銀行改革外文文獻(xiàn)翻譯

1、<p><b>　　畢業(yè)論文</b></p><p><b>　　英文資料翻譯</b></p><p>　　學(xué) 院： 商學(xué)院 </p><p>　　專 業(yè)： </p><p>　　班 級：

2、 </p><p>　　姓 名： </p><p>　　學(xué) 號： </p><p>　　指導(dǎo)教師： </p><p><b>　　年 月</b>

3、</p><p>　　China’s Banking Reform and Profitability</p><p>　　Erh-Cheng Hwa Yang Lei</p><p>　　1. Introduction</p><p>　　The World Bank (1997) once claimed that China’s f

4、inancial sector was the soft-belly in the economy. Financial sector reform has long been argued as necessary to raise efficiency in the use of the capital and in rebalancing the economy toward consumption-based growth, w

5、ithout which the country’s growth sustainability is in jeopardy (see Lardy, 1998; Prasad, 2007).Indeed, not too long ago, China’s state banks were deemed “technically insolvent” and their survival hinged solely on the na

6、tion’s abun</p><p>　　This paper has three sections. In Section 2, we review the reform strategy of China’s large state banks, which is the main thrust of China’s banking reform, as well as its implementation

7、. The Section 3 analyzes 2007 financial performance focusing on the four largest state commercial banks that have floated shares in the market: Industrial Commercial Bank of China (ICBC),China Construction Bank (CCB), Ba

8、nk of China (BOC), and Bank of Communications (BOCOM). The conspicuous exception is Agricultur</p><p>　　2. Bank Reform Strategy and Its Implementation</p><p>　　2.1. Bank reform strategy</p>

9、;<p>　　Before reform, state banks were solely owned by the State and served national economic policy goals.1 Since they were not wholly profit-making commercial entities, common commercial banking criteria for eva

10、luating their financial performance do not apply strictly. Nevertheless, as soon as the country decided to embark upon the path of a socialist market economy in the October 1992 CCP Congress, commercialization of the sta

11、te banks had become a foregone conclusion. The goal of banking reform is t</p><p>　　2.1.1. Creating the enabling environment for banking reform</p><p>　　The country’s market reform and opening p

12、rogram has greatly accelerated since 1992 when in October that year the 14th CCP Congress declared that the goal of reform and opening was to create a socialist market economy,which effectively ended the experimental nat

13、ure of economic reform and opening program launched since the late 1970s. The firming up of market-oriented reforms has created an enabling environment for a host of reforms central to the socialist market economy constr

14、uct including forem</p><p>　　Second, in the same year, the government created three policy banks —State Development Bank, Agriculture Development Bank, China ExportImport Bank — to relieve state commercial b

15、anks of their traditional policy mandates.</p><p>　　Third, the government promulgated central banking and commercial banking laws in 1995 to provide the legal foundation for banking reform.</p><p&

16、gt;　　Fourth, beginning from 1996 the government began to vigorously pursuit enterprise reform that paved the way for banking reform, even this resulted in large and painful layoffs of redundant state workers. Pursuing<

17、;/p><p>　　enterprise reform ahead of banking reform was necessary considering that state-owned enterprises were the main clients of state banks and hence their main source of non-performing loans NPLs, which wa

18、s at the same time the contingent liability to the government. Hence, unless the reform of stateowned enterprises takes hold, any reform effort of the state banks would be in vain. On the other hand, as soon as the state

19、-owned enterprise reform was pressed forward, the banking reform could no longer</p><p>　　Fifth, the State Council in February 2002 decided to reform solely stateowned commercial banks into internationally c

20、ompetitive financial enterprises, transform them into state-controlled shareholding commercial banks,and encourage listing their shares in the market.</p><p>　　Sixth, China Banking Supervisory Committee was

21、created in 2003 to raise the regulatory capacity to supervise banks. Finally, adhering to the 2001 WTO accession agreement, the government uses the entry of foreign banks into the local banking market to inject competiti

22、ve pressure to the local banking industry in order to gain efficiency. Beginning from the end of 2006, foreign banks can engage in local currency business.</p><p>　　2.1.2. Reforming corporate governance and

23、restructuring</p><p>　　the balance sheet</p><p>　　The country’s large state banks have followed several steps to undertake internal corporate reform. The first is to reform the corporate governa

24、nce by inviting other investors to dilute the sole state ownership while still retaining its dominance. In particular, the banks have made an effort to seek foreign strategic partnership with the view to bringing in mode

