中国工商银行的国际化发展战略
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摘要
随着中国外向型经济的日益发展和全球金融一体化,中资银行的国际化发展已经越来越受到专家学者的关注和讨论。而其中扮演着中资银行领头羊角色的中国工商银行的国际化发展战略和进程必定将对中国本土银行的海外发展产生指导性的意义。
本文首先简要分析了中国银行业的现状,包括四大国有银行在市场份额,资产,经营范围,网点,员工人数等方面仍旧占有主导地位;股份制商业银行和城市商业银行的竞争力和市场份额伴随着来自监管部门的地域限制的逐步取消,境外战略投资者的引入和公开上市在不断扩大;外资银行的市场参与在中国金融业全面开放之后日益深入广泛,但是所占市场比例依然很小。
其次,本文介绍了中国工商银行及其在经过一系列重大改革(财务重组,境外战略投资者的引入和公开上市)之后在国际金融市场上竞争所拥有的资源和能力;详细描述了中国工商银行16年跨国经营的历程,包括海外机构的设立以及并购活动,并总结了其发展特点:“客户追随”是中国工商银行国际化发展的最大动因;国际化步伐在逐渐加快,注重发展新兴市场;东道国进入方式日趋多元化;产品提供主要集中在贸易融资,国际结算和银团贷款等公司业务;与真正世界领先银行相比,中国工商银行的国际化程度在境外资产,境外收入和境外员工等方面仍旧处于初级发展阶段。
国际化发展是中国工商日后的发展重点之一,但同时中国工商银行也面临着来自内部系统和外部环境的诸多挑战。内部挑战包括缺少跨国经营发展的经验和管理理念;缺乏国际化专业人才;相对薄弱的风险管理能力以及海外机构信息系统的建设和整合。外部挑战包含有当前全球金融市场的高风险性;新巴塞尔资本协议的实施要求;东道国银行业的监管制度和日益抬头的贸易保护主义;以及国家和公司层面的文化差异。
本文作者提出了4条战略选择供中国工商银行的日后国际化发展参考。一是与境外金融机构达成战略合作。不仅可以向其学习国际化发展的经验和专业技能,还可以利用其在全球金融市场方面的各种资源,例如互补性的金融产品以及经营网点。二是优先发展新兴市场。新兴市场处在经济高速发展阶段,具有巨大的潜力;金融市场的竞争和银行渗透率不如发达国家激烈;与中国之间拥有紧密的经济合作;银行业在快速开放;受次贷危机影响较小。三是主要依靠跨国并购来支持其海外拓展。中国工商银行可以通过海外并购来加速其国际化发展以满足来自中国企业快速增长的跨国金融服务的需求;中国工商银行可以充分利用其相对较高的股价来并购国外银行,尤其在许多国外银行的市值纷纷遭受次贷危机影响的情况下;中国工商银行可以利用被并购银行的各种资源,例如对本地市场的了解和经验,在本地市场所拥有的金融产品,经营网点,雇员甚至是品牌;并购也将给中国工商银行提供一条混业经营的捷径;最后,海外并购将帮助中国工商银行规避一些东道国市场的进入门槛和监管政策。在选择并购对象时,对于中国工商银行来说,最重要的筛选原则应该是战略投资而不是财务投资。而同时,并购后的整合将很大程度上决定并购交易成功与否。中国工商银行应该做好产品线,公司治理结构,员工,公司文化,信息系统等诸多方面的整合。四是具体开展经营活动时,根据东道国市场的不同情况,海外机构发展的不同阶段,采取不同的经营策略。于此同时,本地化经营是中国工商银行国际化过程中应该坚持的一个方针,包括资金来源的本地化,资产投资的本地化,人力资源的本地化以及客户群体的本地化。最后,中国工商银行应该努力加快实施新巴塞尔资本协议来提高风险管理和应付能力。
This thesis analyzes the resources and capabilities of Industrial and Commercial Bank of China (ICBC) to compete in the global financial market, reviews its internationalization development evolution in the past years, summarizes the characteristics of current status of ICBC's international activities, and describes the potential internal and external challenges ICBC will confront in its forthcoming "going global" journey. The strategic avenue for ICBC is the core part of this thesis. The author presents four strategic avenues for ICBC to facilitate its internationalization development: (1) Achieving strategic partnerships with foreign financial institutions to get access not only to their international experience, best practice, and training program, but also to their complementary business line and geographical reach; (2) Focusing on emerging countries as the priority location thanks to their high and robust growth, huge potential, low competition, tight economic connection with China, fast opening of banking industry and less affected by the subprime credit crisis. (3) Mainly depending on M&A as the entry mode to satisfy the increasing customer need, take advantage of its high P/B ratio, get exposure to the resources of acquired banks, follow a short cut going into the mixed operation and evade some entry barriers and unfavorable regulation from host countries. ICBC should take strategic investment as the target screening principle and pay enough attention to post merger integration. (4) Initiating different business development strategy in different countries based on their respective underlying conditions and insisting localization in terms of funding source, asset investment, human resource and customers. At the same time, implementation of New Basel Capital Accord will provides ICBC with a framework to address operational risk issues.
