중국 국유 상업은행의 주식제 개혁에 관한 연구

Abstract

After starting the reformation, China has repeatedly grown in the field of the real economy but has fallen behind in the financial system compared to other advanced countries despite of its external growth and the opening. Liumingkang who was the president of the Chinese bank when China joined the WTO in November of 2001 stated his opinion that Chinese bank industry will not survive in the financial world because of newly entering foreign financial organizations unless China surely becomes competitive within 5~10 years. Thus, he emphasized that three main duties for survival are: first, the government should establish the overall goal of the reformation by forming the bank reformation committee, second, this goal should be continually executed without any corruption for a long time and financial circles should be innovated by establishing laws related to the finance appropriate to the market economy, and, third, the reliable market should be formed by creating the credit culture. However, due to the prolonged monopoly of four main Chinese state-owned commercial banks, which occupy more than 50% of the Chinese financial capital, there is not enough efficiency, financial circles cannot be free from interruption of the government yet, and relatively strong planning and administration even on the increase of capital of a bank. Many problems such as insolvent debt of state-owned commercial banks, weak financial structure, the system of governmental monopoly, etc. are caused by the continuation of the single property rights system in the time of planned economy. The reformation of Chinese state-owned commercial banks started from 1984, and a series of reforming measures on such financial opening are taken after Hoojintao government entered in 2003. The most important content of these is the reformation that changes state-owned commercial banks into corporations. This signifies that China will execute the reformation of changing to corporations and even try to list on foreign markets by improving the management structure of state-owned commercial banks in order to solve the insolvent property and capital problem caused by historical reasons. This means that reformations that executes the responsible and rational management by dividing the possession and management and that makes state-owned commercial banks not only the market but also the private possession by China's trial to divide and pluralize the single possession structure of the country have started. By October of 2006, the present, three of four main state-owned commercial banks except for the agricultural bank have been changed into corporations, and the construction bank and the Chinese bank have been listed to the Hong Kong stock market in October of last year and June of this year, respectively. Also, the industrial and commercial bank, which has the greatest property in China, has been listed to both Hong Kong and Shanghai stock markets in October of this year. Additionally, the agricultural bank is scheduled to be listed on foreign markets after changing into a corporation by the year of 2007. The complete opening of Chinese financial markets, which was scheduled in the late 2006, is expected to progress without any problem since the listing of four main state-owned commercial banks that are the backbone of Chinese financial circles are being successfully finished after the stock system reformation. The fact that problems on Chinese financial system, which were considered to be impossible to solve, are rapidly being solved is the result of both the need of government that has to make financial circles normal by following the schedule of the opening and the demand of foreign banks on the property of China in which is infinitely valuable to invest. Keywords : stock system reformation, chinese state-owned commercial bank, chinese financial market