基于SFA法的中国商业银行X效率与股权结构研究

发布时间：2018-06-23 22:43

本文选题：商业银行 + X效率　；参考：《复旦大学》2013年硕士论文

【摘要】：学界目前已基本达成共识,认为X效率能够综合反映银行的安全性、流动性和盈利性。中国银行业改革自2003年起步入新的阶段,在股权结构上最显著的变化包括四大国有银行的股份制改造和境外战略投资者的大批引入。在此轮改革后,银行业X效率朝着何种方向变化?国家持股和境外战略投资者参股分别对银行X效率产生怎样的影响?对这两个问题的回答有助于我们评价当前银行业改革成果并确定后续改革方向。本文以16家国内上市银行2003-2011年间的数据为基础,采取两阶段的分析框架。在第一阶段,本文运用SFA法计算了样本期内各银行的成本效率和利润效率,在传统模型的基础上将风险作为一类特殊的投入变量纳入到模型中,并考虑了银行个体特征。随后,本文根据银行控股股东的性质将上市银行进行分组,并初步比较了各组银行的x效率,发现：1.国家直接控股银行的X效率低于法人控股银行；2.境外战略投资者持股的银行与同期未引入外资的银行X效率较为接近；3.近60%的银行在引入境外战略投资者后X效率有所提高。在第二阶段,本文在银行X效率基础上建立回归模型,进一步探讨了国家持股和境外战略投资者参股对X效率的影响。实证结果表明：1.国家股比例与成本效率呈倒U型关系、与利润效率负相关,说明在现阶段的银行股权结构中,国家股存在具备一定合理性,但国家股比例不宜太高；2.第一大股东的持股比例与X效率正相关。但当银行控股股东是政府或国有法人时,政府对银行经营决策的行政干预度加强,由此产生的效率损失抵消了股权集中带来好处；3.境外战略投资者持股比例与x效率正相关,但当银行由国家直接控股时,境外战略投资者对成本效率的改善作用会有所削弱。此外,境外战略投资者的董事会席位、数量和累计持股年限均与X效率正相关。基于实证结果,本文认为银行业的下一步改革应当以提高利润效率为目标：政府应当退居二线、由控股股东转型为持股份额稳定、但还不能施加重大影响的长期股东；同时,银行改革也需要与政府部门和国有企业改革相辅相成；此外,银行需要谨慎选择境外战略投资者、与其展开长期、深入合作,监管方面也应当出台措施鼓励外资积极履行机构投资者的监督义务。
[Abstract]:At present, the academic community has basically reached a consensus that X efficiency can reflect the security, liquidity and profitability of the bank comprehensively. China's banking reform started in the new stage since 2003. The most significant changes in the ownership structure include the reform of the shareholding system of the four state-owned banks and the introduction of a large number of foreign strategy investors. After this round of reform, silver What direction does the industry X efficiency change? How does the national shareholding and foreign strategic investors share their shares on the X efficiency of the bank respectively? The answers to these two questions will help us to evaluate the results of the current banking reform and determine the direction of the follow-up reform.
Based on the data of 16 domestic listed banks in the past 2003-2011 years, this paper adopts the two stage analysis framework.
In the first stage, this paper uses the SFA method to calculate the cost efficiency and profit efficiency of each bank in the sample period. On the basis of the traditional model, the risk is incorporated into the model as a special type of input variable and the individual characteristics of the bank are considered. Then, the Listed Banks are grouped according to the nature of the bank holding shareholders. The X efficiency of each bank is compared. It is found that the X efficiency of the 1. state direct holding banks is lower than the legal person holding bank; 2. the banks of the foreign strategic investors are close to the X efficiency of the banks that have not introduced foreign capital for the same period; and 3. of the banks in the near 60% have improved the X efficiency after introducing foreign strategic investors.
In the second stage, this paper establishes a regression model on the basis of bank X efficiency, and further explores the influence of national stock ownership and foreign strategic investor participation on X efficiency. The empirical results show that the proportion of 1. countries shares an inverted U relationship with the cost efficiency, which is negatively related to the profit efficiency, indicating the existence of the state stock in the current bank equity structure. It is reasonable, but the proportion of the state shares should not be too high; 2. the proportion of the first largest shareholder is positively related to the efficiency of X. But when the controlling shareholder of the bank is the government or the state-owned legal person, the government's administrative intervention on the decision of the bank management is strengthened, and the resulting efficiency loss counteracts the benefits of the ownership concentration; 3. foreign strategic investors The proportion of shareholding is positively related to the efficiency of X, but when the bank is directly controlled by the state, the effect of foreign strategic investors on the improvement of cost efficiency will be weakened. In addition, the board seats, the number and the cumulative stock holding years of the overseas strategic investors are positively related to the efficiency of the X.
Based on the empirical results, this paper holds that the next reform of the banking industry should be aimed at improving profit efficiency: the government should return to the second line, transform the controlling shareholder into a stable share holder, but can not exert significant influence on the long-term shareholders; meanwhile, the reform of the bank also needs to be complementary to the government departments and the reform of the state-owned enterprises; besides, Banks need to choose foreign strategic investors cautiously, with their long-term, in-depth cooperation and regulatory measures to encourage foreign investment to actively fulfill the supervision obligations of institutional investors.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33;F832.51

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