本文首先简要分析了中国银行业的现状,包括四大国有银行在市场份额,资产,经营范围,网点,员工人数等方面仍旧占有主导地位;股份制商业银行和城市商业银行的竞争力和市场份额伴随着来自监管部门的地域限制的逐步取消,境外战略投资者的引入和公开上市在不断扩大;外资银行的市场参与在中国金融业全面开放之后日益深入广泛,但是所占市场比例依然很小。
其次,本文介绍了中国工商银行及其在经过一系列重大改革(财务重组,境外战略投资者的引入和公开上市)之后在国际金融市场上竞争所拥有的资源和能力;详细描述了中国工商银行16年跨国经营的历程,包括海外机构的设立以及并购活动,并总结了其发展特点:“客户追随”是中国工商银行国际化发展的最大动因;国际化步伐在逐渐加快,注重发展新兴市场;东道国进入方式日趋多元化;产品提供主要集中在贸易融资,国际结算和银团贷款等公司业务;与真正世界领先银行相比,中国工商银行的国际化程度在境外资产,境外收入和境外员工等方面仍旧处于初级发展阶段。
国际化发展是中国工商日后的发展重点之一,但同时中国工商银行也面临着来自内部系统和外部环境的诸多挑战。内部挑战包括缺少跨国经营发展的经验和管理理念;缺乏国际化专业人才;相对薄弱的风险管理能力以及海外机构信息系统的建设和整合。外部挑战包含有当前全球金融市场的高风险性;新巴塞尔资本协议的实施要求;东道国银行业的监管制度和日益抬头的贸易保护主义;以及国家和公司层面的文化差异。
本文作者提出了4条战略选择供中国工商银行的日后国际化发展参考。一是与境外金融机构达成战略合作。不仅可以向其学习国际化发展的经验和专业技能,还可以利用其在全球金融市场方面的各种资源,例如互补性的金融产品以及经营网点。二是优先发展新兴市场。新兴市场处在经济高速发展阶段,具有巨大的潜力;金融市场的竞争和银行渗透率不如发达国家激烈;与中国之间拥有紧密的经济合作;银行业在快速开放;受次贷危机影响较小。三是主要依靠跨国并购来支持其海外拓展。中国工商银行可以通过海外并购来加速其国际化发展以满足来自中国企业快速增长的跨国金融服务的需求;中国工商银行可以充分利用其相对较高的股价来并购国外银行,尤其在许多国外银行的市值纷纷遭受次贷危机影响的情况下;中国工商银行可以利用被并购银行的各种资源,例如对本地市场的了解和经验,在本地市场所拥有的金融产品,经营网点,雇员甚至是品牌;并购也将给中国工商银行提供一条混业经营的捷径;最后,海外并购将帮助中国工商银行规避一些东道国市场的进入门槛和监管政策。在选择并购对象时,对于中国工商银行来说,最重要的筛选原则应该是战略投资而不是财务投资。而同时,并购后的整合将很大程度上决定并购交易成功与否。中国工商银行应该做好产品线,公司治理结构,员工,公司文化,信息系统等诸多方面的整合。四是具体开展经营活动时,根据东道国市场的不同情况,海外机构发展的不同阶段,采取不同的经营策略。于此同时,本地化经营是中国工商银行国际化过程中应该坚持的一个方针,包括资金来源的本地化,资产投资的本地化,人力资源的本地化以及客户群体的本地化。最后,中国工商银行应该努力加快实施新巴塞尔资本协议来提高风险管理和应付能力。
This thesis analyzes the resources and capabilities of Industrial and Commercial Bank of China (ICBC) to compete in the global financial market, reviews its internationalization development evolution in the past years, summarizes the characteristics of current status of ICBC's international activities, and describes the potential internal and external challenges ICBC will confront in its forthcoming "going global" journey. The strategic avenue for ICBC is the core part of this thesis. The author presents four strategic avenues for ICBC to facilitate its internationalization development: (1) Achieving strategic partnerships with foreign financial institutions to get access not only to their international experience, best practice, and training program, but also to their complementary business line and geographical reach; (2) Focusing on emerging countries as the priority location thanks to their high and robust growth, huge potential, low competition, tight economic connection with China, fast opening of banking industry and less affected by the subprime credit crisis. (3) Mainly depending on M&A as the entry mode to satisfy the increasing customer need, take advantage of its high P/B ratio, get exposure to the resources of acquired banks, follow a short cut going