中国商业银行跨国经营的动因及进入模式研究
|
摘要
随着银行业在全球跨国活动和对外直接投资中所占据份额的快速增长,金融服务市场已变得越来越趋向全球化。在当今全球银行业结构发生战略调整之际,中国商业银行也纷纷顺应形势,将“国际化经营”作为未来五到十年发展的战略目标。2007年以来,随着中国银行业市场的全面对外开放,外资银行的大量涌入加剧了业内竞争的激烈程度,也使得中国商业银行清醒地认识到必须进一步加快自身跨国经营的步伐,提高银行的国际化程度,从而增强在国际金融市场上的竞争实力。由此可见,目前对于进一步深入探讨和研究中国商业银行跨国经营的问题显得更加具有理论价值和现实指导意义。
本文以中国商业银行跨国经营的动因及进入模式为研究对象。在整个研究过程中,本文密切结合中国商业银行跨国经营的实践,既分析了其跨国经营特有的驱动因素,又指出了当前以及今后中国商业银行应该选择何种市场进入模式、何种组织形式来具体实施跨国经营。本文的研究注重从理论到实践,从整体到个体的逻辑思维方式,采用了定性分析和定量分析相结合,实证分析和规范分析相结合的研究方法。
本文通过研究发现,商业银行作为金融服务企业的行业特质,决定了其在进行跨国经营决策时特有的影响因素,也使其在进入海外市场时不能和制造业公司一样采取线性的方式逐步推进,而是倾向于直接选择具有高控制度的进入模式,即新建和跨国并购。
本文运用邓宁的国际生产折衷理论作为解释中国商业银行跨国经营动因的理论框架,对影响其跨国经营的主要因素进行了实证分析。研究结果表明：中国商业银行的盈利能力、国际化经验、中国对东道国(地区)的非金融类对外直接投资额以及东道国(地区)的工业化程度、收入水平和银行业监管环境都对中国商业银行的跨国经营活动产生显著影响,并由此得出“追随客户”、扩大国外市场份额、多元化经营以及分散金融风险是中国商业银行跨国经营的主要动因。
目前,中国商业银行的跨国经营尚处在起步阶段,主要是通过新建模式进入东道国市场,如何正确选择其海外机构的组织形式成为一个至关重要的决策。作为跨国银行海外机构最主要的海外分行和子银行形式,由于两者在设立成本、业务范围和监管责任等方面有较大差异,因而决定了两者不同的适用范围。本文运用中国宏观经济层面和东道国的相关数据,对影响中国商业银行海外机构组织形式的因素进行了实证分析。研究结果表明,虽然海外分行形式比较适合目前中国商业银行国际化战略初级阶段的需要,但是由于2008年国际金融危机给全球银行业带来的深远影响,以及未来各国对外资银行监管的“子行化”趋势,中国商业银行海外机构的主要形式必然会由分行向子银行转变。
从全球跨国银行业的发展历程来看,新建是跨国银行早期对外扩张的主要方式。上个世纪80年代后,面对不断加速的金融全球化趋势,西方发达国家的大型银行掀起了一次次跨国并购的浪潮。跨国并购避免了以新建模式进入可能遇到的种种障碍,为银行进入新的市场提供了有效途径,成为现代银行实现国际化经营的重要方式。因此本文指出,随着中国商业银行跨国经营的不断发展壮大,其市场进入模式应该从以新建为主逐步向新建和跨国并购并举转变。
本文运用案例比较分析的方法,从并购规模、并购方式、区域跨度等方面将汇丰集团和中国商业银行跨国并购的案例做了对比研究,并从中获得了诸多实施跨国并购战略的有益启示。在此基础上,本文深入分析了2008年全球金融危机带给中国商业银行跨国并购的机遇和挑战,指出有实力的商业银行应认真学习和借鉴国际银行业跨国并购的成功经验,充分利用此次金融危机所带来的有利条件,通过有效的并购及其整合,加速推进其国际化的进程。
银行国际化是一个循序渐进的过程,在其不同的发展阶段银行所制定的战略和行为特征各不相同。由于目前中国商业银行自身的发展水平参差不齐,故本文认为对于中国商业银行的跨国经营问题不能一概而论。总结前文所述,本文得出以下结论：对于国际化程度较高的大型商业银行应在稳定中求增长,选择温和型国际化路径,通过有效的跨国并购,进一步提升其在国际金融市场中的地位；而对于国际化程度较低的中小型股份制商业银行则应在国内银行业市场稳扎稳打,顺应国际化发展趋势,不断做大做强之后再选择合适的时机和模式向海外拓展。
With the rapid growth of the share which the banking industry occupies in the cross-border activities and foreign direct investment (FDI), the financial service market is becoming more and more globalized. When the structure of global banking industry is now being strategically adjusted, Chinese commercial banks also take "international operations" as their development objectives of the next five to ten years in order to follow the situation. Since 2007, with the fully opening of Chinese banking market, the influx of foreign banks has increased the intensity of competition in the industry, and made Chinese commercial banks clearly understand the need to further accelerate the pace of their international operations and raise their degree of internationalization, thus enhancing their international competitiveness in the financial markets. Hence, it shows even more theoretical and practical significance to make further research on the transnational operations of Chinese commercial banks.
This discourse is a study on the motives and entry mode of transnational operations of Chinese commercial banks. With a close observation on the transnational operations of Chinese commercial banks, it not only analyzes the reasons why Chinese commercial banks go abroad but also points out what entry mode and organizational form should they chose to implement their transnational operations. This research focuses on the logical way of thinking from theory to practice and from the entirety to the individual. In addition, the research method is a combination of qualitative analysis and quantitative analysis, empirical analysis and normative analysis.
Through the study, this discourse found that the industry characteristics of commercial banks as a financial service business determine the specific impact factors of their transnational operations. The characteristics also make the banks not to adapt the same linear step-by-step mode as the manufacturing firms when entering the overseas market, but tend to directly select the entry modes with a high degree of control, such as Greenfield Investment and Cross-border Mergers and Acquisitions.
