股权结构对我国城市商业银行效率影响的实证分析
发布时间：2019-06-16 17:54
【摘要】：城市商业银行作为我国银行业的重要组成部分,它是在原信用社的基础上成立起来的,作为地方性金融机构,它对地方经济的发展具有巨大的促进作用。根据中国加入WTO时的承诺,我国银行业已于2006年底实现全面对外开放,因此,我国城市商业银行不仅面临国内同业的竞争,还面临着国际同业的挑战,银行业的竞争越来越激烈。另外,由于城市商业银行总体规模小,它的发展又多取决于当地经济发展水平等特点,与其他国有大银行相比存在诸多劣势与不足,因此要想在激烈的竞争中持续发展下去,就必须不断提高自身的经营效率。 而关于股权结构与银行效率关系的研究,对于完善银行的股权结构,提高银行效率有着非常重要的作用,因此,引起国内外很多学者的关注,并得出了不同的结论。其中,国外学者关于股权结构对银行效率影响的研究,主要可以归结为两类：(1)股权结构与银行效率存在显著相关关系；(2)股权结构与银行效率不存在显著相关关系。而国内学者关于股权结构与银行效率关系的研究,也主要归结为两个方面：一种是对不同类型产权结构银行效率进行比较,大部分学者所得出的结论也基本趋于一致,即认为非国有商业银行的效率高于国有商业银行的效率；一种是关于不同股权集中度、持股比例及不同股权属性对银行效率的影响进行研究,且学者们的研究侧重点各不相同,因此,所得出的结论也有所出入,但最终结论都认为它们之间存在显著的相关性。 考虑到关于全面深入研究城市商业银行股权结构与效率之间关系的文献少之义少,以及城市商业银行自身存在的劣势与不足,本文便以我国城市商业银行作为样本,研究它的股权结构与效率之间的关系,并运用公司治理的相关理论进行分析,研究中选择了2007至2010年间的22家城市商业银行作为样本,分别从理论与实证的角度对两者之间的关系进行研究,为城市商业银行完善股权结构,提高效率提供相应的理论依据。 本文的研究思路为：首先,界定银行效率的概念,并运用DEA非参数方法测算城市商业银行的效率。其次,根据银行股权结构对效率的作用机制,对城市商业银行的股权结构进行界定,建立面板数据的多元回归模型,分析股权结构对城市商业银行效率的影响。最后,根据前面实证分析结果,给出本文的结论及建议。 本文通过五章内容来分析股权结构对我国城市商业银行效率的影响： 第一章为绪论。首先,描述了本文的研究背景及意义；其次,分别对国内外相关文献进行综述和评价,并提出不足之处,在此基础上,提出本文所要做的研究工作。 第二章为理论基础。首先,界定了城市商业银行效率及股权结构的概念；其次,从股权属性、股权集中度两个方面,分析了股权结构对银行效率的作用机制,为后面的实证研究做好理论准备。 第三章为我国城市商业银行效率的测度。首先,介绍了测度效率的相关方法,包括参数方法和非参数方法；其次,详细介绍了本文中需要用到的方法。最后,利用相关方法对我国城市商业银行效率进行测算。 第四章为实证分析。首先,对本文中需要用到的股权结构变量进行界定,并分析了我国城市商业银行股权结构的现状；其次,以第三章测算出的城市商业银行效率值作为被解释变量,分别从股权属性及股权集中度两方面,深入分析股权结构与城市商业银行效率之间的关系。 第五章为论文研究结论及相关建议。首先,对城市商业银行股权结构与效率关系进行综合评价；其次,提出本文的局限与不足,以及相关的建议。 本文的实证结论主要为以下几个方面： (1)不同的股权属性对我国城市商业银行效率造成的影响是不同的。实证结果显示,国家持股对城市商业银行效率有正面影响,且第一大股东的国家性质对城市商业银行效率产生的影响也是正面的,原因可能如下：一是金融危机的影响,导致了地方政府在城市商业银行经营发展中综合作用为正；二是经过一系列完善股权结构的措施,城市商业银行的国家股比例得到了适度的降低；三是在城市商业银行股份制改革的过程中,地方政府的行为正在逐渐趋于合理化。 法人持股对城市商业银行效率有负面影响,说明了较高的法人股比例不利于城市商业银行公司治理作用的有效发挥,有可能导致法人股东利用其控股地位做出不利于城市商业银行发展的行为,从而不利于城市商业银行效率的提高。 另外,城市商业银行通过上市进行融资能够改善其效率,但是效果不显著,可能是由于上市银行家数占样本量的比例偏小导致。 (2)股权集中度对城市商业银行效率产生了负面的影响。实证结果显示,前五大股东持股比例及前十大股东持股比例对城市商业银行效率产生相当程度的负面影响。我国城市商业银行股权集中程度相对较高,一方面,这容易导致大股东缺乏应有的制约,存在大股东为自己或者关联公司获取利益的机会主义行为,从而造成大股东侵害其他股东及银行整体利益的可能性增加。另一方面,由于经理人经常由大股东委派,他们代表大股东的利益,即使经营不好,也很难被替代,不利于经理人市场作用的发挥。因此,适度降低城市商业银行前十大股东持股比例有利于提高其效率。其次,第一大股东控股能力Z指数对城市商业银行效率产生负面影响,但效果并不明显。 从本文所选取的控制变量的回归结果来看,权益资产比例显著的恶化了城市商业银行效率,而资产规模、不良贷款率及董事会规模对城市商业银行效率的影响不显著。 虽然查阅了相关文献资料以及搜集了相关数据,并对样本城市商业银行进行了系统的分析和研究。但由于资料的不足以及本人研究水平的限制,在本文的研究过程中存在较多不足的地方。 (1)由于数据可获得性的限制,考虑到本文中所需要的变量,本文仅以2007-2010年间22家城市商业银行为样本进行了实证研究。在以后的研究中,还可以通过扩大样本银行的数量及时间跨度进行研究。 (2)由于大多城市商业银行未上市,年报披露的信息不完全,在后面的研究中,还可以通过加入更多的投入产出变量,以便使DFA方法测算出的效率值更精确；其次,部分城市商业银行年报内容披露不完整,与股权结构相关的数据存在缺失现象,考虑到数据统计口径的一致性,因此,本文无法将国有法人股从法人股中分离出来,分别考虑国有法人股和非国有法人股与城市商业银行效率的关系,可能对实证结论造成影响；最后,由于本文中是使用DEA方法测算银行效率的,虽然DEA方法存在很多优点,但是它不考虑运气成分、数据等问题引起的随机误差的影响,这可能在一定程度上对实证结果的有效性造成影响。 (3)由于本研究的时间跨度在2007—2010年间,这期间发生了全球性的金融危机,这可能对各城市商业银行产生不同程度的影响,导致测算出来的城市商业银行效率,以及最后股权结构与城市商业银行效率的关系的结论与前人研究存在不一致的情况。
[Abstract]:As an important part of the banking of our country, the commercial bank of the city is established on the basis of the original credit union, as the local financial institution, it has a great effect on the development of the local economy. With the promise of China's accession to the WTO, China's banking industry has been opened to the outside world by the end of 2006. Therefore, the commercial banks of our country face not only the competition of the intra-bank, but also the challenge of the international community, and the competition of the banking industry is becoming more and more intense. in addition, because that overall size of the commercial bank of the city is small, the development of the commercial bank of the city depend on the characteristics of the local economic development level and the like, The efficiency of its operation must be constantly improved. The research on the relationship between the ownership structure and the efficiency of the bank has a very important role in perfecting the structure of the bank and improving the efficiency of the bank. On the other hand, the research on the effect of the equity structure on the efficiency of the bank in the foreign scholars can be divided into two categories: (1) there is a significant correlation between the equity structure and the efficiency of the bank; (2) there is no significant correlation between the ownership structure and the efficiency of the bank On the other hand, the research on the relationship between the equity structure and the efficiency of the bank in China is mainly divided into two aspects: one is the comparison of the efficiency of the different types of property right structure banks, and the conclusion reached by most of