中国社会科学院研究生院博士学位论文 指导老师姓名：朱荫贵 职称：教授 中国社会科学院经济研究所 本人姓名：尧秋根 申请学位级别：博 士 申请学位专业：经济学 论文提交日期：2003年4月 论文答辩日期：2003年5月29日 学位授予单位：中国社会科学院研究生院 答辩委员会主席： 论文评阅人： 2003年4月 摘 要 市场化是理解银行制度变迁的关键问题。银行市场化是银行改革的主流趋势。要想廓清中国银行业的发展道路，分析中国银行业走向市场化的历程，探索银行业在此过程中的种种遭遇，从近代中国银行的个案研究中可以得到很多启迪。 清末民国以来，以中国银行的历史最悠久、资产最雄厚、信用最巩固、业务最活络。回顾中国银行的百年历史，人们可以看到中国银行市场化百折不挠的努力；细赏近代中国金融业市场化的“镣铐舞蹈”，可以选取近代中国银行作为突破口攻而胜之。 在近代经济社会环境、政府宏观政策环境下，中国银行市场化必然步入政府主导的道路。近代呆滞的经济状况、薄弱的社会经济基础、跌宕的政局对银行发展的制约从而使其业务难以产生“需求尾随”、社会经济的欠发达制约了银行的发展、制度上存在的缺陷和政府部门的错误政策、金融管制宽泛与呆滞的经济状况形成了恶性循环等难以摆脱的困境，使得中国银行在市场化的过程中有必要重视政府的作用，通过国家力量来取得跨越式发展。近代政府在中国银行市场化进程中扮演的角色，揭示了在后发国家进行银行市场化改革的一个悖论：既需要强政府的帮助，又可能受到它的压制。 在近代特殊的社会环境里，来自于政府的制约是主要的。清政府、北洋军阀政府到国民党政府对中国银行的制约与管制逐渐加重，直至完全控制。1916年北京政府向中国银行下达“停兑令”，以行政命令干扰中国银行的业务。南京政府成立后，通过两次重组逐步把中国银行纳入南京政府金融垄断体系的一部分。国民党政府通过不断要求中国银行垫借款项，从经济上削弱中国银行实力；1928年改为国际汇兑特许银行，从业务上限制中国银行；1928年加入官股，开始从经济上控制中国银行；1935年继续加入官股、派遣负责人，从经济、业务、管理和政治上全面控制中国银行；第三次加入官股，完全把中国银行改为国有。 近代中国银行在无力改变“大气候”的情况下，对自身进行了内部组织、管理制度、信用经营、银行业务、内部管理等方面的许多改变和创新。制度创新以国家控制的国有金融产权形式为背景和起始点，主要解决组织结构和银行自主权的问题，即从以政府为主到以民营为主再到以政府为主的制度建设和制度体系的培育；内部管理创新主要是提升管理水平，减少风险，提高人员业务素质，谋求利润最大化；业务创新是近代中国银行的活力之源，是扩展业务领域、迅速占领市场、增加收益、提高效益的有效途径，也是中国银行得以取得较快发展的最主要原因之一。业务创新主要体现在解决银行作为企业的利润来源和与工商业的关系问题，即从主要来源于政府业务利润，到来源于企业、政府两个方面，并有主要来源于企业的发展趋势，再到主要来源于政府。所有创新的目的都是为了应对政府的干预、制约，减少其消极影响，力求在政府的干扰下，银行仍然能维持正常运转，并与外资银行、传统金融机构、其他国内银行展开市场竞争。 总之，中国银行在清政府、北洋军阀、国民党政府统治的三个时期中，随着政府控制的放松与抽紧而不断调整自己的发展模式和存在方式，以维持银行的经营和赢利。中国银行市场化是以政府主导为特征的。 在政府主导下，近代中国银行市场化遵循着两条可逆的线索。一条线索是，随着当时政府对银行制度的修正，中国银行与政府的关系在矛盾与合作中展开，政府通过货币政策与财政政策、政治力量以及人事干扰等对当时的中国银行产生了巨大的影响，中国银行的业务由此在很大程度上依赖政府，并且政府通过控制股权和派遣经理直接插手中国银行的内部管理，使中国银行的发展被制约、作用在近代被扭曲；另一条线索是，在固定的近代社会经济大背景下，为消除政府制约带来的消极影响，中国银行在银行内部进行了许多企业组织创新、业务创新、管理创新等方面的改革，使银行自身的经营管理水平、市场化改革以及银行家的领导作用等对中国银行的发展产生了较大影响。从总体上衡量，近代的中国银行经历了一个制约大于创新、创新无法完全突破制约的市场化过程，中国银行市场化创新是在有限的范围内进行的。 关键词：近代 中国银行 市场化 政府主导 制约 创新 Abstract Marketlization is a key issue to understand the evolution of bank system, as well as it is the mainstream trend of bank reform. It’s necessary to analyze the marketlization process of Chinese bank industry as well as the frustrations in this course in order to track the development of Chinese bank industry. This paper aims to probe into this issue, with China Bank’s development during Modern Period as the case study. Since the end of Qing Dynasty and Kuomintang Administration, China Bank has been noted for the longest history, the most substantial properties, the best credit and the most flexible business. We can see its unrelenting efforts on marketlization when we review the hundred years history of China Bank. China Bank is an appropriate sample for probing into the rocky road of Chinese financial marketlization in Modern Period. In the context of social, economic and political environment of Modern Period, the government dominated the marketlization process of China Bank inevitably. The development of Chinese bank industry during Modern Period was hindered by the inactive economy, the weak base of social economy, and the unstable political status, hence its business couldn’t tag along the demand.The less-developed social economy blocked the development of bank business. System with flaws, unwise policy of the government, excessively extensive finance regulation and the inactive economy formed an evil cycle, therefore, the government should play a dominant role to achieve leap-forward development during the marketlization process of China Bank. The role played by the government during the marketlization process of China Bank in the Modern Period reflects the dilemma confronted by the less-developed countries during their bank industry’s marketlization reform. On the one hand, it can’t do without the powerful government, and on the other hand, it is oppressed by the government. In the special social environment of Modern Period, the main constrains faced by China Bank was stemmed from the government. From the Qing Dynasty, to Administration of the Northern Warlords and Kuomintang Administration, the constrains and regulations were