中美中小银行比较研究
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摘要
中小银行是金融体系的重要组成部分，为服务地方经济起到了积极作用。在中国二元经济结构的背景下，需要大力发展中小银行，促进经济平衡发展，更好地满足中小企业的融资需求和新农村建设需要。本文基于中国二元经济结构下发展中小银行的积极意义，围绕中小银行比较优势的形成和发挥，就中美中小银行的发展历程、现状和可持续发展影响因素等进行了系统的比较。在借鉴美国中小银行发展经验的基础上，结合中国的现实状况，提出促进中国中小银行可持续发展的对策建议。
通过对相关理论的梳理，可以总结出中小银行比较优势所在及其形成机理。金融中介理论说明了银行类金融中介在减少信息不对称方面的积极作用，但金融中介的具体功能和特点随宏观环境变化而发生改变，并受到银行业市场竞争的影响。银行业规模经济性和范围经济性的存在使得大型银行与中小银行在业务特点、贷款技术、组织结构等方面形成了典型区别。由于中小银行在解决信息不对称问题时存在软信息处理的优势，同时其组织结构和决策机制等公司治理特征更有利于减轻委托代理成本，因此奠定了中小银行在关系型贷款上的比较优势。因此，中小银行在关系型贷款领域的比较优势是中小银行可持续发展的理论依据。围绕以上理论基点，对中美中小银行的比较研究具体针对宏观环境、市场结构、经营模式和公司治理四个方面分别展开。
对中国地区金融差异与地区经济差异之间关系的实证分析表明，缩小地区金融差异对于减少地区经济差异有显著的积极作用，减少地区经济差异和金融差异有利于促进经济增长。以农村信用社为代表的中小银行的发展对缩小地区经济差异的影响比国有大型银行的影响更加显著。因此，发展中小银行对于缩小地区经济差异、解决二元经济结构和促进经济增长具有积极作用。中小银行应定位于在当地经营，服务于地方经济发展。美国中小银行长期以来在服务地方经济和减少地区差异方面发挥了重要作用。整体来看，美国中小银行的经营比较稳健，服务地方的功能发挥良好，表明其发展模式具有可持续性。中国的中小银行发展迅速，在服务中小企业、增强农村金融供给、缩小地区经济差异等方面发挥了重要作用。现阶段中国的二元经济结构特征依然明显，中小银行应利用其比较优势，为地方的中小企业和“三农”更好地服务，为改变二元经济结构做出更大的贡献。
宏观环境和市场结构是影响中小银行可持续发展的外部因素。通过中美中小银行发展的外部因素的比较，可以发现，中小银行的生产和发展基于特定的外部环境，受经济基础、制度约束、技术条件等宏观环境的综合影响；适度的市场竞争是中小银行形成比较优势的外部压力。美国中小银行在经济、制度、技术等宏观环境影响之下，奠定了以关系型贷款为核心的特色定位。美国银行业较为宽松的准入制度和完善的退出机制使中小银行能够较为充分地竞争，适度的市场竞争压力为中小银行发挥比较优势提供了条件。中国中小银行的产生与发展同样受宏观环境的综合影响，根植于中国的经济、制度和文化土壤。随着中国中小银行的发展，中国银行业市场集中度在持续降低。适当放宽市场准入政策和逐步完善退出机制，将促进银行业市场结构进一步优化，对于增强中小银行的竞争意识和提高经营绩效有积极作用。特别是针对中国农村地区的银行业市场集中度较高的现实，引入更多的农村中小银行业机构，加大金融市场竞争的力度，将促进中小银行关系型贷款的发展。
经营模式和公司治理是中小银行比较优势形成的内因。对中美中小银行经营模式和公司治理的比较分析表明，中小银行经营模式的选择以关系型贷款为核心，在客户对象方面应以社区居民、农户和中小企业为主；就经营地域而言应集中在当地及附近区域，便于对当地软信息的收集和利用；服务产品应在传统存贷业务基础上，突出人性化的针对性服务，与客户建立紧密和稳定的关系。中小银行的产权结构、组织层次、激励和监督机制等公司治理因素应利于银行对软信息的传导和使用，减轻代理成本，为关系型贷款形成支持。中小银行比较优势的形成和发挥需要经营模式和公司治理的协调配合。
通过对中美中小银行经营绩效影响因素的实证检验，结果表明，宏观环境、市场结构、经营模式和公司治理四种因素对中小银行的经营绩效均存在显著影响。实证结果证明了这四种因素是中国中小银行可持续发展的充分条件。为中国地方中小银行的可持续发展创造充分条件的对策建议包括：进一步优化外部宏观环境，培育竞争型的银行市场结构，突出经营模式的特色定位，构建激励相容的公司治理结构。
Small and medium-sized banks，as the important parts of the financial system,have played a positive role in serving the local economy. Under the background ofChina's dual economic structure, it is necessory to develop small and medium-sizedbanks, in order to promote balanced economic development, and to better meet thefinancing needs of small and medium-sized enterprises and the rural construction.Based on the positive significance of developing small and medium banks in thecircumstance of China's dual economic structure, regarding the small bank advantage,the paper does a comprehensive comparative study of small and medium banks interms of their development history, current situation and impact factors of thesustainable development between China and America. In reference to the developmentexperience of American small and medium banks, combined with China's actualsituation, some countermeasures are put forward to promote China' small and mediumbanks sustainable development.
