商业银行杠杆效应研究

发布时间：2018-05-17 01:14

本文选题：商业银行 + 经营杠杆　；参考：《西南财经大学》2012年硕士论文

【摘要】：随着我国市场经济改革的深入推进和世界经济的日益全球化,企业之间的竞争日趋激烈。企业的持续盈利能力决定着企业的竞争力,而企业的利润最终是通过财务管理的各个环节来实现的。经营杠杆和财务杠杆作为重要的财务管理工具,越来越多地被应用于各种财务管理与决策当中。近十年来,我国的商业银行改革不断推进并呈现出不断加速的趋势。2010年中国农业银行完成“A+H”两地上市,至此,大型商业银行全部完成股份制改革；与此同时,大批城市商业银行纷纷寻求融资渠道突破,紧锣密鼓奔赴股市,掀起了城市银行业发展的新浪潮；农村信用合作社体制改革也在稳步推进,一大批农村商业银行已经成立或在筹建当中,中国银行业监督管理委员会2010年报显示,截至2010年,我国的城市商业银行达到147家,农村商业银行有85家,农村合作银行223家,农村信用合作社2646家,中国的商业银行发展呈现出前所未有的发展态势。目前,国内有关企业经营杠杆财务杠杆的相关研究,大多着眼于从所有行业的整体角度来研究经营杠杆和财务杠杆的分布、影响因素以及合理值域的确定,针对某一个具体行业进行研究的还不多见。商业银行以其独特的资本结构和经营模式区别于其他行业,而以商业银行作为研究对象来研究经营杠杆和财务杠杆的文献还很少。本文试图以我国的商业银行作为研究对象,通过对收集的所有商业银行样本数据的整理分析,主要研究如下问题：样本中商业银行的经营杠杆和财务杠杆的总体范围和水平以及它们在不同类别商业银行之间的分布情况;经营杠杆系数和财务杠杆系数在样本所选时间区间的趋势变动情况；财务杠杆系数与商业银行总体财务状况之间的相关关系；不同类别商业银行的财务杠杆系数是否因为这种分类而存在显著性差异；经营杠杆与财务杠杆是否存在相互平衡关系。通过实证分析,本文得到如下结论：样本中商业银行的经营杠杆系数普遍较低,经营杠杆效应不明显,但财务杠杆系数普遍较高,财务杠杆效应十分明显,财务风险程度比较大；2006年到2010年间,样本中商业银行的财务杠杆系数在趋势上呈现明显的倒V字形状,总体上有比较明显的下降趋势,经营杠杆系数没有大的变动,略微呈现上升趋势；样本中商业银行的经营杠杆系数和财务杠杆系数都与其总体财务状况呈现比较明显的负相关关系,而且财务杠杆系数比经营杠杆系数表现的更为显著,其意义是,商业银行可以通过开拓中间业务,提高非利息收入比重来降低财务风险,改善财务状况；不同类别商业银行的财务杠杆系数没有因为这种分类而在统计上呈现出显著性差异,说明这些商业银行的风险水平和收入结构的同质性；经营杠杆和财务杠杆之间有显著的负相关关系,二者之间存在相互平衡的关系,其意义在于,商业银行可以在二者之间实现权衡,在将总体风险水平保持在一定水平的情况下,实现经营风险和财务风险权重的重新配置。本文研究的对象是我国境内的34家商业银行,包括大型商业银行、股份制商业银行、城市商业银行、农村商业银行以及政策性银行；主要使用描述统计和线性回归模型的研究方法；所有数据全部来源于其公开发布的年报或金融年鉴。本文内容结构大体如下：第一章是绪论,概括性的介绍了本文的选题背景、研究方法、研究内容以及论文的整体框架；第二章是文献综述,从国内和国外两个方面介绍了一些相关学者对经营杠杆和财务杠杆的研究成果和观点,重点介绍了国内关于经营杠杆和财务杠杆理论的相关研究文献和研究动态;第三章是经营杠杆和财务杠杆相关理论分析,把与经营杠杆和财务杠杆相关的基础理和风险理论做了比较详细的阐释,以便为本文第四章的实证分析做好相关理论准备；第四章是实证分析,这是本文的核心部分；第五章是研究结论与局限,对本文的实证分析部分的研究结果做了总结,并对本文研究的局限和不足以及存在的问题做了说明。
[Abstract]:With the deepening of the reform of market economy and the globalization of the world economy , the competition between enterprises is increasingly fierce . The continuous profitability of enterprises determines the competitiveness of enterprises , and the profits of enterprises are realized through various links of financial management . The operating levers and financial levers are used as important financial management tools and are increasingly being applied to various financial management and decision - making .

