内地与香港金融服务贸易竞争力的比较及启示
|
摘要
自改革开放以来,香港就是内地重要的贸易合作方,并为内地企业的上市融资和“走出去”作出了卓越贡献。随着服务贸易自由化,二者的经贸融合趋势进一步拓展到服务贸易,双方不断通过一系列政策加强合作与交流,以现代服务业为基础的金融服务贸易也必然融入香港对内地的经贸渗透,合作前景广阔,意义深远。本文采用时序数据,利用金融服务贸易统计制度的特点及以往研究的成果和不足,分别从金融服务贸易份额、TC指数、RCA指数、产业内贸易指数、NRCA指数、金融服务贸易开放度、外资金融机构的资产和营业收入状况、以及外资金融机构的数量和市场结构等方面,对内地与香港跨境交付和商业存在模式下的金融服务贸易竞争力进行比较分析。
研究发现,内地金融服务贸易竞争力两种模式下均落后于香港,短期内这种局面难以扭转,但是这也意味着内地金融服务贸易拥有潜在发展空间。其中保险服务贸易竞争劣势成为内地金融服务贸易逆差劣势的主要来源,而香港的保险服务贸易存在较小逆差且竞争力呈现下滑趋势,特别是人身险业务市场,面临外资保险机构的激烈竞争;而银行及其他金融服务贸易竞争力香港拥有很强的竞争力。入世过渡期结束后两地金融服务贸易面临的外部挑战加大,一方面,内地金融服务贸易竞争力水平低下的状况亟待改善,以应对全面开放的金融服务业带来的冲击和挑战,使外资金融机构的加入朝着更有利于内地金融服务业的方向发展;另一方面,经济全球化形势下,金融机构唇齿相依,国际金融市场的波动也要求香港时刻防范风险,以保持竞争优势和巩固其国际金融中心的地位。基于竞争力理论,本文对内地金融服务贸易竞争力的主要影响因素进行了实证分析。最后本文得出积极发展两地金融体系互助和互动关系,积极培育内地金融服务贸易竞争优势要素,以提高我国金融服务贸易竞争力的启示和建议。
Since the reform and opening up, Hong Kong has been an important trading partner for the Mainland, makeing outstanding contributions to listing,financing and marketing overseas of Mainland enterprises. With the liberalization of trade in services, the trend of economic integration between the Mainland and Hong Kong has expanded further to the service trade, the both two sides continue to strengthen cooperation and exchanges through a series of policies , so financial services trade based on modern service also integrates into this trend of penetration, having broad prospects and significance. In the light of Based on financial services trade statistics system characteristics and the results and lack of previous studies, this article uses the share of financial services trade, TC index, RCA index, intra-industry trade index, NRCA index,financial services trade openness, foreign-funded financial institution's assets and operating income, as well as the number of foreign financial institutions and market structure, etc.to comparatively analyze financial services trade competitiveness between the Mainland and Hong Kong from cross-border supply and commercial presence modes respectively by time-series data.
The study found that the financial services trade competitiveness of the Mainland under two modes are both lagging behind Hong Kong,and it is difficult to reverse this situation in the short term, but this also means that the Mainland's financial service trade has the potential room for development. Further to this situation,the competitive disadvantage in insurance service Trade has become the major source of the Mainland's financial services trade deficit disadvantage, while Hong Kong's insurance service trade shows a smaller deficit disadvantage and the downward trend in its competitiveness,and is facing fierce competition from foreign-funded insurance institutions especially in life insurance business market; in regard to, Banks and other financial services trade competitiveness, Hong Kong has a strong competitive edge. After the end of the transitional period of joining to the WTO ,both of their financial services trades are faced with increasing external challenges. On the one hand, the low-level situation in the Mainland's financial services trade competitiveness calls for urgent improvement in order to cope with the impact and challenges broughet by the full liberalization of the financial services industry, and guide foreign-funded financial institutions to develop to a more favorable direction for the Mainland's financial services industry; on the other hand, under economic globalization, financial institutions are dependent each other,and the volatility of international financial markets also requires Hong Kong to constantly guard against risks in order to maintain competitive advantage and consolidate its position as international financial center. Based on competitiveness theory, the paper has also made a theoretical and empirical analysis of the major factors which affect the Mainland's financial services trade competitiveness. Finally this paper put forth the suggestion of developing their mutual and interactive relationship of financial system, and foster competitive advantage factors actively in the Mainland's financial service trade to enhance China’s financial services trade competitiveness.
