我国上市银行股权结构对其经济增加值影响研究

发布时间：2018-04-16 02:05

本文选题：上市银行 + 股权结构　；参考：《西北农林科技大学》2012年硕士论文

【摘要】：随着公司治理理论的不断发展，股权结构与公司价值的关系日益成为理论界关注的焦点，这主要是因为公司股权结构与公司经营运作的治理机制之间存在着重要的关系。银行作为经营货币的特殊性行业，对一国国民经济的健康发展和金融秩序的持续稳定起着举足轻重的作用。我国上市银行在国际银行业中的竞争实力和业务能力虽然都取得了很大的提高，但资本结构仍然存在诸多不合理的地方，制约着其经营绩效和公司价值的进一步提升。但是，在现有的相关文献研究中涉及银行业股权结构与公司价值的关系的却很少，而且研究所得出的结论也并不统一，因此选择我国上市银行公司的股权结构与公司价值的关系问题进行研究，，具有非常深远的理论与现实意义。本文采用经济增加值（EVA）作为评价公司价值的指标，与传统的评价指标相比，EVA不仅考虑了债务资本的成本，还考虑了股权资本成本，更真实的揭示了上市公司的经营绩效和公司价值，可以帮助投资者更加直接地判断企业是否真正为股东创造了价值。首先，文章论述了我国上市银行股权结构与公司价值关系研究的的背景和意义、国内外文献综述以及本文的研究方法。然后，分别介绍了股权结构与公司价值之间关系的理论基础，主要包括委托代理理论，内部人控制理论，股权制衡理论和EVA理论，并从银行的特殊性出发，对上市银行股权结构与公司价值之间的关系进行了理论分析。在此基础之上，论文选取我国14家上市银行2007至2010四年间的面板数据，运用OLS线性回归的方法对股权结构与公司价值的关系现状进行实证研究。通过实证研究发现：上市银行公司价值与国家股比例存在负相关性，与法人股比例存在正相关性，与流通股比例不存在显著的相关性；此外，上市银行公司价值与第一大股东持股比例存在倒“U”型关系，与前五大股东持股比例之和存在正相关性，与第二大股东与第一大股东的持股比例之比不存在显著相关性，与第二大股东至第五大股东持股比例之和与第一大股东持股比例之比存在正相关性。研究结果进一步为上市银行通过股权结构调整以提高公司价值，进而增强自身市场竞争力提供了依据。
[Abstract]:With the development of corporate governance theory, the relationship between ownership structure and corporate value has become the focus of the theoretical circle. This is mainly because there is an important relationship between the corporate equity structure and the governance mechanism of corporate operation.As a special industry, banks play an important role in the healthy development of national economy and the stability of financial order.Although the competitive strength and business ability of Chinese listed banks in the international banking industry have been greatly improved, there are still many unreasonable places in the capital structure, which restrict the further improvement of their business performance and corporate value.However, the relationship between banking equity structure and corporate value is rarely involved in the existing literature, and the conclusions of the study are not uniform.Therefore, it is of great theoretical and practical significance to study the relationship between equity structure and corporate value of listed banks in China.In this paper, EVA (Economic value added) is used as the index to evaluate the value of the company. Compared with the traditional evaluation index, EVA not only considers the cost of debt capital, but also takes into account the cost of equity capital.It reveals the operating performance and the company value of the listed company more truthfully, which can help investors judge directly whether the enterprise has created the value for the shareholders or not.Firstly, the paper discusses the background and significance of the research on the relationship between equity structure and corporate value of listed banks in China, literature review at home and abroad, and the research methods of this paper.Then, it introduces the theoretical basis of the relationship between equity structure and corporate value, including principal-agent theory, insider control theory, equity balance theory and EVA theory, and starts from the particularity of banks.The relationship between equity structure and corporate value of listed banks is analyzed theoretically.On this basis, this paper selects the panel data from 2007 to 2010 of 14 listed banks in China, and makes an empirical study on the relationship between equity structure and corporate value by using OLS linear regression method.Through the empirical study, we find that there is a negative correlation between the value of listed banks and the proportion of state shares, a positive correlation with the proportion of corporate shares, and no significant correlation with the proportion of circulating shares; in addition, there is no significant correlation between the value of listed banks and the proportion of state shares.There is an inverted "U" relationship between the value of listed banks and the proportion of the largest shareholders, a positive correlation with the sum of the first five shareholders, and no significant correlation with the ratio of the second largest shareholder to the largest shareholder.There is a positive correlation between the sum of the shareholding ratio of the second largest shareholder to the fifth largest shareholder and the proportion of the largest shareholder.The results provide the basis for the listed banks to enhance their market competitiveness by adjusting their equity structure.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.3;F124;F224

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