本文選題：政策性銀行 + 國家開發(fā)銀行　； 參考：《中南大學(xué)》2013年博士論文

【摘要】：摘要：隨著社會主義經(jīng)濟(jì)市場化改革的推進(jìn),我國政策性銀行的經(jīng)營環(huán)境已經(jīng)發(fā)生了巨大變化,需要我們重新審視其制度安排。政策性銀行有兩個功能：一是填補(bǔ)市場缺位,二是彌補(bǔ)市場失靈。填補(bǔ)市場缺位的功能隨著市場化程度的提升會逐漸消弱,而彌補(bǔ)市場失靈的功能將長期存在。由于我國市場經(jīng)濟(jì)制度逐漸完善,市場化程度已經(jīng)從1994年的37.72%提高到2011年的78.11%。在高度市場化背景下,政策性銀行填補(bǔ)市場缺位的功能明顯削弱,經(jīng)濟(jì)社會發(fā)展對政策性資金的需求越來越少。而與此同時,我國政策性銀行體系的總體規(guī)模卻在快速擴(kuò)大。在需求減少和供給增加的共同作用下使得部分政策性資金流向商業(yè)性金融領(lǐng)域,一方面導(dǎo)致國有資金配置效率降低,另一方面導(dǎo)致金融市場無序競爭。進(jìn)入高度市場化階段是我國政策性銀行改革的根本動因,政策性資金配置效率低下是我國政策性銀行改革的直接動因,減小政策性銀行體系規(guī)模是符合我國國情的金融改革思路。 政策性銀行體系規(guī)模減小的路徑有三條：一是退出市場,二是商業(yè)化混合經(jīng)營,三是商業(yè)化專業(yè)經(jīng)營。由于我國政策性銀行具有商業(yè)銀行所不具備的中長期信貸優(yōu)勢,且我國缺乏金融機(jī)構(gòu)退出市場的制度安排,第一條路徑不可�。煌患毅y行主體不能同時經(jīng)營政策性業(yè)務(wù)和商業(yè)性業(yè)務(wù),由于兩者很難區(qū)分,若混合經(jīng)營,經(jīng)營主體既不能忠實于國家政策任務(wù),又不能擔(dān)負(fù)自主經(jīng)營、自負(fù)盈虧的責(zé)任,所以第二條路徑也行不通。商業(yè)化專業(yè)經(jīng)營既可以避免混合經(jīng)營的各種弊端,又可以通過“市場篩選法”分離出政策性業(yè)務(wù),所以,商業(yè)化專業(yè)經(jīng)營是我國政策性銀行體系縮減規(guī)模的合理路徑。 彌補(bǔ)市場失靈功能決定了政策性金融存在的長期性,我國只能對部分政策性銀行進(jìn)行商業(yè)化改革,因此,需要一個標(biāo)準(zhǔn)來衡量對哪家行進(jìn)行商業(yè)化改革。本文設(shè)計了衡量政策性銀行是否達(dá)到商業(yè)化改革條件標(biāo)準(zhǔn)的指標(biāo)：國家補(bǔ)貼依賴度。通過測算國開行、進(jìn)出口銀行和農(nóng)發(fā)行的國家補(bǔ)貼依賴度,結(jié)果顯示：當(dāng)前國開行和進(jìn)出口銀行經(jīng)營的商業(yè)性業(yè)務(wù)較多,承擔(dān)的政策性較少,達(dá)到了商業(yè)化改革的條件；農(nóng)發(fā)行承擔(dān)的政策性業(yè)務(wù)較重,對國家補(bǔ)貼的依賴程度較高,尚不能商業(yè)化改革。 當(dāng)前開發(fā)性金融理論存在諸多矛盾之處,本文從投融資期限角度重新界定了開發(fā)性金融的內(nèi)涵和理論定位,從投融資期限和經(jīng)營目標(biāo)二個維度將金融業(yè)務(wù)分為政策開發(fā)性業(yè)務(wù)、政策傳統(tǒng)性業(yè)務(wù)、商業(yè)開發(fā)性業(yè)務(wù)和商業(yè)傳統(tǒng)性業(yè)務(wù)。可見,政策性銀行商業(yè)化后有兩種業(yè)務(wù)模式可選：一是商業(yè)傳統(tǒng)性金融,二是商業(yè)開發(fā)性金融。由于我國對商業(yè)性中長期信貸的需求較為旺盛,而商業(yè)傳統(tǒng)性銀行受到融資渠道的限制對中長期信貸供給不足,國開行和進(jìn)出口銀行具有中長期的投融資優(yōu)勢,所以,商業(yè)開發(fā)性金融是它們在商業(yè)化改革之后形成和其他商業(yè)銀行差異化競爭的業(yè)務(wù)模式選擇。 國開行當(dāng)前的改革方向是商業(yè)化混合經(jīng)營,而不是商業(yè)化專業(yè)經(jīng)營。其混合經(jīng)營主要表現(xiàn)在：一是國家信用擔(dān)保可退出但未退出,二是政策性經(jīng)營下產(chǎn)生的高績效。國開行之所以能夠混合經(jīng)營,主要原因在于：一是扭曲了開發(fā)性金融的概念,使得其性質(zhì)模糊不清,處于“腳踏兩只船”的狀態(tài)；二是缺乏完整的改革框架,沒有明確具體的改革方向和完善的監(jiān)管體系。若要使國開行的改革回歸到商業(yè)化專業(yè)經(jīng)營的道路上,國家層面必須制定完善的改革框架,國開行要徹底剝離政策性業(yè)務(wù),并提高市場定價能力。 采用SWOT戰(zhàn)略分析法得出,進(jìn)出口銀行在商業(yè)化改革后要將市場定位于對外貿(mào)易領(lǐng)域的中期投融資市場。