In recent ten years , China ' s commercial bank reform has been pushing forward and has been accelerating . In 2010 , the Bank of China completed the listing of " A + H " , so far , the large commercial banks have completed the joint - stock reform ;
At the same time , a large number of commercial banks have sought to break through the financing channel , and go to the stock market and lift the new wave of urban banking development .
The reform of the rural credit cooperative system has also been steadily advancing , a large number of rural commercial banks have been established or in preparation , the 2010 annual report of the China Banking Regulatory Commission showed that as of 2010 , China ' s urban commercial banks had reached 147 , rural commercial banks had more than 85 , rural cooperative banks 223 , rural credit cooperatives 2646 , and China ' s commercial bank developed an unprecedented development situation .

At present , the relevant researches on the financial lever of the management lever of the domestic enterprises mainly focus on the study of the distribution of the operating lever and the financial lever , the influencing factors and the determination of the reasonable value domain from the whole angle of all industries .
The relationship between the financial leverage coefficient and the overall financial position of commercial banks ;
Whether the financial leverage coefficient of different kinds of commercial banks has significant difference because of this classification ;
There is a balance between the operating lever and the financial leverage . Through the empirical analysis , this paper obtains the conclusion that the operating lever coefficient of the commercial bank in the sample is generally lower , the operating lever effect is not obvious , but the financial leverage coefficient is generally higher , the financial leverage effect is very obvious , and the financial risk degree is relatively large ;
In the period from 2006 to 2010 , the financial leverage coefficient of commercial banks in the samples showed obvious reverse V - shape in the trend , and there was a clear trend of downward trend . There was no big change in the operating lever coefficient , and the upward trend was slightly presented .
Both the operating lever coefficient and the financial leverage coefficient of the commercial banks in the sample show a significant negative correlation with their overall financial position , and the financial leverage coefficient is more significant than the performance of the operating leverage coefficient , and the significance is that the commercial banks can reduce the financial risks and improve the financial position by exploiting the intermediary business , increasing the proportion of non - interest income ;
The financial leverage coefficient of different kinds of commercial banks is not statistically significant because of the classification , which indicates the homogeneity of the risk level and the income structure of these commercial banks ;
There is a significant negative correlation between the operating lever and the financial lever , and there is a balance between them . The significance lies in that the commercial banks can realize the trade - off between the two , and realize the reconfiguration of the operational risk and financial risk weight when the overall risk level is kept at a certain level .

The object of this paper is 34 commercial banks in China , including large commercial banks , joint stock commercial banks , city commercial banks , rural commercial banks and policy banks .
The research methods of descriptive statistics and linear regression models are mainly used .
All data are derived from their published annual or financial statements .

The content structure of this paper is as follows : The first chapter is the introduction , the general introduction of the background , the research method , the research content and the whole frame of the thesis .
The second chapter is a review of the literature review , from both domestic and foreign research results and perspectives on the operating lever and financial leverage , focusing on the relevant research literature and research developments on the theory of operating leverage and financial leverage . Chapter three is a detailed explanation of the basic theory and risk theory related to the operating lever and the financial leverage , so as to prepare the relevant theories for the empirical analysis of the fourth chapter of this article .
The fourth chapter is the empirical analysis , this is the core part of this paper ;
The fifth chapter is the research conclusion and limitation , summarizes the research results of the empirical analysis part of this paper , and explains the limitations and shortcomings of the study and the existing problems .
【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;F830.42;F224

【参考文献】