研究发现,内地金融服务贸易竞争力两种模式下均落后于香港,短期内这种局面难以扭转,但是这也意味着内地金融服务贸易拥有潜在发展空间。其中保险服务贸易竞争劣势成为内地金融服务贸易逆差劣势的主要来源,而香港的保险服务贸易存在较小逆差且竞争力呈现下滑趋势,特别是人身险业务市场,面临外资保险机构的激烈竞争;而银行及其他金融服务贸易竞争力香港拥有很强的竞争力。入世过渡期结束后两地金融服务贸易面临的外部挑战加大,一方面,内地金融服务贸易竞争力水平低下的状况亟待改善,以应对全面开放的金融服务业带来的冲击和挑战,使外资金融机构的加入朝着更有利于内地金融服务业的方向发展;另一方面,经济全球化形势下,金融机构唇齿相依,国际金融市场的波动也要求香港时刻防范风险,以保持竞争优势和巩固其国际金融中心的地位。基于竞争力理论,本文对内地金融服务贸易竞争力的主要影响因素进行了实证分析。最后本文得出积极发展两地金融体系互助和互动关系,积极培育内地金融服务贸易竞争优势要素,以提高我国金融服务贸易竞争力的启示和建议。
Since the reform and opening up, Hong Kong has been an important trading partner for the Mainland, makeing outstanding contributions to listing,financing and marketing overseas of Mainland enterprises. With the liberalization of trade in services, the trend of economic integration between the Mainland and Hong Kong has expanded further to the service trade, the both two sides continue to strengthen cooperation and exchanges through a series of policies , so financial services trade based on modern service also integrates into this trend of penetration, having broad prospects and significance. In the light of Based on financial services trade statistics system characteristics and the results and lack of previous studies, this article uses the share of financial services trade, TC index, RCA index, intra-industry trade index, NRCA index,financial services trade openness, foreign-funded financial institution's assets and operating income, as well as the number of foreign financial institutions and market structure, etc.to comparatively analyze financial services trade competitiveness between the Mainland and Hong Kong from cross-border supply and commercial presence modes respectively by time-series data.
The study found that the financial services trade competitiveness of the Mainland under two modes are both lagging behind Hong Kong,and it is difficult to reverse this situation in the short term, but this also means that the Mainland's financial service trade has the potential room for development. Further to this situation,the competitive disadvantage in insurance service Trade has become the major source of the Mainland's financial services trade deficit disadvantage, while Hong Kong's insurance service trade shows a smaller deficit disadvantage and the downward trend in its competitiveness,and is facing fierce competition from foreign-funded insurance institutions especially in life insurance business market; in regard to, Banks and other financial services trade competitiveness, Hong Kong has a strong competitive edge. After the end of the transitional period of joining to the WTO ,both of their financial services trades are faced with increasing external challenges. On the one hand, the low-level situation in the Mainland's financial services trade competitiveness calls for urgent improvement in order to cope with the impact and challenges broughet by the full liberalization of the financial services industry, and guide foreign-funded financial institutions to develop to a more favorable direction for the Mainland's financial services industry; on the other hand, under economic globalization, financial institutions are dependent each other,and the volatility of international financial markets also requires Hong Kong to constantly guard against risks in order to maintain competitive advantage and consolidate its position as international financial center. Based on competitiveness theory, the paper has also made a theoretical and empirical analysis of the major factors which affect the Mainland's financial services trade competitiveness. Finally this paper put forth the suggestion of developing their mutual and interactive relationship of financial system, and foster competitive advantage factors actively in the Mainland's financial service trade to enhance China’s financial services trade competitiveness.