This discourse makes empirical analysis on the main factors that influence the transnational operations of Chinese commercial banks, relying on Dunning's eclectic theory (OLI Model) as a framework to explain the motives of those banks when making such operations. Empirical results show that:the transnational operations of Chinese commercial banks are in all significantly influenced by the profitability and international experience of those banks, the non-financial direct investment abroad, the level of industrialization, and the income and banking regulatory environment of host country (region). So it can draw a conclusion that:the main drivers of transnational operations of Chinese commercial banks are "following the customers", expanding share of foreign market, diversification, and spreading the financial risk.
At present, the transnational operations of Chinese commercial banks are still in the initial stage. They enter into the host country markets mainly through the Greenfield investment, during which it is extremely important for Chinese banks to select suitable organizational forms of its overseas institutions. Overseas branches and subsidiaries are the two main forms of foreign institution of multinational banks. They command diverse applications on the basis of the difference on the establishment costs, regulatory responsibility and the scope of business. This discourse makes an empirical analysis on the factors that affect the selection of organizational forms with the macro-economic data of the home country and host-countries. As a result, it shows that:1) overseas branches could be a more suitable form for Chinese banks in the primary stage of internationalization process; 2) however, due to the far-reaching impact of the international financial crisis, as well as the "sub-banks" trend of the national regulation to the foreign banks in future, the main form of Chinese banks'overseas institutions will inevitably change from the branches to the subsidiaries form.
From the development process of cross-border banking, Greenfield Investment was the main mode for multinational banks to expand abroad in their early period. Since 1980's, facing the accelerated financial globalization, the large banks of western developed countries have set off a wave of Cross-border Mergers and Acquisitions again and again. Cross-border Mergers and Acquisitions can avoid the possible obstacles encountered by Greenfield Investment, and provide an effective way to enter a new market, which becomes an important mode for banks to expand abroad at present. So the discourse argues that the entry mode of transnational operations of Chinese commercial banks should be both focused on the Cross-border Mergers and Acquisitions and Greenfield Investment.
Compared with the Cross-border Mergers and Acquisitions of international banking industry represented by HSBC Group's, there is still a big gap for Chinese commercial banks in the aspects of the scale and pattern of mergers and acquisitions, regional span, etc. Therefore, Chinese commercial banks should make earnest reference to the successful experience of the international banking and make full use of the favorable conditions brought by the financial crisis to accelerate their process of internationalization through effective acquisition and integration.
Internationalization of the banks is a progressive process, in which there are different development strategies and behavioral characteristics in different stages. With the fact of the different development levels of Chinese commercial banks, the discourse argues that their transnational operations can not be generalized. The large commercial banks with a higher degree of internationalization should select the mild path of internationalization to further enhance its position in international financial markets through effective cross-border mergers and acquisitions; while the small and medium sized joint-stock commercial banks with a lower degree of internationalization should firstly focus on the domestic banking market, make themselves bigger and stronger to meet with the trends of international development, and then choose the right time and entry mode to expand abroad.
本文以中国商业银行跨国经营的动因及进入模式为研究对象。在整个研究过程中,本文密切结合中国商业银行跨国经营的实践,既分析了其跨国经营特有的驱动因素,又指出了当前以及今后中国商业银行应该选择何种市场进入模式、何种组织形式来具体实施跨国经营。本文的研究注重从理论到实践,从整体到个体的逻辑思维方式,采用了定性分析和定量分析相结合,实证分析和规范分析相结合的研究方法。
本文通过研究发现,商业银行作为金融服务企业的行业特质,决定了其在进行跨国经营决策时特有的影响因素,也使其在进入海外市场时不能和制造业公司一样采取线性的方式逐步推进,而是倾向于直接选择具有高控制度的进入模式,即新建和跨国并购。
本文运用邓宁的国际生产折衷理论作为解释中国商业银行跨国经营动因的理论框架,对影响其跨国经营的主要因素进行了实证分析。研究结果表明：中国商业银行的盈利能力、国际化经验、中国对东道国(地区)的非金融类对外直接投资额以及东道国(地区)的工业化程度、收入水平和银行业监管环境都对中国商业银行的跨国经营活动产生显著影响,并由此得出“追随客户”、扩大国外市场份额、多元化经营以及分散金融风险是中国商业银行跨国经营的主要动因。
目前,中国商业银行的跨国经营尚处在起步阶段,主要是通过新建模式进入东道国市场,如何正确选择其海外机构的组织形式成为一个至关重要的决策。作为跨国银行海外机构最主要的海外分行和子银行形式,由于两者在设立成本、业务范围和监管责任等方面有较大差异,因而决定了两者不同的适用范围。本文运用中国宏观经济层面和东道国的相关数据,对影响中国商业银行海外机构组织形式的因素进行了实证分析。研究结果表明,虽然海外分行形式比较适合目前中国商业银行国际化战略初级阶段的需要,但是由于2008年国际金融危机给全球银行业带来的深远影响,以及未来各国对外资银行监管的“子行化”趋势,中国商业银行海外机构的主要形式必然会由分行向子银行转变。
从全球跨国银行业的发展历程来看,新建是跨国银行早期对外扩张的主要方式。上个世纪80年代后,面对不断加速的金融全球化趋势,西方发达国家的大型银行掀起了一次次跨国并购的浪潮。跨国并购避免了以新建模式进入可能遇到的种种障碍,为银行进入新的市场提供了有效途径,成为现代银行实现国际化经营的重要方式。因此本文指出,随着中国商业银行跨国经营的不断发展壮大,其市场进入模式应该从以新建为主逐步向新建和跨国并购并举转变。
本文运用案例比较分析的方法,从并购规模、并购方式、区域跨度等方面将汇丰集团和中国商业银行跨国并购的案例做了对比研究,并从中获得了诸多实施跨国并购战略的有益启示。在此基础上,本文深入分析了2008年全球金融危机带给中国商业银行跨国并购的机遇和挑战,指出有实力的商业银行应认真学习和借鉴国际银行业跨国并购的成功经验,充分利用此次金融危机所带来的有利条件,通过有效的并购及其整合,加速推进其国际化的进程。
银行国际化是一个循序渐进的过程,在其不同的发展阶段银行所制定的战略和行为特征各不相同。由于目前中国商业银行自身的发展水平参差不齐,故本文认为对于中国商业银行的跨国经营问题不能一概而论。总结前文所述,本文得出以下结论：对于国际化程度较高的大型商业银行应在稳定中求增长,选择温和型国际化路径,通过有效的跨国并购,进一步提升其在国际金融市场中的地位；而对于国际化程度较低的中小型股份制商业银行则应在国内银行业市场稳扎稳打,顺应国际化发展趋势,不断做大做强之后再选择合适的时机和模式向海外拓展。
With the rapid growth of the share which the banking industry occupies in the cross-border activities and foreign direct investment (FDI), the financial service market is becoming more and more globalized. When the structure of global banking industry is now being strategically adjusted, Chinese commercial banks also take "international operations" as their development objectives of the next five to ten years in order to follow the situation. Since 2007, with the fully opening of Chinese banking market, the influx of foreign banks has increased the intensity of competition in the industry, and made Chinese commercial banks clearly understand the need to further accelerate the pace of their international operations and raise their degree of internationalization, thus enhancing their international competitiveness in the financial markets. Hence, it shows even more theoretical and practical significance to make further research on the transnational operations of Chinese commercial banks.