into the mixed operation and evade some entry barriers and unfavorable regulation from host countries. ICBC should take strategic investment as the target screening principle and pay enough attention to post merger integration. (4) Initiating different business development strategy in different countries based on their respective underlying conditions and insisting localization in terms of funding source, asset investment, human resource and customers. At the same time, implementation of New Basel Capital Accord will provides ICBC with a framework to address operational risk issues.
引文
[1] Alfred Slager. 2006. The internationalization of Banks: Patterns, Strategies and Performance. New York: Palgrave Macmillan Ltd. 47-109.
[2] Bank for International Settlement. 2000. Guide to the international banking statistics.
[3] Bryant, R.C. 1987. International financial intermediation. Washington, DC: The Brookings Institution.
[4] Scholtens, L.R.J. 1991. Towards a theory of international financial intermediation. Amsterdam: University of Amsterdam.
[5] Casson, M. 1990. "Evolution of multinational banks: a theoretical perspective". In Jones, G. (ed.) Banks as multinationals. London: Routledge
[6] Robinson, S.W. 1972. Multinational banking. Leiden: A.W. Sijthoff.
[7] Gray, J.M. & Gray, H.P. 1981. The multinational bank: a financial MNC? Journal of Banking and Finance, 5: 33-63.
[8] Cho, K.R. 1985. Multinational banks: their identities and determinants. Ann Arbor, Michigan: UMI Research Press.
[9] Pecchioli, R.M. 1983. The internationalization of banks. Paris: OECD.
[10] Aliver, R.Z. 1984. "International banking". Journal of Money, Credit and Banking, 16(4): 661-78
[11] Walter, I. 1988. Global competition in financial services. Cambridge, Massachusetts: Ballinger Publishing Company.
[12] Dunning, J.H. 1992. Multinational enterprises and the global economy. Wokingham, England: Addison-Wesley Publishers Ltd.
[13] Canals, J. 1997. Universal banking. Oxford: Oxford University Press.
[14] Anderson, E. & Gatignon, H. 1999. "Modes of foreign entry: a transaction cost analysis and propositions". In Buckley, P.J. & Ghauri, P.N. (eds) The internationalization of the firm. London: International Thomson Business Press.
[15] Ursachi, T. & Vertinsky, I. 1992. Choice of entry timing and scale by foreign banks in Japan and Korea. Journal of Banking and Finance, 16: 405-21
[16] Blandon, J.G. 1988. The choice of the form of representation in multinational banking: evidence from Spain, Working Paper Ref. 271. Barcelona: Universitat Pompeu Fabra, Department of Economies and Business.
