欧盟银行业一体化：政策、进程及效应研究
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摘要
近二十年来,欧盟银行业规制和监管环境发生了重大变化,成员国分割的银行市场正逐步融合为一个单一市场。论文根据银行业特点和一体化核心定义,对传统产业组织理论框架进行了拓展,提出了银行产业组织一体化的定义和理论分析框架,并对欧盟银行业一体化政策、进程和效应进行了系统分析。
论文认为,近年来欧盟银行业政策、规制和监管框架不断完善,协调范围及深度增加,已初步形成了银行业区域共同治理,欧盟政策对各成员国银行业政策也产生了深刻影响。从银行业一体化市场结构看,目前银行跨境进入障碍仍然存在,规制需进一步协调,而各成员国银行业发展水平,跨境进入障碍等因素均对一体化进程及成员国市场集中度、竞争状况产生影响,并决定了市场主体的行为和绩效。从银行业一体化行为看,跨境并购和混业经营已逐渐成为一体化深化的主要形式,而近年来成员国银行跨境进入方式—采取分行形式和附属机构形式的变化对比显示,欧盟银行业单一执照政策已发挥一定作用。欧盟银行业一体化效应表现为银行业整体盈利能力和竞争力的增强,降低了消费者、生产者资金成本和费用,大大提高了欧盟在全球银行业规制中的地位,促进了区域经济增长并降低银行体系整体风险。同时应看到,目前各成员国银行业规制协调和基础设施建设有待进一步深化,银行业效率提升仍有较大空间。从第三国银行业在欧盟各成员国的活动情况看,区域内部成员国银行业与区域外部第三国银行业相比,在设立分支机构开展经营方面占有一定区域竞争优势,产生“挤出”效应。银行业一体化也带来了潜在风险,如出现银行及金融集团大型化、复杂化,跨境银行风险蔓延,过度竞争等不稳定因素,需对现有规制、监管框架进一步完善和创新。
本文通过研究,揭示了欧盟银行产业一体化政策发展特点、规律及产生的相关效应,对中国银行业改革、开放战略制定,建立完善金融规制和监管体系有理论和现实意义。
In the past 20 years, the environment of EU banking industry regulation and the supervision has had a great change, the member states separated banking industry markets began to converge to a single market gradually. According to the banking industry's essential attribute and the core definition of integration, the essay has carried on the development of the tradition industrial organization theory framework and the research contents, proposed a definition of banking industry integration and analysis framework, as integration is an elimination process of exterior barrier of entry between the member states, then conducted a synthetic study on the EU banking industry integration policy, the process and it's effects.
The paper reveals that the EU banking industry policy, the framework of regulation and the supervision has obtained consummation unceasingly, the coordinated scope and the depth increased, the preliminary frame structure of banking industry regional governance be formed .The EU policy has had major impact on the member states' banking industry policy. Looking from view of the market structure, the development of economic conditions, the natural factors and also retail banking characteristics between the member states become the exterior entering barrier, which has certain influence on the integration process, member states' market concentration and competition. The related rules and regulations must be further coordinated. Looking to bank's behaviors, the cross-border M&A and conglomerates become the main form of deepening of market integration. The changes of entry mode of branch and affiliates also demonstrated that the EU banking single license policy already played the role. The EU banking industry integration strengthened the banking industry profit ability and the competitive power, reduced consumer and the enterprises funding costs and expenses, improved EU status in global banking industry rules and regulations, promoted the regional economic growth and reduced the bank system's overall risk. The retail banking rules and regulations coordination and infrastructure facilities should be strengthen, the efficiency promotion still has space. The member states' banks also have hold certain region competitive advantage over the banks from the third countrys' in the setting up of branches and affiliates ,means the effects of "squeezes out" . Also more attention should be paid to the potential risk brought by the integration, such as concentration of large scale conglomerates, the complicatded structure, the interstate bank risk spread, competition excessively between banks .The improvement and innovation of existing rules and regulations, the supervision framework should be continued.
From this paper, we may also learn some basic rules and tendency of banking industry integration, which is of theory and practical significance to the China banking industry's opening ,strategy planning, and better regulation and supervision .
论文认为,近年来欧盟银行业政策、规制和监管框架不断完善,协调范围及深度增加,已初步形成了银行业区域共同治理,欧盟政策对各成员国银行业政策也产生了深刻影响。从银行业一体化市场结构看,目前银行跨境进入障碍仍然存在,规制需进一步协调,而各成员国银行业发展水平,跨境进入障碍等因素均对一体化进程及成员国市场集中度、竞争状况产生影响,并决定了市场主体的行为和绩效。从银行业一体化行为看,跨境并购和混业经营已逐渐成为一体化深化的主要形式,而近年来成员国银行跨境进入方式—采取分行形式和附属机构形式的变化对比显示,欧盟银行业单一执照政策已发挥一定作用。欧盟银行业一体化效应表现为银行业整体盈利能力和竞争力的增强,降低了消费者、生产者资金成本和费用,大大提高了欧盟在全球银行业规制中的地位,促进了区域经济增长并降低银行体系整体风险。同时应看到,目前各成员国银行业规制协调和基础设施建设有待进一步深化,银行业效率提升仍有较大空间。从第三国银行业在欧盟各成员国的活动情况看,区域内部成员国银行业与区域外部第三国银行业相比,在设立分支机构开展经营方面占有一定区域竞争优势,产生“挤出”效应。银行业一体化也带来了潜在风险,如出现银行及金融集团大型化、复杂化,跨境银行风险蔓延,过度竞争等不稳定因素,需对现有规制、监管框架进一步完善和创新。
本文通过研究,揭示了欧盟银行产业一体化政策发展特点、规律及产生的相关效应,对中国银行业改革、开放战略制定,建立完善金融规制和监管体系有理论和现实意义。
In the past 20 years, the environment of EU banking industry regulation and the supervision has had a great change, the member states separated banking industry markets began to converge to a single market gradually. According to the banking industry's essential attribute and the core definition of integration, the essay has carried on the development of the tradition industrial organization theory framework and the research contents, proposed a definition of banking industry integration and analysis framework, as integration is an elimination process of exterior barrier of entry between the member states, then conducted a synthetic study on the EU banking industry integration policy, the process and it's effects.