This discourse is a study on the motives and entry mode of transnational operations of Chinese commercial banks. With a close observation on the transnational operations of Chinese commercial banks, it not only analyzes the reasons why Chinese commercial banks go abroad but also points out what entry mode and organizational form should they chose to implement their transnational operations. This research focuses on the logical way of thinking from theory to practice and from the entirety to the individual. In addition, the research method is a combination of qualitative analysis and quantitative analysis, empirical analysis and normative analysis.
Through the study, this discourse found that the industry characteristics of commercial banks as a financial service business determine the specific impact factors of their transnational operations. The characteristics also make the banks not to adapt the same linear step-by-step mode as the manufacturing firms when entering the overseas market, but tend to directly select the entry modes with a high degree of control, such as Greenfield Investment and Cross-border Mergers and Acquisitions.
This discourse makes empirical analysis on the main factors that influence the transnational operations of Chinese commercial banks, relying on Dunning's eclectic theory (OLI Model) as a framework to explain the motives of those banks when making such operations. Empirical results show that:the transnational operations of Chinese commercial banks are in all significantly influenced by the profitability and international experience of those banks, the non-financial direct investment abroad, the level of industrialization, and the income and banking regulatory environment of host country (region). So it can draw a conclusion that:the main drivers of transnational operations of Chinese commercial banks are "following the customers", expanding share of foreign market, diversification, and spreading the financial risk.
At present, the transnational operations of Chinese commercial banks are still in the initial stage. They enter into the host country markets mainly through the Greenfield investment, during which it is extremely important for Chinese banks to select suitable organizational forms of its overseas institutions. Overseas branches and subsidiaries are the two main forms of foreign institution of multinational banks. They command diverse applications on the basis of the difference on the establishment costs, regulatory responsibility and the scope of business. This discourse makes an empirical analysis on the factors that affect the selection of organizational forms with the macro-economic data of the home country and host-countries. As a result, it shows that:1) overseas branches could be a more suitable form for Chinese banks in the primary stage of internationalization process; 2) however, due to the far-reaching impact of the international financial crisis, as well as the "sub-banks" trend of the national regulation to the foreign banks in future, the main form of Chinese banks'overseas institutions will inevitably change from the branches to the subsidiaries form.
From the development process of cross-border banking, Greenfield Investment was the main mode for multinational banks to expand abroad in their early period. Since 1980's, facing the accelerated financial globalization, the large banks of western developed countries have set off a wave of Cross-border Mergers and Acquisitions again and again. Cross-border Mergers and Acquisitions can avoid the possible obstacles encountered by Greenfield Investment, and provide an effective way to enter a new market, which becomes an important mode for banks to expand abroad at present. So the discourse argues that the entry mode of transnational operations of Chinese commercial banks should be both focused on the Cross-border Mergers and Acquisitions and Greenfield Investment.
Compared with the Cross-border Mergers and Acquisitions of international banking industry represented by HSBC Group's, there is still a big gap for Chinese commercial banks in the aspects of the scale and pattern of mergers and acquisitions, regional span, etc. Therefore, Chinese commercial banks should make earnest reference to the successful experience of the international banking and make full use of the favorable conditions brought by the financial crisis to accelerate their process of internationalization through effective acquisition and integration.
Internationalization of the banks is a progressive process, in which there are different development strategies and behavioral characteristics in different stages. With the fact of the different development levels of Chinese commercial banks, the discourse argues that their transnational operations can not be generalized. The large commercial banks with a higher degree of internationalization should select the mild path of internationalization to further enhance its position in international financial markets through effective cross-border mergers and acquisitions; while the small and medium sized joint-stock commercial banks with a lower degree of internationalization should firstly focus on the domestic banking market, make themselves bigger and stronger to meet with the trends of international development, and then choose the right time and entry mode to expand abroad.
