混业经营趋势下金融企业的边界选择
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摘要
2008年华尔街两大独立投行转型为银行持股公司,五大投行相继倒闭、出售或是改制,专业化经营的投资银行好像走上了末路;2009年初,美国首家综合化经营的花旗集团面临解体,其曾引以为傲的“金融综合化”模式正式落下帷幕。专业化经营模式和综合化经营模式似乎都走入了困境。而在我国,在混业经营趋势的推动下,我国几乎所有银行都定位为综合性银行,发展战略也高度雷同。金融控股公司模式已经成为中国金融业走向"综合经营"的现实选择,如已经初具雏形的中信、光大、平安等金融集团。这种发展模式是否是我国金融企业的最好选择呢?这引发了笔者对于金融企业组织边界变动、经营模式选择的进一步思考:金融企业边界变动的原因?金融企业特别是商业银行选择专业化经营还是综合化经营的战略更为适合?能否有其他的组织形式来获取专业化的高效率和综合化的规模经济和范围经济效益?为了解决这些问题,本文利用企业边界理论和现代金融中介理论构建了金融企业边界选择模型,分析金融企业边界变动的原因。利用现代企业的模块化理论,分析了金融业的模块化本质,在此基础上分析金融企业模块化的边界变动的影响。基于模块化产业组织理论和价值链管理理论,论文试图构建金融企业的模块化生产网络组织,并指出把专业化和综合化经营的优势结合起来构建的模块化网络组织是金融业发展的可行之道。
本文将现代企业能力理论和包括信息不对称、价值增加等现代金融中介理论纳入交易费用经济学范式,构建了金融企业边界选择模型,在此基础上分析了综合化经营和专业化经营对交易费用影响。虽然很多金融机构为了追逐范围经济效应而实行综合化经营,但实际上多元化经营虽然带来了交易费用的节省,但组织成本也同时上升,甚至后者上升更快,使得范围经济丧失。而专业化经营可以带来更高的效率和规模经济效益,突出企业的核心竞争力,但专业化经营抗周期性风险的能力更低。
结合金融系统的模块化特征,论文认为金融企业的模块化符合金融组织边界变动的费用节约和核心竞争力提高的原则。模块化为金融企业实行专业化经营,同时又通过网络结构获取范围经济效应提供了一条有利路径。为了获取专业化经营的高效率和综合化经营的范围经济效应,我们建议金融机构可以在纵向专业化基础上,以模块化推进专业化,在专业化基础上构建模块化网络结构,通过网络结构实现范围经济效应。
论文对银行业的模块化网络的生成路径进行了探讨,认为银行业的模块化路径可分为内部价值链模块化和外部价值链模块化。内部价值链模块化路径主要就是银行业务流程模块化。以客户为核心设计流程,将银行价值链的各要素进行模块分解与整合,重构银行业务流程。银行外部价值链模块化路径主要是构建模块化价值网络。银行根据自身的核心能力定位聚焦于特定价值链环节,通过模块化实现专业化战略,并由此形成大量的核心银行和专业化银行,最终结果是模块化的生产网络结构。
最后,论文根据我国银行业的发展实际情况,分别对我国大型银行和中型股份制银行的发展提供了模块化战略的建议,为我国金融企业的发展和经营模式战略选择提供理论依据和可行性操作建议,为我国政府金融改革的战略选择和金融市场发展的定位提供一定的战略建议。
Two major independent Wall Street investment banks transformed into bank holding companies In 2008. Five major investment faced closure, sale or restructuring one after another. Specialized management investment banks seem to the end. Early in 2009, the first integrated operation financial institutions, Citigroup of United States, were facing disintegration. The financial integration model which once was the pride of Citigroup formally came to the end. The specialized operation model and the comprehensive operation model seem to be into the plight. But at the same time, under the promotion of Mixes industry management trend, almost all banks in China are positioned as an integrated banking, whose development strategies are also highly similar. Comprehensive management gradually became the realistic choice of China's financial institutions. Some prototypes of the financial holding group are gradually formed, such as CITIC Group, Ping An Insurance (Group), Everbright Group. Is this model the best choice of China's financial business? These phenomena led to the writer further consideration about the change in the financial enterprises organizational boundaries and the select on the management model. What are the reasons for boundary changes of financial business? Which management model is more suitable for financial enterprises, especially the commercial banks? Specialized operation or comprehensive strategy? Is there another form of organization to obtain the efficient of professional operation and the integration economic benefits of scale economy and scope economy? In order to solve these problems, this paper use enterprises border theory and modern financial intermediation theory to build the border selection model of financial business, and analyze the reasons of boundary changes of financial enterprises. The paper analyses the modular nature of the financial industry according to modern enterprise modular theory, and the influence of financial enterprises modular border movements. Based on the modular theory of industrial organization and value chain management theory, the thesis attempts to build a financial enterprise modular production network organization, and point out that reform of modular network organization is the viable development way of financial industry which combines the advantages of specialized operation and integrated operation.