25、rn banking practices and technology. The broadening of ownership also entails selling a portion of bank shares to the equity market to m</p><p>　　Hence, the first step the government undertook was to strengt

26、hen the balance sheet of state banks whose credit flows had been clogged up by inadequate capital and piles of bad debts accumulated under the previous economic planning regime. In 1998, the government issued RMB270 bill

27、ion (US$32.6 billion) worth of 30-year fiscal bonds to recapitalize the balance sheets of the four largest state banks: ICBC, BOC, CCB, and ABC in order to comply with the international capital adequacy standards. Again&

28、lt;/p><p>　　In 1999, the government created four asset management corporations AMCs, one for each of the “big four”: ICBC, CCB, BOC, and ABC, to manage RMB1.4 trillion of loans purchased from the books of the s

29、tate banks at face value, of which 1.3 trillion were deemed non-performing (about 15% of GDP). The transaction was financed partly by central bank loan(RMB573 billion) and partly by treasury bonds (RMB820 billion). A sec

30、ond transferring of NPLs in the amount of RMB1.186 trillion to the AMCs took place</p><p>　　The banks also launched reform measures to improve internal management including strengthening the human resource b

31、ase, introducing modern risk management practices, and moving up the standard of NPL classification to comply with the international standards.</p><p>　　2.2. Implementation of reform</p><p>　　2.

32、2.1. Seeking diversification and attracting foreign strategic partners</p><p>　　Following the blueprint of reform, the banks have successfully launched and implemented the reform strategy. ICBC, CCB, BOC, an

33、d BOCOM all have their full state stake in the company diluted to below 70% by incorporating non-state ownerships, which includes foreign ownership, domestic legal persons, and public ownership (publicly owned and traded

34、 shares). Among non-state owners, foreign strategic partnership usually has the highest stake in the company: ICBC, 7.2%, BOC, 13.9%, CCB, 10.3%, and BOC</p><p>　　The participation of foreign and domestic ca

35、pital as well as public shares in state commercial banks has not only strengthened bank capital, but also exerted a positive influence on the corporate governance, in particular in the case of foreign participation, in s

36、o far as it stems the undue intrusion of government into the banking business. Second, all state commercial banks have installed modern corporate governance structure encompassing shareholders congress, corporate board p

37、lus outside dire</p><p>　　By the end of 2007, 33 foreign institutional investors have invested in twenty-five domestic banks, with a total capital injection of US$21.3 billion.These foreign strategic investo

38、rs have entered in various strategic corporative agreements with domestic partners in widely diversified areas of banking,including retail banking, corporate governance and risk-management,trading, RMB derivatives and cu

39、rrency swaps, foreign exchange structured products, and trade and small-and-medium enterprises SME </p><p>　　2.2.2. Successful public listings</p><p>　　After launching internal restructuring and

40、 successful attraction of reputable foreign strategic partners, state commercial banks were successful in listing their shares in the Hong Kong (H share) and Shanghai (A share) stock exchanges and hence for the first tim

41、e subject to the market discipline:BOCOM, June 2005; CCB, October 2005; BOC, June 2006; ICBC, October 2006 (which was the first double listing in both the Hong Kong stock exchange and the Shanghai stock exchange). Public

42、 listing of bank s</p><p>　　2.2.3. Strengthening capital</p><p>　　By the end of 2007, nearly 80% of banks by asset have fulfilled capital adequacy standards. The capital adequacy ratio for the f

43、our listed state commercial banks was, respectively, 13% for ICBC; 13.3% for BOC; 12.6% for CCB; and 14.1 for BOCOM. The core capital adequacy ratio was, respectively, 11% for ICBC; 10.7% for BOC; 10.4% for CCB; and 10.2

44、% for BOCOM.</p><p>　　2.2.4. Building risk management systems</p><p>　　Since 2006 CCB and other large state commercial banks have begun to introduce a vertical risk management system to consolid

45、ate risk management into the hands of the newly created chief risk officer. The reform has helped to stem undue interferences in the loan decision process at the local level. At the same time, by taking advantage of info

46、rmation technology, banks have begun to streamline and optimize the operational processes and procedures in order to reduce operational risks. Banks have als</p><p>　　2.2.5. Pursuing strategic transformation

47、 of the business model</p><p>　　Chinese banks have traditionally focused on corporate businesses, the wholesale banking so to speak. However, as the local capital market gradually matures and the income and

48、wealth of Chinese households continue to grow apace, the banks find growing business opportunities in consumer-oriented financial services such as mutual funds, mortgage financing, wealth management, and personal loans.

