我国商业银行资本结构影响因素的实证分析研究

发布时间：2018-01-02 02:27

本文关键词：我国商业银行资本结构影响因素的实证分析研究　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国在实行改革开放之前的金融体制时期商业银行是不存在的,直到1978年之后,逐步开始设立国有商业银行,1985年才有了四大商业银行中、农、工、建。在1987年为了改变国内银行体制出现的垄断现象,以股份制形式为主的商业银行开始正式组建,随后逐渐出现了包括交通银行在内的13家商业股份制银行。从1995年开始,部分城市中的信用社经过重组合并形成了合作银行。与此同时为了充分适应我国开放经济的要求,自1982年起,中国大陆逐渐开始出现了外资银行。至此,中国商业银行整体结构已经初步形成,分别包括国有商业银行、股份制商业银行、城市合作商业银行、城乡信用社和外资银行。公司资本结构的完善是其充分实现财务标准最大化的根本,是确保公司长久生存和健康发展的基础。商业银行是一个经营各种金融资产与负债,以提供各种金融服务给客户的具有商业特性的金融企业,与其他企业一样受公司法管制与调节,将财务目标定义为不断实现自身的最大化价值。但是银行业与其他行业相比更加具有特殊性,商业银行拥有的资本机构相较于其他企业表现出了显著的特性,最为明显的特性就是权益资本提供的资金只占了非常小的比重,其他大部分资金来自于负债。在金融危机过后我国经济呈现了迅速发展的形势下,我国上市公司正在经历着全面实行对外经济开放,激烈的国际竞争市场与市场化利率的不断挑战和冲击,在这种大的机遇和挑战面前,我国银行业应对其资本结构实行不断优化,保证实现最大化价值目标,提升我国综合经济能力水平。伴随着我国加入世界经济贸易组织,我国逐渐加强了开放金融市场的程度,在华外资银行的逐渐发展,使得我国银行业出现了非常激烈的竞争。因此,为了能够有效提升我国银行业的竞争能力以便实现最大化的经营价值,对银行的资本结构研究对未来银行业的发展具有非常重要的现实意义。对资本结构影响因素的研究学派的建立起源于上个世纪70年代,国内外已取得了初步的资本结构影响因素的研究成果,可是因为样本选取和研究方法的差异性,得出的最终结论也不太相同。针对不同行业中的企业来讲,企业资本结构的影响因素对其的影响程度和方式也是不一样的,因此想要找出针对全部公司的资本结构影响程度都相同的影响因素是很困难的,此时选取的企业样本会直接影响到最终得出的结论。对企业资本结构影响因素的一方面是对企业的财务安全的研究,它是企业实施财务管理的一个重要内容,评价企业所具有的价值就要分析其资本结构是否具备合理性；另一方面是企业的资本结构在公司的管理结构方面额发挥了重要的作用。当前企业在经营权与所有权分离的状况下,在企业经营权与所有权之间出现了代理、委托的关系,不一样的资本结构对企业经营者产生的刺激也是不同的,资本结构和合理性需尽量降低代理产生的成本,改变公司的管理结构,在公司管理过程中充分发挥重要的作用。与此同时,我国上市公司资本结构的影响因素的实证研究有力的促进了我国上市公司组织规范化的融资,优化整合公司的资本结构和推动我国进一步研究关于资本结构的问题。我国商业银行资本结构存在的现状和特点：我国目前商业银行具有的资本充足率已经符合国际上的要求,并且四大国有银行的资本充足率正呈现上升的趋势,明显超过了整体股份制银行的水平。我国国有银行在资本权益构成方面出现了较为单一化的缺点,同时内部明显缺乏充足的融资能力,相对来说融资渠道比较狭窄；股份制银行股权结构比较分散,内部具有较好的融资能力,外部融资出现多元化的特点。国有银行在资本结构方面出现了垄断存款的迹象,资本债务主要由各项存款组成,同时个人和企业之间存款比例差距不大；而股份制银行资本债务结构则更加的分散。不管是国有银行还是股份制银行都存在着资本债务单一的问题。我国商业银行资本结构的影响因素从理论上分析主要有经济发展周期、资本市场的发展情况、市场上形成的竞争环境、通货膨胀率与利率、‘央行实行的货币政策、银行经营规模、盈利水平、担保资产能力、成长特性、保险存款、资本充足率等。本文一共分为六个章节,第一章介绍了选题研究的背景及意义,提出了本文的研究方法和创新点。第二章回顾了国内外研究资本结构影响因素的相关研究成果,为后面的研究做好铺垫。第三章研究了我国银行资本结构现状,从银行体系、银行结构的定义和银行结构特点三个方面进行了分析,为后文对银行资本结构影响因素的理论分析奠定了基础。第四章从宏观与微观角度对我国上市银行资本结构的影响因素理论进行了研究。第五章综合了前面的理论研究对我国上市银行资本结构的影响因素进行了实证研究。第六章针对目前我国上市银行资本结构的情况,提出了优化资本结构的建议。根据实证分析表明,影响我国上市商业银行资本结构的因素中,银行经营规模、银行成长特性、所得税比率、贷款不良比率、资产充足率以及资产担保能力均显现出正相关的联系,非债务税盾与盈利能力对银行资本结构产生的影响是负相关联系。利用样本搜集数据进行回归实证分析同研究性假设之间存在着一定程度上的差异,重点表现为贷款不良比例影响银行资本结构上出现的理论和方法相左,之所以能够出现程度较大的偏离,具体的原因有：1.样本搜集的数据和范围的局限性。2.一部分计算变量的公式无法准确体现变量代表的含义。引入宏观变量的结果显示微观变量对资产负债率的影响并没有发生本质上的改变。而宏观变量本身,经过分析,我们可以看出经济增长周期和市场利率对资产负债率没有多大相关关系,而通货膨胀率以及资本市场发展状况与资产负债率存在着显著的相关性。实际贷款利率与资产负债率存在负相关关系,这与理论分析的结果一致；而对于经济增长率实证结果出现与理论分析相反的结果,其原因可能是受样本容量的限制,以及我国经济体制正处于转型时期,市场经济体制还不完善所导致。银行业与其他行业相比更加具有特殊性,商业银行拥有的资本机构相较于其他企业表现出了显著的特性,最为明显的特性就是权益资本提供的资金只占了非常小的比重,其他大部分资金来自于负债。因此,银行的资产负债比率要比其他行业高,其资本结构的影响因素也会比较复杂。本文结合了以上的研究,针对我国实际国情,商业银行是将资金作为经营对象的企业,在我国经济中占据了重要的位置。银行作为特殊的金融机构理应成为金融投融资的一个重要介质,利用不同的场合、区域及行业的存贷款为转移资源经济提供重要的保障。与此同时,银行又被称之为金融风险的集合体,因此银行进行经营所要实现的目标既需满足社会组织融资中的最大化价值,又需不断追寻最小化的金融风险,充分保证经营的稳定性。提出了优化银行资本结构的对策,具体有：我国上市商业银行股权结构的优化,上市银行实行债权结构的优化,改善银行内部管理。
