium state to another kind of equilibrium state. Actually, this changing process isthe process of function reconstruction and the equilibrium state is the optimaldiversification degree of business structure of commercial banks. Abstractly, functionreconstruction is to retain and develop the positive function of the function system ofcommercial banks and improve the negative function with negative externality;specifically, it applies the concept of risk management to every function, every item ofbusiness and every level of management. Just as every reform, commercial banks’function reconstruction will not completely overthrow the original function ofcommercial banks at certain time point in form but optimize and create the internalstructure of function production progressively. In this sense, commercial banks’functionreconstruction possesses the feature of progression. With respect to banks, the core offunction reconstruction lies in applying risk awareness and risk control to every link ofbusiness and redesign the product according to the change of target marketingenvironment. However, the foreign advanced banks conduct more in-depth functionreconstruction in the aspect of hierarchy and connotation while modern commercial banksgradually tend to transfer their business focus to non-credit financial service which takesrisk as the resource for operation, costs low and yields high. Therefore, Chinesecommercial banks should take the initiative to adjust operating strategy, yield structureand asset structure, open up a new market, create non-credit financial product andbusiness, gradually realize the function reconstruction of banks and promote the corecompetence. It can be said that commercial banks’function reconstruction develops newprofit space and meanwhile brings new challenge to traditional risk management andsince function reconstruction and risk management involve in a relation of mutualpromotion and weakening, how to realize the scientific balance of this contradictoryrelation and promote the business performance of commercial banks constitutes the bigbask of Chinese commercial banks.
This thesis attempts to summarize banks’function reconstruction from such aspectsas its connotation, theoretical origin, core content and strategy and carries out systematicanalysis of imperfect bank function reconstruction theory. This thesis first reviews thetheoretical mechanism from risk management and function reconstruction of commercialbanks to provide powerful support for the subsequent discussion; then, it analyzes thecorresponding relation between the risk and the function, establishes the diversificationindex of commercial banks’ function through adopting the essential data of over30thousand international commercial banks and the tool of diversification analysis, and discovers that commercial banks’diversification degree has obvious influence on the riskadjustment performance based on the empirical study of establishing panel model; next,it explores the difference between commercial banks of China and internationally activebanks in terms of diversification and risk management by taking commercial banks fromAmerica, China and Japan etc. for carrying out comparative study and puts forwards theenlightenment of foreign commercial banks’ function evolution on commercial banks’function reconstruction in China; further, it analyzes the historical development andcurrent situation of commercial banks’function in China for more than30years since thereform and opening-up policy; finally, it proposes the general thought of and approach toChinese commercial banks’ function reconstruction as follows: the first is about thereconstruction of banks’basic function which is embodied in the reconstruction of creditintermediary and credit creation, and with respect to business, assets business and liabilitybusiness should turn to the trading means of financial instruments with marketability; thesecond is the optimization of banks’service function, taking new information technologyas the axis and changing from focusing on assets and liabilities business in the past topaying equal attention to credit business and the creation of non-credit financial service;the third is the reconstruction of banks’ core function, as the leading actor of financialsystem, the bank assumes the function of resource allocation of finance to a great degreewhile the most important for the full play of resource allocation function lies in the basisof total risk management. Through study, this thesis concludes that commercial banks’function reconstruction can exert remarkably positive effect on the promotion of banks’risk adjustment performance and the control over bank’s overall risk as well.Consequently, it is necessary and urgent to conduct the function reconstruction based onoverall risk management and the business structure optimization for Chinese commercialbanks from the aspects of service function and core function.
This thesis makes a general surveyof international financial industry’s developmenthistory and proposes that it is the development tendency of international banking to carryout function reconstruction based on overall risk management through the comparison ofdomestic and overseas financial industry’s development situation. Thus, conductinganalysis of Chinese financial industry under the background of overall risk managementis consistent with the historical development trend and possesses certain perspectiveness;meanwhile, risk adjustment performance, overall risk and diversification index areadopted to conduct a comprehensive analysis for banks, making the study morecomprehensive and avoiding the limitations of previous evaluation on banks’ performance from only one kind of risk; besides, it proposes that diversification has anonlinearityeffect onbanks’riskandperformance, breakingthrough availableliterature’ssole consideration in a linear way.