49、These are also areas of financial services where the newly arrived foreign banks aim to capture with thei</p><p>　　4. Conclusion: Assessment of Bank Performance</p><p>　　The strong financial per

50、formance of large state banks was carried into the first half of 2008 even as growth slowed by nearly 2 percentage points to 10.4% from the first half of 2007 due to a combination of falling external demand and tighter c

51、redit policy. In the first half of 2008, net profit (profit after tax) grew, respectively, 71.3% for CCB, 56.8% for ICBC, and 36% for BOC over a year ago. Although the reduction of corporate income tax from 33% to 25% ac

52、counted for partly the increase in p</p><p>　　Judged by record profit, much improved asset quality, and high ROE,the recent financial performance of the four large state commercial banks is nothing short of

53、spectacular. Furthermore, as fee and commission income and more broadly retail banking revenue has taken off to become a strong source of profit growth, banks appear on track to realize their long-term strategic goal of

54、diversifying into a more stable base of income generation that is less prone to business cycle risks. Thus, large state</p><p>　　Can this financial performance of banks be sustained? It appears that the good

55、 financial performance has been the result of two crucial factors,although it is not easy to delineate the two. First, a supportive macroeconomic environment — with a strong growth averaging 10.7% per annum over the peri

56、od: 2003–2007 and a partially liberalized interest rate regime —helped to boost revenues. Second, banking reform has been instrumental in raising efficiency and holding down costs, both of which boost t</p><p&

57、gt;　　Compared to the impact of banking reform, the supportive macroeconomic environment exerts more a cyclical than fundamental impact on bank performance and is thus a less sustainable force. Indeed, the surging inflati

58、on as well as bubbles in the stock and real estate markets in 2007 already served as warning signals that the high growth in last several years is unsustainable. In 2008, the economic growth slowed sharply as a result of

59、 tightened money and credit policy and an unexpected large declin</p><p>　　If the successful public listing marked the end of the first phase of banking reform, it is clear that banks have entered a new phas

60、e of reform only a short while ago with much of the journey still lying ahead. Many of the recently launched corporate reforms: governance, internal control and operation procedures, risk management, and human resources

61、are still work in progress and have not yet been brought to fruition. Banks are also in the early phase in adapting to the new business model mandat</p><p>　　Hence, they have to continue to be valiant on ref

62、orm and learn to adapt to the vagaries of financial markets while catering to the evolving needs of customers as their demand for new financial services grow.</p><p>　　While putting the bet on banking reform

63、, there is no reason to be overly pessimistic on the short-term macroeconomic risks. China ran a budget surplus and had a low government debt of about 22% of GDP in 2007, as well as a relatively low urbanization ratio at

64、 around 44%. More importantly, Chinese banks have embarked on a reform path with healthy balance sheets and a strong capital base. Thus, China enjoys considerable flexibility to deploy a strong public sector investment p

65、rogram in order to st</p><p><b>　　1概述</b></p><p>　　世界銀行（1997年）曾聲稱，中國的金融業(yè)是其經(jīng)濟(jì)的軟肋。當(dāng)一國的經(jīng)濟(jì)增長的可持續(xù)性岌岌可危的時候，金融業(yè)的改革一直被認(rèn)為是提高資金使用效率和消費型經(jīng)濟(jì)增長重新走向平衡的必要（Lardy，1998年， Prasad，2007年）。事實上，不久前，中國的國有銀行被

66、視為“技術(shù)上破產(chǎn)”，它們的生存需要依靠充裕的國家流動資金。但是，在銀行改革開展以來，最近，強勁的盈利能力已恢復(fù)到國有商業(yè)銀行的水平。但自從中國的國有銀行在不久之前已經(jīng)走上了改革的道路，它可能過早宣布銀行業(yè)的改革尚未取得完全的勝利。此外，其堅實的財務(wù)表現(xiàn)雖然強勁，但不可持續(xù)增長。隨著經(jīng)濟(jì)增長在2008年全球經(jīng)濟(jì)衰退得帶動下已經(jīng)開始軟化，銀行預(yù)計將在一個比以前更加困難的經(jīng)濟(jì)形勢下探索。本文的目的不是要評價銀行業(yè)改革對銀行業(yè)績的影響，這在一個

