外资进入及参股对股份制商业银行经营绩效影响的研究
|
摘要
加入WTO后,随着中国银行业的不断开放,外资参股中资银行的步伐不断加快。引入外资股东,加强与国际银行业间的合作,已经成为中资银行制度创新的关键环节,是中资银行重要的战略选择。中国入世后加大了银行业的对外开放力度,近年来已有数家外资金融机构参股了中资银行,其参股对象除了三家国有商业银行外,大部分是股份制商业银行。外资银行在我国银行业中的参与程度不断加深,与股份制商业银行的合作越发紧密,其与我国银行业乃至股份制商业银行的经营管理、盈利水平的相关程度也不断加强。在与外资的合作中股份制商业银行无论资产总额,还是利润、资产质量方面的财务指标都有显著的好转,自身实力有了明显的提升。
文章考察了外资参股中国股份制商业银行的进展情况,探析了其参股的背景、特点和对股份制商业银行产生的各种影响,并通过数理模型分析了外资银行进入我国后,在与中资银行竞争中所处的地位以及对整个银行业的影响,同时针对外资参股股份制商业银行,运用杜邦分析法对外资参股后股份制商业银行在资本充足率、不良贷款率以及资产收益率方面的变化进行进一步的分析。结果表明:入世前,外资在整个银行业所占的比重很小,外资银行在华的发展并未对中资银行构成威胁;入世后,随着外资规模的不断扩大,其影响力也越来越大,中外银行的竞争与合作并存。在这一阶段中,股份制商业银行的资本充足率、不良贷款率和资产收益率都有了明显的改善,运用杜邦分析可以看出,股份制商业银行的相关财务比率也有较大幅度的优化,这说明外资参股充足了股份制银行的资本,改善了经营管理,完善了内控制度,降低了资本运作风险,提高了资本运作效率,增强了盈利能力,从而证明了引入战略投资者是我国银行改革的一条可行之路。
研究外资进入我国银行业,特别是以参股方式与股份制商业银行合作后对中资银行产生的积极、消极影响,以及参股前后所遇到的一些问题,将有助于正确引导外资参股活动健康有序地发展,同时也可使城市商业银行在引进外资时从中得到借鉴。
After joining WTO, China’s banking industry has kept on opening up, with its pace for foreign capital purchasing shares of native banks continuously accelerated. Introducing foreign shareholders and intensifying cooperation with international banking industry have become the key steps for institutional innovation of native banks as well as their important strategic choice. After entry into WTO, China has strengthened the opening up of banking industry. In recent years, several foreign financial institutions have purchased shares of native banks. Their share (equity) participation objects, besides three state-owned commercial banks, were mostly joint-stock commercial banks. Foreign banks’involvement into China’s banking industry has been deepened, their cooperation with joint-stock commercial banks closer and their correlation with management and administration, profitability of China’s banking industry and even joint-stock commercial banks strengthened constantly. In the cooperation with foreign capital, joint-stock commercial banks, in terms of financial indexes, be it total amount of assets, profit or assets quality, all have enjoyed remarkable improvement, and their power has been enhanced markedly.
The paper reviews the development of foreign capital purchasing shares of China’s joint-stock commercial banks, explores the background, characteristics of purchasing shares and its impact on joint-stock commercial banks, analyzes through mathematical model foreign-funded banks’position in the competition with native banks after its entry into China and the impact on the whole banking industry, and meanwhile, against foreign capital purchasing shares of joint-stock commercial banks , conducts further analysis through DuPont analysis on changes of capital adequacy, non-performing loan rate and assets rate of return after foreign capital participation. The result indicates that before the entry into WTO, foreign capital only owned small proportion of shares, its development in China had not posed threats to native banks; after the entry, with foreign capital’s size ever expanding, its influence rises more and more, and competition comes with cooperation between foreign and native banks. In this stage, joint-stock commercial banks capital adequacy, non-performing loan rate and assets rate of return have all improved remarkably, and applying DuPont analysis shows that relevant financial ratios of joint-stock commercial banks have been largely optimized, which indicates that foreign capital purchasing shares enriches the capital of joint-stock banks, improves their management and administration, perfects their internal control system, lowers the capital-operating risk, and enhances the capital-operating efficiency as well as the profitability, thus proving that introducing strategic investors is a feasible road for China’s bank reform.
