A Comparative Study On The Property Right Institution Of Commercial Banks Between The U.S. And Japan

The commercial bank is an important component in the financial system and its steady and sound development has a great influence on the economic security of a country. Among the numerous factors influencing the management and development of the commercial bank, property right institution is a most basic and important one. From the theoretical point of view, there are mainly two kinds of property right institutions, namely the private property right institution and the state-run property right institution. The major schools of economics, such as the property right theory, the corporation theory and the new institution economics, etc. have deeply probed into the efficiency of these two kinds of property right institution. Although the above theories hold divarication in many aspects, they have come to a common understanding on the efficiency of private property right and state-run property right, namely the latter is less efficient than the former.Since the reform and opening-up, China has adopted the policy of gradual reform in the financial system, following the principle of breaking through from the edge and part and pushing into the centre progressively. After more than 20 years of exploration and practice, great progress has been made in the reform and adjustment of state-run commercial bank and the efficiency of bank has been raised to some extent. The state-run commercial bank in China has been always in the developing stage, so its reform in the past has always been concentrated on the transformation of management mechanism and the transfer of the power to a lower level and hasn't touched the issue of property right.With the fast socio-economic development in China, the commercial bank in China grows more and more powerful, but the problems caused by the defect of state-run property right institution is getting more and more serious. The state-run commercial bank concentrated the majority of the financial assets, so it is the lifeblood of the national economy and concerns the security of national economy to a great extent. The entry of foreign banks and the development of economic globalization make the state-run bank in China faced with more severe challenge. The "Decision" of the Third Plenary Session of the 16th Party Central Committee proposed clearly that the state-run commercial bank implement corporationized transformation and set up a contemporary property right institution, which has "clearly affiliation, well defined right and responsibility, strict protection and smooth operation". At present, China Construction Bank and Bank of China are carrying on the corporationized transformation and coming into the list share market, which symbolized the formal launch of the corporationized reform of the state-run commercial bank in China.The property right institution reform of the state-run commercial bank is quite a complicated system engineering, the core of which is to reform a series of system arrangements in conformity with the property right institution of state-owned proprietorship into the system arrangement in conformity with property right pluralism (including private property right). In this sense, the corporationized reform is not only the goal but also the means of the state-run commercial bank reform and the most important is to set up a new institution framework through the corporationized transformation. The objective of the corporationized transformation of the state-run commercial bank, a special kind of enterprise, should be to set up an effective corporate governance structure under the framework of contemporary enterprise system.The corporationized commercial bank is the primary form in the western commercial bank system and it has already formed a comparatively perfect institution system after centuries of development. Among the corporationized commercial bank in the world, the American and Japanese ones are the most important representatives in the aspects of the property right institution and governance mode. The main characteristic of the commercial bank in the U.S...