67、完整的信貸周期后更好解決。相反，我們的目標(biāo)是通過審查改革的進(jìn)展和銀行改革戰(zhàn)略，并分析其近期改革后的強勁的財務(wù)表現(xiàn)，但是這不能完全從迄今所進(jìn)行的改革努力分離。</p><p>　　本文有三個部分。在第二節(jié)中，我們回顧了中國的大型國有銀行改革的戰(zhàn)略，以及其執(zhí)行情況，這是中國銀行業(yè)改革的主要目標(biāo)。第三節(jié)中分析了2007年的財務(wù)表現(xiàn)集中在那些在市場上擁有浮動股份的四大國有商業(yè)銀行：中國工商銀行（工商銀行），中國建設(shè)銀行（

68、建行），對中國銀行（中銀）和交通銀行（交通銀行）。引人注目的是中國農(nóng)業(yè)銀行，它仍然處于重組上市過程中得適當(dāng)時候的后期。第四節(jié)總結(jié)一個對銀行績效評估。</p><p>　　2 銀行改革戰(zhàn)略及其實施</p><p>　　2.1 銀行改革戰(zhàn)略</p><p>　　改革前，國有獨資銀行由國家擁有并服務(wù)于國家經(jīng)濟(jì)政策的目標(biāo)。由于他們并沒有完全牟利的商業(yè)實體，評估其財務(wù)表現(xiàn)并不

69、嚴(yán)格適用于普遍商業(yè)銀行。不過，一旦國家在1992年10月中共代表大會的決定著手進(jìn)行社會主義市場經(jīng)濟(jì)，國有銀行商業(yè)化已經(jīng)成為定局。銀行業(yè)改革的目標(biāo)是將國有銀行轉(zhuǎn)變成那些具有市場競爭力，可以提供高效的國家儲蓄得中介。發(fā)揮它們在金融中介的優(yōu)勢，銀行在資金的有效配置中起著關(guān)鍵作用。</p><p>　　2.1.1 銀行改革創(chuàng)造了有利環(huán)境</p><p>　　自從國家在1992年十月的中共第14屆

70、中共代表大會宣布市場改革開放方案，目標(biāo)是建立社會主義市場經(jīng)濟(jì)，從而有效地結(jié)束了自20世紀(jì)70年代末推出的實驗性經(jīng)濟(jì)改革開放方案。在堅定的市場化改革中創(chuàng)造了中央的改革與社會主義市場經(jīng)濟(jì)建立的有利環(huán)境，包括首先進(jìn)行的銀行改革。1994年初，為了應(yīng)對通貨膨脹的威脅，政府推出包括中央銀行宏觀經(jīng)濟(jì)改革，匯率管理，財政政策和稅收。宏觀經(jīng)濟(jì)改革政策允許中央政府恢復(fù)在20世紀(jì)80年代在“放權(quán)讓利”政策下下放地方當(dāng)局權(quán)力的宏觀調(diào)控。雖然權(quán)力下放迎來一個快

71、速發(fā)展時期，但也產(chǎn)生了重大的宏觀經(jīng)濟(jì)不穩(wěn)定。事實上，宏觀經(jīng)濟(jì)改革的追求大大挫傷20世紀(jì)90年代的宏觀經(jīng)濟(jì)周期。</p><p>　　其次，在同一年，政府設(shè)立了三個政策性銀行——國家開發(fā)銀行，農(nóng)業(yè)發(fā)展銀行，中國進(jìn)出口銀行 ——以減輕他們的傳統(tǒng)政策對國有商業(yè)銀行的要求。</p><p>　　第三，政府在1995年頒布的中央銀行和商業(yè)銀行法對銀行改革提供了法律基礎(chǔ)。</p><

72、;p>　　第四，從1996年開始，政府開始大力追求企業(yè)改革，為金融改革鋪平了道路，即使這是大型國有企業(yè)職工的冗余和痛苦的裁員的結(jié)果。在追求企業(yè)改革銀行改革之前，有必要考慮到國有企業(yè)是國有銀行的主要客戶。因此，他們的主要來源是不良貸款，在同一時間有負(fù)債給政府。因此，除非國有企業(yè)改革的需要，任何國家銀行的改革努力將是徒勞的。另一方面，國有企業(yè)改革向前沖的時候，銀行改革不能再拖延。這是因為國有企業(yè)的改制，清算，合并，破產(chǎn)或不再存在，銀行