引文
[1](英)斯蒂芬·I.戴维斯.郑先炳,李晓欣译.银行并购：经验与教训[M].北京：中国金融出版社,2003。
[2]边卫红,王家强.美国次贷危机对中国银行业改进的启示[J].金融论坛,2008(6)：13-18。
[3]曹军.银行并购问题研究[M].北京：中国金融出版社,2005。
[4]曹圣希,胡峰.银行跨国并购的发展及其影响因素探析[J].阴山学刊,2004,(11)：71-74。
[5]陈璐.转轨时期中国银行业并购问题研究[M].上海：上海三联书店,2006。
[6]陈明森.企业国际化经营与市场进入方式选择[J].国际贸易问题,2002(4)：40-43。
[7]陈四清.中国商业银行国际化发展路径[J].中国金融,2010,(9)：31-32。
[8]陈天.“追随客户理论”对我国商业银行跨国经营的启示[J].时代金融,2007,(7)：25-26。
[9]陈小宪.走具有中小银行特色的国际化道路[J].当代金融家,2008,(8)：34-36。
[10]陈杏生.我国商业银行跨国经营中的国家风险[J].经济视角,2006,(7)：61-62。
[11]陈秀良,中国商业银行国际化经营路径探析[J].西南金融,2009,(5)：28-30。
[12]陈颖.商业银行市场准入与退出问题研究[M].北京：中国人民大学出版社,2007。
[13]陈云华.并购VS新建：企业并购与新建投资适用边界研究[M].北京：中国经济出版社,2007。
[14]成光,孙林岩.离岸金融推动商业银行国际化[J].中国投资,2008,(11)：104-107。
[15]戴杭骁.我国银行跨国并购策略探讨[J].经济论坛,2010,(6)：42-44。
[16]冯嗣全,欧阳令南.基于地理信息的银行国际化选址问题研究[J].财经论丛,2004,(1)：54-59。
[17]冯嗣全,欧阳令南.银行国际化：组织机构形式的选择[J].财经科学,2003,(5)：11-15。
[18]冯嗣全.银行国际化的路径选择：跨国并购抑或新设投资[J].当代财经,2003,(12)：37-41。
[19]冯正强,陈立龙.企业国际化经营的市场进入方式选择[J].国际贸易问题,2005(8)：84-87。
[20]高宇辉,余小林.关于银行业国际化的几个基本问题[J].南方金融,2006,(4)：15-17。
[21]葛兆强.商业银行国际化：动因、挑战与策略[J].浙江金融,2008,(6)：12-14。
[22]郭颂.商业银行国际化研究文献综述[J].财会通讯,2008,(12)：44-45。
[23]韩瑞祥.全球金融动荡下的澳大利亚经济与金融——兼论当地中资银行的应对策略[J].金融论坛,2009(3)：56-62。
[24]何毓海.商业银行跨国经营动机的经济学分析[J].海南金融,2009,(9)：4-8。
[25]贺苗,苌花荣,袁晓军.外资银行本土化对我国商业银行国际化的启示[J].经济问题,2009,(1)：98-100。
[26]胡峰.跨国公司在华并购论[M].广州：广东经济出版社,2003。
[27]胡峰.银行跨国并购：理论、实证与政策协调[M].北京：中国财政经济出版社,2005。
[28]胡浩,胡峰.银行并购成功的决定因素剖析[J].南京审计学院学报,2005,(2)：35-37。
[29]黄宪,熊福平.外资银行在中国发展的经营动机和经营策略分析[J].金融研究,2005,(2)：82-93。
[30]姜建清.大型银行的国际化进程——中国工商银行的实践[J].中国金融,2010,(19)：55-58。
[31]姜建清.国际商业银行监管环境与体制[M].北京：中国金融出版社,2005。
[32]解正山.外资银行危机监管法律问题探析——以跨国银行分行与子行为视角[J].南方金融,2008,(5)：38-39。
[33]金晓斌.银行并购论[M].上海：上海财经大学出版社,1999。
[34]金雪军,李楠.国际银行业并购对中国银行业并购策略选择的启示[J].国际金 融研究,2008,(2)：17-24。
[35]李长春.子行还是分行：银行跨国经营的组织形式选择[J].金融与经济,2008,(8)：15-17。
[36]李杰.银行国际化中的战略选择与行为路径[J].经济管理,2008,(17)：26-32。
[37]李伟杰,宋焱.商业银行跨国经营模式：理论分析与实证检验[J].当代经济管理,2009,(12)：73-79。
[38]李伟杰.始于大国还是始于邻国——我国商业银行跨国经营战略分析[J].浙江金融,2008,(1)：14-16。
[39]李伟杰.我国商业银行跨国经营战略研究[J].海南金融,2007,(12)：17-21。
[40]李勋来,杜杰.银行跨国并购风险及其影响因素研究综述[J].生产力研究,2010,(1)：251-253。
[41]林海.我国商业银行跨国经营现状及动因分析[J].商场现代化,2009,(4)：369-370。
[42]刘伟.银行跨国并购的效应预期及中国银行国际化战略[J].商业研究,2006,(10)：152-154。
[43]刘荻.跨国银行与金融深化[M].上海：上海远东出版社,1998。
[44]刘君.从并购角度审视我国银行跨国经营的绩效[J].经济师,2008,(6)：258-259。
[45]刘诗平.汇丰金融帝国——140年的中国故事[M].北京：中国方正出版社,2006。
[46]刘晓宁.企业国际市场进入模式选择研究现状述评[J].工业技术经济,2006(10)：98-102。
[47]卢进勇.从无到有——关于加快发展中国跨国公司的几个问题[J].国际贸易,2006(2)：4-7。
[48]卢少辉,曾庆斌.银行业海外扩张的机构形式选择[J].发展研究,2006,(1)：27-28。
[49]路妍等.跨国银行国际竞争力及提升中国商业银行的途径[M].北京：人民出版社,2008。
[50]迈克尔A.希特等.战略管理：竞争与全球化(第六版)[M].北京：机械工业 出版社,2005。
[51]毛裕民.积极推进商业银行国际化经营[J].中国金融,2010,(19)：71-73。
[52]彭说龙,苏骏锋.外资银行进入中国市场的动因、影响因素和模式选择研究[J].金融研究(实务版),2007,(6)：47-51。
[53]任明.我国银行业跨国并购现状分析和策略建议[J].金融与经济,2008,(9)：25-28。
[54]王爱民,张红军.跨国银行进入模式及影响因素分析——中国市场的实证[J].管理评论,2010,(12)：36-43。
[55]王方方.发展中国家银行跨国并购的互动因素分析[J].吉林工商学院学报,2009,(1)：72-79。
[56]王鸿昌,张永芳.我国商业银行国际化问题实证分析与对策研究[J].经济研究导刊,2008,(5)：62-64。
[57]王婧.金融危机下中资银行跨国并购战略分析[J].经济论坛,2010,(7)：58-59。
[58]王桤伦.中小股份制商业银行跨国经营的战略思考[J].企业经济,2009,(3)：165-167。
[59]王晞.跨国银行进入中国决定因素的实证分析[J].金融研究,2005,(8)：63-71。
[60]王向荣.本土化经营——中资银行海外机构的跨国营销[J].商业经济文荟,2006,(4)：53-54。
[61]王向荣.我国银行业跨国并购的路径分析[J].甘肃联合大学学报,2007,(1)：94-97。
[62]王亚星,郭光.银行国际化的阶段性特征及经验启示[J].商业时代,2009,(32)：93-94。
[63]王志峰.次贷危机对中国银行业的影响与对策——从与1997金融风暴对比的视角[J].国际金融研究,2009(2)：84-87。
[64]王志军.国际银行学[M].北京：科学出版社,2007。
[65]谢罗奇,何叔飞,邓乐.我国商业银行国际化决定因素的实证分析[J].四川经济管理学院学报,2009,(4)：14-17。
[66]谢清河.我国商业银行跨国经营问题研究[J].经济问题,2008(6)：54-56。
[67]熊忠.金融危机下中资银行跨国并购面临的机遇与挑战[J].金融论苑,2009,(6)：174-176。
[68]徐明棋.中国企业国际化经营面临的挑战与对策[J].世界经济研究,2003(2)：4-9。
[69]薛求知,杨飞.跨国银行管理[M].上海：复旦大学出版社,2002。
[70]薛求知.当代跨国公司新理论[M].上海：复旦大学出版社,2007。
[71]闫冰竹.中小银行国际化发展的探索与实践[J].中国金融,2010,(19)：74-75。
[72]杨建清.银行业对外直接投资决定因素理论与实证研究：一个文献综述[J].商场现代化,2007,(9)：260-261。
[73]詹向阳,樊志刚,邹新.国有商业银行跨国经营的战略框架及配套措施[J].管理世界,2003,(4)：134-135。
[74]张邯玥,田高良.中国商业银行海外机构经营管理中的存在问题及其对策研究[J].经济问题探索,2008,(5)：98-101。
[75]张红军,杨朝军.外资银行进入中国市场的区位选择及动因研究[J].金融研究,2007,(9)：160-172。