[Abstract]:China's commercial banks in the implementation of the reform and opening up period before the financial system does not exist, until after 1978, gradually began to set up a state-owned commercial bank in 1985, there are four major commercial banks, agricultural, industrial, built in 1987. In order to change the domestic banking system, the monopoly phenomenon, in the form of joint-stock. Commercial banks began officially formed, then gradually emerged including traffic bank, 13 commercial joint-stock banks. From the beginning of 1995, part of the city credit cooperatives after the reorganization merged to form cooperative banks. At the same time in order to fully adapt to China's open economy, since 1982, Chinese, gradually began to appear in foreign banks the commercial bank Chinese. Thus, the overall structure has formed, including state-owned commercial banks, joint-stock commercial banks, city commercial bank cooperation, urban and rural credit cooperatives and foreign banks That's ok.
Improve the company's capital structure is the full realization of fundamental financial standard maximum, is the basis to ensure the long-term survival and healthy development of the company. The commercial bank is a business of various financial assets and liabilities, to provide financial services to the customers of the commercial characteristics of financial enterprises, and other enterprises by the company law and regulation and the financial goal is to continue to achieve its maximum value. But the banking industry has more particularity compared with other industries, commercial banks have capital institutions compared to other enterprises showed remarkable properties, the most obvious characteristic is the equity funding accounted for only a very small proportion, most of the other the funds from the balance. In the aftermath of the financial crisis in China's economy has shown a rapid development of the situation, the listed company of our country is experiencing the full implementation of foreign economic In the face of such opportunities and challenges, open and fierce international competition, market and market-oriented interest rate challenges China's banking industry should constantly optimize its capital structure to ensure maximization of value and enhance our comprehensive economic capability.
Along with China's accession to the world trade organization, China has gradually strengthened the opening degree of financial market, the gradual development of foreign banks in China, making China's banking industry has appeared very fierce competition. Therefore, in order to effectively enhance the competitiveness of China's banking industry in order to achieve the maximization of business value, has a very important practical significance to research the capital structure of the bank for the future development of the banking industry.
