深圳证券交易所综合研究所

The shenzhen stock exchange comprehensive research institute

　　小微企业金融服务是我国金融体系的薄弱环节。支持一批专注于服务小微、服务三农、特色鲜明、差异化发展的优秀城市商业银行（以下简称“城商行”）、农村商业银行（以下简称“农商行”）上市发展，是提高我国金融体系小微企业服务能力的现实途径，也有利于促进A股上市银行的多样化，为希望把握银行业发展趋势的投资者提供更多的选择。

Small micro enterprise financial services is the weak link of the financial system in China。Support a number of small micro focus on service、Service agriculture, rural areas and farmers、characteristics、Different development of outstanding city commercial bank（Hereinafter referred to as“City firm”）、Rural commercial bank（Hereinafter referred to as“Agriculture firm”）Listed development，China's financial system is to improve the enterprise service ability of little practical way，Also be helpful for promoting A shares listed bank of diversification，To grasp the development trend of the banking industry to provide investors more choice。

　　对推动城商行、农商行上市，目前仍存在不少争议。我国大型商业银行和股份制商业银行多已市场化经营多年并改制上市，资本实力和业务能力都较强，近年在政策推动下积极开展小微企业金融。为此，要推动城商行、农商行上市，需厘清下列问题：（1）城商行、农商行在小微企业金融上的作用有多重要、上市规模扩大后是否仍将专注小微企业金融，推动其上市是否有必要性？（2）城商行、农商行的盈利性、成长性和综合风险状况如何、能否给投资者创造价值，推动其上市是否有可行性？（3）城商行、农商行数量众多，应采用哪些上市择优标准？

To promote the city businesses、Agriculture listed firms，At present there are still many disputes。Our big commercial Banks and joint stock commercial Banks have been marketized operations for years and listed on the restructuring，Capital strength and ability, strong business，In recent years, in the policy to promote actively developing small under the enterprise finance。For this，To promote the city businesses、Agriculture listed firms，Need to clarify the following questions：（1）City firm、Farmers in the small business enterprise financial role micro how important、If the listed scale still will focus on the small micro enterprise finance，Promote its listed if there is necessity？（2）City firm、Agriculture business profitability、Growth and comprehensive risk status、Can you give investors to create value，Promote its listed if there is feasible？（3）City firm、Agricultural businesses in number，What should be the listed according to standards？

　　为研究上述问题，我们近期对甘肃、江西、河南、河北、江苏、浙江等地的多家城商行、农商行进行了调研，初步调研发现如下。

As the research of the above problems，We recently of gansu province、jiangxi、henan、hebei、jiangsu、Zhejiang, the number of home city businesses、Agriculture research on the firm，Preliminary investigation found below。

　　一、一批城商行、农商行较早定位为服务小微、服务三农，已逐步发展出各具特色的小微企业金融运营方法，小微企业贷款占比长期高于银行业平均水平。在大银行较侧重服务优质小型企业、民间金融还需规范的现阶段，城商行、农商行长期、规范、全面地服务小微企业，示范效应和辐射效应显著，作用不可替代。

a、A group of city firm、Agriculture firm earlier location for the service small micro、Service agriculture, rural areas and farmers，Has gradually developed out of distinctive small micro enterprise financial operation method，Small micro enterprise loans accounted for long-term higher than average level than the banking industry。In the big Banks more emphasis on service quality of small enterprises、Private finance still need to regulate the present stage，City firm、Agriculture firm long-term、standard、Comprehensive service small micro enterprises，Demonstration effect and radiation effect is remarkable，An irreplaceable role。

　　调研发现一批城商行、农商行较早转向小微企业和经营类零售客户，已发展出各具特色的商业性小微企业金融运营方法，小微企业贷款占比较高，多家城商行、农商行近两年的小微企业贷款占比达50%～80%，显著高于全国平均水平。

Research found that a group of city businesses、Agriculture firm earlier to the enterprise and business class small retail customers，Have developed unique commercial enterprise financial operation method little micro，Small micro enterprise loans accounted for is quite high，Much home city firm、Nearly two years of small farmers firm micro enterprise loans accounted for more than 50% ~ 80%，Significantly higher than the national average。

　　由于主要经营地经济发展状况不同，城商行、农商行小微企业金融的业务发展历程也有所不同。

Because basically apply to different economic development，City firm、Agriculture firm small enterprise financial business micro development course is also different。

　　第一种情况是主要经营地的民营经济和小微企业发展较早，因此地方城商行、农商行在创办之初就以小微企业和经营性零售客户为主。

The first kind of circumstance is mainly apply to the private economy and small micro enterprise development earlier，So local city businesses、Farmers in the beginning of the firm founded by small micro enterprises and business retail customers give priority to。

