我国上市商业银行股权结构与绩效相关性实证分析

发布时间：2018-10-05 19:58

【摘要】：银行在我国金融体系中的主导地位不可置否,且往往在金融资产配置过程中扮演着核心角色。随着我国银行股份制改革和金融体制改革进程中战略投资者引进、首次公开发行以及放宽民营资本准入等一系列政策、事件的发生和推进,银行股权结构作为银行内部治理结构中最重要的部分之一,对银行自身发展的作用以及同绩效之间的相关性越来越受到国内学者的重视。但是需要指出的是,虽然我国银行业经历了一系列改革,银行股权结构与治理结构完成了一定的“形塑”,但是这种背后是一种由上至下的设计理念,经营目标行政化、治理结构半行政的问题仍然严峻。银行业仍普遍存在股权结构失衡、股权高集中度、政府干预等问题。因此,对银行股权治理结构和绩效的相关性分析不仅能让我们更深入地认识我国银行业的改革,也对我们理解新一轮提出的混合股份制改革大有裨益。在这样的背景下,本文拟对我国上市银行股权分置改革后的股权结构与绩效之间的相关性进行研究。首先,本文在梳理银行股权治理对绩效作用机制的理论基础上,归纳分析了当前国内外研究对于银行股权结构和绩效的相关性讨论。其次,鉴于不同国家的经济制度、发展进程不同会影响两者之间的相关性,本文从我国商业银行股权分置改革后的现实情况出发分析我国上市商业银行股权结构和绩效的相关性。本文从文献中归纳出股权属性、股权集中度、股权制衡度三个衡量股权结构的维度并结合了2007-2015年我国上市银行股权结构和经营绩效现状分析提出其与经营绩效的相关性方面的假设。文章通过变量的描述性统计、相关性检验和多元回归分析,阐明了我国上市银行股权结构与绩效的相关性并验证了相关假设。本文的研究结果表明:对我国上市银行而言,其股东权属性质与其绩效表现不显著相关;我国上市银行的股权集中度与其绩效表现出显著的负相关关系;银行股东股权的相互制衡能够显著地提升上市银行绩效。最后,本文基于实证分析的结论对如何优化我国银行股权结构,从而进一步地提升其股权治理效果而使得其经营更有效率提出了相关对策和建议。一方面,我们在促进股权多元化并稳步推进银行股权混合制的同时,需要真正实现银行在这种股权结构的安排下的有效治理。另一方面,对于实现银行股权的有效治理,外部治理机制,如经理人市场、资本市场的建设和安排也有一定的积极作用。
[Abstract]:The leading position of banks in China's financial system is inevitable and often plays a central role in the process of financial asset allocation. With the introduction of strategic investors, initial public offering and relaxation of access to private capital in the process of banking reform and financial system reform, events have taken place and pushed forward. As one of the most important parts of the bank's internal governance structure, the equity structure of the bank has attracted more and more attention from domestic scholars for its role in the development of the bank itself and its correlation with the performance. However, it should be pointed out that although China's banking industry has undergone a series of reforms, the equity structure and governance structure of banks have been "shaped" to a certain extent, but behind this is a top-down design concept with administrative management objectives. The problem of semi-administration of governance structure is still severe. There are still many problems in banking industry, such as unbalance of equity structure, high concentration of equity, government intervention and so on. Therefore, the correlation analysis of bank equity governance structure and performance can not only help us understand the banking reform in China, but also help us to understand the new round of mixed stock system reform. In this context, this paper intends to study the correlation between equity structure and performance of China's listed banks after the split share structure reform. Firstly, on the basis of combing the mechanism of bank equity governance on performance, this paper summarizes and analyzes the correlation between bank equity structure and performance at home and abroad. Secondly, given the economic systems of different countries, different development processes can affect the relevance between the two, This paper analyzes the correlation between equity structure and performance of listed commercial banks in China. This paper induces the ownership attribute, the ownership concentration degree from the literature. The three dimensions of equity balance measure the equity structure of listed banks in China from 2007 to 2015 and put forward the hypothesis of the correlation between equity structure and operating performance of listed banks in China from 2007 to 2015. Through descriptive statistics of variables, correlation test and multiple regression analysis, this paper clarifies the correlation between equity structure and performance of listed banks in China and verifies the relevant assumptions. The results show that: for the listed banks in China, the ownership nature of shareholders is not significantly related to their performance, and the ownership concentration of listed banks in China is negatively related to their performance. The checks and balances of shareholders' equity can significantly improve the performance of listed banks. Finally, based on the conclusion of empirical analysis, this paper puts forward some relevant countermeasures and suggestions on how to optimize the equity structure of Chinese banks, so as to further improve the effect of equity governance and make their management more efficient. On the one hand, we need to realize the effective governance of banks under the arrangement of equity structure while promoting equity diversification and steadily advancing the mixed equity system of banks. On the other hand, external governance mechanisms, such as manager market and capital market, also play a positive role in the effective governance of bank equity.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.33

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