The paper constructs a border selection model of financial business by bringing capacity theory of the enterprise and modern financial intermediation theory into the transaction cost economics paradigm. Based on the model, the paper analyzes the different impact of transaction cost from comprehensive management and professional operation. A lot of financial institutions implement integrated management in order to chase the effects of scope economic, but in fact although diversification has brought savings in transaction costs, organizational costs rise faster, losing benefit of scope of economic. On the other hand, specialized operation can bring greater efficiency and economies of scale, highlighting the core competitiveness of enterprises, but the specialized operation is in lower capacity against anti-cyclical risk.
Based with modular characteristics of the financial system, the paper pointed out that the modular of financial enterprises is in line with the principle of saving cost and enhancing core competitiveness of financial organizations boundary changes. Modular provides a favorable path for financial enterprises operate specialized management and obtain the effects of scope economic through the network structure at the same time. In order to obtain high operating efficiency of specialized management and effects of scope economic of integrated operation, we recommend that financial institutions can promote the professionalization by modulating, basing on vertical specialization, and build the modular network architecture on the specialized foundation, realize the effects of scope economic through the network structure.
The thesis discussed the form path of modular network of bank industry and pointed out the modular path of bank industry can be divided into internal and external value chain modularization. Internal value chain modularity is mainly modular of banking business flow by remodeling banks business process basing customer-centric and decomposing and integrating bank value chain elements into modules. The bank modularity path of the external value chain is mainly to build modular network. Banks focus on specific aspect of value chain by its own core competencies location and implement professional strategy through modular to promote the formation of many core banks and specialized banks. The result is to form the structure of modular production networks.
Finally, the thesis made respectively some advice about modular development strategy for China's large banks and medium-sized joint-stock banks according to bank of China actual situation and provided a theoretical basis and practical operation recommendations for China’s financial business development and strategic choice and supply certain strategic suggestion on strategic choice of financial reform and financial market development positioning for our government's strategic.
本文将现代企业能力理论和包括信息不对称、价值增加等现代金融中介理论纳入交易费用经济学范式,构建了金融企业边界选择模型,在此基础上分析了综合化经营和专业化经营对交易费用影响。虽然很多金融机构为了追逐范围经济效应而实行综合化经营,但实际上多元化经营虽然带来了交易费用的节省,但组织成本也同时上升,甚至后者上升更快,使得范围经济丧失。而专业化经营可以带来更高的效率和规模经济效益,突出企业的核心竞争力,但专业化经营抗周期性风险的能力更低。
结合金融系统的模块化特征,论文认为金融企业的模块化符合金融组织边界变动的费用节约和核心竞争力提高的原则。模块化为金融企业实行专业化经营,同时又通过网络结构获取范围经济效应提供了一条有利路径。为了获取专业化经营的高效率和综合化经营的范围经济效应,我们建议金融机构可以在纵向专业化基础上,以模块化推进专业化,在专业化基础上构建模块化网络结构,通过网络结构实现范围经济效应。
论文对银行业的模块化网络的生成路径进行了探讨,认为银行业的模块化路径可分为内部价值链模块化和外部价值链模块化。内部价值链模块化路径主要就是银行业务流程模块化。以客户为核心设计流程,将银行价值链的各要素进行模块分解与整合,重构银行业务流程。银行外部价值链模块化路径主要是构建模块化价值网络。银行根据自身的核心能力定位聚焦于特定价值链环节,通过模块化实现专业化战略,并由此形成大量的核心银行和专业化银行,最终结果是模块化的生产网络结构。
最后,论文根据我国银行业的发展实际情况,分别对我国大型银行和中型股份制银行的发展提供了模块化战略的建议,为我国金融企业的发展和经营模式战略选择提供理论依据和可行性操作建议,为我国政府金融改革的战略选择和金融市场发展的定位提供一定的战略建议。
Two major independent Wall Street investment banks transformed into bank holding companies In 2008. Five major investment faced closure, sale or restructuring one after another. Specialized management investment banks seem to the end. Early in 2009, the first integrated operation financial institutions, Citigroup of United States, were facing disintegration. The financial integration model which once was the pride of Citigroup formally came to the end. The specialized operation model and the comprehensive operation model seem to be into the plight. But at the same time, under the promotion of Mixes industry management trend, almost all banks in China are positioned as an integrated banking, whose development strategies are also highly similar. Comprehensive management gradually became the realistic choice of China's financial institutions. Some