To study the positive and negative influence on native banks after foreign capital entering China’s banking industry, especially through cooperation with joint-stock commercial banks by purchasing shares, as well as some problems in the participation, will help lead foreign capital purchasing shares to healthy and orderly path, which can provide reference for city commercial banks when introducing foreign capital.
文章考察了外资参股中国股份制商业银行的进展情况,探析了其参股的背景、特点和对股份制商业银行产生的各种影响,并通过数理模型分析了外资银行进入我国后,在与中资银行竞争中所处的地位以及对整个银行业的影响,同时针对外资参股股份制商业银行,运用杜邦分析法对外资参股后股份制商业银行在资本充足率、不良贷款率以及资产收益率方面的变化进行进一步的分析。结果表明:入世前,外资在整个银行业所占的比重很小,外资银行在华的发展并未对中资银行构成威胁;入世后,随着外资规模的不断扩大,其影响力也越来越大,中外银行的竞争与合作并存。在这一阶段中,股份制商业银行的资本充足率、不良贷款率和资产收益率都有了明显的改善,运用杜邦分析可以看出,股份制商业银行的相关财务比率也有较大幅度的优化,这说明外资参股充足了股份制银行的资本,改善了经营管理,完善了内控制度,降低了资本运作风险,提高了资本运作效率,增强了盈利能力,从而证明了引入战略投资者是我国银行改革的一条可行之路。
研究外资进入我国银行业,特别是以参股方式与股份制商业银行合作后对中资银行产生的积极、消极影响,以及参股前后所遇到的一些问题,将有助于正确引导外资参股活动健康有序地发展,同时也可使城市商业银行在引进外资时从中得到借鉴。
After joining WTO, China’s banking industry has kept on opening up, with its pace for foreign capital purchasing shares of native banks continuously accelerated. Introducing foreign shareholders and intensifying cooperation with international banking industry have become the key steps for institutional innovation of native banks as well as their important strategic choice. After entry into WTO, China has strengthened the opening up of banking industry. In recent years, several foreign financial institutions have purchased shares of native banks. Their share (equity) participation objects, besides three state-owned commercial banks, were mostly joint-stock commercial banks. Foreign banks’involvement into China’s banking industry has been deepened, their cooperation with joint-stock commercial banks closer and their correlation with management and administration, profitability of China’s banking industry and even joint-stock commercial banks strengthened constantly. In the cooperation with foreign capital, joint-stock commercial banks, in terms of financial indexes, be it total amount of assets, profit or assets quality, all have enjoyed remarkable improvement, and their power has been enhanced markedly.
The paper reviews the development of foreign capital purchasing shares of China’s joint-stock commercial banks, explores the background, characteristics of purchasing shares and its impact on joint-stock commercial banks, analyzes through mathematical model foreign-funded banks’position in the competition with native banks after its entry into China and the impact on the whole banking industry, and meanwhile, against foreign capital purchasing shares of joint-stock commercial banks , conducts further analysis through DuPont analysis on changes of capital adequacy, non-performing loan rate and assets rate of return after foreign capital participation. The result indicates that before the entry into WTO, foreign capital only owned small proportion of shares, its development in China had not posed threats to native banks; after the entry, with foreign capital’s size ever expanding, its influence rises more and more, and competition comes with cooperation between foreign and native banks. In this stage, joint-stock commercial banks capital adequacy, non-performing loan rate and assets rate of return have all improved remarkably, and applying DuPont analysis shows that relevant financial ratios of joint-stock commercial banks have been largely optimized, which indicates that foreign capital purchasing shares enriches the capital of joint-stock banks, improves their management and administration, perfects their internal control system, lowers the capital-operating risk, and enhances the capital-operating efficiency as well as the profitability, thus proving that introducing strategic investors is a feasible road for China’s bank reform.
