日本银行重组及其对中国银行业发展的启示/

2019-04-18 18:07:45

bank financial 日本 banking Japan



随着现代信息通信技术的飞速发展,新的金融技术与工具层出不穷,各国对金融监管的逐步放松,各种金融业务的相互交叉与渗透不断加剧,金融全球化、自由化程度日益加深,使得那些规模大型化、业务全能化、经营全球化的大银行在激烈的国际竞争中更具竞争优势,而银行间的合并重组无疑是在短期内组建巨型银行的有效途径。通过银行间的合并重组,一方面可以更好的实现规模经济、范围经济,节约交易成本和达到效率的协同,这不仅能给社会收益带来潜在的增量,也能使参与者的经济效率得到提高;另一方面,通过银行间的合并可以达到减少竞争对手,提高市场占有率,增强市场势力的目的,以得到长期的获利机会。因此在20世纪末,西方发达国家开始了又一轮的银行并购热潮。
在这一新的发展趋势下,日本银行业也在继1998年美国花旗银行与旅行者银行合并之后,开始了新一轮的合并重组。日本银行业的合并重组,即是日本银行实现规模经济,增强国际竞争力,以适应金融全球化、自由化的客观要求;也是日本摆脱当前金融困境,深化金融体制改革的必然结果。日本原有的二十多家大银行经合并后,已基本形成了以瑞穗金融控股集团(由兴业、第一劝业和富士银行组成)、三井住友金融集团(由住友和樱花银行组成)、东京三菱金融集团(由东京三菱与三菱信托银行组成)、日本联合金融控股集团(由三和、东海和东洋信托银行组成)及理索纳金融控股集团(由大和与旭日银行组成)五大金融集团为核心的面向21世纪新的金融格局。与以往的日本银行合并相比较,此轮的重组不仅规模空前,涉及的范围广泛,而且具有以往所不具备的新特点:1、打破集团界限,按市场原则重组;2、跨业重组,实现混业经营;3、合并形式创新,以成立金融控股公司为主要形式;4、外资参与重组,提高了日本金融市场的国际开放程度。
日本此轮金融重组的意义是重大而深远的。第一,有利于日本金融体系的重构,它不但是重建日本金融体系的突破口, 同时重组后所形成的新的金融格局必将使日本传统的金融体制发生深刻的变革。日本战后50年代所形成的“强有力的、以主观判断性很强的金融行政、间接金融、主银行制为特点的金融体制”,随着日本经济的起飞和金融全球化、自由化的发展,其弊端日益突出。在90年代后期,日本当局也清醒的认识到金融体系重建的重要性和迫切性,并加快了金融改革的步伐,而日本银行业此轮的合并与重组必将从以下方面进一步促进日本金融的“再生”:1、进一步弱化了集团内部银企之间长期稳定的融资关系,加速了银行从集团内部化的“关系型”融资向市场化的“风险信用型”融资方式的转变,加快了银行集团从稳定性持股向流动性持股的转变;2、对政府监管方式科学性和国际性提出了更高的要求;3、削弱了日本传统的银企之间长期稳定的融资关系,促进了相互持股关系的解体,从而促进了银行间从“保护型”协调竞争向“开放型”的市场竞争机制转变。第二,日本大企业独特的股权结构为:企业股东法人化,法人持股率高于个人持股率,公司大股东基本上都有是大法人企业;稳定股东比率高;法人企业以集团形式相互持股。上述独特的股权结构成为日本大企业经营管理模式的产权基础。从日本银行业重组所引起的银行持股方式与持股结构的变革来看,企业的股权结构必然也会受到影响,进而从以下几方面引起日本企业经营管理上的相应变革:1、日本银行业合并重组所引起的银行从稳定持股向流动持股方式的转变,必然会导致企业内部股权结构的变化,使个人股东地位得到提高,股票市场监督与激励功能和公司的内部约束与激励机制得到更有效的发挥,进而优化了公司治理结构,提高了企业经营效率;2、动摇企业集团形成的产权基础,这无疑对日本企业摆脱集团与系列的束缚,改善经营,促进企业进行跨集团合并,加速日本产业结构调整并向新产业领域开发提供了有利条件。
我国与日本的金融体制同属亚洲模式,存在着许多相似之处,因此,日本银行业合并重组的经验对我国银行业的发展具有参考和借鉴意义。但日本金融自由化程度、金融市场市场化程度比较高;日本国民财富雄厚,抗风险能力比较强,而我国的国民财富远不及日本,金融业对危机的承受能力相对较弱,所以我国银行业的合并重组应从本国国情角度出发,着重注意以下几点:1、深化我国银行业的产权制度改革,严格按照现代企业制度改造我国的商业银行,使商业银行成为具有独立法人资格的产权主体,成为真正意义上的商业银行;2、正确认识和处理政府行为与市场机制的关系,加强政府对银行业兼并重组的宏观引导,使我国的银行合并重组按照市场原则,以提高效率为出发点;3、制定和完善各项金融法律法规,建立科学的金融监管制度,以维护银行业的竞争法则和股东的合法权益,为银行业合并扫除法律障碍。