the scholars is also basically the same The result shows that the efficiency of the non-state-owned commercial banks is higher than that of the state-owned commercial banks; one is the study of the influence of the concentration of different stock rights, the proportion of the holding shares and the different equity attributes on the efficiency of the banks, and the research focus of the scholars is different. The conclusion has also come in and out, but the final conclusion is that there is a significant correlation between them Taking into account the lack of the literature on the relationship between the ownership structure and efficiency of the city commercial banks, and the disadvantages and disadvantages of the city commercial banks, this paper studies the structure and efficiency of the city commercial banks as a sample Based on the analysis of the related theories of corporate governance,22 urban commercial banks from 2007 to 2010 were selected as the samples, and the relationship between them was studied from the perspective of theory and demonstration. The right structure and the efficiency provide the corresponding rule On the basis of the theory, this paper is to define the concept of bank's efficiency, and to use DEA non-parametric method to measure the city's business. Secondly, according to the mechanism of the role of the equity structure of the bank to the efficiency, the structure of the ownership structure of the commercial bank of the city is defined, the multiple regression model of the panel data is established, and the equity structure is analyzed for the city commercial bank. The effect of efficiency. Finally, based on the results of the previous empirical analysis, this paper is given. Conclusions and suggestions. The paper analyzes the structure of ownership structure to the city business of our country through five chapters. The effect of bank's efficiency The first chapter is the introduction. First of all, the background and significance of this paper are described. Secondly, the relevant literatures at home and abroad are reviewed and evaluated, and the shortcomings are put forward. The research work to be done The second chapter is the theoretical foundation. First, the concept of the efficiency of the commercial bank and the structure of the ownership structure is defined; secondly, the mechanism of the effect of the ownership structure on the efficiency of the bank is analyzed from the aspects of the equity property and the equity concentration degree, which is the following: The third chapter is to make the theoretical preparation for the empirical study. In this paper, the measure of the efficiency of the commercial bank in our country is introduced. Firstly, the correlation method of the measure efficiency is introduced, including the parameter method and the non-parametric method. This paper introduces the methods that need to be used in this paper. Finally, using the related methods, The Efficiency of the State City Commercial Bank The fourth chapter is the empirical analysis. First, the stock structure variables need to be used in this paper are defined, and the current situation of the ownership structure of the city commercial banks in China is analyzed. Don't analyze the equity joint from two aspects: equity property and equity concentration. The relationship between the construction and the efficiency of the commercial bank of the city. The fifth chapter provides a comprehensive evaluation of the relationship between the ownership structure and the efficiency of the city commercial bank. The limitations and deficiencies of this paper, as well as the related recommendations The empirical conclusion of this paper is mainly the following aspects: (1) different stock rights The effect of the nature on the efficiency of the city commercial banks in China is different. The empirical results show that the national shareholding has a positive effect on the efficiency of the city commercial banks, and the influence of the national nature of the first large shareholders on the efficiency of the city commercial banks also It is positive. The reason may be as follows: First, the influence of the financial crisis has led to the comprehensive role of local government in the development of urban commercial banks; the second is to adopt a series of measures to improve the ownership structure, and the proportion of the national shares of the commercial banks of the city is moderate The third is