[76]张红军.多元发展,循序渐进,因地制宜—中国银行海外经营案例研究及其对我行的启示[J].中国城市金融,2008,(11)：47-50。
[77]张红军.跨国银行海外经营动因研究——基于中国市场的实证分析[J].金融论坛,2009,(4)：50-55。
[78]张金鑫.并购谁：并购双方资源匹配战略分析[M].北京：中国经济出版社,2006。
[79]张景奇.战略联盟与我国企业国际化经营进入方式的选择[J].商业研究,2002(12)：11-14。
[80]张荣峰,潘利.我国商业银行跨国经营的战略性机遇[J].商业研究,2006,(8)：7-12。
[81]张晓青.我国商业银行国际化经营面临的问题及对策[J].经济纵横,2009,(10)：82-84。
[82]张云云.我国商业银行跨国经营的发展趋势、问题及对策[J].现代经济信息,2010,(15)：179-180。
[83]赵幼力,李立.次贷风波后国际银行业发展趋势[J].银行家,2008(10)：20-25。
[84]郑马威.我国对外资银行准入的法人导向[J].上海金融学院学报,2007,(1)：18-22。
[85]郑鸣,冯凯.外资银行进入影响研究——基于面板数据和产业组织方法[J].经济管理,2007,(7)：6-11。
[86]周天芸,王泽高.发展中国家银行国际化的影响因素研究[J].海南金融,2009,(8)：41-45。
[87]朱荣华.三分类理论与我国银行国际化步骤的考量[J].金融发展研究,2008,(4)：57-59。
[88]朱正罡.国有商业银行国际化经营战略[M].北京：中国金融出版社,2004。
[1]Arjen Slangen, Jean-Francois Hennart. Greenfield or acquisition entry:A review of the empirical foreign establishment mode literature [J]. Journal of International Management,2007,13:403-429.
[2]Aliber, R.Z.. International banking:A survey [J]. Journal of Money, Credit, and Banking,1984,16:661-678.
[3]Anderson, E., Gatignon, H.. Modes of foreign entry:a transaction cost analysis and propositions [J]. Journal of International Business Studies,1986,17:1-26.
[4]Berger, A., Buch, C.M., DeLong, G., DeYoung, R.. Exporting financial institutions management via foreign direct investment mergers and acquisitions[J]. Journal of International Money and Finance,2004,23(3):333-366.
[5]Brealey, R.A., Kaplanis, E.C., The determination of foreign banking location [J].Journal of International Money and Finance,1996,15 (4):577-597.
[6]Buch, C.M., DeLong, G.L., Cross-border bank mergers:what lures the rare animal? [J]. Journal of Banking and Finance,2004,28(9):2077-2102.
[7]Buch, C.M., Lipponer, A.. Clustering or Competition? The foreign investment behavior of German banks [J]. International Journal of Central Banking,2006,2(2): 135-168.
[8]Buch,C.M. Why Do Banks Go Abroad? Evidence from German Data[J].Journal of Financial Markets, Instruments and Institutions,2000,9(1),33-67.
[9]Cerutti, E., G. Dell'Ariccia and M. S. Martinez Peria. How Banks Go Abroad: Branches or Subsidiaries? [J]. Journal of banking and finance,2007,31:1669-1692.
[10]Focarelli, D., Pozzolo, A.F.. Where do banks expand abroad? An empirical analysis[J]. Journal of Business,2005,78:2435-2463.
[11]Focarelli D., Pozzolo A.F.. Cross-Border M&As in the Financial Sector:Is Banking Different from Insurance? [J]. Journal of Banking and Finance,2008,32:15-29.
[12]Goldberg, L. G., Johnson, D.. The determinants of US banking activity abroad [J]. Journal of International Money and Finance,1990,9:123-137.
[13]Goldberg, L. G., Saunders, A.. The determinants of foreign banking activity in the United States [J]. Journal of Banking and Finance,1981a,5:17-32.
[14]Goldberg, L. G., Saunders, A.. The growth of organizational forms of foreign banks in the United States [J]. Journal of Money, Credit and Banking,1981b,1:365-374.
[15]Gray, H., Gray, J.. The multinational bank:a financial MNC? [J]Journal of Banking and Finance,1981,5:33-63.
[16]Grubel, H. G.. A theory of international banking[J]. Banca Nazionale del Lavoro Quarterly Review,1977,123:349-364.
[17]Heinkel, R. L., Levi, M. D.. The structure of international banking[J]. Journal of International Money and Finance,1992,11:251-272.
[18]Jan-Egbert Sturm, Barry Williams. Characteristics determining the efficiency of foreign banks in Australia[J], Journal of Banking and Finance,2008,32:2346-2360.
[19]Maria Lehner. Entry mode choice of multinational banks[J]. Journal of Banking and Finance,2009,10(33).
[20]Micco, A., U. Panizza and M. Yanez. Bank ownership and performance. Does politics matter? [J]. Journal of Banking and Finance.2007,31:219-241.
[21]Miller,S.R., Parkhe, A.. Patterns in the Expansion of U. S. Banks' Foreign Operations[J]. Journal of International Business Studies,1998,29(2):359-390.