　　代表银行如东部某城商行。该行主要经营地批发市场发达，个体工商户和小微企业众多，而该行1988年成立之初只有10万元资本金，内外部条件决定了该行从成立起就以地方小微企业为主要客户，并在至今的20余年内始终坚持“额小、面广、期短、高效”的业务理念。截至2011年9月末，该行各项贷款余额314.14亿元，有余额贷款户6.2万户，户均贷款额43.62万元，其中100万元以下的贷款户占到所有贷款户的92.68%，贷款余额占全部贷款余额的55.93%。

Representative east Banks such as a city businesses。The bank mainly apply to the wholesale market developed，Individual and industrial and commercial door and small micro enterprise many，And the bank was founded in 1988 and only 100000 yuan at the beginning of the capital，Internal and external conditions from the bank decided to set up in local small enterprise as the main customers micro，And in more than 20 years since always adhere to“Small amount、wide、Short period、efficient”Business concept。By the end of September 2011，The bank all balance of loans 31.414 billion yuan，A balance and loans of 62000，Worth $436200 loan specified amount，Among them 1 million yuan of the following loans accounted for all loans and 92.68% of households，The loan balance of all 55.93% of the outstanding balance of the loans。

　　第二种情况是随着当地民营经济和中小微企业的发展，以及我国银行业从规模竞争向差异化竞争的转型，地方城商行、农商行从大中企业客户逐步转向中小微企业客户。

The second is, as local small and medium-sized private economy and the development of enterprise，And from scale competition in China's banking industry to the transformation of difference competitions，Local city firm、Farmers from large and medium-sized enterprise customer business gradually turned to the small and medium enterprise customers micro。

　　代表银行如西部某城商行。该行主要经营地铁路干线密集，在此布点的经贸类企业能覆盖甘青宁、甚至陕西，因此不少江浙等地商人都来此经营批发代理业务。而在该地大型国有企业改制过程中，也分离出一批制造业中小企业，为了给大型国有企业作配套和销售，也形成一批中小企业。该地民营企业和中小微企业近年获得较大发展，该行也逐步认识到城商行的比较优势在于中小微企业金融，于是从2001年开始致力于服务中小微企业。

Representative western Banks such as a city businesses。The main railway lines to apply to the dense，In the economic and trade points of enterprise GanQingNing can be covered、Even shaanxi，So a lot of the jiangsu and zhejiang provinces, to the wholesale merchants all business agency business。And in the large state-owned enterprise restructuring process，Also isolated a number of small and medium-sized enterprises manufacturing industry，In order to give large state-owned enterprise for supporting and sales，Also the formation of a number of small and medium-sized enterprises。The private enterprises and small and medium-sized enterprise development in recent years the get great，The bank also come to realize that the city is small and medium-sized businesses the comparative advantages of the enterprise finance，So since 2001 small and medium-sized enterprise dedicated to micro。

　　截至调研时的2011年10月末，该行已经形成钢材、沥青、医药、食品、水产、汽车、工程机械、农副产品加工等八大核心客户群，企业贷款余额257.84亿元，其中，中型企业贷款余额58.68亿元，占企业贷款余额的22.75%，小微企业贷款余额177.93亿元，占企业贷款余额的69.01%。

By the research of the end of October 2011，The bank has been formed steel、asphalt、medicine、food、aquatic、car、Engineering machinery、Agricultural product processing and eight core customer base，Enterprise loan balance of 25.784 billion yuan，Among them，Medium-sized enterprise loan balance of 5.868 billion yuan，Accounting for 22.75% of the enterprise loan balances，Small micro enterprise outstanding balance of the loans of 17.793 billion yuan，Accounting for 69.01% of the enterprise loan balances。

　　与城商行相比，农商行主要经营地通常为县级市，市场下沉通常更低。在县级市，优秀农商行近年来已发展为服务小微、服务三农的主力军。

Compared with city firm，Farmers often use for the main business at county level，Market sinking are usually more low。At county level in，Good farming firm in recent years has developed for service small micro、The three rural service area。

　　例如东部某农商行1997年就下发了《关于进一步改善金融服务，支持个私经济发展的意见》，要求基层信贷人员为个私经济和小微企业提供全方位服务。截至2011年末，该行本外币信贷总量327亿元，其中农业及农户贷款余额16.57亿元，占全市的70%以上；小微企业贷款余额163.65亿元，占全市的40%以上。

For example the eastern farmers in 1997 a firm issued《On further improve financial services，Support the economic development of the personal opinion》，Basic requirements for private economy and credit personnel small micro enterprise provides the omni-directional service。At the end of 2011，The bank credit amount of local 32.7 billion yuan，Especially in agriculture and farmers loan balance of 1.657 billion yuan，Accounting for more than 70% of the whole city；Small micro enterprise outstanding balance of the loans of 16.365 billion yuan，Accounting for more than 40% of the whole city。