prototypes of the financial holding group are gradually formed, such as CITIC Group, Ping An Insurance (Group), Everbright Group. Is this model the best choice of China's financial business? These phenomena led to the writer further consideration about the change in the financial enterprises organizational boundaries and the select on the management model. What are the reasons for boundary changes of financial business? Which management model is more suitable for financial enterprises, especially the commercial banks? Specialized operation or comprehensive strategy? Is there another form of organization to obtain the efficient of professional operation and the integration economic benefits of scale economy and scope economy? In order to solve these problems, this paper use enterprises border theory and modern financial intermediation theory to build the border selection model of financial business, and analyze the reasons of boundary changes of financial enterprises. The paper analyses the modular nature of the financial industry according to modern enterprise modular theory, and the influence of financial enterprises modular border movements. Based on the modular theory of industrial organization and value chain management theory, the thesis attempts to build a financial enterprise modular production network organization, and point out that reform of modular network organization is the viable development way of financial industry which combines the advantages of specialized operation and integrated operation.
The paper constructs a border selection model of financial business by bringing capacity theory of the enterprise and modern financial intermediation theory into the transaction cost economics paradigm. Based on the model, the paper analyzes the different impact of transaction cost from comprehensive management and professional operation. A lot of financial institutions implement integrated management in order to chase the effects of scope economic, but in fact although diversification has brought savings in transaction costs, organizational costs rise faster, losing benefit of scope of economic. On the other hand, specialized operation can bring greater efficiency and economies of scale, highlighting the core competitiveness of enterprises, but the specialized operation is in lower capacity against anti-cyclical risk.
Based with modular characteristics of the financial system, the paper pointed out that the modular of financial enterprises is in line with the principle of saving cost and enhancing core competitiveness of financial organizations boundary changes. Modular provides a favorable path for financial enterprises operate specialized management and obtain the effects of scope economic through the network structure at the same time. In order to obtain high operating efficiency of specialized management and effects of scope economic of integrated operation, we recommend that financial institutions can promote the professionalization by modulating, basing on vertical specialization, and build the modular network architecture on the specialized foundation, realize the effects of scope economic through the network structure.
The thesis discussed the form path of modular network of bank industry and pointed out the modular path of bank industry can be divided into internal and external value chain modularization. Internal value chain modularity is mainly modular of banking business flow by remodeling banks business process basing customer-centric and decomposing and integrating bank value chain elements into modules. The bank modularity path of the external value chain is mainly to build modular network. Banks focus on specific aspect of value chain by its own core competencies location and implement professional strategy through modular to promote the formation of many core banks and specialized banks. The result is to form the structure of modular production networks.
Finally, the thesis made respectively some advice about modular development strategy for China's large banks and medium-sized joint-stock banks according to bank of China actual situation and provided a theoretical basis and practical operation recommendations for China’s financial business development and strategic choice and supply certain strategic suggestion on strategic choice of financial reform and financial market development positioning for our government's strategic.
引文
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