同時,為克服其規(guī)模小,資金成本高、資本金不足等劣勢,它還需要大力的拓展融資渠道、提高投融資的市場定價能力,并多途徑增加資本金。和其他銀行相比,進(jìn)出口銀行面臨的國別風(fēng)險和匯率風(fēng)險較高,在商業(yè)化改革后風(fēng)險自擔(dān)的情況下,需要加強(qiáng)對國別風(fēng)險和匯率風(fēng)險的管控。據(jù)粗略估算,當(dāng)前進(jìn)出口銀行的資本充足率在3%-4%,要在短期內(nèi)達(dá)到8%的最低監(jiān)管要求,爭取國家注資是最快速有效的方法。 農(nóng)發(fā)行要從治理結(jié)構(gòu)方面保障其政策性履職效率。在國開行和進(jìn)出口銀行商業(yè)化改革后,農(nóng)發(fā)行作為我國唯一一家政策性銀行,需要加強(qiáng)其政策性屬性。但是由于內(nèi)控制度不健全、外部監(jiān)管不完善導(dǎo)致當(dāng)前農(nóng)發(fā)行的功能和體制難以承擔(dān)政策性金融的戰(zhàn)略任務(wù),勢必需要從內(nèi)外兩方面對其治理結(jié)構(gòu)進(jìn)行完善。建立健全治理結(jié)構(gòu),農(nóng)發(fā)行自身要完善內(nèi)部控制制度；財政部作為出資人,要建立考核機(jī)制,對其績效予以考核,包括經(jīng)濟(jì)績效和社會績效；監(jiān)管部門要強(qiáng)化監(jiān)管依據(jù),對農(nóng)發(fā)行在經(jīng)營中可能產(chǎn)生的系統(tǒng)性和非系統(tǒng)風(fēng)險予以監(jiān)控。
[Abstract]:Abstract: with the promotion of socialist economic marketization reform, great changes have taken place in the operating environment of policy banks in China. We need to reexamine their institutional arrangements. The policy banks have two functions: one is to fill the market vacancy, and the two is to make up for the market failure. The function of filling out the market vacancy with the degree of marketization is raised. With the gradual improvement of the market economy system in China, the degree of marketization has been improved from 37.72% in 1994 to the highly marketable background of 78.11%. in 2011. The function of policy banks to fill the market vacancies will be weakened clearly, and the need for economic and social development for policy funds is needed. At the same time, the overall scale of China's policy banking system is expanding rapidly. Under the common role of demand reduction and supply increase, some policy funds flow into the commercial finance field. On the one hand, the efficiency of state-owned capital allocation is reduced. On the other hand, the disordered competition in the financial market is leading to the high level. The marketization stage is the fundamental motive of the reform of policy bank in China. The low efficiency of policy capital allocation is the direct motive of the reform of China's policy bank, and the reduction of the scale of the policy bank system is the thought of financial reform which is in line with the national conditions of our country.