To study the positive and negative influence on native banks after foreign capital entering China’s banking industry, especially through cooperation with joint-stock commercial banks by purchasing shares, as well as some problems in the participation, will help lead foreign capital purchasing shares to healthy and orderly path, which can provide reference for city commercial banks when introducing foreign capital.
引文
1 赛立信研究集团网站 http://www.smr.com.cn/article_view.asp?id=18。
2 英国《银行家》杂志,2007 年 7 月。
3Grube.Theory of Multinational Banking[J]. Banca Nazionale del Lavoro Quarterly Review.No.123 December, 1977(27).
4Gray J M. The Multinational Bank: A Financial MNC[J]. Journal of Banking and Finance, 1981(2).
5Charles P. Kindleberger. Economic Development[M]. McGraw-Hill Book Company, 1983.
6欧阳卫民.要辩证看待中外资银行的优势与劣势[J].金融博览,2006 年第 10 期.
7Tschoegl.A.E. Ideology and Changes in Regulations: The Case of Foreign Bank. Over the Period 1920-1980[J]. International Business. 1985(11).
8王元龙.加入 WTO 后的中国银行业发展战略研究[J].金融研究,2000 年第三期:P37-46.
9钱小安.加入 WTO 对中国银行业和金融调控的影响及对策[J].金融研究,2000 第二期:P8-15.
10邱延冰.外资银行进入对新兴市场国家金融业的影响[J].国际金融研究,2001 第八期:P48-52.
11J Harriott, G Hatfield, MM Walker, The effect of the US-Canada free trade agreement on the US banking market[J], Journal of Multinational Financial Management, 1997(6).
12S Classens, A Demirguc-Kunt, H Huizinga. How Does Foreign Entry Affect Domestic Banking Markets[J]. Journal of Banking and Finance, 2001(7).
13Clarke George, Cull R, Martinez M, Sanchez S. Foreign Bank Entry Experience, Implications for Developing Countries and Agenda for Further Research[J]. World Bank Research Observer, 2003.
14Barajas. A., R. Steiner, N. Salazar.The Impact of Liberalization and Foreign Investment in Colombia's Financial Sector[J]. Journal of Development Economics, 2000(8):P157-96.
15 Hermes.N, Lensink.R. The impact of foreign bank entry on domestic bank in LDCs: An econometric analy-sis[M].Foreign Bank and Economic Transition,2002
16李国重.墨西哥金融危机中外资银行贷款行为分析[J]中国金融,2003 年第 21 期.
17 数据来源:和讯网 http://media.news.hexun.com/5246_2542023A.shtml。
19数据来源:中国金融网 http://active.zgjrw.com/News/2008114/zgjrw/689187945801.html。
20 数据来源:和讯网 http://media.news.hexun.com/5246_2542023A.shtml。
21 巴曙松,不必单方面提高外资入股比例上限,新财经,2006 年第 4 期 P16-19。
24王景斌.外资参股中资银行定价模型研究[J].上海金融,2005 年第 9 期。
25 2007 年 5 月 15 日收盘价格,数据摘自大智慧软件。
26 刘澜飚; 范小云; 彭砚,“银行资本充足率监管对宏观经济的影响——基于亚洲地区的实证研究”,南开经济研究,2007,第 6 期
[1] Beitel P and D. Schiereck.Value Creation at the Ongoing Consolidation of the European Banking Market[M]. Institute for Mergers and Acquisitions. Working, 2001:P1-5.
[2] Claessens, Stiji, Asli Demirguc-Kunt and Harry Huizinga. How Does Foreign Affect Domestic Banking Markets?[J] Journal of Banking and Finance, 2001(25):891-911.
[3] Levine, R. International Financial Liberalization and Economic Growth[J]. Review of International Economics, 2004(35):688-726.
