工商银行张红力 工行副行长张红力:商业银行如何应对利率市场化带来的挑战

今天我发言的题目是《利率相关公司股票走势

工商银行金融街市场化和商业银行的应对》,是比较微观的,从我们商业银行的角度来讲,看一下整个利率市场化给我们带来的挑战和我们应该怎么样来进行应对,有什么样的建议。

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"%20alt="工商银行张红力%20工行副行长张红力:商业银行如何应对利率市场化带来的挑战"%20/>

人民币利率市场化的步伐在过去这几年当中明显加快

2012年人民银行曾经先后两次调整存贷款基准利率,并扩大利率的浮动空间。2013年金融机构贷款的利率管制全面放开,金融机构市场利率的定价整个机制的建立,可以说贷款基准利率的集中报价和发布机制开始运行,同业存单的发行、交易在稳步的推进。

2014年,也就是今年3月1日,上海自贸区先行取消了小额外汇存款的利率上限,可以说目前金融市场的绝大部分资金价格都已经实现了利率市场定价,拆借、债券、商业票据和贷款利率都已经放开,现在金融机构的存款利率大家都知道,还实行着上限的管制。

与此同时,随着市场化定价金融产品的不断增加,特别是市场化的理财产品和信托计划利率显著高于同期存款利率,一定程度上形成了对于存贷款的替代,对于最终的利率市场化形成了倒逼。在这样的金融大环境下稳步推进利率市场化改革,不仅仅是党的十八届三中全会的要求和“十二五”计划规划明确提出的要求,也是我们目前党中央和国务院部署的金融领域改革的一个重点的任务。

如何应对利率市场化带来的挑战?

无论从宏观政策上还是从实践上来讲,利率市场化可能是越行越近。如何应对利率市场化带来的挑战?这也是我们商业银行面临的一个重要的课题,下面我想谈两点意见:

第一在综合金融当中如何提高核心竞争力将是我们商业银行应对利率市场化改革的关键所在

综合经营是商业银行实行市场发展、客户需求多元、完善服务功能的必然选择。利率市场化进一步成为商业银行竞争的关键,因为从现在的市场期待来讲,利率市场化短期内将导致银行的净息差,将明显收窄,增加了银行的经营压力,银行盈利增长的不确定性将明显增加。

当然为了更好的应对利率市场化的挑战,商业银行应加快实施我们的战略转型,优化结构,而且当中最重要的、最关键的莫过于推进更多综合化的经营。从国际上的经验来看,从上世纪80年代以来,国际金融市场利率市场化已成趋势,在利差收窄,利益威胁在银行生存发展的背景下,国际银行也从产品为中心转向以客户为中心,通过综合化经营满足客户日益丰富的需求变化,以谋求自身的可持续发展。

经过最近几十年的发展,世界范围内银行业的综合化经营已经成为趋势,国际大银行的综合化程度也很高,业务范围涉及越来越广。相比之下,我们国内银行业的资产结构和收入结构比较单一,而由利率市场化保证的阶段性的生存危机现实的摆在了我国商业银行的面前。

经营结构和经营模式的转型已经成为国内商业银行的当务之急,而综合化经营是国内商业银行实现转型和持续发展的必要手段和主要途径。只有坚定、稳妥的推进银行综合化的经营,来开拓新兴业务的领域和收入来源,才能保证我国商业银行成功的应对利差收窄的挑战,实现健康而可持续的发展。

银行的综合化经营一般来讲可以分为三大类:一是与银行传统功能高度相关的,包括商业银行服务、风险较低的信托、租赁保险、财务顾问、证券经纪、资产管理、初审的一些衍生品交易和投资类的业务;二是与银行传统功能比较相关的,包括风险较高的投行、信托、租赁、保险、债务产品交易以及高级衍生交易等产品;三是与银行传统的功能业务关联性并不高的,包括直接投资,复杂的衍生品交易、高档投资等业务。

随着利率市场化加速,企业和居民金融服务的提升升级,商业银行迫切需要推进综合化经营。

以第一类作为主体,第二类作为补充,第三类要根据各个银行的经营能力、风险管控能够和技术能力有条件的实现。也就是说商业银行的综合化经营,要转化为存款和贷款模式为主体,兼顾价值管理模式的经营体系,实现商业银行作为融资中介、交易中介、信息中介,平衡好利差收入、交易差收入以及中间业务收入,全面适应利率市场化的趋势和经济发展的需求。

目前我们的经济还处于结构调整的转型期,改革创新将成为发展的重要推动力。商业银行应充分利用自身的规模优势、系统优势、人才优势、渠道优势,围绕商业银行的主业,不管推出商业银行非牌照类的创新业务。创新开展基金、证券、租赁、保险等牌照类的新型业务,扩大经营范围和市场范围,建立多元化、可持续的盈利增长格局。

第二在推进利率市场化的过程当中,建议我们的监管层要进一步完善基础设施建设

商业银行必须适应利率市场化改革的要求,利率市场化的推进也必须需要完善相应的基础条件。首先形成权威的基准利率,实际上中国存在着多个基准利息率,比如央行公布的存贷款利息率,国债收益率,还没有形成银行间隔夜拆借的利息率和国债收益率,无风险收益率曲线或者期限结构区县。

所以中国必须在发展和完善各类金融市场的基础上,形成相应的收益率曲线。比如尽快完善银行间拆借市场,使Shibor成为具有美联邦基金利息率和欧洲央行主要再融资的利息率。

建立我国的存款保险制度,构建充分竞争的市场竞争环境,是财务的硬约束,而不是软约束,要把有财富约束的企业和只有软约束的企业放在一起进行竞争会出现问题。除了硬约束还要防止病号型的竞争,以避免有问题的机构用更加冒险的方法,用不正常的利率进行竞争。所以要选择具有硬约束的金融机构,让他们在竞争的市场当中产生定价,在一定程度上,把财务软约束的机构排除在外。

要按照宏观审慎管理的要求,确立达标经营企业必须具备硬约束的条件,在利率市场化的调节过程当中,允许达到宏观审慎标准的经营企业有更大的自主定价权。对于软约束的金融机构,或者是病号型的金融机构,暂时还不能给过大的经营权,否则将缺乏自我约束,避免出现扰乱市场的一些问题。

要推动整个金融产品和服务价格体系的市场化,利率市场化的改革应整体推进,在开放存贷款利率的同时,其他一系列上下游产品和替代产品的定价权也应该同时交给市场来进行决定。建议国家有关部门在逐次放开利率管制的同时,放开商业银行中间业务等收费的合理定价权,逐步实现汇率的市场化。

鼓励商业银行的综合化经营和产品创新,我国应当而且可以分类的开放银行业的综合经营,在严格的监管情况下,循序渐进的稳妥推进,全面开放和商业银行传统功能高度相关或者比较相关、风险可控的综合经营业务。部分开放与商业银行服务比较相关、风险基本可控的综合经营业务。

准许国内合格的银行试点进行开展,逐步进行推进,有限度的开放商业银行服务相关度不高,且目前控制力与风险程度未能匹配的综合类业务,主要是指这些复杂的衍生品的交易和高杠杆的一些投资。建议在推进利率市场化的过程当中,国家给予商业银行更大的产品创新自主权,对法律法规范围内风险可控的业务和产品创新实行各银行总行审批,一行三会报备制。

总之,进一步推进利率市场化的改革,要求利益相关的各个主体在多个领域互动和相互促进,在稳步协调推进的原则下,实现社会、银行、客户在利率市场化过程当中的共赢!