There are three ways to reduce the scale of the policy bank system: one is to withdraw from the market, the two is the commercial mixed operation, and the three is the commercial specialized operation. Because the policy banks in China have the medium and long term credit advantages that the commercial banks do not have, and our country lacks the institutional arrangement of the financial institutions to withdraw from the market, the first path is not advisable; the same is the same. The main body of the bank can not manage both the policy and the commercial business at the same time, because it is difficult to distinguish between the two. If the two are mixed, the main body of business can neither be faithful to the country's policy tasks, but also can not undertake the responsibility of independent operation and self profit and loss, so the second paths can not work. Commercial professional management can avoid the various kinds of mixed operation. The malpractice can also separate the policy business through the "market screening method", so the commercial professional management is the reasonable path to reduce the scale of the policy banking system in China.
Making up for the function of market failure determines the long-term nature of the existence of policy based finance. China can only carry out commercialized reform of some policy banks. Therefore, it needs a standard to measure the commercial reform of which bank. This paper designs the index of whether the policy banks have reached the standard of the commercial reform conditions: the dependence of the state subsidies By measuring the state subsidy dependence of the national opening bank, the import and export bank and the agricultural issue, the results show that the current bank of China and the import and export bank have more commercial business and less policy, and have achieved the conditions of the commercial reform; the agricultural issue has a heavy policy business and a high dependence on the state subsidy. Not commercialized reform.
There are many contradictions in the current development finance theory. From the angle of investment and financing, this paper redefines the connotation and theoretical orientation of development finance, and divides the financial business into policy development business from the two dimensions of the term of investment and financing and the target of operation. The traditional business of policy, commercial development business and commercial traditional business can be seen. After the commercialization of the policy banks, there are two types of business models: one is commercial traditional finance and the two is commercial development finance. Because the demand for commercial medium and long term credit is more vigorous, the commercial traditional banks are limited by the financing channels to the medium and long term credit, and the CB and the import and export banks have medium and long term. Therefore, the commercial development finance is the choice of the business mode formed after the commercialization reform and differentiated from other commercial banks.
The current reform direction of the state bank is commercialized mixed operation rather than commercial professional operation. Its mixed operation is mainly manifested in the following: one is that the national credit guarantee can be withdrawn but not exited, and the two is the high performance under the policy management. The reason why the state Kai bank is able to mix it is the reason that the first is the distortion of the development finance. The concept, which makes its nature blurred, is in the state of "stepping on two boats"; two is the lack of a complete reform framework, no specific reform direction and a perfect regulatory system. If the reform of the national opening bank is to be returned to the road of commercialized professional management, a perfect reform framework must be formulated on the national level, and the national opening bank must be thorough. Bottom stripping policy business and improving market pricing power.
By using the SWOT strategy analysis method, the import and export bank should locate the market in the medium term investment and financing market in the field of foreign trade after the commercial reform. At the same time, in order to overcome its disadvantages such as small scale, high capital cost and insufficient capital, it also needs to expand financing channels, improve the market pricing ability of investment and financing, and increase many ways. Capital. Compared with other banks, the import and export banks face higher country risk and higher risk of exchange rate, and need to strengthen control of country risk and exchange rate risk under the risk of commercialized reform. According to rough estimate, the current capital adequacy ratio of the import and export bank is 3%-4%, and the minimum regulatory requirements of 8% in the short term will be reached, It is the fastest and most effective way to get capital from the country.
After the commercial reform of the national opening bank and the import and export bank, the agricultural issue, as the only policy bank in China, needs to strengthen its policy nature after the commercial reform of the National Bank of China and the import and export bank. However, because the internal control system is not perfect and the external supervision is not perfect, the function and system of the current agricultural issue are difficult to undertake. The strategic task of policy finance is bound to improve its governance structure from two aspects and outside. Establish and improve the governance structure, the agricultural issue itself should improve the internal control system. As a contributor, the Ministry of finance should establish the assessment mechanism and assess its performance, including the economic performance and social performance, and the supervision department should strengthen the supervision. It is necessary to monitor and control the systematic and non systematic risks that may arise in the operation of the agricultural development bank.

【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F832.31

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