[4] Dmitri O.Pushkina, Hassan Arefb. Bank mergers as scale-free coagulation[J].Journal of Emerging Market Finance, 2004(7):36-41.
[5] Peter Went. Aquantitative analysis of qualitative arguments in bank merger[J]. International Review of Financial Analysis, 2003(12):56-60.
[6] Michael S.H.Shih. An investigation into the use of mergers as a solution for the Asian Banking sector crisis[J]. The Quarterly Review of Economics and Finance, 2003(43):11-13.
[7] Gerald I. White, Ashwinpaul C. Sondhi, Dov Fried. The analysis and use of financial statements[M], CITIC Publishing House, 2003:372-445.
[8] M.K.Leung, D.Rigby and T.Young. Entry of foreign banks in the people’s Republic of China[J]. Applied Economics, 2003(35):21-31.
[9] William C. Gruben, Robert P. Mc Comb. Privatization, competition, and supercompetition in Mexican commercial banking system[J], Journal of Banking & Finance, 2003(27):229-249.
[10] Lensink R, Sterken E. Monetary transmission and bank competition in the EMU[J], Journal of Banking and Finance, 2002(26):2065-2075.
[11] Tobias F. Rotheli. Competition, herd behavior, and credit cycles:evidence from major Swiss Banks[J], Journal of Economics and Business, 2001(53):585-592.
[12] Bonin, John P, Hasan, Iftekhar, and Wachtel Paul. Privatization Matters:Bank Efficiency in Transition Countries[J] .Journal of Banking and Finance, 2005(1):31-53.
[13] Ramon Caminal, Carmen Matutes. Market power and banking failures[J], International Journal of Industrial Organization, 2002(20):1341-1361.
[14] Gilvanni Dell. Asymmetric information and the structure of the banking industry[J], European Economics Review, 2001(45):1957-1980.
[15] Terry Baker-Self, Beata Ghavimi & Matthew Dickie. The top one thousand world banks[J],2005(7):208-203.
[16]迈克尔·波特.竞争论[M].北京:中信出版社,2003 年:34-278.
[17]周立,戴志敏.中小商业银行竞争力与发展[M].北京:中国社会和血出版社,2003 年:141-202.
[18]王志军.当代美国银行业市场中的外资银行发展分析[J].国际金融研究,2006 年第四期:7-8.
[19]张强,王忠生.合作竞争:中外银行新型伙伴关系的形成[J].金融理论与实践,2006 年第三期:35-38.
[20]郑迎飞,陈宏民.外贸银行市场进入:方式、技术转移和东道国政策[J].上海金融,2006年第六期:17-21.
[21]周力扬,武康平.跨国银行介入后与东道国银行竞争的分析[J].财经研究,2007 年第七期:56-60.
[22]孙兆斌,方先明.外资银行进入能促进中国银行业效率的提高吗·[J].当代财经,2007 年第十期:11-15.
[23]项卫星,王达.中东欧五国银行体系改革过程中的外资参与问题研究[J].国际金融研究,2005 年第二期:27-30.
[24]李石凯.境外战略投资者对中东欧 8 国银行产业转型与发展的影响[J].国际金融研究,2006 年第九期:21-25.
[25]李石凯.后转型时期的中东欧银行业[J].中国金融,2006 年第十一期:7-15.
[26]丁志杰.欧美中小银行的发展经验及其借鉴意义[J].金融论坛,2002 年第四期:46-51.
[27]张荣峰. 开放经济下银行稳定研究[D].上海社会科学院,2007 年:202-289.
[28]史建平.国有商业银行改革应慎重引进外国战略投资者[J].财经科学,2006 年第一期:22-29.
[30]冯启德.新巴塞尔协议视角的商业银行信用风险管理研究[D].复旦大学,2006:232-300.
[31]尹中立.中国银行业的重大难题之一:补充资本金[J].国际经济评论,2005 年第五期:14-19.
[32]郑瑜.外资参股国内银行效应与风险管理研究[D].南京理工大学,2007:17-33.
