| Commercial Bank's listing is a quite widely spread phenomenon in the world. At the end of 2001, there were more than 900 listed banks at New York Stock Exchange (NYSE) occupying over 30% of the total number of listed companies at NYSE, and there were also over 900 banks listed at NASDAQ occupying a proportion of 19%. Globally universal banks are nearly all listed without exception. But in China, bank listing started relatively lately. Shenzhen Development Bank was always the only one listed bank until 1999. From then on Shanghai Pudong Development Bank, Minsheng Bank of China and China Merchant Bank have gone to the public in sequence, which induced the banking business's vehement response. Currently domestic share-holding commercial banks are making preparations for listing. Huaxia Bank has been approved to list, and Industrial Bank, Communication Bank, Citic Industrial Bank, Guangdong Development Bank and Ever Bright Bank of China are now all striving for this license. Even the four state-owned commercial banks have asked for listing without any agreement in advance. Much attention and great expectation has been paid to bank's listing. It could be foreseeable that in the coming years our country will experience a high tide of bank's listing. Though, why so many banks want to get the license to be listed? About this question there have been quite a few articles published, but most of which focused on that listing could help increase the bank's capital sufficiency ratio. It is without saying that banks most need the public's trust and stability is banking operation's first goal. So in the author's opinion this research should not be only focused on reinforcing capital fund, but pay more attention to the effects bank's listing would make on bank's stable operation.Bank's listing is absolutely not a free lunch. It means that on the onehand, true information should be disclosed fully and in timely manner according to stipulations whether voluntarily or not, whether the information may mean bullish or bearish. On the other hand, equity's free transition results in stock price's fluctuation. In such situations, could the listed banks operate more stably than non-listed banks? Currently, related articles are mostly quite short and not enough in comprehensiveness. Therefore this thesis's goal is to make an all-round and systematic study on this topic by means of combining the reality of our country's listed banks.The discourse comparatively analyzes the operations between listed and non-listed banks in the order of theoretical analysis, then practice verifying and finally guiding practice with relative theory. Firstly, taking listed banks' two features different from non-listed banks——full information disclosure and equity's free transition——as the premises, this thesis analyzes how listing helps listed bank to operate stably in detail from three angles of bank's internal management, external market constraint and official supervision and management. Secondly, the vertical comparison of Chinese listed banks' performance between pre-listed and post-listed and horizontal comparison between listed banks and unlisted banks together verify that listing's benefit for bank's stable operation is actually in deed in China. Finally, the above two premises are reanalyzed, and further study on how to play the listing's promotion on banks' stable operation to full extent in China is made in order to guide our practice.This thesis consists of four chapters, and the main extent is as follows:Chapter I is the basis of this thesis and makes the comparison between listed bank and unlisted bank. Started from the definition of bank's listing, two important features of listed bank are analyzed, that is full information disclosure and equity's free transition. The former is thepremise of protecting investors' interest, and the latter provides the effective method for investors' interest protection. Both two are integrated in the institution of bank's listing and are both indispensable. Chapter... |
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