中国の商業銀行の所有者構造と大口貸出先に関する実証分析
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概要
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Under the reform and opening-up policy, reform of the banking system began in earnest in China in the mid-1990s with the growth of the economy. By converting to joint-stock corporations and listings, commercial banks in China underwent rapid change in their ownership structures. Nowadays, not only do state-owned banks exist, but private-owned and foreign-investor-owned banks have also appeared. In these turbulent days, some issues are becoming increasingly important to China, due to the country having a bank-centered financial system: what are the statuses of the banks' owners and borrowers? What is the relationship between them?Obviously, many studies of China's banking system have been undertaken. However, nobody has so far performed an empirical analysis on microdata such as the equity shareholders or banks' borrowers because of insufficient data. During the process of converting to joint-stock corporations and listings, commercial banks in China have in recent years finally started to publish their information. This paper selects 67 commercial banks that published annual reports in 2006 in China, compiles the top 10 owners, top 10 borrowers and other related data for each bank, and empirically analyzes these data in detail.From the analysis, the following conclusions are drawn. China's system of infrastructure investment is unique, compared with those of other countries. It partly results from the ownership of commercial banks in China, which is mostly by central government, local governments or state-owned enterprises. Chinese central government authorizes local governments to make investment decisions concerning infrastructure; local governments fulfill this investment themselves or call on state-owned enterprises. However, infrastructure funds mainly come from bank loans rather than government treasury. Hence, we can say that the economic growth model of China has two aspects. Firstly, China is a central-government-controlled economy, as conventionally understood based on the role of central government in the macro-economy, such as interest and exchange regulation, planned economy, etc. On the other hand, according to the analysis presented above, China's economic growth is actually led by local government investment.
- 一般財団法人 アジア政経学会の論文