[17] Curry, E.A., Fung, J.G. & Harper, I.R. 2003. "Multinational banking: historical, empirical and case perspectives". In Mullineux, A.W. & Murinde, V. (eds) Handbook of International Banking. Cheltenham, UK: Edward Elger.
[18] Cerutti, Eugenio, Martinez Peria Maria Soledad and Dell'Ariccia, Giovanni. 2005. "How Banks Go Abroad: Branches or Subsidiaries?" World Bank Policy Research Working Paper No. 3753.
[19] Van Tulder, R., Van den Berghe, D. & Muller, A. 2001. The World's Largest Firms and Internationalization. Rotterdam: Rotterdam School of Management/ Erasmus University Rotterdam.
[20] Sun Guanghui. 2006. Current status of Chinese bank internationalization and effect analysis [J]. Social Science Review, 2006, Vol 6.
[21] Ding Cheng. 2008. Strategic overseas expansion of China's domestic banks [J]. New Finance, 2008, Vol 1.
[22] Wang Xiangrong & Ding Wei. 2003. Reflection on Internationalization of the Chinese Banking Sector's Operation [J]. Finance Theory and Teaching, 2003, Vol 3.
[23] Zhang Hanyue & Tian Gaoliang. 2006. Developing Actuality, Problems and Solving Ways of Internationalization for Business Banks of China [J]. Inquiry Into Economic Issues, 2006, Vol 2: 134-138.
[24] Wang Gang & Huang Xu. 2006. Strategy of State-Owned Commercial Banks for Overseas Mergers and Acquisitions by Chinese Enterprises [J]. Financial Forum, 2006, Vol 6: 41-46.
[25] Wang Kan. 2007. A Comparison of Strategies for Internationalized Development between Chinese and Foreign Banking [J]. Journal of China Youth College for Political Sciences, 2007, Vol 5: 97-100.
[26] Yang Kaisheng. 2008. Research on Internationalization of Chinese banks [OL]. lfforum.org, http://www.ifforum.org/cn/studydetail.aspx?NID=384. Date of retrieval: May 11, 2008.
[27] Wang Guangping. 2007. Accelerating the Internationalization Development of Chinese banks [OL]. Cs.com.cn,http://www.cs.com.cn/yh/02/200711/t20071108_1241210.htm. Date of retrieval: April 28, 2008.
[28] Gao Yuhui & Yu Xiaolin. 2007. Strategic Value of Cross-border M&A of Commercial Banks [OL]. People.com.cn, http://finance.people.com.cn/GB/6538893.html. Date of retrieval: April 8, 2008.
[29]Yao Guojian.2008.Challenges for Chinese Financial Institutions to Internationalize[OL].Hexun.com,http://news.hexun.com/2008-05-10/105867994.html.Date of retrieval:May 12,2008.
[30]Gustav.2007.In Search of New Fortunes,China's Banks Venture Abroad[OL].Gustav.cn,http://www.gustav.cn/html/y2007/987.html.Date of retrieval:May 15,2008.
[2] Bank for International Settlement. 2000. Guide to the international banking statistics.
[3] Bryant, R.C. 1987. International financial intermediation. Washington, DC: The Brookings Institution.
[4] Scholtens, L.R.J. 1991. Towards a theory of international financial intermediation. Amsterdam: University of Amsterdam.
[5] Casson, M. 1990. "Evolution of multinational banks: a theoretical perspective". In Jones, G. (ed.) Banks as multinationals. London: Routledge
[6] Robinson, S.W. 1972. Multinational banking. Leiden: A.W. Sijthoff.
[7] Gray, J.M. & Gray, H.P. 1981. The multinational bank: a financial MNC? Journal of Banking and Finance, 5: 33-63.
[8] Cho, K.R. 1985. Multinational banks: their identities and determinants. Ann Arbor, Michigan: UMI Research Press.
[9] Pecchioli, R.M. 1983. The internationalization of banks. Paris: OECD.