　　调研发现不少大中银行近年也积极开展小微企业金融，但这一顺应政策导向的举措在短期内却可能有负外部性。部分大中银行由于缺少小微企业金融的专项能力和客户资源积累，在刚开展小微企业金融时，往往试图走“争夺其他银行优质小微企业客户”这一捷径，导致部分优质小微企业获得了超过其驾驭能力的信贷资金，并进而盲目进入房地产等非主营业务领域，最终导致经营失败。

Research showed that many large and medium-sized Banks in recent years is also actively engaged in small micro enterprise finance，But this one to conform to policy oriented measures in the short term but may have negative externalities。Some central Banks without the small micro enterprise financial special ability and customers accumulated resources，In just started the enterprise financial，Often tried to go“For the other bank enterprise customers high quality small micro”This a shortcut to，In some high quality small micro enterprise won over the ability of the credit funds，And then, the real estate is not blindly enter the main business area，Eventually lead to business failure。

　　这一现象说明小微企业金融不是想做就能做的低门槛业务。小微企业金融具有软信息密集、劳动密集的特点，是较典型的know-how型业务。虽然小微企业金融原理已基本是公共知识，例如各受访银行都提到了“眼见为实、交叉检验”等小微企业资信调查原理、以及“贷款审核较依靠实地调研与实时跟踪，信用增级以动产抵押、权利质押、联保为主”等业务组织原理，但如何结合当地的经济、人文情况具体运用小微企业金融原理，真正建立起小微企业信用风险评估体系和信用风险定价机制，绝不是一蹴而就的事情，经验积累是绕不过去的环节，客户资源的积累和业务人员的培养都需要时间和耐心。在长期、持续、商业性地开展小微企业金融上，并不是资金雄厚者就必然拥有优势，而是在经验、专项能力和客户资源上有更多积累的成功先行者拥有较强优势。

The phenomenon that the small micro enterprise financial not to do can do low threshold business。Small micro enterprise finance is soft information intensive、The characteristics of the labor intensive，Is the typical know-how type of business。Although small micro enterprise financial principle has basically is public knowledge，For example the Banks are surveyed mentioned“Seeing is believing、Cross inspection”Micro and small enterprise credit investigation principle、and“Loan review a field survey and rely on real-time tracking，Credit enhancement to the chattel mortgage、Right impawn、LianBao primarily”Business organization principle，But how to combine the local economy、Humanistic specific use small micro enterprise financial principle，Set about the enterprise credit risk evaluation system and credit risk pricing mechanism，Is not accomplished things，Experience is not the past link，The accumulation of customer resources and business personnel cultivation all need time and patience。In the long、continue、To develop the commercial enterprise financial on small micro，And is not the abundant funds will inevitably has the advantage，But in the experience、Special ability and customer resources have more success with the accumulation of pioneer stronger advantages。

　　我国银行业正逐步从规模竞争转向差异化竞争；大银行拥有全国乃至全球范围内的多元化服务优势和渠道优势，会更倾向综合金融战略，在小微企业金融上会侧重服务优质小型企业；而民间金融尚需规范，未成气候。在现阶段，一批城商行、农商行既能主动依据自身比较优势持续、全面地服务各层次、各领域小微企业，又受到银监会的严格监管、运作较规范，是发展普惠式金融的稳定力量和重要力量，作用不可替代。

In China's banking industry gradually from the scale competition to difference competitions；Big Banks had the national and global diversified service advantage and channel advantage，Will more likely comprehensive financial strategy，In the small micro enterprise financial on high quality service will small enterprises；While the folk financial still need to regulate，Not ChengQiHou。At present，A group of city firm、Agricultural businesses can active basis for their comparative advantage、Comprehensive service all levels、Every field small micro enterprises，And by strict control of CBRC、Operation is more normative，Is the stability of financial development pratt &whitney type power and an important force，An irreplaceable role。

　　二、小微企业信贷风险管理方法已较成熟，小微企业密集的客户结构并未显著增加优秀城商行、农商行的风险。

two、Small micro enterprise credit risk management method has more mature，Small micro enterprise intensive customer structure has not increased significantly excellent city businesses、Agriculture business risk。

　　调研发现，受访城商行、农商行小微企业贷款近年来表现出收益较高、风险可控的特点，贷款利率通常高出同期大中企业贷款利率1至2.5个百分点，不良率则持续下降并保持在1%以下。这可归因为三层风险保护。

Investigation found that，City firm interviewed、Agriculture business enterprise loan small micro in recent years show income is higher、The characteristics of the controllable risks，Loan interest rates higher than large and medium-sized enterprises in the same period usually loan interest rates 1 to 2.5%，Defective rate continued to decline and remain below 1%。This could be because three risk protection。