[22]Mutinelli, M.,Piscitello, L.. Foreign direct investment in the banking sector:the case of Italian banks in the'90s[J]. International Business Review,2001,10:661-685.
[23]Neeltje Van Horen. Foreign banking in developing countries:origin matters[J].Emerging Markets Review,2007,8:81-105.
[24]Robert Lensink, Aljar Meesters, Ilko Naaborg. Bank efficiency and foreign ownership:Do good institutions matter? [J].Journal of Banking and Finance,2008,32: 834-844.
[25]Ricardo Correa. Cross-border Bank Acquisitions:Is there a Performance Effect?[J].International Finance Discussion Papers,2008, (3):922-966.
[26]Silvia Magri, Alessandra Mori, Paola Rossi. The entry and the activity level of foreign banks in Italy:An analysis of the determinants [J]. Journal of Banking and Finance, 2005,29:1295-1310.
[27]Ursacki, Terry and Vertinsky. Choice of Entry Timing and Scale by Foreign Banks in Japan and Korea[J].Journal of Banking and Finance,1992,16(2):405-421.
[28]Unite, A., Sullivan M.J. The Effect of Foreign Entry and Ownership Structure on the Philippine Domestic Banking Market[J].Journal of Banking & Finance,2003,(27):2323 — 2345.
[29]Von Der Ruhr, Michael Ryan. Following Or attracting the customer? Japanese Banking FDI in Europe[J]. Atlantic Economic Journal,2005,33:405-422.
[30]Wezel, T..Foreign Bank Entry into Emerging Economies:An Empirical Assessment of Determinants and Risks Predicated on German FDI data[J]. Deutsche Bundesbank Working Paper,2005.
[31]Williams, B.. Positive theories of multinational banking:eclectic theory versus internalization theory[J]. Journal of Economic Surveys,1997,11(1):71-100.
[32]Wheelock, D.C., Wilson, P.W.Why do banks disappear? The determinants of U.S. bank failures and acquisitions[J].Review of Economics and Statistics,2000,82(1): 127-138.
[33]Yamori, N.. A note on location choice of multinational banks:the case of Japanese financial institutions[J]. Journal of Banking and Finance,1998,22:109-120.
[34]Yeyati, E.L., A. Micco. Concentration and foreign penetration in Latin American banking sectors:Impact on competition and risk[J]. Journal of Banking and Finance,2007,31:1633-1647.
[2]边卫红,王家强.美国次贷危机对中国银行业改进的启示[J].金融论坛,2008(6)：13-18。
[3]曹军.银行并购问题研究[M].北京：中国金融出版社,2005。
[4]曹圣希,胡峰.银行跨国并购的发展及其影响因素探析[J].阴山学刊,2004,(11)：71-74。
[5]陈璐.转轨时期中国银行业并购问题研究[M].上海：上海三联书店,2006。
[6]陈明森.企业国际化经营与市场进入方式选择[J].国际贸易问题,2002(4)：40-43。
[7]陈四清.中国商业银行国际化发展路径[J].中国金融,2010,(9)：31-32。
[8]陈天.“追随客户理论”对我国商业银行跨国经营的启示[J].时代金融,2007,(7)：25-26。
[9]陈小宪.走具有中小银行特色的国际化道路[J].当代金融家,2008,(8)：34-36。
[10]陈杏生.我国商业银行跨国经营中的国家风险[J].经济视角,2006,(7)：61-62。
[11]陈秀良,中国商业银行国际化经营路径探析[J].西南金融,2009,(5)：28-30。
[12]陈颖.商业银行市场准入与退出问题研究[M].北京：中国人民大学出版社,2007。
[13]陈云华.并购VS新建：企业并购与新建投资适用边界研究[M].北京：中国经济出版社,2007。
[14]成光,孙林岩.离岸金融推动商业银行国际化[J].中国投资,2008,(11)：104-107。
[15]戴杭骁.我国银行跨国并购策略探讨[J].经济论坛,2010,(6)：42-44。
[16]冯嗣全,欧阳令南.基于地理信息的银行国际化选址问题研究[J].财经论丛,2004,(1)：54-59。
[17]冯嗣全,欧阳令南.银行国际化：组织机构形式的选择[J].财经科学,2003,(5)：11-15。
[18]冯嗣全.银行国际化的路径选择：跨国并购抑或新设投资[J].当代财经,2003,(12)：37-41。
[19]冯正强,陈立龙.企业国际化经营的市场进入方式选择[J].国际贸易问题,2005(8)：84-87。
[20]高宇辉,余小林.关于银行业国际化的几个基本问题[J].南方金融,2006,(4)：15-17。
[21]葛兆强.商业银行国际化：动因、挑战与策略[J].浙江金融,2008,(6)：12-14。
[22]郭颂.商业银行国际化研究文献综述[J].财会通讯,2008,(12)：44-45。
[23]韩瑞祥.全球金融动荡下的澳大利亚经济与金融——兼论当地中资银行的应对策略[J].金融论坛,2009(3)：56-62。
[24]何毓海.商业银行跨国经营动机的经济学分析[J].海南金融,2009,(9)：4-8。
[25]贺苗,苌花荣,袁晓军.外资银行本土化对我国商业银行国际化的启示[J].经济问题,2009,(1)：98-100。
[26]胡峰.跨国公司在华并购论[M].广州：广东经济出版社,2003。
[27]胡峰.银行跨国并购：理论、实证与政策协调[M].北京：中国财政经济出版社,2005。