Based on the related theories, small bank comparative advantage and itsformation mechanism can be summed up. Financial intermediary theory explains therole of financial intermediary in reducing the information asymmetry, while thespecific functions and features of financial intermediaries change with macroenvironment, and are affected by the banking market competition. Scale economy andscope economy in banking industry make the difference between large banks andsmall and medium-sized banks in terms of the business characteristics, loantechnology, organizational structure and other aspects. As a result of small andmedium-sized banks' advantages in solving the information asymmetry problem ofprocessing soft information, besides, their organizational structure and thedecision-making mechanism and other corporate governance characteristics are moreconducive to reducing the agency cost, small and medium-sized banks thus have thecomparative advange in relationship lending. Therefore, the theoretical basis ofsustainable development of small and medium-sized banks lies in the field ofcomparative advantage of relationship lending. Based on the above theoretical basis,the paper compares the small and medium-sized banks between China and Americafrom the respects of macroscopical environment, market structure, business modeland corporate governance.
The empirical analysis of China's regional financial disparity and regionaleconomic disparity shows, narrowing the regional financial disparity plays asignificant positive role in reducing regional economic disparity. Reducing regionaleconomic disparity and financial disparity are helpful for promoting nationaleconomic growth. The development of small and medium-sized banks, such as ruralcredit cooperatives has more significant effect on narrowing the regional economicdisparity than the state-owned bank has. Therefore, the development of small andmedium-sized banks plays a significant role in narrowing the regional economicdisparity, solving the dual economic structure and promote economic growth. Smalland medium banks should aim to serve for local econmony and local development.The small and medium-sized banks in America have been serving the local economyand the reduction of regional disparity for a long time. Overall, they remain stable andserve the local economy very well, indicating that their development model issustainable. The rapid development of China's small and medium-sized banks growfast recently, playing an important role in serving small and medium-sized enterprises,enhancing rural financial supply, reducing region economy difference. At present,China's dual economic structure characteristic is still obvious, small andmedium-sized banks should make use of their comparative advantages to service forthe local small and medium-sized enterprises and the "three rural", making morecontribution to change the dual economic structure.
The macro environment and market structure are the external factors whichaffect small and medium-sized banks' sustainable development. Through thecomparison study, it is found that the development of small and medium banks isbased on specific external environment, affected by economic basis, regulationalconstraints, technical condition and other macroscopical environment; moderatecompetition in the market provides external pressure for small and medium-sizedbanks to form comparative advantage. The American small and medium-sized banksbuild their core position in the characteristics of relationship lending with the effectof economy, system, technology and other macroscopical environment. The easyaccess of banking industry and complete exit mechanism mechanism make the smalland medium-sized banks can fully compete, so the moderate pressure of the marketcompetition provides conditions for small and medium-sized banks to play theiradvantages. The emergence and development of China's small and medium banks alsoare affected by macro environment, rooted in China's economy, system and culture.With the development of small and medium sized banks, China's banking market concentration continuously decreases. Appropriate relax the market admittance policyand gradually perfect the exit mechanism, will promote the banking market structurefurther optimized, having positive effects on enhancing small and medium-sizedbanks' competitive consciousness and improving their operating performance.Especially in the rural areas of China where the banking market concentration ishigher, develop more rural small banking institutions and increase financial marketcompetition, will promote the development of small and medium-sized banks'relationship lending.