the reform of the joint-stock system of the commercial bank of the city In the course of the process, the behavior of the local government is becoming more and more reasonable. The holding of the legal person has a negative effect on the efficiency of the city commercial banks, and the higher proportion of the legal person shares is not conducive to the effective functioning of the corporate governance of the city commercial banks, which may lead to the legal person's shareholders Make use of its holding status to make the commercial silver in the city unfavorable to the city The behavior of the development of the bank is not conducive to the improvement of the efficiency of the commercial bank of the city. In addition, the city commercial bank can improve its efficiency through the financing of the listing, but the effect does not Significant, possibly due to the small proportion of the number of listed bankers in the sample size. (2) The equity concentration has a negative impact on the efficiency of the city commercial banks. The empirical results show that the proportion of the top five shareholders and the top ten shareholders The shareholding ratio of the big shareholders has a significant negative effect on the efficiency of the commercial bank of the city. The degree of the equity concentration of the commercial banks in our country is relatively high. On the one hand, this can lead to the lack of due system of the large shareholders. An opportunism that has a large shareholder to gain an interest for himself or an associated company. resulting in an increase in the likelihood of large shareholders against the overall interests of other shareholders and banks, on the other hand, because managers are often delegated by large shareholders, they represent the interests of the large shareholders, even if the operation is not good, it is difficult to be replaced, which is not beneficial to the role of the manager market, and therefore, In order to reduce the proportion of the top ten shareholders of the commercial bank of the city, the proportion of the holding of the top ten shareholders of the commercial bank of the city is beneficial to the improvement of its efficiency The force Z index has a negative effect on the efficiency of the city commercial banks, but the effect is not obvious. From the regression results of the control variables selected in this paper, the proportion of equity assets has significantly deteriorated the efficiency of the city commercial banks, and the assets The effect of scale, non-performing loan and board size on the efficiency of urban commercial banks is not significant. and the relevant data is collected, and the system analysis and research of the sample city commercial bank are carried out, The limitation of the level of the study of the foot and of my own study, where there are more deficiencies in the course of the study. (1) Due to the limitations of the availability of the data, the variables required in this document are taken into account, The paper makes an empirical research on the samples of 22 urban commercial banks in 2007-2010. In future studies, the number and time span of the sample banks can also be studied. (2) Since most of the urban commercial banks are not listed, the information disclosed in the annual report is not complete, and in the later studies, it is also possible to By adding more input-output variables, the efficiency value calculated by the DFA method is more accurate; secondly, the content disclosure of the annual report of some urban commercial banks is incomplete, and the data related to the ownership structure is missing, and the test In view of the consistency of the data statistics, this paper is not able to separate the state-owned legal person from the legal person, and consider the relationship between the state-owned legal person and the non-state-owned legal person and the efficiency of the city commercial bank. A method to measure the efficiency of the bank, although the DEA method has many advantages, it does not consider the luck component, data, etc. The effect of the random error caused by the problem may have an impact on the effectiveness of the empirical results to some extent. (3) The global financial crisis has occurred during the period 2007-2010 due to the time span of the study This may have a different degree of influence on the commercial banks of the cities, resulting in the measured efficiency of the city commercial banks.