　　第一，在小微企业金融上经验较丰富、市场垄断地位和客户控制力较强，不良贷款可控，发生不良也有处置能力。

The first，In the small micro enterprise financial experience is rich、Dominant market position and customer control is stronger，Non-performing loans controllable，An adverse also have disposal ability。

　　首先，小微企业并非没有风险应对能力，小微企业固定成本低、经营灵活，遇到经营困难时能较快地通过减员减产、转换市场等方法进行调整。而城商行、农商行对当地小微企业较熟悉，还能对小微企业优中选优，风险进一步降低。

first，Small micro enterprise are not without risks coping ability，Small micro enterprise fixed costs are low、Flexible operation，Meet managing difficulty can quickly cut through downsizing、Conversion market regulating methods。And city firm、Farmers to local small business enterprise more familiar with micro，For small micro enterprises select optimal optimal，To further reduce the risk。

　　并且城商行、农商行在当地小微企业信贷市场通常有一定的垄断地位，对当地中小微企业的控制力较强，贷后管理到位。小微企业的贷款金额通常不大，小企业主会动用个人甚至家族资金偿还贷款，以保持在当地的融资信誉，银行贷款风险由此进一步降低。

And city firm、Agriculture firm in small local micro enterprise credit market usually have a monopoly status，On the local small and medium-sized micro enterprise control is stronger，After the credit management in position。The enterprise of small loan amount usually is not big，Small business owners will use personal or even family money to repay the loan，To keep in the local financing credit，Bank loans which further reduce risk。

　　第二，聚焦小微企业是符合城商行、农商行比较优势的战略，贷款利率通常高出同期大中企业贷款利率1至2.5个百分点，较高的收益提供了第二层风险保护。

The second，Focus on small enterprise is accord with city micro businesses、Agriculture business of the comparative advantages of strategy，Loan interest rates higher than large and medium-sized enterprises in the same period usually loan interest rates 1 to 2.5%，Higher gains provide the second risk protection。

　　第三，优秀城商行、农商行长期以来高度重视风险管理。城商行、农商行大都由城信社、农信社改制而来，建立初期历史包袱较重、社会信任度较低，唯有不再出大风险、并且经营业绩良好，才能逐步清理消化历史包袱，赢得股东的信任和注资，获得后续发展。如履薄冰的经营环境迫使优质城商行、农商行形成了高度重视风险、锱铢必较的企业文化，发展出一整套小微企业信贷风险管理办法（表1）。此外，作为吸收存款类金融机构，城商行、农商行和大型商业银行、股份制商业银行一样，都受到银监部门严格的合规监管，这为城商行、农商行提供重要的外部风险管理。

The third，Outstanding city firm、Agriculture business has long pay close attention to risk management。City firm、Most of the city agriculture firm clubs、The cooperatives restructuring，Establish initial historical burden is heavy、Social trust is low，Only no longer out great risk、And business performance is good，Can we gradually clean up digestive historical burden，To win the trust of the shareholders and transfers，Get further development。The management environment quality skating forced city businesses、Agriculture firm formed pay close attention to risk、Haggle over every penny of the enterprise culture，Development out a small micro enterprise credit risk management measures（Table 1）。In addition，As absorb deposit financial institutions，City firm、Agricultural businesses and large commercial bank、Joint stock commercial Banks，Are the prison department strict compliance silver regulation，This city firm for、Agricultural businesses to provide important external risk management。

　　当然，就整体而言，城商行、农商行由于知名度不高，损失吸收能力较弱，也面临着（1）吸存能力不足导致的流动性风险、（2）资产配置较集中和成长阶段演变导致的盈利增长波动风险、（3）异地扩张初期财务成本效益不匹配风险、（4）应对经济严重衰退等系统性事件的能力较差等风险。

Of course，On the whole，City firm、Agricultural businesses because less-known，Loss absorption ability is weak，Also faces（1）With the ability to absorb insufficient liquidity risk、（2）Asset allocation concentrate and growth stage in the evolution of the earnings volatility risk、（3）Beyond the financial cost efficiency is not early expansion matching risk、（4）Respond to economic a serious recession, the ability of systemic events were some risk。

　　大型银行如同航母，小型银行如同渔船，渔船的抗风浪能力确不及航母，但若渔船就在自己熟悉的近海作业，风浪一大便及时撤回，那渔船倾覆的概率并不大。服务地方小微企业是城商行、农商行的比较优势所在，而小微企业信贷风险管理方法已较成熟，因此，本文认为，城商行、农商行只要有高度重视风险的企业文化，能一如既往地依据比较优势发展小微企业金融、不因追求规模而在不熟悉的领域强行扩张，其风险暴露、风险管理及损失吸收能力总体是匹配的，优秀城商行、农商行的风险要低于一般公司、是可控可承受的。