引文
[1]中国服务贸易指南网.服务贸易总协定. http://tradeinservices.mofcom. gov.cn/ index.shtml?method=view&id=6569, 2007-10-10
[2]罗春燕.我国金融服务贸易发展现状及对策研究.时代经贸, 2008,(1-2):36-47
[3]中国服务贸易指南网.中国的服务贸易统计体系框架. http://tradeinservices. mofcom.gov.cn/index.shtml?method=view&id=3710, 2007-08-02
[4]刘立平,丁家云.国际贸易.合肥:中国科学技术大学出版社, 2002, 55-100
[5]胡吉琴.中国金融服务贸易竞争力极其影响因子分析:[浙江工业大学硕士学位论文].浙江:浙江工业大学, 2007, 5-6
[6]陈燕红.我国金融服务贸易竞争力研究:[复旦大学硕士学位论文].上海:复旦大学, 2008,10-11
[7] Michae1 E.Porter . the ComPetitive Advantage of Nations . Harvard Business Review ,1990, (3/4):73-93
[8]李文军等.商业银行的效率与竞争力.北京:经济管理出版社, 2008, 16-18
[9] Paul,Windrum,Tnmlinsoneta1 et al. Knowledge—intensive Services and International Competitiveness: A Four Country Comparison. Technology Analysis &Strategic Management, 1999,11(3):391-448
[10] Hitchens,Farel .The Competitiveness of Business Services In the Repubilc of Ireland. Northern Ireland Environment & Planning, 1996, 28(7):129-131
[11] Anton Meyer,Richard Chase,Aleda Roth et al . Service Competitiveness-An International Bench market Comparison of Service Practice and Performance in Germany , UK and USA. International Journal of Service Industry Management, 1999,10(4): 369-379
[12] David,Rubalcaba,Luis et al . Relationship between Services and Competitiveness. The Case of Spanish Trade Service Industries Journal, 2001,21(1):34-61
[13]周曹,朱开明.中国服务业国际竞争力的指标评价.浙江树人大学学报, 2005, (2): 48-51
[14]范纯增,于光.服务贸易国际竞争力发展研究—兼论上海服务贸易国际竞争力发展战略.国际贸易问题, 2005, (2):48-53
[15] A.SaPir . Trade in Services: policy issues for the eighties . Columbia Journal of World Business,1982, (fall):77-83
[16] J.R.Markusen . Production,trade and migration with differentiated skilledworkers. Canadian Journal of Economics,1988, (21):492-506
[17] Goldberg.L.G and Johnson.D. The Determinants of US Banking Activity abroad. Journal of International Money and Finance,1990, (9):123-137
[18] B.Hoekman,G.Karsenty . Economic development and international transaction in services. Development Policy Review, 1992, (10):211-236
[19] Moshirian.F. What Determines the Supply of International Financial Services?. Journal of Banking and Finance,1994, (18):495-504
[20] Molyneux,Philip,Thornton et al. Competitive Conditions in European Banking, Journal of Banking and Finance, 1994,18(3):445-459
[21] Storey, Chris, D.Easingwood et al. Determinants of new product performance: A study in the financial services sector. International Journal of Service Industry Management,1996,7(1):32-55
[22] Beng-Soon Chong, Ming-Hua Liu, Yener Altunbas. The impact of universal banking on the risks and returns of Japanese financial institutions. Pacific-Basin Finance Journal, 1996, 4(2-3):181-195
[23] B.Ghosh. Gains from global linkages:trade in services and movements of persons. New York:St.Martin’s Press, 1997,165-178
[24] Hardwick,Philip,DouWen .The Competitiveness of EU Insurance Industries, Service Industries Journal, 1998,18(8):39-53
[25] Fariborz Moshirian, Alex Vander. Trade in financial services and the determinants of banks' foreign assets. Journal of Multinational Financial Management, 1998, 8(1):23-38
[26] Arthur Grimes. Apec competition principles: application to financial services. Japan and the World Economy, 2001, 13(2):95-111
[27] Wolfgang Bessler, James P. Murtagh. The stock market reaction to cross-border acquisitions of financial services firms: an analysis of Canadian banks. Journal of International Financial Markets, Institutions and Money, 2002,12(4-5): 419-440