[33]周折.深发展如何发展[J].银行家,2003 年第七期:33-39.
[34]顾列铭.外资入股中资银行为哪般[J].金融经济,2005 年第十一期:56-70.
[35]汤金海.我国东部地区地方中小银行发展模式比较研究[D].湖南大学,2007:25-30.
[36]董祎.巴西如何引进外资银行[J].银行家,2006 年第四期:42-44.
[37]任炳翼.韩国金融业如何引进外资[J].银行家,2006 年第七期:51-53.
[38]尹应凯.我国银行业市场进入的博弈行为分析[D].复旦大学,2007:109-152.
[39]陆磊.银行改革中的最优外资入股模式选择[J].南方金融,2005 年第九期:67-69.
[40]崔泽,巴曙松,唐金龙,邓智毅.银行业改革:对最近举措的评价和对未来路径选择的建议[J].经济月刊,2004 年第二期:97-105.
[41]许国平,葛蓉蓉,何兴达.论国有银行股权转让的均衡价格——对“贱卖论”的理论回应[J].金融研究,2006 第三期:46-48.
[42]张锦华,刘微微,李功奎.引入境外战略投资者,国有商业银行改革的有效途径[J].上海金融,2003 年第三期:55-57.
[43]王勇.引入国际战略投资者——中资银行选择的新范式[J].经济前沿,2007 年第五期:67-70.
[44]张竞南.中外资银行股权合作动因及我国银行业应对策略研究[D].对外经济贸易大学,2007:25-30.
[45]谢杰斌,赵毓婷.我国银行业如何应对外资银行的进入[J].财经科学,2007 年第七期:11-16.
[46]张强,王忠生.合作竞争:中外银行新型伙伴关系的形成[J].金融理论与实践,2006 年第三期:21-23.
[47]王兆星.国内银行引进境外战略投资者的喜与忧[J].银行家,2004 年第九期:34-39.
[48]刘克逸.中国市场进入障碍问题研究[D].复旦大学,2003:45-67.
[49]蒋楠.外资银行入股中国银行业的动机和效应研究[D].西南财经大学,2006:33-34.
[50]陈斌彬.论对外资银行参股进入的法律监管——由入世后外资银行实施参股进入想到[J].南方金融,2004 年第二期:23-27.
2 英国《银行家》杂志,2007 年 7 月。
3Grube.Theory of Multinational Banking[J]. Banca Nazionale del Lavoro Quarterly Review.No.123 December, 1977(27).
4Gray J M. The Multinational Bank: A Financial MNC[J]. Journal of Banking and Finance, 1981(2).
5Charles P. Kindleberger. Economic Development[M]. McGraw-Hill Book Company, 1983.
6欧阳卫民.要辩证看待中外资银行的优势与劣势[J].金融博览,2006 年第 10 期.
7Tschoegl.A.E. Ideology and Changes in Regulations: The Case of Foreign Bank. Over the Period 1920-1980[J]. International Business. 1985(11).
8王元龙.加入 WTO 后的中国银行业发展战略研究[J].金融研究,2000 年第三期:P37-46.
9钱小安.加入 WTO 对中国银行业和金融调控的影响及对策[J].金融研究,2000 第二期:P8-15.
10邱延冰.外资银行进入对新兴市场国家金融业的影响[J].国际金融研究,2001 第八期:P48-52.
11J Harriott, G Hatfield, MM Walker, The effect of the US-Canada free trade agreement on the US banking market[J], Journal of Multinational Financial Management, 1997(6).
12S Classens, A Demirguc-Kunt, H Huizinga. How Does Foreign Entry Affect Domestic Banking Markets[J]. Journal of Banking and Finance, 2001(7).
13Clarke George, Cull R, Martinez M, Sanchez S. Foreign Bank Entry Experience, Implications for Developing Countries and Agenda for Further Research[J]. World Bank Research Observer, 2003.