73、必須開始認(rèn)識到他們的潛在虧損。由于不良貸款的大量注銷，這反過來又引發(fā)了銀行進(jìn)行注資的需要。</p><p>　　第五，國務(wù)院決定在2002年2月將僅有商業(yè)銀行改造成具有國際競爭力的金融企業(yè)，轉(zhuǎn)變?yōu)閲铱毓傻墓煞葜粕虡I(yè)銀行，鼓勵他們在市場上上市的股票。</p><p>　　第六，中國銀行業(yè)監(jiān)督管理委員會成立于2003年，以提高監(jiān)管能力，監(jiān)管銀行。</p><p>　　

74、最后，堅持到2001年的入世協(xié)議，政府將使用外國銀進(jìn)入市場為競爭壓力注入本地銀行產(chǎn)業(yè)，以提高效率。從2006年年底，外資銀行可以從事人民幣業(yè)務(wù)。</p><p>　　2.1.2 改革公司治理和結(jié)構(gòu)調(diào)整的資產(chǎn)負(fù)債表</p><p>　　該國最大的國有銀行已按照幾個步驟進(jìn)行企業(yè)內(nèi)部改革。改革的第一步是通過邀請其他投資者來稀釋唯一的國家所有權(quán)，但仍保持其主導(dǎo)地位來進(jìn)行公司治理改革。特別是，銀行

75、已在尋求外國戰(zhàn)略伙伴和引進(jìn)現(xiàn)代銀行業(yè)務(wù)和技術(shù)方面作出努力。所有權(quán)得擴(kuò)大還需要銷售部分銀行股的股本市場的所有權(quán)，使銀行管理負(fù)責(zé)到市場上。為了成功地吸引外來投資者，無論是戰(zhàn)略合作伙伴或公眾投資者，銀行必須提出可信的內(nèi)訓(xùn)改革方案和貫徹落實可靠。毫無疑問，更好，更可信的內(nèi)部改革方案，越有可能是為銀行吸引外部合作伙信譽伴和獲取與他們的同行或在股票市場更好的待遇。</p><p>　　因此，政府承諾的第一步是根據(jù)以前的經(jīng)濟(jì)規(guī)

76、劃制度，加強對信用流動已經(jīng)堵塞了的，資本累計不足和壞帳堆積如山的國有銀行資產(chǎn)負(fù)債表的平衡。1998年，政府發(fā)出四大國有銀行的價值270,000,000億美元（326億美元）人民幣的30年財政債券進(jìn)行資本重組的資產(chǎn)負(fù)債表：工商銀行，中國銀行，建設(shè)銀行和農(nóng)業(yè)銀行符合國際資本充足標(biāo)準(zhǔn)。同樣，12月30日，2003年，美國政府提供的建設(shè)銀行和中國銀行各225億美元，和稍后在2005年4月將提供工商銀行的150億美元，以支持在香港聯(lián)合交易所各自的

77、清單。其中四大國有銀行，建設(shè)銀行是第一個次擁有其改革努力，通過股市場的考驗，在香港聯(lián)合交易所成功上市的。此外，作為對資本重組計劃的一部分，銀行發(fā)行的次級債券也面向當(dāng)?shù)厥袌觯褐袊y行，人民幣60億元;商業(yè)罪案調(diào)查科，400億元，工商銀行，3500億人民幣交通銀行，1200億元人民幣。</p><p>　　1999年，政府設(shè)立四家資產(chǎn)管理公司管理公司資產(chǎn)，為“四大銀行”：工商銀行，建設(shè)銀行，中國銀行和農(nóng)業(yè)銀行，管理1

78、.4萬億元人民幣的國有銀行貸款購買書籍萬億，其中1.3萬億被視為不良貸款（約GDP的15%）。本次交易的資金部分為部分國債（820億元人民幣）中央銀行貸款（RMB573億元人民幣）。第二個轉(zhuǎn)移不良貸款的資產(chǎn)管理公司從2004年6月到006年6月期間轉(zhuǎn)移了1.186萬億元。</p><p>　　銀行還推出改革措施，完善內(nèi)部管理，包括加強人力資源基礎(chǔ)，引入現(xiàn)代風(fēng)險管理做法，并提出了不良貸款的分類標(biāo)準(zhǔn)，以符合國際標(biāo)準(zhǔn)。