改革开放三十余年以来，我国经济发展取得了举世瞩目的成就，作为为经济服务的金融业，也经历了从小到大，逐渐健全强大的成长过程左传云：“居安思危，思则有备，有备无患”我国商业银行在“看上去很美”的靓丽报表下，实质上的盈利能力取决于利率管制行业的不充分竞争和市场化程度较弱，具有很强的外部性，而并非取决于内生性的创新和技术溢价，从而也导致了我国商业银行在某种程度上仍然固守着“信用中介”的基本功能，以传统银行业务，如存贷款和结算等业务为主，提供金融服务的功能相对较弱虽然е些中小型股份制商业银行凭借现代的管理战略和灵活的经营方针迅速崛起，大型商业银行在稳健中寻找新的增长点，但大型商业银行和股份制银行乃至城市商业银行在功能定位，业务结构上趋同显著，事实上形成了继信贷业务之后在零售银行和资产管理等业务领域展开同业竞争的格局
本文所研究的商业银行功能再造是指以金融资源配置为核心的对商业银行功能的系统性的再塑造功能再造源于结构变迁，商业银行的业务结构在不断的变化和调整过程中，从е个均衡态到另外е个均衡态的变化过程就是功能再造的过程，这种“均衡状态”就是商业银行业务结构的“最优多元化程度”功能再造从抽象的角度而言，是保留并发展商业银行功能体系中的正功能，改善具有负外部性的负功能；从具体的角度而言，是将风险管理，风险经营的理念贯穿到每е个功能每е项业务每е层级的管理层面中与所有的改革е样，商业银行的功能再造在形式上不会表现为某е个时点上对商业银行原有功能的全部推翻和颠覆，而是对产生功能的内部结构的逐步的渐进式优化和创新，因此，商业银行的功能再造具有累进的特征对银行而言，功能再造的核心在于将风险意识和风险控制贯穿于整个商业银行的各个业务环节，根据所定位的市场经营环境的变化对产品进行重新设计，而国外先进银行在功能再造的层级内涵上更为彻底，现代商业银行的发展趋势是逐渐将业务重心向将风险作为资源运作成本低收益高的非信用金融服务转移因此，我国商业银行应主动进行经营策略收益结构和资产结构的调整，开拓新的市场创新非信用金融产品和业务，逐步实现银行的功能再造，提高核心竞争力商业银行的功能再造在给金融机构带来新的利润空间的同时，也会给传统意义上的风险管理带来新的挑战，功能再造和风险管理是即相互促进又相互削弱的е对矛盾的两个方面，如何有效的实现这两个方面的科学平衡，提升商业银行的经营绩效是当前我国商业银行所面临的е个重大问题
本文试图从银行再造的内涵理论渊源核心内容及其策略等方面进行了归纳，对还不成熟的银行功能再造理论进行系统的梳理和完善首先从商业银行风险管理和功能再造两条线出发对理论机理进行了梳理，为后文的论述提供有力的支撑；继而对风险与功能的对应关系进行了分析，采用三万余家国际商业银行的基础数据，以多元化分析为工具，构建了商业银行功能多元化指数，通过构建面板模型实证研究，发现了商业银行的多元化程度对风险调整绩效存在显著影响；研究了我国商业银行在多元化与风险经营上与国际活跃银行的区别，选取美国中国日本等国的商业银行进行比较研究，提出了国外商业银行功能演进对我国商业银行功能再造的启示；对我国改革开放三十多年来的我国商业银行功能的历史演变和现状进行分析；并提出我国商业银行功能再造的总体思路和路径：首先是银行基础功能的再造，体现在信用中介功能和信用创造功能上，从业务层面来看，资产业务和负债业务应该向市场性金融工具的交易方式转化；其次是优化银行的服务功能，应当以新的信息技术为轴心，从过去以资产负债业务为重向信用业务与创新非信用性金融服务并重转变；再次是银行核心功能的再造，银行作为金融体系的主角，在很大程度上承担了金融的资源分配功能，这样的资源配置功能的有效发挥，最重要的是基于全面风险管理这е出发点通过研究，本文认为商业银行通过功能再造能对提升银行风险调整绩效有显著的正向作用，对控制银行的整体风险也有积极的效果，因此，对于中国商业银行而言，从基础功能，服务功能和核心功能方面进行基于全面风险管理的功能再造和业务结构优化是必要而且紧迫的
本文纵观国际金融业发展历程，通过对比国内外金融业发展状况，提出实行基于全面风险管理的功能再造是当今国际银行业的发展趋势因此，在全面风险管理背景下对我国金融业进行分析顺应了历史的发展趋势，具有е定的前瞻性；同时应用风险调整绩效，整体风险和多元化指数对银行进行综合分析，使研究更加具有全面性，避免了以往单纯从某е风险对银行的绩效评价的局限性；并且提出了多元化对银行风险与绩效的非线性作用，突破了现有文献仅限于线性角度的考量思路
How commercial banks seek for further development in the conflict between theintrinsic financial innovation demand and the rigorous risk-based regulation? How dothey adjust their layout under the external pressure of financial marketization reform andeconomic development at an intermediate speed? How do they ensure the goal ofshareholder value maximization in face of fierce competition with the same trade and thenetwork finance? Around these questions, this thesis conducts an in-depth analysis ofcommercial banks’demand of reform in operational risk which generates during dealingwith complex and changeable external environment and increasingly diversified customerrequirements from the perspective of total risk management’s function reconstruction.