[10] Aliver, R.Z. 1984. "International banking". Journal of Money, Credit and Banking, 16(4): 661-78
[11] Walter, I. 1988. Global competition in financial services. Cambridge, Massachusetts: Ballinger Publishing Company.
[12] Dunning, J.H. 1992. Multinational enterprises and the global economy. Wokingham, England: Addison-Wesley Publishers Ltd.
[13] Canals, J. 1997. Universal banking. Oxford: Oxford University Press.
[14] Anderson, E. & Gatignon, H. 1999. "Modes of foreign entry: a transaction cost analysis and propositions". In Buckley, P.J. & Ghauri, P.N. (eds) The internationalization of the firm. London: International Thomson Business Press.
[15] Ursachi, T. & Vertinsky, I. 1992. Choice of entry timing and scale by foreign banks in Japan and Korea. Journal of Banking and Finance, 16: 405-21
[16] Blandon, J.G. 1988. The choice of the form of representation in multinational banking: evidence from Spain, Working Paper Ref. 271. Barcelona: Universitat Pompeu Fabra, Department of Economies and Business.
[17] Curry, E.A., Fung, J.G. & Harper, I.R. 2003. "Multinational banking: historical, empirical and case perspectives". In Mullineux, A.W. & Murinde, V. (eds) Handbook of International Banking. Cheltenham, UK: Edward Elger.
[18] Cerutti, Eugenio, Martinez Peria Maria Soledad and Dell'Ariccia, Giovanni. 2005. "How Banks Go Abroad: Branches or Subsidiaries?" World Bank Policy Research Working Paper No. 3753.
[19] Van Tulder, R., Van den Berghe, D. & Muller, A. 2001. The World's Largest Firms and Internationalization. Rotterdam: Rotterdam School of Management/ Erasmus University Rotterdam.
[20] Sun Guanghui. 2006. Current status of Chinese bank internationalization and effect analysis [J]. Social Science Review, 2006, Vol 6.
[21] Ding Cheng. 2008. Strategic overseas expansion of China's domestic banks [J]. New Finance, 2008, Vol 1.
[22] Wang Xiangrong & Ding Wei. 2003. Reflection on Internationalization of the Chinese Banking Sector's Operation [J]. Finance Theory and Teaching, 2003, Vol 3.
[23] Zhang Hanyue & Tian Gaoliang. 2006. Developing Actuality, Problems and Solving Ways of Internationalization for Business Banks of China [J]. Inquiry Into Economic Issues, 2006, Vol 2: 134-138.
[24] Wang Gang & Huang Xu. 2006. Strategy of State-Owned Commercial Banks for Overseas Mergers and Acquisitions by Chinese Enterprises [J]. Financial Forum, 2006, Vol 6: 41-46.
[25] Wang Kan. 2007. A Comparison of Strategies for Internationalized Development between Chinese and Foreign Banking [J]. Journal of China Youth College for Political Sciences, 2007, Vol 5: 97-100.
[26] Yang Kaisheng. 2008. Research on Internationalization of Chinese banks [OL]. lfforum.org, http://www.ifforum.org/cn/studydetail.aspx?NID=384. Date of retrieval: May 11, 2008.
[27] Wang Guangping. 2007. Accelerating the Internationalization Development of Chinese banks [OL]. Cs.com.cn,http://www.cs.com.cn/yh/02/200711/t20071108_1241210.htm. Date of retrieval: April 28, 2008.
[28] Gao Yuhui & Yu Xiaolin. 2007. Strategic Value of Cross-border M&A of Commercial Banks [OL]. People.com.cn, http://finance.people.com.cn/GB/6538893.html. Date of retrieval: April 8, 2008.
[29]Yao Guojian.2008.Challenges for Chinese Financial Institutions to Internationalize[OL].Hexun.com,http://news.hexun.com/2008-05-10/105867994.html.Date of retrieval:May 12,2008.
[30]Gustav.2007.In Search of New Fortunes,China's Banks Venture Abroad[OL].Gustav.cn,http://www.gustav.cn/html/y2007/987.html.Date of retrieval:May 15,2008.