14Barajas. A., R. Steiner, N. Salazar.The Impact of Liberalization and Foreign Investment in Colombia's Financial Sector[J]. Journal of Development Economics, 2000(8):P157-96.
15 Hermes.N, Lensink.R. The impact of foreign bank entry on domestic bank in LDCs: An econometric analy-sis[M].Foreign Bank and Economic Transition,2002
16李国重.墨西哥金融危机中外资银行贷款行为分析[J]中国金融,2003 年第 21 期.
17 数据来源:和讯网 http://media.news.hexun.com/5246_2542023A.shtml。
19数据来源:中国金融网 http://active.zgjrw.com/News/2008114/zgjrw/689187945801.html。
20 数据来源:和讯网 http://media.news.hexun.com/5246_2542023A.shtml。
21 巴曙松,不必单方面提高外资入股比例上限,新财经,2006 年第 4 期 P16-19。
24王景斌.外资参股中资银行定价模型研究[J].上海金融,2005 年第 9 期。
25 2007 年 5 月 15 日收盘价格,数据摘自大智慧软件。
26 刘澜飚; 范小云; 彭砚,“银行资本充足率监管对宏观经济的影响——基于亚洲地区的实证研究”,南开经济研究,2007,第 6 期
[1] Beitel P and D. Schiereck.Value Creation at the Ongoing Consolidation of the European Banking Market[M]. Institute for Mergers and Acquisitions. Working, 2001:P1-5.
[2] Claessens, Stiji, Asli Demirguc-Kunt and Harry Huizinga. How Does Foreign Affect Domestic Banking Markets?[J] Journal of Banking and Finance, 2001(25):891-911.
[3] Levine, R. International Financial Liberalization and Economic Growth[J]. Review of International Economics, 2004(35):688-726.
[4] Dmitri O.Pushkina, Hassan Arefb. Bank mergers as scale-free coagulation[J].Journal of Emerging Market Finance, 2004(7):36-41.
[5] Peter Went. Aquantitative analysis of qualitative arguments in bank merger[J]. International Review of Financial Analysis, 2003(12):56-60.
[6] Michael S.H.Shih. An investigation into the use of mergers as a solution for the Asian Banking sector crisis[J]. The Quarterly Review of Economics and Finance, 2003(43):11-13.
[7] Gerald I. White, Ashwinpaul C. Sondhi, Dov Fried. The analysis and use of financial statements[M], CITIC Publishing House, 2003:372-445.
[8] M.K.Leung, D.Rigby and T.Young. Entry of foreign banks in the people’s Republic of China[J]. Applied Economics, 2003(35):21-31.
[9] William C. Gruben, Robert P. Mc Comb. Privatization, competition, and supercompetition in Mexican commercial banking system[J], Journal of Banking & Finance, 2003(27):229-249.
[10] Lensink R, Sterken E. Monetary transmission and bank competition in the EMU[J], Journal of Banking and Finance, 2002(26):2065-2075.
[11] Tobias F. Rotheli. Competition, herd behavior, and credit cycles:evidence from major Swiss Banks[J], Journal of Economics and Business, 2001(53):585-592.
[12] Bonin, John P, Hasan, Iftekhar, and Wachtel Paul. Privatization Matters:Bank Efficiency in Transition Countries[J] .Journal of Banking and Finance, 2005(1):31-53.
[13] Ramon Caminal, Carmen Matutes. Market power and banking failures[J], International Journal of Industrial Organization, 2002(20):1341-1361.
[14] Gilvanni Dell. Asymmetric information and the structure of the banking industry[J], European Economics Review, 2001(45):1957-1980.
[15] Terry Baker-Self, Beata Ghavimi & Matthew Dickie. The top one thousand world banks[J],2005(7):208-203.
[16]迈克尔·波特.竞争论[M].北京:中信出版社,2003 年:34-278.
[17]周立,戴志敏.中小商业银行竞争力与发展[M].北京:中国社会和血出版社,2003 年:141-202.
[18]王志军.当代美国银行业市场中的外资银行发展分析[J].国际金融研究,2006 年第四期:7-8.