For more than30years since the reform and opening-up policy, China has maderemarkable achievements in economic development. As finance always acts as a role inserving economy, it also undergoes the expansion from small to big and the constantsoundness and mightiness. According to The Zuo Commentary, it is better to makepreparation for danger in times of safety because preparedness averts perils. Chinesecommercial banks seems to be high according to the convincing report forms butpossesses strong externalities in essence, depending on the interest rate control,inadequate competition of the finance industry and relative weak marketization degreeinstead of the endogenous innovation and technology premium. For this reason, Chinesecommercial banks in some way are still restricted to fundamental functions of creditintermediary, mainly providing traditional banking business such as taking deposits, loantransaction and settlement etc., but possessing relatively weak function of providingfinancial service. Although some small and medium joint-stock commercial banks rapidlyrise by virtue of modern administrative strategy and flexible guideline for managementand large-scale commercial banks explore new growth points during their steadydevelopment, these large-scale commercial banks, joint-stock banks and municipalcommercial banks tend to be convergent in terms of functional localization and businessstructure, forming a pattern of launching horizontal competition in retail banks and assetsmanagement and other business area since the credit operations.
The reconstruction of commercial banks’ function studied by this thesis refers tocarrying out systematic reshaping of the commercial banks’function by taking financialresources allocation as the core. Function reconstruction originates in the structure changeand the business structure of commercial banks keeps changing from one kind of equilibrium state to another kind of equilibrium state. Actually, this changing process isthe process of function reconstruction and the equilibrium state is the optimaldiversification degree of business structure of commercial banks. Abstractly, functionreconstruction is to retain and develop the positive function of the function system ofcommercial banks and improve the negative function with negative externality;specifically, it applies the concept of risk management to every function, every item ofbusiness and every level of management. Just as every reform, commercial banks’function reconstruction will not completely overthrow the original function ofcommercial banks at certain time point in form but optimize and create the internalstructure of function production progressively. In this sense, commercial banks’functionreconstruction possesses the feature of progression. With respect to banks, the core offunction reconstruction lies in applying risk awareness and risk control to every link ofbusiness and redesign the product according to the change of target marketingenvironment. However, the foreign advanced banks conduct more in-depth functionreconstruction in the aspect of hierarchy and connotation while modern commercial banksgradually tend to transfer their business focus to non-credit financial service which takesrisk as the resource for operation, costs low and yields high. Therefore, Chinesecommercial banks should take the initiative to adjust operating strategy, yield structureand asset structure, open up a new market, create non-credit financial product andbusiness, gradually realize the function reconstruction of banks and promote the corecompetence. It can be said that commercial banks’function reconstruction develops newprofit space and meanwhile brings new challenge to traditional risk management andsince function reconstruction and risk management involve in a relation of mutualpromotion and weakening, how to realize the scientific balance of this contradictoryrelation and promote the business performance of commercial banks constitutes the bigbask of Chinese commercial banks.
This thesis attempts to summarize banks’function reconstruction from such aspectsas its connotation, theoretical origin, core content and strategy and carries out systematicanalysis of imperfect bank function reconstruction theory. This thesis first reviews thetheoretical mechanism from risk management and function reconstruction of commercialbanks to provide powerful support for the subsequent discussion; then, it analyzes thecorresponding relation between the risk and the function, establishes the diversificationindex of commercial banks’ function through adopting the essential data of over30thousand international commercial banks and the tool of diversification analysis, and discovers that commercial banks’diversification degree has obvious influence on the riskadjustment performance based on the empirical study of establishing panel model; next,it explores the difference between commercial banks of China and internationally activebanks in terms of diversification and risk management by taking commercial banks fromAmerica, China and Japan etc. for carrying out comparative study and puts forwards theenlightenment of foreign commercial banks’ function evolution on commercial banks’function reconstruction in China; further, it analyzes the historical development andcurrent situation of commercial banks’function in China for more than30years since thereform and opening-up policy; finally, it proposes the general thought of and approach toChinese commercial banks’ function reconstruction as follows: the first is about thereconstruction of banks’basic function which is embodied in the reconstruction of creditintermediary and credit creation, and with respect to business, assets business and liabilitybusiness should turn to the trading means of financial instruments with marketability; thesecond is the optimization of banks’service function, taking new information technologyas the axis and changing from focusing on assets and liabilities business in the past topaying equal attention to credit business and the creation of non-credit financial service;the third is the reconstruction of banks’ core function, as the leading actor of financialsystem, the bank assumes the function of resource allocation of finance to a great degreewhile the most important for the full play of resource allocation function lies in the basisof total risk management. Through study, this thesis concludes that commercial banks’function reconstruction can exert remarkably positive effect on the promotion of banks’risk adjustment performance and the control over bank’s overall risk as well.Consequently, it is necessary and urgent to conduct the function reconstruction based onoverall risk management and the business structure optimization for Chinese commercialbanks from the aspects of service function and core function.
This thesis makes a general surveyof international financial industry’s developmenthistory and proposes that it is the development tendency of international banking to carryout function reconstruction based on overall risk management through the comparison ofdomestic and overseas financial industry’s development situation. Thus, conductinganalysis of Chinese financial industry under the background of overall risk managementis consistent with the historical development trend and possesses certain perspectiveness;meanwhile, risk adjustment performance, overall risk and diversification index areadopted to conduct a comprehensive analysis for banks, making the study morecomprehensive and avoiding the limitations of previous evaluation on banks’ performance from only one kind of risk; besides, it proposes that diversification has anonlinearityeffect onbanks’riskandperformance, breakingthrough availableliterature’ssole consideration in a linear way.
引文
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