With the rapid progress of the modern communicate technology, the new finance technologies and tools emerge in endlessly, every country loosen gradually to supervise finance industry. The different finance operations cross and penetrate on the increase. Financial globalization, liberalization degree are being strengthened day by day, which make those large-scale take, all-round to take, manage-globalization, large banks have more competition advantages among fierce international competitions business, and the amalgamation and recombination of banks is undoubtedly the effective way of setting up the huge bank in a shout time. The way, on one hand, can realize fine large-scale economy, range economy, and economize trade costs. Then it not only reaches by efficiency in coordination with, bring potential increment to social income, but also can increase the participant’s economic efficiency. On the other hand, the way can reach the purposes of reducing the rival, improve the occupation rate of market, and strengthen market force, and then the banks can get to the long-term chance of obtaining marketing. Thereby western developed countries boom another round of the upsurge of merging banks at the end of the 20th century.
Under this new development trend, the silver industry bank in Japan began the recombination and the amalgamation of the new round after Citibank NA amalgamated with tourist’s bank in 1998. The amalgamation and recombination of Japan banking not only is the objectively requirements of Bank of Japan achieving large-scale economic strengthening the international competitiveness for meeting the financial globalization, liberation, but also is the inevitable outcome of breaking away the present Japan financial predicament, and deepening banking system reform. The 20 more than already existing Japan heavy bank after amalgamating, which forms basically already the five financial groups, which is Mizuho Holdings Inc、Sumitomo Mistsui Banking Corporation、Mitsubishi Tokyo Financial Group、United Financial of Japan, and ResonaBank. The five financial groups are cores in order to face the new financial pattern in 21st century centrally. Compare with the reorganizations of the Japan banking in the past, this reorganizations of wheel not only is unprecedented, and involve in extensive range scale, but also have new characteristic not possessed in the past as follow: 1.Break the demarcation line of the group; recombine according to the market principle; 2.Recombine among different industries; realize the mixing industry manages; 3.Innovate the amalgamation forms, which regard establishing the holding company of the finance at the main form;4.The foreign capitals participate in the recombining, which improve the international open degree of the Japanese financial market.
The meaning of this round of Japan finance recombination is great and far-reaching.
The first, the recombination help the constructing again of Japan’s financial system, it is not only the breach which rebuilds Japan’s financial system, but, at the same time, the new financial patterns after recombination, make the Japan traditional banking system the deep renovation. It is after the war in Japans take shape at the fifties “powerful, in order to subjectively for financial administration when its is strong since it is very of judging nature, made taking off with Japan’s economy for the banking system of the characteristic at indirect finance, main bank” and financial globalization, development drawback of liberalization are outstanding day by day. On later stage in the 1990s, Japanese authorities were sober too to realize that the financial system rebuilt the importance and urgency, and has accelerated the paces of the financial reform, and the amalgamation and reorganization of this wheel of the banking of Japan will promote “regeneration” of the Japanese finance from following respects further: 1.Weakened the long and steady financing relation between the bank enterprises inside the group, accelerated the transition from financing of “relation type” to the marketization financing way of “credit type of risk” inside the group, accelerated transition from the stability holding share in the group of the bank to mobility. 2.Supervise way science to the government and put forward higher request internationally. 3.Weakened the long-term, steady financing relation between Japan’s traditional silver enterprise, have promoted the disintegration of the relation of holding share each other, thus promoted and coordinate the competition to transform from” protecting type” into competition of market of “style of opening” among the bank.
The Second, Japan’s big enterprise unique stock right structure is: shareholder of enterprise legal personization, legal person hold share load and higher than individual rate of holding share, company it has to be heavy legal person enterprises basically by big share holder, it is high to stabilize shareholder’s rate; Legal person’s enterprise holds share each other in group from, Above-mentioned unique stock right structures become the property right base of the Japan large enterprises. Through the reform of the holding share stock manners and structures to watch, the stock right structures of enterprise must be influenced. In consequence, the reform will cause enterprises of Japan corresponding the changes of management and administration:
1.Japanese banking amalgamates the transition from holding share steady to flowing and holds share of bank, which are caused inevitably by Japanese banking amalgamation, thereby, the personal share holder’s status is improved, the function of surveillance and inspirit of the stock marketing and interior constraint and incentive mechanism of companies receive full play function, and then has optimized the structure of managing of company, and improved the business efficiency of the enterprise; 2.Shaking the property right foundation that the enterprise group forms, this undoubtedly breaks away from the constraint of group and serious to the Japanese enterprise, it improves management promote enterprise go on and step group amalgamate, accelerate and to new industry develop advantage of offering by field industrial structure adjustment Japan.
Our country belong to Asian modes together with banking system of Japan, a lot of similarity exists, however, Japan amalgamate and recombination experience have more important meaning for our country the developments of banking by relatively high; The national wealth of Japan is rich, the ability to resist risk is relatively strong, but the national wealth of our country is not far as Japan, the ability to bear to the crisis of financial circle is relatively weak, thus the amalgamation and recombination of the banking of our country should confirm to the characters and conditions of our country, especially should pay attention to the several points that are as follow: 1.Deepen the property right system reform of the banking of our country, transform the business bank of our country according to the system of modern enterprise strictly, the business bank that makes become the main part of property right with independent legal personality, become the most genuine business bank; 2.Correct to know and deal with government behavior and the recombination to banking, make the bank of our country amalgamate and recombine according to the market principle, regard raising the efficiency as the starting point; 3. Make and perfect every competition rules of the banking and the shareholder’s lawful rights and interests, amalgamate and clear away the legal obstacle for the banking.