【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
本文编号：2500708
[Abstract]:As an important part of the banking of our country, the commercial bank of the city is established on the basis of the original credit union, as the local financial institution, it has a great effect on the development of the local economy. With the promise of China's accession to the WTO, China's banking industry has been opened to the outside world by the end of 2006. Therefore, the commercial banks of our country face not only the competition of the intra-bank, but also the challenge of the international community, and the competition of the banking industry is becoming more and more intense. in addition, because that overall size of the commercial bank of the city is small, the development of the commercial bank of the city depend on the characteristics of the local economic development level and the like, The efficiency of its operation must be constantly improved. The research on the relationship between the ownership structure and the efficiency of the bank has a very important role in perfecting the structure of the bank and improving the efficiency of the bank. On the other hand, the research on the effect of the equity structure on the efficiency of the bank in the foreign scholars can be divided into two categories: (1) there is a significant correlation between the equity structure and the efficiency of the bank; (2) there is no significant correlation between the ownership structure and the efficiency of the bank On the other hand, the research on the relationship between the equity structure and the efficiency of the bank in China is mainly divided into two aspects: one is the comparison of the efficiency of the different types of property right structure banks, and the conclusion reached by most of the scholars is also basically the same The result shows that the efficiency of the non-state-owned commercial banks is higher than that of the state-owned commercial banks; one is the study of the influence of the concentration of different stock rights, the proportion of the holding shares and the different equity attributes on the efficiency of the banks, and the research focus of the scholars is different. The conclusion has also come in and out, but the final conclusion is that there is a significant correlation between them Taking into account the lack of the literature on the relationship between the ownership structure and efficiency of the city commercial banks, and the disadvantages and disadvantages of the city commercial banks, this paper studies the structure and efficiency of the city commercial banks as a sample Based on the analysis of the related theories of corporate governance,22 urban commercial banks from 2007 to 2010 were selected as the samples, and the relationship between them was studied from the perspective of theory and demonstration. The right structure and the efficiency provide the corresponding rule On the basis of the theory, this paper is to define the concept of bank's efficiency, and to use DEA non-parametric method to measure the city's business. Secondly, according to the mechanism of the role of the equity structure of the bank to the efficiency, the structure of the ownership structure of the commercial bank of the city is defined, the multiple regression model of the panel data is established, and the equity structure is analyzed for the city commercial bank. The effect of efficiency. Finally, based on the results of the previous empirical analysis, this paper is given. Conclusions and suggestions. The paper analyzes the structure of ownership structure to the city business of our country through five chapters. The effect of bank's efficiency The first chapter is the introduction. First of all, the background and significance of this paper are described. Secondly, the relevant literatures at home and abroad are reviewed and evaluated, and the shortcomings are put forward. The research work to be done The second chapter is the theoretical foundation. First, the concept of the efficiency of the commercial bank and the structure of the ownership structure is defined; secondly, the mechanism of the effect of the ownership structure on the efficiency of the bank is analyzed from the aspects of the equity property and the equity concentration degree, which is the following: The third chapter is to make the theoretical preparation for the empirical study. In this paper, the measure of the efficiency of the commercial bank in our country is introduced. Firstly, the correlation method of the measure efficiency is introduced, including the parameter method and the non-parametric method. This paper introduces the methods that need to be used in this paper. Finally, using the related methods, The Efficiency of the State City Commercial Bank The fourth chapter is the empirical analysis. First, the stock structure variables need to be used in this paper are defined, and the current situation of the ownership structure of the city commercial banks in China is analyzed. Don't analyze the equity joint from two aspects: equity property and equity concentration. The relationship between the construction and the efficiency of the commercial bank of the city. The fifth chapter provides a comprehensive evaluation of the relationship between the ownership structure and the efficiency of the city commercial bank. The limitations and deficiencies of this paper, as well as the related recommendations