79、</p><p>　　2.2 實施改革2.2.1 尋求多樣化，吸引外國戰(zhàn)略合作伙伴</p><p>　　隨著改革的藍(lán)圖，銀行成功推出并實施的改革策略。工行，建行，中行，交行得所有權(quán)都在稀釋，納入非國家所有制70％以下的公司，其中包括外資持股，國內(nèi)法人和公有制（國有和公開交易的股票），全狀態(tài)的股份。在非國家所有，外國戰(zhàn)略伙伴關(guān)系通常擁有公司的最高股份：工商銀行，7.2％，中行，13.9％

80、，建行，10.3％和交通銀行，18.7％。</p><p>　　外國資本和國內(nèi)資本，以及國有商業(yè)銀行在社會公眾股的參與下，不僅增強銀行的資本，也產(chǎn)生了對公司治理的積極影響，特別是在外國參與的情況下，它源于銀行業(yè)務(wù)進(jìn)入政府得不當(dāng)侵?jǐn)_。第二，所有的國有商業(yè)銀行已經(jīng)簡歷了現(xiàn)代公司治理結(jié)構(gòu)包括股東大會，公司董事會以及外部董事，監(jiān)事，監(jiān)事會和高級管理結(jié)構(gòu)。到2007年底，有33個外國機構(gòu)投資者投資于25年國內(nèi)銀行，共注資2

81、13億美元。這些外國戰(zhàn)略投資者與國內(nèi)合作伙伴已在廣泛多元化的銀行領(lǐng)域制定各戰(zhàn)略合作協(xié)議，包括零售銀行，公司治理和風(fēng)險管理，貿(mào)易，人民幣衍生工具和貨幣交換，外匯結(jié)構(gòu)性產(chǎn)品，以及貿(mào)易和小和中小企業(yè)融資。此外，國內(nèi)銀行與外國合作伙伴實行網(wǎng)絡(luò)共享、提供服務(wù)和交叉銷售金融產(chǎn)品。最后，人力資源發(fā)展計劃是戰(zhàn)略法人共同協(xié)定的，在中小企業(yè)管理和融資，財富管理，基金交易，風(fēng)險管理提供培訓(xùn)課程中予以提供，實施巴塞爾資本協(xié)定等。</p><

82、p>　　2.2.2 成功的公開上市</p><p>　　改革后的內(nèi)部調(diào)整和信譽良好的戰(zhàn)略合作伙伴吸引外資，國有商業(yè)銀行成功上市在香港（H股）和上海（A股）上市交易的股票，從而第一次受到市場自律：交通銀行，2005年6月，??建設(shè)銀行，2005年10月，中國銀行，2006年6月，??工商銀行，2006年10月（這是首次在香港聯(lián)合交易所和上海證券交易所共同上市）。2007年，兩個小股份制銀行在上海證券交易所上

83、市交易，使上市得股份制銀行在12個總額中占了7個。此外，在三個城市商業(yè)銀行的基礎(chǔ)上，北京，南京，寧波得商業(yè)銀行在上海的A股市場上市，從而為其他城市商業(yè)銀行進(jìn)行重組提供方式，然后爭取在股票交易所上市。從上升的股價中收益，工行，建行和中行2007年底在世界上受益分別為第一，第二和第四大銀行：3389億美元，22025億美元和1978億美元。</p><p>　　2.2.3 強化資本</p><p

84、>　　到2007年底，有近80%的銀行已經(jīng)完成資本充足率標(biāo)準(zhǔn)。四家上市國有商業(yè)銀行的資本充足率分別為工商銀行13%，中國銀行13.3%，建設(shè)銀行12.6%和交通銀行14.1%。核心資本充足率分別為工商銀行11%，中國銀行10.7%，建設(shè)銀行10.4%和交通銀行10.2%。</p><p>　　2.2.4 建立風(fēng)險管理系統(tǒng)</p><p>　　自2006年以來建行等大型國有商業(yè)銀行已

85、經(jīng)開始引入一個垂直的風(fēng)險管理制度，合并到新成立的首席風(fēng)險官手中的風(fēng)險管理。這項改革有助于在地方一級在貸款決策過程中免去不必要的干擾。在同一時間，通過利用信息技術(shù)的優(yōu)勢，各銀行已開始簡化和優(yōu)化業(yè)務(wù)流程順序和程序，以降低經(jīng)營風(fēng)險。銀行也開始使用定量風(fēng)險評估模型和情景模擬他們所面臨的各種風(fēng)險，如壓力測試。經(jīng)濟(jì)/風(fēng)險資本的概念已被采用到風(fēng)險限額管理，分配銀行資源和產(chǎn)品的價格。銀行還通過改善內(nèi)部控制程序和采用定量控制的工具和操作風(fēng)險模型加強了對市