Big Banks like carriers，Small Banks like fishing boat，The ability of the winds and waves that fishing boat than aircraft carrier，But if fishing boats in your familiar offshore operations，The winds and waves a move bowels promptly withdraw，The fishing boat capsized probability is not great。Where the enterprise is service small city businesses、The comparative advantage of agricultural businesses，And small micro enterprise credit risk management method has more mature，so，This paper argues that，City firm、Agriculture firm as long as there is pay close attention to risk of the enterprise culture，Can continue to based on comparative advantage small micro enterprise financial development、Not because the scale and in pursuit of expansion force field not familiar with，Their risk exposure、Risk management and loss absorption ability overall match，Outstanding city firm、Agriculture is lower than the risk of firm general company、Is controllable affordable。

　　三、城商行、农商行目前在客户覆盖面和服务能力上的空白点还很多，优秀城商行、农商行可通过客户成长、市场下沉、补充资本、异地扩张、与其他机构战略合作等获得多点成长。

three、City firm、Agriculture is currently in the firm in the ability of the coverage and customer service spot is a lot，Outstanding city firm、Farmers can grow through customer firm、Market sinking、Added capital、Different expansion、Strategic cooperation with other organizations get more growth。

　　调研发现，在原有区域市场上，城商行、农商行能通过跟随客户成长、以及进一步的客户细分和市场下沉获得更多的业务机会，并能通过增资扩股、加强IT建设、争取更多的业务资质、与其他机构战略合作等措施不断提升服务能力，从而获得进一步成长。

Investigation found that，In the original area on the market，City firm、Agriculture firm can follow the customer growth through、And further customer segmentation and market sinking get more business opportunities，And through the increase endowment spread、To strengthen the construction of IT、Strive for more business qualification、Strategic cooperation with other organizations measures keep increasing the service ability，To get further growth。

　　而异地扩张是城商行、农商行重要的成长路径。调研发现城商行、农商行的本地市场是逐步被压缩的。不论是东西中部，但凡区域内经济较发达的城市，5大行和12家股份制商业银行近年已陆续入驻，再加上民间金融的兴起，城商行、农商行在当地无论是高端市场还是低端市场的竞争压力都激增。异地扩张、寻找新的市场成为迫切的选择。此外，仅局限在较小区域内经营，也不利于城商行、农商行分散资产配置，风险较大。

And beyond the expansion is city businesses、Agriculture firm important growth path。Research found that city businesses、Agriculture firm local market is gradually is compressed。Whether central things，Every area economy more developed city，5 rows and 12 share-holding commercial Banks have been in recent years，Plus the rise of private finance，City firm、Farmers in a local firm high-end market or whether the low end of the market competition pressure all surge。Different expansion、Seek out new markets become urgent choice。In addition，Only limits in smaller area management，Also go against city businesses、Agriculture firm scattered asset allocation，The risk is bigger。

　　城商行、农商行的异地扩张主要有两种模式。

City firm、Agriculture business expansion beyond the main has two modes。

　　第一种是“管理输出模式”，即以特色经营模式对外输出为主要初始目的，力求基于自身在服务小微、服务三农上的能力优势与当地银行进行差异化竞争。管理输出型异地扩张的目标市场通常定在主要经营地周边，或者和主要经营地经济发展状况类似的地方，通常自派异地分行行长，这对城商行、农商行的人才储备是一个考验。

The first is“Output management mode”，That is a characteristic management mode to foreign output as the main initial purpose，Based on their service to the small micro、The three rural service on the advantages and the local bank ability difference competitions。Output management to different type of expansion in the main target market usually set which ran around，Or and main economic development situation of which ran a similar place，Usually send different ground branch since President，The city firm、Agriculture business talents reserves is a test。

　　第二种是“能力提升模式”，即以提高服务能力、吸引人才、建立区域桥头堡为主要初始目的。没有业务能力的提高，城商行、农商行就处在只能培养客户、不能充分分享客户成长的不利境地。而在金融中心设点是城商行、农商行引进人才、学习同行经验、获得实践机会、最终提高业务能力的便捷方法。为此，能力提升型异地扩张的目标市场通常是中心城市，异地支行行长既有自派，也有在当地招聘，主要业务部门负责人通常自派便于轮岗学习。

The second is“Model to enhance the ability”，That is to enhance service ability、To attract talents、The establishment of regional bridgeheads as the main initial purpose。No business ability enhancement，City firm、Agriculture firm is only foster clients、Can't fully Shared customer growth disadvantage。And in financial center city firm is prohibited、Agriculture firm introduce talents、Peer learning experience、Get practice chance、Eventually improve the ability of convenient business methods。For this，To enhance the ability of different type expansion target market is usually the center city，Different ground branch President has since sent，Also in the local recruitment，Main business department manager usually easy to learn, through the pie。