Business model and corporate governance are the internal factors of theformation of the small and medium-sized banks' comparative advantage. Thecomparative analysis shows that, small and medium-sized banks choose businessmodel based on relationship lending, mainly serving community residents, farmersand small and medium-sized enterprises. They focuse their business areas in the localand surrounding areas, in order to facilitate the collection and use of local softinformation. They provide humanized service and products based on the traditionaldeposit and loan business, to establish a close and stable relationship with customers.Small and medium-sized banks ownership structure, organization characterisitcs,incentive and supervision mechanism and other corporate governance factors shouldfacilitate banks to make use of the soft information and reduce agency cost, providingsupport for relationship lending. Small and medium banks' advantages need thecoordination of business model and corporate governance.
Based on the empirical test of influencing factors of small and medium-sizedbanks' operating performance, the results show that, the macro environment, marketstructure, business model and corporate governance have significant effects on smalland medium-sized banks' operating performance. Empirical results proves that thesefour factors are the sufficient conditions of sustainable development of China's smalland medium-sized banks. The countermeasures for their sustainable developmentinclude: further optimizing macro environment, cultivating competitive bankingmarket structure, focusing characteristic orientation in business model, buildingincentive and compatible corporate governance structure.
通过对相关理论的梳理，可以总结出中小银行比较优势所在及其形成机理。金融中介理论说明了银行类金融中介在减少信息不对称方面的积极作用，但金融中介的具体功能和特点随宏观环境变化而发生改变，并受到银行业市场竞争的影响。银行业规模经济性和范围经济性的存在使得大型银行与中小银行在业务特点、贷款技术、组织结构等方面形成了典型区别。由于中小银行在解决信息不对称问题时存在软信息处理的优势，同时其组织结构和决策机制等公司治理特征更有利于减轻委托代理成本，因此奠定了中小银行在关系型贷款上的比较优势。因此，中小银行在关系型贷款领域的比较优势是中小银行可持续发展的理论依据。围绕以上理论基点，对中美中小银行的比较研究具体针对宏观环境、市场结构、经营模式和公司治理四个方面分别展开。
对中国地区金融差异与地区经济差异之间关系的实证分析表明，缩小地区金融差异对于减少地区经济差异有显著的积极作用，减少地区经济差异和金融差异有利于促进经济增长。以农村信用社为代表的中小银行的发展对缩小地区经济差异的影响比国有大型银行的影响更加显著。因此，发展中小银行对于缩小地区经济差异、解决二元经济结构和促进经济增长具有积极作用。中小银行应定位于在当地经营，服务于地方经济发展。美国中小银行长期以来在服务地方经济和减少地区差异方面发挥了重要作用。整体来看，美国中小银行的经营比较稳健，服务地方的功能发挥良好，表明其发展模式具有可持续性。中国的中小银行发展迅速，在服务中小企业、增强农村金融供给、缩小地区经济差异等方面发挥了重要作用。现阶段中国的二元经济结构特征依然明显，中小银行应利用其比较优势，为地方的中小企业和“三农”更好地服务，为改变二元经济结构做出更大的贡献。
宏观环境和市场结构是影响中小银行可持续发展的外部因素。通过中美中小银行发展的外部因素的比较，可以发现，中小银行的生产和发展基于特定的外部环境，受经济基础、制度约束、技术条件等宏观环境的综合影响；适度的市场竞争是中小银行形成比较优势的外部压力。美国中小银行在经济、制度、技术等宏观环境影响之下，奠定了以关系型贷款为核心的特色定位。美国银行业较为宽松的准入制度和完善的退出机制使中小银行能够较为充分地竞争，适度的市场竞争压力为中小银行发挥比较优势提供了条件。中国中小银行的产生与发展同样受宏观环境的综合影响，根植于中国的经济、制度和文化土壤。随着中国中小银行的发展，中国银行业市场集中度在持续降低。适当放宽市场准入政策和逐步完善退出机制，将促进银行业市场结构进一步优化，对于增强中小银行的竞争意识和提高经营绩效有积极作用。特别是针对中国农村地区的银行业市场集中度较高的现实，引入更多的农村中小银行业机构，加大金融市场竞争的力度，将促进中小银行关系型贷款的发展。
经营模式和公司治理是中小银行比较优势形成的内因。对中美中小银行经营模式和公司治理的比较分析表明，中小银行经营模式的选择以关系型贷款为核心，在客户对象方面应以社区居民、农户和中小企业为主；就经营地域而言应集中在当地及附近区域，便于对当地软信息的收集和利用；服务产品应在传统存贷业务基础上，突出人性化的针对性服务，与客户建立紧密和稳定的关系。中小银行的产权结构、组织层次、激励和监督机制等公司治理因素应利于银行对软信息的传导和使用，减轻代理成本，为关系型贷款形成支持。中小银行比较优势的形成和发挥需要经营模式和公司治理的协调配合。
通过对中美中小银行经营绩效影响因素的实证检验，结果表明，宏观环境、市场结构、经营模式和公司治理四种因素对中小银行的经营绩效均存在显著影响。实证结果证明了这四种因素是中国中小银行可持续发展的充分条件。为中国地方中小银行的可持续发展创造充分条件的对策建议包括：进一步优化外部宏观环境，培育竞争型的银行市场结构，突出经营模式的特色定位，构建激励相容的公司治理结构。