[28] Robert Hauswald , Robert Marquez. Information Technology and Financial Services Competition. Review of Financial Studies,2003,16(3):921-948
[29] S. Claessens, L. Laeven. What Drives Bank Competition? Some International Evidence. Journal of Money, Credit & Banking, 2004,(36):217-243
[30] Simon , Li Zhang, Danny et al. Determining factors of the development of a national financial center: the case of China. Geoforum, 2004,35(5):577-592
[31] Helena Svaleryd, Jonas Vlachos. Financial markets, the pattern of industrialspecialization and comparative advantage: Evidence from OECD countries. European Economic Review, 2005, 49(1):113-144
[32] Fariborz Moshirian, Donghui Li, Ah-Boon Sim.Intra-industry trade in financial services. Journal of International Money and Finance, 2005, 24(7):1090-1107
[33]李元旭,蒋永祥,吴小静.国有商业银行竞争力分析.财经问题研究,1998, (5): 35-39
[34]赵彦云,汪涛.金融体系国际竞争力理论及应用研究.金融研究, 2000, (8): 62-71
[35]丁姗姗.金融服务贸易竞争力评价指标研究.当代经济, 2008,(8)(下):142-143
[36]白钦先.再论以金融资源论为基础的金融可持续发展理论―范式转换、理论创新和方法变革.国际金融研究, 2000, (2):7-14
[37]谭庆华.用金融资源论的观点度量金融国际竞争力.金融论坛, 2002,(2): 2-6
[38]祝炳奎,陈瑛.提高中国金融服务贸易国际竞争能力的战略分析.南方经济,2002, (3): 73-77
[39]田华,张伟,宋耀.中国金融业国际竞争力分析.经济纵横, 2003,(11):4-7
[40]边昌,熊正德,陈强.我国金融服务贸易竞争力影响因素的实证分析.金融经济,2007, (11): 76-78
[41]顾宝炎,许秋菊.香港服务贸易的演进.国际经贸探索, 2007,(3): 26-30
[42]王铁山,冯宗宪.中国金融服务贸易在东亚和世界市场中竞争力分析.亚太经济, 2008, (4):40-45
[43]王静.中美金融服务国际贸易竞争力对比及启示.国际经贸探索, 2008, (4): 60-63
[44]黄桂良.香港金融服务贸易国际竞争力研究.南方金融,2009, (4) :23-26
[45]罗楠,杜兆恩.基于多种贸易理论的我国金融服务贸易模式探究.国际金融研究, 2006, (6):75-80
[46]焦瑾璞.中国银行业国际竞争力研究.北京:中国时代经济出版社, 2002, 78-81
[47]中国人民银行.香港外资银行市场准入制度. http://www.pbc.gov.cn/, 2007-12-31
[48]简达恒.金管局维持银行体系稳定工作的研究报告.香港金融管理局. http://www.info.gov.hk/hkma/cindex.htm,2008-12-5
[49]杨圣明,陈家勤,冯雷.服务贸易:中国与世界.北京:民主与建设出版社, 1999, 135-141
[2]罗春燕.我国金融服务贸易发展现状及对策研究.时代经贸, 2008,(1-2):36-47
[3]中国服务贸易指南网.中国的服务贸易统计体系框架. http://tradeinservices. mofcom.gov.cn/index.shtml?method=view&id=3710, 2007-08-02
[4]刘立平,丁家云.国际贸易.合肥:中国科学技术大学出版社, 2002, 55-100
[5]胡吉琴.中国金融服务贸易竞争力极其影响因子分析:[浙江工业大学硕士学位论文].浙江:浙江工业大学, 2007, 5-6
[6]陈燕红.我国金融服务贸易竞争力研究:[复旦大学硕士学位论文].上海:复旦大学, 2008,10-11
[7] Michae1 E.Porter . the ComPetitive Advantage of Nations . Harvard Business Review ,1990, (3/4):73-93
[8]李文军等.商业银行的效率与竞争力.北京:经济管理出版社, 2008, 16-18
[9] Paul,Windrum,Tnmlinsoneta1 et al. Knowledge—intensive Services and International Competitiveness: A Four Country Comparison. Technology Analysis &Strategic Management, 1999,11(3):391-448
[10] Hitchens,Farel .The Competitiveness of Business Services In the Repubilc of Ireland. Northern Ireland Environment & Planning, 1996, 28(7):129-131
[11] Anton Meyer,Richard Chase,Aleda Roth et al . Service Competitiveness-An International Bench market Comparison of Service Practice and Performance in Germany , UK and USA. International Journal of Service Industry Management, 1999,10(4): 369-379
[12] David,Rubalcaba,Luis et al . Relationship between Services and Competitiveness. The Case of Spanish Trade Service Industries Journal, 2001,21(1):34-61
[13]周曹,朱开明.中国服务业国际竞争力的指标评价.浙江树人大学学报, 2005, (2): 48-51
[14]范纯增,于光.服务贸易国际竞争力发展研究—兼论上海服务贸易国际竞争力发展战略.国际贸易问题, 2005, (2):48-53
[15] A.SaPir . Trade in Services: policy issues for the eighties . Columbia Journal of World Business,1982, (fall):77-83
[16] J.R.Markusen . Production,trade and migration with differentiated skilledworkers. Canadian Journal of Economics,1988, (21):492-506
