公司控制权市场机制对中国商业银行内部治理的影响

发布时间：2018-06-11 14:06

本文选题：商业银行治理 + 控制权市场　；参考：《中国社会科学院研究生院》2012年博士论文

【摘要】：有关商业银行并购等控制权流通问题，已有研究大多局限于商业银行经营管理层面，更多地关注控制权交易对商业银行经营绩效可能产生的影响。虽然也有一部分学者注意到控制权市场在商业银行治理中存在的价值，但主要还是将银行控制权市场作为解决中国商业银行治理弊端的一种对策和建议略加表述，而缺少对这一问题的深度分析。本文的选题正是从整体视角分析当前中国商业银行控制权市场交易日趋活跃的现实现象，重点探讨银行控制权市场在中国商业银行治理中的作用和影响。在充分总结有关控制权市场及商业银行治理理论的基础上，本文通过对世界各主要国家商业银行控制权市场发展情况进行比较研究，总结出中国银行控制权市场存在的问题，以及未来可能发展的方向。此外，本文还针对当前存在的制度瓶颈，从中提炼出相应的对策建议，以期控制权市场机制在中国商业银行治理实践中发挥更大的作用。在主要结构方面，，本文实际上按照以下四个部分依次展开，即商业银行治理的特殊性及控制权市场机制的价值、各国商业银行治理的基本模式及控制权市场机制的演变路径、中国商业银行控制权市场的治理绩效、以及该机制作用机理的实证研究。在以上各部分之间实际上存在着缜密的内在逻辑。首先，第一部分为本文界定了明确的研究对象，并为后续研究提供了相应的理论基础。第二部分则进一步通过国别比较的方式，阐明了在各主要类型国家当中，与其银行控制权市场发展存在密切关联的影响因素及主要动因，通过这一部分的分析使得以下两方面的结论得到了明确，即第一，在各国的银行治理实践中，控制权市场的作用有利于参与银行及行业整体治理绩效的改善；第二，在不同的国家中，虽然银行控制权市场发展的动因，以及该机制作用的侧重点存在一定的差异，但总体上仍主要集中于以下三个方面，包括行业竞争结构、银行内部治理结构、以及外部制度环境的变迁。第三部分承接上文，分别以短期和长期两种绩效考核方法对中国银行业控制权市场的绩效予以分析和验证。第四部分则进一步对这一绩效改进所依赖的内部运作机理进行了深入的剖析。结论表明，控制权市场机制对中国商业银行治理确实存在显著的绩效提升作用，其中，股份制银行的提升效果要整体优于四大国有银行。另外，通过多元回归分析证明，控制权市场机制的作用，有赖于目标银行在内部治理结构方面做出必要的调整，比如，管理科层、董事会、监事会、以及更为根本的股权结构，只有通过以上机制的传导才能使控制权市场机制发挥相应的效力。四大国有银行较弱的治理绩效，反映出该类在内部治理结构调整方面存在着显著的刚性因素。
[Abstract]:Most of the studies on the circulation of control rights such as mergers and acquisitions of commercial banks have been confined to the level of management of commercial banks, and more attention has been paid to the possible impact of control rights transactions on the performance of commercial banks. Although some scholars have noticed the value of the control market in the commercial bank governance, they mainly put forward the bank control market as a kind of countermeasure and suggestion to solve the malpractice of Chinese commercial bank governance. However, there is a lack of in-depth analysis of this problem. The topic of this paper is to analyze from the overall perspective the reality of the increasingly active trading in the control market of Chinese commercial banks. This paper focuses on the role and influence of the market of bank control in the governance of Chinese commercial banks. On the basis of summing up the control market and the theory of commercial bank governance, this paper makes a comparative study on the development of the control market of commercial banks in major countries in the world, and summarizes the problems existing in the control market of Chinese banks. And the possible future direction. In addition, in view of the existing institutional bottlenecks, this paper also abstracts the corresponding countermeasures and suggestions from them, hoping that the market mechanism of control rights will play a greater role in the practice of the governance of Chinese commercial banks. In fact, this paper is based on the following four parts: the particularity of commercial bank governance and the value of market mechanism of control, the basic mode of governance of commercial banks in various countries and the evolution of market mechanism of control rights. An empirical study on the governance performance of the control market of Chinese commercial banks and the mechanism of the mechanism. There is in fact a careful internal logic between the above parts. First, the first part defines the research object and provides the corresponding theoretical basis for the follow-up study. In the second part, through the method of country comparison, the author clarifies the influence factors and the main causes of the development of the market of bank control, which are closely related to the development of the market of bank control in the main types of countries. Through the analysis of this part, the following two conclusions are made clear: first, in the practice of banking governance in various countries, the role of the control market is conducive to the improvement of the overall governance performance of the participating banks and the industry as a whole; second, In different countries, although there are some differences in the reasons for the development of the market of bank control and the emphasis of the mechanism, it still concentrates on the following three aspects, including the competition structure of the industry, the internal governance structure of the bank. And the change of external institutional environment. The third part carries on the analysis and verification of the performance of China's banking control market with two performance appraisal methods: short-term and long-term respectively. The fourth part further analyzes the internal operation mechanism on which the performance improvement depends. The conclusion shows that the control market mechanism does have a significant effect on the governance of Chinese commercial banks, among which, The promotion effect of joint-stock banks should be better than that of the four major state-owned banks as a whole. In addition, through multiple regression analysis, it is proved that the role of the market mechanism of control depends on the necessary adjustment of the internal governance structure of the target bank, such as the management branch, the board of directors, the board of supervisors, and the more fundamental equity structure. Only through the transmission of the above mechanism can the control market mechanism play a corresponding role. The weak governance performance of the four state-owned banks reflects that there are significant rigid factors in the adjustment of internal governance structure.
【学位授予单位】：中国社会科学院研究生院
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F224;F832.33

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