Small and medium-sized banks，as the important parts of the financial system,have played a positive role in serving the local economy. Under the background ofChina's dual economic structure, it is necessory to develop small and medium-sizedbanks, in order to promote balanced economic development, and to better meet thefinancing needs of small and medium-sized enterprises and the rural construction.Based on the positive significance of developing small and medium banks in thecircumstance of China's dual economic structure, regarding the small bank advantage,the paper does a comprehensive comparative study of small and medium banks interms of their development history, current situation and impact factors of thesustainable development between China and America. In reference to the developmentexperience of American small and medium banks, combined with China's actualsituation, some countermeasures are put forward to promote China' small and mediumbanks sustainable development.
Based on the related theories, small bank comparative advantage and itsformation mechanism can be summed up. Financial intermediary theory explains therole of financial intermediary in reducing the information asymmetry, while thespecific functions and features of financial intermediaries change with macroenvironment, and are affected by the banking market competition. Scale economy andscope economy in banking industry make the difference between large banks andsmall and medium-sized banks in terms of the business characteristics, loantechnology, organizational structure and other aspects. As a result of small andmedium-sized banks' advantages in solving the information asymmetry problem ofprocessing soft information, besides, their organizational structure and thedecision-making mechanism and other corporate governance characteristics are moreconducive to reducing the agency cost, small and medium-sized banks thus have thecomparative advange in relationship lending. Therefore, the theoretical basis ofsustainable development of small and medium-sized banks lies in the field ofcomparative advantage of relationship lending. Based on the above theoretical basis,the paper compares the small and medium-sized banks between China and Americafrom the respects of macroscopical environment, market structure, business modeland corporate governance.
The empirical analysis of China's regional financial disparity and regionaleconomic disparity shows, narrowing the regional financial disparity plays asignificant positive role in reducing regional economic disparity. Reducing regionaleconomic disparity and financial disparity are helpful for promoting nationaleconomic growth. The development of small and medium-sized banks, such as ruralcredit cooperatives has more significant effect on narrowing the regional economicdisparity than the state-owned bank has. Therefore, the development of small andmedium-sized banks plays a significant role in narrowing the regional economicdisparity, solving the dual economic structure and promote economic growth. Smalland medium banks should aim to serve for local econmony and local development.The small and medium-sized banks in America have been serving the local economyand the reduction of regional disparity for a long time. Overall, they remain stable andserve the local economy very well, indicating that their development model issustainable. The rapid development of China's small and medium-sized banks growfast recently, playing an important role in serving small and medium-sized enterprises,enhancing rural financial supply, reducing region economy difference. At present,China's dual economic structure characteristic is still obvious, small andmedium-sized banks should make use of their comparative advantages to service forthe local small and medium-sized enterprises and the "three rural", making morecontribution to change the dual economic structure.