The paper reveals that the EU banking industry policy, the framework of regulation and the supervision has obtained consummation unceasingly, the coordinated scope and the depth increased, the preliminary frame structure of banking industry regional governance be formed .The EU policy has had major impact on the member states' banking industry policy. Looking from view of the market structure, the development of economic conditions, the natural factors and also retail banking characteristics between the member states become the exterior entering barrier, which has certain influence on the integration process, member states' market concentration and competition. The related rules and regulations must be further coordinated. Looking to bank's behaviors, the cross-border M&A and conglomerates become the main form of deepening of market integration. The changes of entry mode of branch and affiliates also demonstrated that the EU banking single license policy already played the role. The EU banking industry integration strengthened the banking industry profit ability and the competitive power, reduced consumer and the enterprises funding costs and expenses, improved EU status in global banking industry rules and regulations, promoted the regional economic growth and reduced the bank system's overall risk. The retail banking rules and regulations coordination and infrastructure facilities should be strengthen, the efficiency promotion still has space. The member states' banks also have hold certain region competitive advantage over the banks from the third countrys' in the setting up of branches and affiliates ,means the effects of "squeezes out" . Also more attention should be paid to the potential risk brought by the integration, such as concentration of large scale conglomerates, the complicatded structure, the interstate bank risk spread, competition excessively between banks .The improvement and innovation of existing rules and regulations, the supervision framework should be continued.
From this paper, we may also learn some basic rules and tendency of banking industry integration, which is of theory and practical significance to the China banking industry's opening ,strategy planning, and better regulation and supervision .
引文
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[1]垄断性竞争(Monopolistic Competition)一般在以下条件下产生:市场中具有众多的生产者和消费者,消费者具有明确的偏好,商品和服务是“非同质的”,自由进入。进行垄断性竞争的企业在短期具有垄断性质,而在长期则是零利润和生产能力过剩的。
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[2]大型机构定义为资产1000亿欧元以上,大型机构资产10亿欧元到1000亿欧元,中型机构为1000万欧元到10亿欧元,小型机构资产小于1000万欧元
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[3]斯堪的纳维亚位于欧洲大陆北部,包括三个国家:丹麦,挪威和瑞典。通常来说,北欧所指的五个国家包括斯堪的纳维亚地区,以及邻近的芬兰和冰岛。
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[1]TARGET(Trans-European Automated Realtime Gross settlemnt Express Transfer system)系统是欧元的实时支付系统(RTGS),TARGET U前包括欧元区13个成员国的国内RTGS系统以及ECB的支付机制(EPM).另外,丹麦、波兰和英国的国内欧元RTGS系统与TARGET相连。这十七个系统均相互相连为欧元的支付提供了一个统一处理平台。
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[1]新兴欧洲一般指中东欧国家(CEE),独联体国家,波罗的海国家和土耳其
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[3]包括了母银行设立在欧元区,在其他欧元区国家从事较多的跨境活动所有跨境集团,由于使用了集团合并资产,53%的份额包含在欧元区外持有的资产。
[1]具体见ECB.Report on EU Banking Structures.和ECB.2006 Report on EU Banking Structures.
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[1]新兴欧洲一般指中东欧国家(CEE),独联体国家,波罗的海国家和土耳其
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[3]包括了母银行设立在欧元区,在其他欧元区国家从事较多的跨境活动所有跨境集团,由于使用了集团合并资产,53%的份额包含在欧元区外持有的资产。
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[1]Panzer-Rosse的H统计量是银行的总收入对投入要素价格的弹性之和。H统计量可以理解为一个度量竞争强度的连续指标,介于0到1之间,H统计量值越大说明竞争强度越大,H统计量由简化的收入方程回归通过收入对三种投入要素(存款、劳动力、资本金)的价格及其他影响因素进行回归,得到的收入对三种投入要素价格的弹性系数之和即为H统计量的值。H=0说明市场为垄断或共谋的寡头垄断市场。成本的上升会导致产出下降,价格上升,企业收入下降。H=1说明市场为完全竞争市场,成本的上升迫使一些企业退出,价格上升,存活企业的收入上升,上升比率与成本相同;0＜H＜1说明市场为垄断竞争市场。成本的上升导致收入上升,上升比率低于成本的上升比率。
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