　　需特别强调的是，“管理输出型”和“能力提升型”异地扩张的关键差别并不是“到哪里”，而是“干什么”。

Need special emphasis is，“Management output type”and“To enhance the ability of”The key difference between different expansion and not“where”，but“do”。

　　以东部某城商行为例。该行2007年开始确立“立足长三角”的异地扩张策略，至2011年底已经在上海、杭州、南京、福州等地设立7家分行。该行的异地扩张主要通过服务专业市场和商会、协会实施，力求将服务主要经营地小商品市场时积累的专业能力应用于异地的轴承、纺织、陶瓷、家居等其他经贸市场。为此，该行要求所有新设机构明确助市兴商、支小扶微的信贷市场定位，并向当地相关金融监管部门报送承诺书，保证其分行的小微贷款不低于特定比例，例如其2011年新设的上海分行和宁波分行的小微贷款占比就达80%。向中心城市、一线城市的扩张并未改变该行以小微企业为主的市场定位。

In the eastern city of a commercial act)。The bank in 2007 starts to establish“Based on long triangle”"Expansion strategy，By the end of 2011 have been in Shanghai、hangzhou、nanjing、Fuzhou set up seven branches。The bank's main through different expansion and professional services market and chamber of commerce、Association implementation，Striving to apply to the commodity market service is the accumulation of professional ability used in different bearings、textile、ceramic、Household and other economic and trade market。For this，The bank asked all newly incorporated institution clearly help city and business、A small helped the credit market，And to the local financial regulators may submit the related，Ensure the branch of small micro loan not under certain proportion，For example the newly established in 2011, Shanghai branch and ningbo branch little tiny loans accounted for more than 80% alone。To the center city、A line of the city expansion did not change the bank in small micro enterprise primarily market position。

　　城商行、农商行由于主要经营地不同、资源和能力积累不同、所处的发展阶段不同，在如何扩大客户覆盖面和提高服务能力上必然有不同的措施和规划。为此，既应鼓励城商行、农商行深耕原有区域市场，不断下沉小微企业金融服务，也应支持其管理输出型异地扩张，并包容其能力提升型异地扩张，为城商行、农商行打开更广阔的成长空间。

City firm、Agriculture firm with major which ran different、Resources and the ability to different accumulation、In the different stages of development，In how to expand coverage and improve the service ability customers will have different measures and planning。For this，Not only should encourage city businesses、Agriculture firm to become the original regional market，Constantly sinking small micro enterprise financial services，Should also support the management of different output expansion，And tolerance to enhance the ability of its foreign expansion，For city firm、Agricultural businesses open up a broader space to grow up。

　　四、上市能帮助城商行、农商行全面规范运作、显著提升品牌，并在补充资本、吸引人才上获得一个能和大中银行平等竞争的平台。由于比较优势所在，预计城商行、农商行在上市后较长时间内仍专注小微企业金融。

four、Public can help city businesses、Agriculture firm comprehensive standard operation、Significantly enhance the brand，And in the supplementary capital、To attract talents won a large and medium-sized Banks and equal competition platform。Because the comparative advantage，City firm is expected to、Farmers in the listed firm after a long period, the focus is still small micro enterprise finance。

　　受访城商行、农商行普遍将上市作为重要的成长举措。

City firm interviewed、Farmers generally will be listed as an important business of the growth of the measures。

　　首先，上市过程有助于全面规范银行运作。

first，Listed process helps to comprehensive standardized Banks operate。

　　城商行、农商行在前期通常以业务发展为核心，但在业务达到一定规模后，城商行、农商行必须及时启动规范化进程，否则业务的发展将失去内在支撑。银行的规范化是一个头绪繁杂、投入巨大的系统工程，受访银行多表示，启动上市，通过全方位达到上市条件的过程来进行银行的全面规范化改造，是对股东和员工的激励都很强、能又快又好地实现并持续保持规范化的良好途径。

City firm、Farmers in previous usually in the firm business development as the core，But in the business to a certain scale，City firm、Agriculture firm must start standardization process in time，Otherwise, business development will lose internal support。The standardization of the bank is a clue multifarious、In the great system engineering，The bank said said，Start listed，Through comprehensive listing conditions to the process to do the bank comprehensive standardized transformation，To shareholders and employees is the incentive are strong、Can quickly and well to achieve standardization and maintain a good way。

　　第二，公开上市后银行品牌有望显著提升。

The second，After publicly listed bank brand is expected to greatly increase。

　　知名度不高、品牌认可度不强是城商行、农商行发展的巨大障碍，零售业务拓展和跨区域拓展时尤其如此。资本市场严格的信息披露和广泛的社会关注为城商行、农商行提供了一个有公信力的展示平台，受访银行表示上市是有实力的城商行、农商行最好的广告，公开上市后银行品牌有望显著提升。

less-known、The brand is not strong approval is city businesses、The development of agriculture firm huge obstacle，Retail business development and cross area to expand especially when。Capital market strict information disclosure and extensive social concern for city businesses、Agricultural businesses provide a credibility display platform，The bank said listed is questioned the strength of the city businesses、Farmers the best advertising firm，After publicly listed bank brand is expected to greatly increase。