The macro environment and market structure are the external factors whichaffect small and medium-sized banks' sustainable development. Through thecomparison study, it is found that the development of small and medium banks isbased on specific external environment, affected by economic basis, regulationalconstraints, technical condition and other macroscopical environment; moderatecompetition in the market provides external pressure for small and medium-sizedbanks to form comparative advantage. The American small and medium-sized banksbuild their core position in the characteristics of relationship lending with the effectof economy, system, technology and other macroscopical environment. The easyaccess of banking industry and complete exit mechanism mechanism make the smalland medium-sized banks can fully compete, so the moderate pressure of the marketcompetition provides conditions for small and medium-sized banks to play theiradvantages. The emergence and development of China's small and medium banks alsoare affected by macro environment, rooted in China's economy, system and culture.With the development of small and medium sized banks, China's banking market concentration continuously decreases. Appropriate relax the market admittance policyand gradually perfect the exit mechanism, will promote the banking market structurefurther optimized, having positive effects on enhancing small and medium-sizedbanks' competitive consciousness and improving their operating performance.Especially in the rural areas of China where the banking market concentration ishigher, develop more rural small banking institutions and increase financial marketcompetition, will promote the development of small and medium-sized banks'relationship lending.
Business model and corporate governance are the internal factors of theformation of the small and medium-sized banks' comparative advantage. Thecomparative analysis shows that, small and medium-sized banks choose businessmodel based on relationship lending, mainly serving community residents, farmersand small and medium-sized enterprises. They focuse their business areas in the localand surrounding areas, in order to facilitate the collection and use of local softinformation. They provide humanized service and products based on the traditionaldeposit and loan business, to establish a close and stable relationship with customers.Small and medium-sized banks ownership structure, organization characterisitcs,incentive and supervision mechanism and other corporate governance factors shouldfacilitate banks to make use of the soft information and reduce agency cost, providingsupport for relationship lending. Small and medium banks' advantages need thecoordination of business model and corporate governance.
Based on the empirical test of influencing factors of small and medium-sizedbanks' operating performance, the results show that, the macro environment, marketstructure, business model and corporate governance have significant effects on smalland medium-sized banks' operating performance. Empirical results proves that thesefour factors are the sufficient conditions of sustainable development of China's smalland medium-sized banks. The countermeasures for their sustainable developmentinclude: further optimizing macro environment, cultivating competitive bankingmarket structure, focusing characteristic orientation in business model, buildingincentive and compatible corporate governance structure.
引文
①Bernanke Ben S. The Community Reinvestment Act: Its Evolution and New Challenges， Speech, At theCommunity Affairs Research Conference, Washington, D.C. March30,2007
①数据来源：马蔚华.利率市场化是中国银行业生死考验.中国总会计师,2012（8）：16
①数据资料来源：昊庆，高宇辉.对广州市银行业市场集中度的调查与分析[R].国务院发展研究中小调查研究报告，2004（91）：1-14
②数据资料来源：杨琨，韩蓓，加拿大银行业的高集中度与银行稳定，中国金融，2012年第5期，p38-40
②资料来源：Peter S. Rose和Sylvia C. Hudgins..商业银行管理(原书第8版).北京：机械工业出版社，2011,57
③资料来源：Peter S. Rose和Sylvia C. Hudgins..商业银行管理(原书第8版).北京：机械工业出版社，2011,58
④中国建设银行研究部专题组，中国商业银行发展报告（2011），pp36-38，中国金融出版社，2011，北京。
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①数据来源：马蔚华.利率市场化是中国银行业生死考验.中国总会计师,2012（8）：16
①数据资料来源：昊庆，高宇辉.对广州市银行业市场集中度的调查与分析[R].国务院发展研究中小调查研究报告，2004（91）：1-14
②数据资料来源：杨琨，韩蓓，加拿大银行业的高集中度与银行稳定，中国金融，2012年第5期，p38-40
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