[17] Goldberg.L.G and Johnson.D. The Determinants of US Banking Activity abroad. Journal of International Money and Finance,1990, (9):123-137
[18] B.Hoekman,G.Karsenty . Economic development and international transaction in services. Development Policy Review, 1992, (10):211-236
[19] Moshirian.F. What Determines the Supply of International Financial Services?. Journal of Banking and Finance,1994, (18):495-504
[20] Molyneux,Philip,Thornton et al. Competitive Conditions in European Banking, Journal of Banking and Finance, 1994,18(3):445-459
[21] Storey, Chris, D.Easingwood et al. Determinants of new product performance: A study in the financial services sector. International Journal of Service Industry Management,1996,7(1):32-55
[22] Beng-Soon Chong, Ming-Hua Liu, Yener Altunbas. The impact of universal banking on the risks and returns of Japanese financial institutions. Pacific-Basin Finance Journal, 1996, 4(2-3):181-195
[23] B.Ghosh. Gains from global linkages:trade in services and movements of persons. New York:St.Martin’s Press, 1997,165-178
[24] Hardwick,Philip,DouWen .The Competitiveness of EU Insurance Industries, Service Industries Journal, 1998,18(8):39-53
[25] Fariborz Moshirian, Alex Vander. Trade in financial services and the determinants of banks' foreign assets. Journal of Multinational Financial Management, 1998, 8(1):23-38
[26] Arthur Grimes. Apec competition principles: application to financial services. Japan and the World Economy, 2001, 13(2):95-111
[27] Wolfgang Bessler, James P. Murtagh. The stock market reaction to cross-border acquisitions of financial services firms: an analysis of Canadian banks. Journal of International Financial Markets, Institutions and Money, 2002,12(4-5): 419-440
[28] Robert Hauswald , Robert Marquez. Information Technology and Financial Services Competition. Review of Financial Studies,2003,16(3):921-948
[29] S. Claessens, L. Laeven. What Drives Bank Competition? Some International Evidence. Journal of Money, Credit & Banking, 2004,(36):217-243
[30] Simon , Li Zhang, Danny et al. Determining factors of the development of a national financial center: the case of China. Geoforum, 2004,35(5):577-592
[31] Helena Svaleryd, Jonas Vlachos. Financial markets, the pattern of industrialspecialization and comparative advantage: Evidence from OECD countries. European Economic Review, 2005, 49(1):113-144
[32] Fariborz Moshirian, Donghui Li, Ah-Boon Sim.Intra-industry trade in financial services. Journal of International Money and Finance, 2005, 24(7):1090-1107
[33]李元旭,蒋永祥,吴小静.国有商业银行竞争力分析.财经问题研究,1998, (5): 35-39
[34]赵彦云,汪涛.金融体系国际竞争力理论及应用研究.金融研究, 2000, (8): 62-71
[35]丁姗姗.金融服务贸易竞争力评价指标研究.当代经济, 2008,(8)(下):142-143
[36]白钦先.再论以金融资源论为基础的金融可持续发展理论―范式转换、理论创新和方法变革.国际金融研究, 2000, (2):7-14
[37]谭庆华.用金融资源论的观点度量金融国际竞争力.金融论坛, 2002,(2): 2-6
[38]祝炳奎,陈瑛.提高中国金融服务贸易国际竞争能力的战略分析.南方经济,2002, (3): 73-77
[39]田华,张伟,宋耀.中国金融业国际竞争力分析.经济纵横, 2003,(11):4-7
[40]边昌,熊正德,陈强.我国金融服务贸易竞争力影响因素的实证分析.金融经济,2007, (11): 76-78
[41]顾宝炎,许秋菊.香港服务贸易的演进.国际经贸探索, 2007,(3): 26-30
[42]王铁山,冯宗宪.中国金融服务贸易在东亚和世界市场中竞争力分析.亚太经济, 2008, (4):40-45
[43]王静.中美金融服务国际贸易竞争力对比及启示.国际经贸探索, 2008, (4): 60-63
[44]黄桂良.香港金融服务贸易国际竞争力研究.南方金融,2009, (4) :23-26
[45]罗楠,杜兆恩.基于多种贸易理论的我国金融服务贸易模式探究.国际金融研究, 2006, (6):75-80
[46]焦瑾璞.中国银行业国际竞争力研究.北京:中国时代经济出版社, 2002, 78-81
[47]中国人民银行.香港外资银行市场准入制度. http://www.pbc.gov.cn/, 2007-12-31
[48]简达恒.金管局维持银行体系稳定工作的研究报告.香港金融管理局. http://www.info.gov.hk/hkma/cindex.htm,2008-12-5
[49]杨圣明,陈家勤,冯雷.服务贸易:中国与世界.北京:民主与建设出版社, 1999, 135-141