[28]胡浩,胡峰.银行并购成功的决定因素剖析[J].南京审计学院学报,2005,(2)：35-37。
[29]黄宪,熊福平.外资银行在中国发展的经营动机和经营策略分析[J].金融研究,2005,(2)：82-93。
[30]姜建清.大型银行的国际化进程——中国工商银行的实践[J].中国金融,2010,(19)：55-58。
[31]姜建清.国际商业银行监管环境与体制[M].北京：中国金融出版社,2005。
[32]解正山.外资银行危机监管法律问题探析——以跨国银行分行与子行为视角[J].南方金融,2008,(5)：38-39。
[33]金晓斌.银行并购论[M].上海：上海财经大学出版社,1999。
[34]金雪军,李楠.国际银行业并购对中国银行业并购策略选择的启示[J].国际金 融研究,2008,(2)：17-24。
[35]李长春.子行还是分行：银行跨国经营的组织形式选择[J].金融与经济,2008,(8)：15-17。
[36]李杰.银行国际化中的战略选择与行为路径[J].经济管理,2008,(17)：26-32。
[37]李伟杰,宋焱.商业银行跨国经营模式：理论分析与实证检验[J].当代经济管理,2009,(12)：73-79。
[38]李伟杰.始于大国还是始于邻国——我国商业银行跨国经营战略分析[J].浙江金融,2008,(1)：14-16。
[39]李伟杰.我国商业银行跨国经营战略研究[J].海南金融,2007,(12)：17-21。
[40]李勋来,杜杰.银行跨国并购风险及其影响因素研究综述[J].生产力研究,2010,(1)：251-253。
[41]林海.我国商业银行跨国经营现状及动因分析[J].商场现代化,2009,(4)：369-370。
[42]刘伟.银行跨国并购的效应预期及中国银行国际化战略[J].商业研究,2006,(10)：152-154。
[43]刘荻.跨国银行与金融深化[M].上海：上海远东出版社,1998。
[44]刘君.从并购角度审视我国银行跨国经营的绩效[J].经济师,2008,(6)：258-259。
[45]刘诗平.汇丰金融帝国——140年的中国故事[M].北京：中国方正出版社,2006。
[46]刘晓宁.企业国际市场进入模式选择研究现状述评[J].工业技术经济,2006(10)：98-102。
[47]卢进勇.从无到有——关于加快发展中国跨国公司的几个问题[J].国际贸易,2006(2)：4-7。
[48]卢少辉,曾庆斌.银行业海外扩张的机构形式选择[J].发展研究,2006,(1)：27-28。
[49]路妍等.跨国银行国际竞争力及提升中国商业银行的途径[M].北京：人民出版社,2008。
[50]迈克尔A.希特等.战略管理：竞争与全球化(第六版)[M].北京：机械工业 出版社,2005。
[51]毛裕民.积极推进商业银行国际化经营[J].中国金融,2010,(19)：71-73。
[52]彭说龙,苏骏锋.外资银行进入中国市场的动因、影响因素和模式选择研究[J].金融研究(实务版),2007,(6)：47-51。
[53]任明.我国银行业跨国并购现状分析和策略建议[J].金融与经济,2008,(9)：25-28。
[54]王爱民,张红军.跨国银行进入模式及影响因素分析——中国市场的实证[J].管理评论,2010,(12)：36-43。
[55]王方方.发展中国家银行跨国并购的互动因素分析[J].吉林工商学院学报,2009,(1)：72-79。
[56]王鸿昌,张永芳.我国商业银行国际化问题实证分析与对策研究[J].经济研究导刊,2008,(5)：62-64。
[57]王婧.金融危机下中资银行跨国并购战略分析[J].经济论坛,2010,(7)：58-59。
[58]王桤伦.中小股份制商业银行跨国经营的战略思考[J].企业经济,2009,(3)：165-167。
[59]王晞.跨国银行进入中国决定因素的实证分析[J].金融研究,2005,(8)：63-71。
[60]王向荣.本土化经营——中资银行海外机构的跨国营销[J].商业经济文荟,2006,(4)：53-54。
[61]王向荣.我国银行业跨国并购的路径分析[J].甘肃联合大学学报,2007,(1)：94-97。
[62]王亚星,郭光.银行国际化的阶段性特征及经验启示[J].商业时代,2009,(32)：93-94。
[63]王志峰.次贷危机对中国银行业的影响与对策——从与1997金融风暴对比的视角[J].国际金融研究,2009(2)：84-87。
[64]王志军.国际银行学[M].北京：科学出版社,2007。
[65]谢罗奇,何叔飞,邓乐.我国商业银行国际化决定因素的实证分析[J].四川经济管理学院学报,2009,(4)：14-17。
[66]谢清河.我国商业银行跨国经营问题研究[J].经济问题,2008(6)：54-56。
[67]熊忠.金融危机下中资银行跨国并购面临的机遇与挑战[J].金融论苑,2009,(6)：174-176。
[68]徐明棋.中国企业国际化经营面临的挑战与对策[J].世界经济研究,2003(2)：4-9。
[69]薛求知,杨飞.跨国银行管理[M].上海：复旦大学出版社,2002。
[70]薛求知.当代跨国公司新理论[M].上海：复旦大学出版社,2007。
[71]闫冰竹.中小银行国际化发展的探索与实践[J].中国金融,2010,(19)：74-75。
[72]杨建清.银行业对外直接投资决定因素理论与实证研究：一个文献综述[J].商场现代化,2007,(9)：260-261。
[73]詹向阳,樊志刚,邹新.国有商业银行跨国经营的战略框架及配套措施[J].管理世界,2003,(4)：134-135。
[74]张邯玥,田高良.中国商业银行海外机构经营管理中的存在问题及其对策研究[J].经济问题探索,2008,(5)：98-101。
[75]张红军,杨朝军.外资银行进入中国市场的区位选择及动因研究[J].金融研究,2007,(9)：160-172。
[76]张红军.多元发展,循序渐进,因地制宜—中国银行海外经营案例研究及其对我行的启示[J].中国城市金融,2008,(11)：47-50。
[77]张红军.跨国银行海外经营动因研究——基于中国市场的实证分析[J].金融论坛,2009,(4)：50-55。
[78]张金鑫.并购谁：并购双方资源匹配战略分析[M].北京：中国经济出版社,2006。
[79]张景奇.战略联盟与我国企业国际化经营进入方式的选择[J].商业研究,2002(12)：11-14。
[80]张荣峰,潘利.我国商业银行跨国经营的战略性机遇[J].商业研究,2006,(8)：7-12。
[81]张晓青.我国商业银行国际化经营面临的问题及对策[J].经济纵横,2009,(10)：82-84。
[82]张云云.我国商业银行跨国经营的发展趋势、问题及对策[J].现代经济信息,2010,(15)：179-180。
[83]赵幼力,李立.次贷风波后国际银行业发展趋势[J].银行家,2008(10)：20-25。
[84]郑马威.我国对外资银行准入的法人导向[J].上海金融学院学报,2007,(1)：18-22。
[85]郑鸣,冯凯.外资银行进入影响研究——基于面板数据和产业组织方法[J].经济管理,2007,(7)：6-11。
[86]周天芸,王泽高.发展中国家银行国际化的影响因素研究[J].海南金融,2009,(8)：41-45。
[87]朱荣华.三分类理论与我国银行国际化步骤的考量[J].金融发展研究,2008,(4)：57-59。
[88]朱正罡.国有商业银行国际化经营战略[M].北京：中国金融出版社,2004。
[1]Arjen Slangen, Jean-Francois Hennart. Greenfield or acquisition entry:A review of the empirical foreign establishment mode literature [J]. Journal of International Management,2007,13:403-429.