86、場和流動性風(fēng)險分析。最后但并非最不重要的，銀行已經(jīng)采取步驟，建立一個新的風(fēng)險或信貸文化。</p><p>　　2.2.5 追求戰(zhàn)略轉(zhuǎn)型的經(jīng)營模式</p><p>　　中國銀行傳統(tǒng)上集中于公司業(yè)務(wù)，可以說是批發(fā)銀行。然而，由于本地資本市場的逐漸成熟，中國的家庭收入和財富繼續(xù)急速增長，銀行找到面向消費者的金融服務(wù)不斷增長的業(yè)務(wù)機會，例如共同基金，抵押融資，理財，個人貸款。這也是金融服務(wù)領(lǐng)域，

87、即新來的外資銀行的目的是捕捉他們的競爭力的領(lǐng)域。因此，尋求新的利潤增長源，實現(xiàn)了更加多樣化和平衡的收入基礎(chǔ)，以及為會議上向外國銀行，中資銀行被迫抓住機遇，迎接挑戰(zhàn)，走上了向零售銀行的傳統(tǒng)經(jīng)營模式的戰(zhàn)略轉(zhuǎn)型的道路。</p><p>　　新的零售銀行業(yè)務(wù)推力包括信用卡，個人貸款，財富管理，共同基金，保險產(chǎn)品和其他產(chǎn)品的產(chǎn)生基于收費的收入。零售銀行業(yè)務(wù)，反過來又呼吁加強在信息技術(shù)投入，發(fā)展提高個人貸款，網(wǎng)上銀行，和遠(yuǎn)程

88、銀行效率的系統(tǒng)，以及提高零售網(wǎng)絡(luò)的效率，更好地滿足零售客戶的需求。國有大型商業(yè)銀行如建行還發(fā)起特別方案，以滿足中小型企業(yè)需要。此外，他們已經(jīng)開始拓展到金融服務(wù)的新領(lǐng)域內(nèi)，逐步穩(wěn)妥地走向混業(yè)經(jīng)營包括投資銀行，保險，證券，私人銀行，金融租賃。銀行也開始通過合并和收購?fù)赓Y金融機構(gòu)或者外國企業(yè)建立更多的新的海外分支機構(gòu)。</p><p>　　4 結(jié)論：評估銀行業(yè)績</p><p>　　堅實的大型國

89、有銀行的財務(wù)表現(xiàn)顯示2008年上半年增長放緩，甚至比2007年上半年由于外部需求下降和信貸緊縮政策造成的10.4％低近2個百分點。在2008年上半年，凈利潤（稅后利潤）增長，分別為建行71.3％，工商銀行5 6.8％，中國銀行36％，超過去年同期水平。雖然企業(yè)所得稅稅率由33％下降到25％的部分盈利增加，但推動利潤增長的關(guān)鍵基本因素仍然是去年相同。第一，凈利息收入繼續(xù)受惠于息差上升以及資產(chǎn)的快速增長，仍可能是在可預(yù)見的未來經(jīng)營收入的主要

90、來源。二，費用及傭金收入再次見證一個爆炸性的增長：建設(shè)銀行59.3％，交通銀行50％，工商銀行48％，中國銀行45.1％，盡管股市急劇降溫，削減從熱銷的市場中取得的所得為基礎(chǔ)的金融產(chǎn)品，如前一年股票共同基金。對于大型國有商業(yè)銀行，手續(xù)費及總營業(yè)收入的份額達(dá)到的傭金在2008年上半年新紀(jì)錄：建設(shè)銀行14.9％，工商銀行12.3％，中國銀行31.4％。與此同時，資產(chǎn)質(zhì)量持續(xù)改善，不良貸款比率持續(xù)下降。截至6月底，工商銀行和建設(shè)銀行的不良貸款