　　第三，在补充资本、吸引人才上获得公平竞争平台。

The third，Supplement the capital、To attract talents won fair competition platform。

　　由于地处偏僻、知名度低、股份缺少流动性等多种原因，城商行、农商行在补充资本、吸引人才等资源获取上处于劣势。受访银行多希望通过上市，股东能拥有更多的受益途径、员工能获得更多的社会认可，从而在补充资本、吸引人才上获得与大中银行的公平竞争平台。

Due to a remote、Low visibility、Lack of liquidity and so on many kinds of reasons shares，City firm、Agriculture firm supplement the capital、To attract talents on access to resources are at a disadvantage。The bank said much hope that through the market，Shareholders can have more benefit way、Employees can obtain more social acceptance，To supplement the capital、To attract talents with large and medium-sized Banks won fair competition of the platform。

　　上市能从多个维度助益城商行、农商行的成长，而本文认为，由于比较优势所在，城商行、农商行在上市后的较长时间内也仍将继续专注小微企业金融。

From multiple dimensions can help listed city businesses、Agriculture business growth，And this paper that，Because the comparative advantage，City firm、Farmers in the listed firms after a long time also will continue to focus on small micro enterprise finance。

　　在股票、债券等直接融资已经获得长足发展的今天，大企业的银行业务需求已不是小企业银行业务需求的简单扩大。大企业更需要的是银行的承销、理财、托管、供应链融资等多元化服务和渠道功能，小企业更需要的是银行的贷款、结算等较传统服务和资金提供功能，这实际上是两种不同质的业务需求。

In the stock、Bonds direct financing has achieved great progress of today，Big enterprise's banking needs have not small business bank business requirements of the simple expanded。Big enterprise need more of is the conclusion of the bank、financial、custody、Supply chain financing channel multiplication service and function，Small businesses need more of is the loan to the bank、Settlement and a traditional services and capital provide function，This is actually two different qualitative business requirements。

　　在可预见的期间内，城商行、农商行要在多元化业务能力和渠道功能上赶超大银行是不太可能的。即便在贷款等传统业务上，首先，城商行、农商行能提供的资金规模还是远不及大银行；其次，大企业有较成熟的资金规划和用款计划，城商行、农商行更灵活高效的优势也不显著。因此，在较长时间之内，大企业业务都不是城商行、农商行的比较优势业务。

In the foreseeable period，City firm、Farmers in diversified firms business capability and channel function on the big Banks are surpassing unlikely。Even in traditional business loans, etc，first，City firm、Farmers can provide the capital firm scale or is far from the big Banks；second，Big enterprise have a mature capital planning and cash plan，City firm、Agricultural businesses more flexible and efficient advantage is not significant。so，In a long period，Big enterprise business are not city businesses、Agriculture firm of comparative advantage of business。

　　鉴于此，本文不否认城商行、农商行在资本实力扩大之后，为尽快实现资本收益，会更多开展能较快扩大规模的大中企业业务和同业业务，但因为小微企业业务才是城商行、农商行比较优势所在，因此，相对于大型商业银行和股份制商业银行，预计城商行、农商行在上市后也仍将保持小微企业密集的客户结构，城商行、农商行所提供的小微企业金融服务的总量将随着其规模的扩大而扩大。

In view of this，This article does not deny that city businesses、Agriculture firm capital strength in the expanded，As quickly as possible for capital gains，Will more rapidly expand the scale can carry out large and medium-sized enterprise business and trade business，But because the enterprise business is small city businesses、Agriculture firm the comparative advantage，so，Relative to large commercial Banks and joint stock commercial Banks，City firm is expected to、Farmers in the listed firms also will remain small micro enterprise intensive customer structure，City firm、Agriculture firm provided little micro enterprise financial services, along with the amount to the expansion of the scale of and expand。

　　五、建议将“专注于服务小微、服务三农、差异化发展、在区域金融市场有竞争优势”作为城商行、农商行上市的首要择优标准，支持特色鲜明、质量精实的城商行、农商行上市发展。

five、Suggestions will“Focus on service small micro、Service agriculture, rural areas and farmers、Different development、In the regional financial markets have a competitive advantage”As a city firm、The first listed agriculture firm according to standards，Support characteristics、Quality lean city businesses、Agriculture listed firms。