[19]张强,王忠生.合作竞争:中外银行新型伙伴关系的形成[J].金融理论与实践,2006 年第三期:35-38.
[20]郑迎飞,陈宏民.外贸银行市场进入:方式、技术转移和东道国政策[J].上海金融,2006年第六期:17-21.
[21]周力扬,武康平.跨国银行介入后与东道国银行竞争的分析[J].财经研究,2007 年第七期:56-60.
[22]孙兆斌,方先明.外资银行进入能促进中国银行业效率的提高吗·[J].当代财经,2007 年第十期:11-15.
[23]项卫星,王达.中东欧五国银行体系改革过程中的外资参与问题研究[J].国际金融研究,2005 年第二期:27-30.
[24]李石凯.境外战略投资者对中东欧 8 国银行产业转型与发展的影响[J].国际金融研究,2006 年第九期:21-25.
[25]李石凯.后转型时期的中东欧银行业[J].中国金融,2006 年第十一期:7-15.
[26]丁志杰.欧美中小银行的发展经验及其借鉴意义[J].金融论坛,2002 年第四期:46-51.
[27]张荣峰. 开放经济下银行稳定研究[D].上海社会科学院,2007 年:202-289.
[28]史建平.国有商业银行改革应慎重引进外国战略投资者[J].财经科学,2006 年第一期:22-29.
[30]冯启德.新巴塞尔协议视角的商业银行信用风险管理研究[D].复旦大学,2006:232-300.
[31]尹中立.中国银行业的重大难题之一:补充资本金[J].国际经济评论,2005 年第五期:14-19.
[32]郑瑜.外资参股国内银行效应与风险管理研究[D].南京理工大学,2007:17-33.
[33]周折.深发展如何发展[J].银行家,2003 年第七期:33-39.
[34]顾列铭.外资入股中资银行为哪般[J].金融经济,2005 年第十一期:56-70.
[35]汤金海.我国东部地区地方中小银行发展模式比较研究[D].湖南大学,2007:25-30.
[36]董祎.巴西如何引进外资银行[J].银行家,2006 年第四期:42-44.
[37]任炳翼.韩国金融业如何引进外资[J].银行家,2006 年第七期:51-53.
[38]尹应凯.我国银行业市场进入的博弈行为分析[D].复旦大学,2007:109-152.
[39]陆磊.银行改革中的最优外资入股模式选择[J].南方金融,2005 年第九期:67-69.
[40]崔泽,巴曙松,唐金龙,邓智毅.银行业改革:对最近举措的评价和对未来路径选择的建议[J].经济月刊,2004 年第二期:97-105.
[41]许国平,葛蓉蓉,何兴达.论国有银行股权转让的均衡价格——对“贱卖论”的理论回应[J].金融研究,2006 第三期:46-48.
[42]张锦华,刘微微,李功奎.引入境外战略投资者,国有商业银行改革的有效途径[J].上海金融,2003 年第三期:55-57.
[43]王勇.引入国际战略投资者——中资银行选择的新范式[J].经济前沿,2007 年第五期:67-70.
[44]张竞南.中外资银行股权合作动因及我国银行业应对策略研究[D].对外经济贸易大学,2007:25-30.
[45]谢杰斌,赵毓婷.我国银行业如何应对外资银行的进入[J].财经科学,2007 年第七期:11-16.
[46]张强,王忠生.合作竞争:中外银行新型伙伴关系的形成[J].金融理论与实践,2006 年第三期:21-23.
[47]王兆星.国内银行引进境外战略投资者的喜与忧[J].银行家,2004 年第九期:34-39.
[48]刘克逸.中国市场进入障碍问题研究[D].复旦大学,2003:45-67.
[49]蒋楠.外资银行入股中国银行业的动机和效应研究[D].西南财经大学,2006:33-34.
[50]陈斌彬.论对外资银行参股进入的法律监管——由入世后外资银行实施参股进入想到[J].南方金融,2004 年第二期:23-27.