The empirical conclusion of this paper is mainly the following aspects: (1) different stock rights The effect of the nature on the efficiency of the city commercial banks in China is different. The empirical results show that the national shareholding has a positive effect on the efficiency of the city commercial banks, and the influence of the national nature of the first large shareholders on the efficiency of the city commercial banks also It is positive. The reason may be as follows: First, the influence of the financial crisis has led to the comprehensive role of local government in the development of urban commercial banks; the second is to adopt a series of measures to improve the ownership structure, and the proportion of the national shares of the commercial banks of the city is moderate The third is the reform of the joint-stock system of the commercial bank of the city In the course of the process, the behavior of the local government is becoming more and more reasonable. The holding of the legal person has a negative effect on the efficiency of the city commercial banks, and the higher proportion of the legal person shares is not conducive to the effective functioning of the corporate governance of the city commercial banks, which may lead to the legal person's shareholders Make use of its holding status to make the commercial silver in the city unfavorable to the city The behavior of the development of the bank is not conducive to the improvement of the efficiency of the commercial bank of the city. In addition, the city commercial bank can improve its efficiency through the financing of the listing, but the effect does not Significant, possibly due to the small proportion of the number of listed bankers in the sample size. (2) The equity concentration has a negative impact on the efficiency of the city commercial banks. The empirical results show that the proportion of the top five shareholders and the top ten shareholders The shareholding ratio of the big shareholders has a significant negative effect on the efficiency of the commercial bank of the city. The degree of the equity concentration of the commercial banks in our country is relatively high. On the one hand, this can lead to the lack of due system of the large shareholders. An opportunism that has a large shareholder to gain an interest for himself or an associated company. resulting in an increase in the likelihood of large shareholders against the overall interests of other shareholders and banks, on the other hand, because managers are often delegated by large shareholders, they represent the interests of the large shareholders, even if the operation is not good, it is difficult to be replaced, which is not beneficial to the role of the manager market, and therefore, In order to reduce the proportion of the top ten shareholders of the commercial bank of the city, the proportion of the holding of the top ten shareholders of the commercial bank of the city is beneficial to the improvement of its efficiency The force Z index has a negative effect on the efficiency of the city commercial banks, but the effect is not obvious. From the regression results of the control variables selected in this paper, the proportion of equity assets has significantly deteriorated the efficiency of the city commercial banks, and the assets The effect of scale, non-performing loan and board size on the efficiency of urban commercial banks is not significant. and the relevant data is collected, and the system analysis and research of the sample city commercial bank are carried out, The limitation of the level of the study of the foot and of my own study, where there are more deficiencies in the course of the study. (1) Due to the limitations of the availability of the data, the variables required in this document are taken into account, The paper makes an empirical research on the samples of 22 urban commercial banks in 2007-2010. In future studies, the number and time span of the sample banks can also be studied. (2) Since most of the urban commercial banks are not listed, the information disclosed in the annual report is not complete, and in the later studies, it is also possible to By adding more input-output variables, the efficiency value calculated by the DFA method is more accurate; secondly, the content disclosure of the annual report of some urban commercial banks is incomplete, and the data related to the ownership structure is missing, and the test In view of the consistency of the data statistics, this paper is not able to separate the state-owned legal person from the legal person, and consider the relationship between the state-owned legal person and the non-state-owned legal person and the efficiency of the city commercial bank. A method to measure the efficiency of the bank, although the DEA method has many advantages, it does not consider the luck component, data, etc. The effect of the random error caused by the problem may have an impact on the effectiveness of the empirical results to some extent. (3) The global financial crisis has occurred during the period 2007-2010 due to the time span of the study This may have a different degree of influence on the commercial banks of the cities, resulting in the measured efficiency of the city commercial banks.
【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
【引证文献】
相关硕士学位论文 前1条
1 郭杰;我国城市商业银行股权结构与经营绩效关系研究[D];内蒙古大学;2013年
，本文编号：2500708
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