　　综上所述，在大银行更侧重服务优质中小企业、民间金融还尚未规范的现阶段，推动一批既主动依据自身比较优势持续、全面地服务各层次、各领域小微企业，又受到银监会的严格监管、运作较规范的城商行、农商行上市，是提高资本市场服务小微企业的广度和深度、助力普惠式金融发展的现实途径，具有紧迫的必要性。

To sum up，In the big Banks more emphasis on service quality of smes、Private finance yet to regulate the present stage，Promote a batch of both active basis for their own comparative advantage、Comprehensive service all levels、Every field small micro enterprises，And by strict control of CBRC、Operation more standard city businesses、Agriculture listed firms，Is to improve the capital market service small micro enterprise's breadth and depth、Power pratt &whitney type of financial development reality way，Has the necessity of pressing。

　　而优秀城商行、农商行的风险管理方法已较成熟，近年来不良贷款率下降较多、合规经营程度普遍提高，将来还可通过市场下沉、客户细分、补充资本、异地扩张、与其他机构战略合作等方法进一步打开成长空间，为投资者创造价值，推动其上市也具有现实的可行性。

And excellent city businesses、Agriculture business risk management method has more mature，In recent years the bad loans down more、Compliance management level generally improved，The future but also by market sinking、Customer segmentation、Added capital、Different expansion、Strategic cooperation with other organizations to further open space method such as growth，Create value for investors，Promote its listed also has the feasibility of reality。

　　当然，城商行、农商行客观上也存在吸存能力不足、盈利增长波动较大、应对经济严重衰退等系统性事件的能力较差等风险。应该看到，支持一批服务小微企业、服务三农、规模较小的城商行、农商行上市，可能会有一定风险，但从支持小微企业、服务三农的大局出发，这一举措有显著的示范效应和辐射效应，承担一定风险是值得的，也是必须承受的。况且城商行、农商行和大型商业银行、股份制商业银行一样受到银监部门的严格监管，优秀城商行、农商行的经营风险是要低于一般上市公司的。

Of course，City firm、Agriculture firm also exist objectively suck less able to save、Volatile earnings growth、Respond to economic a serious recession, the ability of systemic events were some risk。Should see，Support a number of service small micro enterprises、Service agriculture, rural areas and farmers、The city of smaller businesses、Agriculture listed firms，There may be some risk，But from the support for small micro enterprises、The general situation of the three rural service，The move has the significant demonstration effect and radiation effect，Take some risk is worth it，Also should have to bear。Besides city firm、Agricultural businesses and large commercial bank、Joint stock commercial Banks by strict control of silver supervisor departments，Outstanding city firm、The management risk of agricultural businesses is to lower than general of the listed company。

　　推动城商行、农商行上市，总体上是风险可控、本小利大，有利于弥补我国金融体系小微企业服务能力的不足，有利于促进A股上市银行的多样化，为希望把握银行业发展趋势的投资者提供更多的选择。

Promote city firm、Agriculture listed firms，Overall risk is controllable、The big gains，To make up for our financial system small enterprise service of the shortcomings of the micro ability，To promote A shares listed bank of diversification，To grasp the development trend of the banking industry to provide investors more choice。

　　基于上述分析，建议：（1）将“专注于服务小微、服务三农、差异化发展、在区域金融市场有竞争优势”作为城商行、农商行上市的首要择优标准，申请上市的城商行、农商行，其小微企业贷款占比或涉农贷款占比应较高，在主要经营地小微企业贷款或涉农贷款的市场份额应居于前列；（2）不设置绝对规模要求，避免城商行、农商行为规模达标而将更多资源用于拓展大中企业业务和同业业务、或盲目跨区经营，并鼓励城商行、农商行在IPO时按最低比例发行股票，不以支持规模扩张作为主要上市目的；（3）结合中国银监会的监管规定，设置持续监管达标的年限要求，同时也要从实际出发，不设置过长的年限要求，不因过度追溯历史问题而影响现实发展需要。

Based on the above analysis，suggest：（1）will“Focus on service small micro、Service agriculture, rural areas and farmers、Different development、In the regional financial markets have a competitive advantage”As a city firm、The first listed agriculture firm according to standards，Listing application city businesses、Agriculture firm，The small micro enterprise loans accounted for more than or agricultural loans accounted for should be higher than，In the main apply to the small business loans or agricultural loans to small share of the market should be in front；（2）Do not set up the absolute scale requirements，Avoid city firm、Agriculture and business behavior standard size and more resources to expand its large and medium-sized enterprise business and trade business、Or blind inter-district operation，And encourage city businesses、Agricultural businesses in the IPO issue according to the minimum ratio when stocks，Not to support the expansion of the listed as the main purpose；（3）Combined with the China banking regulatory commission regulation，Set standards for the fixed number of year of regulatory requirements，Also from the actual conditions，Don't set a long fixed number of year requirements，Not because of excessive back problems and influence the development history of reality needs。