[2]Aliber, R.Z.. International banking:A survey [J]. Journal of Money, Credit, and Banking,1984,16:661-678.
[3]Anderson, E., Gatignon, H.. Modes of foreign entry:a transaction cost analysis and propositions [J]. Journal of International Business Studies,1986,17:1-26.
[4]Berger, A., Buch, C.M., DeLong, G., DeYoung, R.. Exporting financial institutions management via foreign direct investment mergers and acquisitions[J]. Journal of International Money and Finance,2004,23(3):333-366.
[5]Brealey, R.A., Kaplanis, E.C., The determination of foreign banking location [J].Journal of International Money and Finance,1996,15 (4):577-597.
[6]Buch, C.M., DeLong, G.L., Cross-border bank mergers:what lures the rare animal? [J]. Journal of Banking and Finance,2004,28(9):2077-2102.
[7]Buch, C.M., Lipponer, A.. Clustering or Competition? The foreign investment behavior of German banks [J]. International Journal of Central Banking,2006,2(2): 135-168.
[8]Buch,C.M. Why Do Banks Go Abroad? Evidence from German Data[J].Journal of Financial Markets, Instruments and Institutions,2000,9(1),33-67.
[9]Cerutti, E., G. Dell'Ariccia and M. S. Martinez Peria. How Banks Go Abroad: Branches or Subsidiaries? [J]. Journal of banking and finance,2007,31:1669-1692.
[10]Focarelli, D., Pozzolo, A.F.. Where do banks expand abroad? An empirical analysis[J]. Journal of Business,2005,78:2435-2463.
[11]Focarelli D., Pozzolo A.F.. Cross-Border M&As in the Financial Sector:Is Banking Different from Insurance? [J]. Journal of Banking and Finance,2008,32:15-29.
[12]Goldberg, L. G., Johnson, D.. The determinants of US banking activity abroad [J]. Journal of International Money and Finance,1990,9:123-137.
[13]Goldberg, L. G., Saunders, A.. The determinants of foreign banking activity in the United States [J]. Journal of Banking and Finance,1981a,5:17-32.
[14]Goldberg, L. G., Saunders, A.. The growth of organizational forms of foreign banks in the United States [J]. Journal of Money, Credit and Banking,1981b,1:365-374.
[15]Gray, H., Gray, J.. The multinational bank:a financial MNC? [J]Journal of Banking and Finance,1981,5:33-63.
[16]Grubel, H. G.. A theory of international banking[J]. Banca Nazionale del Lavoro Quarterly Review,1977,123:349-364.
[17]Heinkel, R. L., Levi, M. D.. The structure of international banking[J]. Journal of International Money and Finance,1992,11:251-272.
[18]Jan-Egbert Sturm, Barry Williams. Characteristics determining the efficiency of foreign banks in Australia[J], Journal of Banking and Finance,2008,32:2346-2360.
[19]Maria Lehner. Entry mode choice of multinational banks[J]. Journal of Banking and Finance,2009,10(33).
[20]Micco, A., U. Panizza and M. Yanez. Bank ownership and performance. Does politics matter? [J]. Journal of Banking and Finance.2007,31:219-241.
[21]Miller,S.R., Parkhe, A.. Patterns in the Expansion of U. S. Banks' Foreign Operations[J]. Journal of International Business Studies,1998,29(2):359-390.
[22]Mutinelli, M.,Piscitello, L.. Foreign direct investment in the banking sector:the case of Italian banks in the'90s[J]. International Business Review,2001,10:661-685.
[23]Neeltje Van Horen. Foreign banking in developing countries:origin matters[J].Emerging Markets Review,2007,8:81-105.
[24]Robert Lensink, Aljar Meesters, Ilko Naaborg. Bank efficiency and foreign ownership:Do good institutions matter? [J].Journal of Banking and Finance,2008,32: 834-844.
[25]Ricardo Correa. Cross-border Bank Acquisitions:Is there a Performance Effect?[J].International Finance Discussion Papers,2008, (3):922-966.
[26]Silvia Magri, Alessandra Mori, Paola Rossi. The entry and the activity level of foreign banks in Italy:An analysis of the determinants [J]. Journal of Banking and Finance, 2005,29:1295-1310.
[27]Ursacki, Terry and Vertinsky. Choice of Entry Timing and Scale by Foreign Banks in Japan and Korea[J].Journal of Banking and Finance,1992,16(2):405-421.
[28]Unite, A., Sullivan M.J. The Effect of Foreign Entry and Ownership Structure on the Philippine Domestic Banking Market[J].Journal of Banking & Finance,2003,(27):2323 — 2345.
[29]Von Der Ruhr, Michael Ryan. Following Or attracting the customer? Japanese Banking FDI in Europe[J]. Atlantic Economic Journal,2005,33:405-422.
[30]Wezel, T..Foreign Bank Entry into Emerging Economies:An Empirical Assessment of Determinants and Risks Predicated on German FDI data[J]. Deutsche Bundesbank Working Paper,2005.
[31]Williams, B.. Positive theories of multinational banking:eclectic theory versus internalization theory[J]. Journal of Economic Surveys,1997,11(1):71-100.
[32]Wheelock, D.C., Wilson, P.W.Why do banks disappear? The determinants of U.S. bank failures and acquisitions[J].Review of Economics and Statistics,2000,82(1): 127-138.
[33]Yamori, N.. A note on location choice of multinational banks:the case of Japanese financial institutions[J]. Journal of Banking and Finance,1998,22:109-120.
[34]Yeyati, E.L., A. Micco. Concentration and foreign penetration in Latin American banking sectors:Impact on competition and risk[J]. Journal of Banking and Finance,2007,31:1633-1647.