On factors affecting capital structure research school established in 70s originated in the last century, the domestic and foreign research results have been achieved initial capital structure influence factor, but because of differences in sample selection and research methods, the final conclusion is not the same. For different industries in the enterprise, influencing factors of enterprise the capital structure on the influence degree and is not the same, so you want to find out the influencing factors to all the company's capital structure influence the same is very difficult, the selected samples of enterprises will directly affect the final results. The influence factors of capital structure of enterprises is the study of financial security to the enterprise, it is an important content of implementation of enterprise financial management, evaluation of enterprise has the value to analyze the capital structure have the rationality of the other; One is the capital structure of enterprises has played an important role in the company's management structure. The amount of current enterprise in the separation of ownership and management condition, between the management and ownership of enterprises has entrusted agent relationship, not the same as the capital structure of enterprise operators stimulation is different, capital structure and the rationality to reduce the agency cost of production, change the management structure of the company, fully play an important role in the company management process. At the same time, the impact of capital structure of Chinese Listed Companies Empirical Study of factors promote organizational norms of Listed Companies in China's financing, capital structure optimization and further integration of the company research on the issue of capital structure to promote our country.
The status quo and characteristics of capital structure of commercial banks in China: China's current commercial bank with the capital adequacy ratio has been in line with international requirements, and the four major state-owned bank's capital adequacy ratio is increased significantly more than the overall level of joint-stock banks. China's state-owned banks which appeared more single the shortcomings in the equity capital, and the apparent lack of adequate internal financing capacity, financing channel is relatively narrow; more dispersed ownership structure of joint-stock banks, has good ability of internal financing, external financing diversified characteristics. There are signs of monopoly state-owned bank deposits in the capital structure, capital debt mainly by the deposit composition, and between individual and corporate deposit ratio difference; while the joint-stock banks capital debt structure is more dispersed. No matter in China There is a single problem of capital and debt in both banks and joint-stock banks.
The influencing factors of the capital structure of commercial banks in China from the theoretical analysis of the main economic development cycle, the development of the capital market, the market formed a competitive environment, the rate of inflation and interest rates, "the central bank to implement monetary policy, bank scale, profitability, asset guarantee ability, growth characteristics, deposit insurance, capital adequacy rate.
This paper is divided into six chapters, the first chapter introduces the background and significance of the topic research, puts forward the research methods and innovations of this paper. The second chapter reviews the relevant research results of influence factors of capital structure research at home and abroad, to pave the way for the following research. The third chapter studies the current situation of bank capital structure in China, from the banking system, analyzes three aspects of bank structure definition and characteristics of bank structure, laid the foundation for the theoretical analysis of the factors affecting the capital structure of the bank. The fourth chapter from the macro and micro perspectives on the theory of determinants of capital structure of Chinese listed banks. The fifth chapter combines the previous theoretical research the empirical research on the influencing factors of capital structure of Chinese listed banks. In the sixth chapter, in view of the present situation of China's listed banks capital structure, optimize capital structure. Yee.
According to the empirical analysis shows that the influence factors of China's listed commercial banks capital structure, bank scale, bank growth characteristics, income tax ratio, non-performing loan ratio, capital adequacy ratio and asset guarantee capacity showed positive correlation, non debt tax shield effect and profitability of bank capital structure is negative related links. Using the sample data regression analysis there are some differences between the research hypotheses, focusing on performance for the different theories and methods of capital structure influence on bank non-performing loan ratio, can appear more deviation, the specific reasons are: data and samples collected in a range of 1. some limitations of the.2. calculating formula can not accurately reflect the variable representing the meaning of.
The introduction of macro variables showed microscopic variables and has no effect on the rate of assets and liabilities in nature changes. While the macro variable itself, through the analysis, we can see that the cycle of economic growth and market interest rates on the asset liability ratio is not much correlation between the development status and the rate of inflation and the capital market and the rate of assets and liabilities are the significant correlation. The actual loan interest rate and asset liability ratio has a negative correlation, which is consistent with the results of theoretical analysis; and for the economic growth rate of the empirical results have the opposite results and theoretical analysis, the reason may be due to sample size restrictions, and the economic system of our country is in the transition period, the market economic system the result is not perfect.
The banking industry compared with other industries with more specificity, commercial banks have capital institutions compared to other enterprises showed remarkable properties, the most obvious characteristic is the equity funding accounted for only a very small proportion, most of the other funds from debt. Therefore, the bank's asset liability ratio than in other industries, the influence factors of the capital structure will be more complicated.
Based on the above research, according to the actual situation in our country, the commercial bank funds will be operating as object of the enterprise, occupy an important position in the economy of our country. The bank is a special financial institutions should become the financial investment is an important medium, the use of different occasions, regional and industry to provide loans an important guarantee for the transfer of resources economy. At the same time, aggregate bank is also known as the financial risk, so it can not only meet the maximum value of the social organization and financing of the bank management to achieve the goal, and constantly seek to minimize financial risk, and fully guarantee the stability of the business. The countermeasures were put forward, capital structure the optimization of bank specific: the optimization of China's listed commercial banks ownership structure, debt structure optimization of listed banks, improve the internal management of the bank.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.33;F224

【参考文献】