tightened gradually, with complete control as the end. Beijing Administration announced the “Stopping Exchange Decree” to China Bank in 1916 and interfered its business by administrative prescript. Nanjing Administration integrated China Bank into its financial monopoly system gradually through two restructurings after its establishment. Kuomintang Administration asked China Bank to pay money in advance, and weakened its strength economically. Kuomintang Administration turned China Bank into Franchise Bank of International Exchange and restricted its business in 1928. At the same year, the Administration controlled China Bank economically with state-hold stocks. In 1935, with more state-hold stocks and assigning managers, the Administration completely controlled China Bank in terms of economy, business, management and politics. Finally, China Bank was changed into a state-owned bank after the third time increase of state-hold stocks. As unable to change the macro environment, China Bank in Modern Period reformed its own structure, management system, credit operation, banking business and made relative innovations. In terms of system innovation, the main point was to solve the problems of structure and self-determination right, changing the system from that dominated by the government to that by the private sector and finally back to the former one, with state-owned financial property rights as the start point. As for the inside management innovation, the most important was to improve the management, to decrease the risk, as well as to advance the abilities of staff and to seek the maximum profit. Business innovation was the vigor source of China Bank and the effective method to extend business, and to increase market share, profit and effectiveness. Meanwhile, it is the major reason of China Bank’s fast development. Business innovation was mainly related to the profit source of bank and the relationship between China Bank and the industrial and commercial sectors. The key profit witnessed changes several times, from government, to combination of government and enterprises, then enterprises, and to government. All of the innovations were aimed to respond to the interference and restricts of government and minimize the negative impacts. China Bank strived to maintain its ordinary operation and to compete with the foreign banks, traditional financial organizations and other domastic banks. In one word, during the period from 1905 to 1949, China Bank adjusted its existence and development patterns according to the tightening and loosening of governments’ control to maintain its operation and profit-making. Government-oriented featured the marketlization process of China Bank. There are two reversible tracks of China Bank’s marketlization course during the Modern Period. One is that with the change of government’s regulation for bank, the conflict and cooperative relationship between China Bank and the government was developed. The government influenced China Bank by monetary and financial policies, political power and personnel interference. Meanwhile, the government also intervened the management of China Bank through holding shares and assigning managers, hence restricted China Bank’s development and distorted its function. At the same time, China Bank’s business depended on the government mostly. The other is reforms in structure, business, management of China Bank to minimize the passive impact of government’s restricts, and to enable the effects of operation, marketlization reforms and leadership of bankers on China Bank’s development. Generally speaking, during the marketlization process of China Bank in the Modern Period, there were more constrains and restricts than reforms and innovations, and the reforms couldn’t break through the constrains. Therefore, the marketlization innovation of China Bank during this period was limited. Key words: Modern Period, China Bank, Marketlization, Government-oriented， Constrain, Innovation.