91、率分別為2.4％和2.2％，分別比2007年年底下降0.33和0.39個百分點。</p><p>　　與創(chuàng)紀(jì)錄的利潤，大為改善的資產(chǎn)質(zhì)量，高凈資產(chǎn)收益率相比，最近的四家大型國有商業(yè)銀行簡直是缺乏表現(xiàn)。此外，由于手續(xù)費及傭金收入和更廣泛的零售銀行業(yè)務(wù)收入已經(jīng)起飛，成為一個強有力的利潤增長來源，銀行似乎有望成為一個減少長期戰(zhàn)略目標(biāo)的多樣化和發(fā)生商業(yè)周期風(fēng)險、更加穩(wěn)定的創(chuàng)收基地。因此，大型國有商業(yè)銀行似乎經(jīng)歷了為成為現(xiàn)

92、代商業(yè)銀行而改革自身的漫長的道路。這樣的結(jié)果對于早期的研究成果認(rèn)為國有商業(yè)銀行似乎并沒有從根本上改革銀行是一個驚喜。操作性的例子，Podpiera（2006年）認(rèn)為，銀行似乎并沒有在商業(yè)基礎(chǔ)上作出貸款決定。 Dobson和Kashyap（2006年）集合宏觀經(jīng)濟(jì)，微觀經(jīng)濟(jì)和軼事證據(jù)表明，盡管改革仍在繼續(xù)，壓力造成政策性貸款。然而，最近由Demetriades等人的實證研究（2008年）似乎表明即使是國有企業(yè)，銀行貸款的未來增值和1999

93、-2005年期間全要素生產(chǎn)率的增長是正相關(guān)。他們發(fā)現(xiàn)，更好地獲得銀行貸款的企業(yè)往往在銀行業(yè)發(fā)展較快的地區(qū)。</p><p>　　銀行的財務(wù)表現(xiàn)能持續(xù)嗎？看來，良好的財務(wù)表現(xiàn)一直有兩個關(guān)鍵因素，雖然不容易界定這兩個因素。首先，宏觀經(jīng)濟(jì)環(huán)境的支持與強勁增長在此期間平均每年增長10.7％：2003年至2007年和部分開放的利率制度，有助增加收入。第二，銀行改革已經(jīng)在提高效率，和壓低成本，這兩個是提高資本回報率的工具。&

94、lt;/p><p>　　與銀行改革的影響相比，發(fā)揮支持性的宏觀經(jīng)濟(jì)環(huán)境，對銀行業(yè)績產(chǎn)生周期性的根本性影響，因而是不可持續(xù)的力量。事實上，洶涌的通貨膨脹以及股市和房地產(chǎn)市場的泡沫在2007年已經(jīng)發(fā)出警告信號，過去幾年的高增長是難以繼續(xù)的。2008年，經(jīng)濟(jì)增長速度大幅放緩、收緊貨幣和信貸政策的結(jié)果是意想不到的外部需求大幅下降導(dǎo)致的出口增長大幅放緩。盡管銀行有很好的表現(xiàn)，但到目前為止，一險峻經(jīng)濟(jì)放緩遲早會提高后日企業(yè)的風(fēng)險

95、，降低銀行資產(chǎn)質(zhì)素。銀行的直接挑戰(zhàn)是，如何通過正確巧妙地引導(dǎo)和控制風(fēng)險，調(diào)整改革的過程中保持經(jīng)濟(jì)的流動性。</p><p>　　如果成功上市標(biāo)志著銀行業(yè)改革的第一階段結(jié)束，很明顯，銀行已進(jìn)入了一個短暫向前與未來的尚在改革的新階段。許多公司最近推出的改革：治理，內(nèi)部控制和操作的程序，風(fēng)險管理和人力資源工作仍在進(jìn)行中，尚未成事。銀行也都處于適應(yīng)要求更多關(guān)注零售客戶、傭金和收費的新商業(yè)模式的早期階段。因此，他們必須繼續(xù)

96、勇敢的改革，學(xué)會適應(yīng)，同時迎合客戶對金融市場不斷發(fā)展的需要，作為他們新的金融服務(wù)需求的增長。</p><p>　　對于在短期宏觀經(jīng)濟(jì)風(fēng)險中對銀行業(yè)改革的賭注，沒有必要過于悲觀。中國預(yù)算有盈余，且2007年的國內(nèi)生產(chǎn)總值為約22％的低政府債務(wù)，比作城市化比率約44％要低。更重要的是，中資銀行已開始走上與健康的資產(chǎn)負(fù)債表和雄厚的資本相關(guān)的改革道路。因此，中國擁有相當(dāng)大的靈活性來部署一個強大的公共部門投資計劃，以加強國