中国城市商业银行上市研究

发布时间：2018-01-07 01:10

  本文关键词：中国城市商业银行上市研究　出处：《辽宁大学》2016年博士论文　论文类型：学位论文

  更多相关文章： 城市商业银行 上市 融资 发展 策略

【摘要】：从1995年首家城市商业银行深圳市城市合作银行(今平安银行)成立至今,中国城市商业银行已经走过了20多年的发展历程。城市商业银行已成为继五大国有商业银行和十二家股份制商业银行之后中国银行业的第三梯队,是中国现代银行业体系中不可分割的重要组成部分和区域性金融力量的主体。在这期间,一部分城市商业银行借助资本市场实现了长足的发展,城市商业银行上市之后资产规模迅速扩张、综合化经营稳步拓展、品牌形象逐步提升,这对于现有城市商业银行的发展具有重要的借鉴意义。伴随着经济发展进入新常态(在经济结构对称态基础上的经济可持续发展),越来越多的城市商业银行选择在资本市场上市(截止2015年年底在中国大陆上市的城市商业银行有3家,香港上市的城市商业银行有7家),加上我国的上市政策逐步由审批制向注册制转变,城市商业银行的上市发展问题成为了我国金融改革重要组成部分,因此,本文选取了中国城市商业银行上市问题展开研究。本文认为,作为区域性金融主体的城市商业银行通过上市发展来实现自身的健康可持续发展,其不仅对于城市商业银行自身有益,而且会对地方经济发展产生较大的助推作用,这主要体现在两个层面：从宏观经济金融层面来看,城市商业银行上市对于地方经济、金融的发展具有积极的意义,其不仅有助于提升城市商业银行自身的知名度,还能够带动地方经济的发展,尤其是直接助推地方经济转型发展,提升其第三产业在地方经济发展中的比重,增加其就业容纳能力并实现税收的可持续增长；从微观角度来考虑,城市商业银行上市不仅可以促进城市商业银行自身改革与转型的加速,还能够增加融资渠道、降低其融资成本、增加信息透明度、提升自身的风险防控能力。本文的创新主要表现在以下三点：1、本文选题较新。由于现有的文献研究多局限于原有经济金融背景之下的相关研究,对于经济新常态背景之下,尤其是在三期叠加(增长速度换档期、结构调整阵痛期和前期刺激政策消化期)以及股票发行由审核制逐步向注册制转变、多家城市商业银行赴港上市背景之下的城市商业银行上市问题研究较少。鉴于现有金融框架之下,国有大型商业银行与股份制商业银行中的绝大部分已经上市,城市商业银行作为中国银行业体系中的第三梯队和区域性金融的主体力量,其上市发展已成为我国金融深化改革的重要组成部分,因此,本文选择了这一主题进行研究；2、选取的研究角度较新。现有的文献研究主要集中于微观层次的研究(主要是一些具体指标的变化),本文结合经济新常态背景下城市商业银行的具体发展情况,从宏观与微观相结合的角度对城市商业银行上市问题展开研究；3、为了避免单一分析方法的局限性,本文采用了多种分析方法来对选题进行综合分析。本文运用SWOT方法分析了城市商业银行上市过程中面临的优势与劣势、机遇与挑战,用比较方法对已上市城市商业银行的收入结构、财务指标、业务指标和股价走势变化进行了分析,用经济增加值分析法(EVA)对城市商业银行上市前后绩效变化进行了实证分析,用DEA和面板数据分析法对城市商业银行效率变化进行了实证分析。本文的不足之处在于,由于城市商业银行上市融资是一个系统性问题,其不仅覆盖城市商业银行的自身发展,还涉及区域经济的发展和相关调控与监管体系的转变。本文由于研究时间所限,对于涉及到的区域经济转型发展与城市商业银行上市转型发展相协调问题、相关调控与监管体系的转变等问题还需要在今后的深入研究中继续进行。本文共分为六章内容,具体行文结构如下：第一章为绪论,主要介绍本文的研究背景、意义、理论基础以及国内外的相关研究进展情况,并对其进行了概括总结。现有的相关文献研究主要集中于以下几个方面：1、城市商业银行的绩效改进与效率提升问题；2、城市商业银行的股权结构与公司治理问题；3、城市商业银行的战略定位发展问题等。文献中对于城市商业银行的上市发展问题研究有限,尤其是将城市商业银行的上市问题上升到经济新常态和国家宏观金融改革背景之下的研究十分有限,因此本文选取这一角度,并综合运用SWOT分析、比较分析、EVA分析、DEA分析和面板数据分析等多种分析方法展开研究,尝试从宏观金融改革和微观金融转型两个层次对城市商业银行上市问题展开研究。同时还介绍了本文的创新与不足之处。第二章是对城市商业银行上市进行概述。首先,对城市商业银行整体发展现状做了分析与总结；其次,对我国城市商业银行上市历程进行了总结,截止目前,我国已有10家城市商业银行先后在大陆和香港证券交易所上市。再次,介绍了城市商业银行上市的目的,包括补充自身资本金、提升自身知名度、优化管理层架构、提升风险防控能力、实现地方经济与金融的良性玎动和再融资等等；最后,介绍了城市商业银行上市的地点、模式及途径。地点主要介绍了中国大陆、香港和美国资本市场的上市条件,模式主要有单个银行上市模式、联合重组上市模式和银行控股上市模式,途径主要有申请上市和借壳上市。第三章是对城市商业银行上市影响的分析,这一章是对本文研究内容的定性分析。首先,本章分析了上市对城市商业银行自身经营发展的影响,主要体现在三个方面：1、资本资产的扩张,2、经营业绩的提升,3、品牌示范效应的确立；其次,分析了已上市城市商业银行对地方经济金融发展的影响；之后,对城市商业银行上市进行了SWOT分析,深入阐述城市商业银行上市的优势、劣势、机遇与挑战,其优势主要表现在自身地域优势明显,更加容易获得地方政府及财政支持,其特色服务能够更好地满足区域性客户的特殊需求等。其劣势主要表现在资本实力较弱和发展易受地方经济影响；最后对城市商业银行上市的难点和重点问题进行了分析与总结。第四章是对已上市城市商业银行进行比较分析,主要包含四方面的内容,一是对收入结构变化情况进行比较分析,二是对财务指标变化进行比较分析,三是对业务指标变化进行比较分析,四是对股价走势变化进行比较分析。本文认为从上市准备期开始已上市城市商业银行各项业务收入均取得了稳定增长,在大陆上市城市商业银行比在香港上市城市商业银行各项业务收入增长更为均衡且速度更快,非利息收入上升也更为明显；通过比较已上市10家城市商业银行的存贷比、总资产利润率、资本充足率、不良贷款率、拨备覆盖率等财务指标和资产业务总额、负债业务总额、中间业务总额等业务指标,本文认为已上市城市商业银行整体发展情况良好,尤其是在大陆上市的城市商业银行发展相对更好；上市后各城市商业银行股价走势总体较好,多数稳定在发行价之上,在大陆上市城市商业银行相比之下股价波动更大,在香港上市城市商业银行相比股价走势平稳。第五章对城市商业银行上市带来的绩效与效率变化进行了实证分析。首先,运用经济增加值模型(EVA)分析上市对城市商业银行绩效的影响。通过分阶段进行分析发现,2008年之前的EVA回报率与2008年之后的EVA回报率出现了较为明显的分化,在大陆已上市的北京银行、南京银行和宁波银行三家城市商业银行中,其上市之后的EVA值出现了更为明显的上升趋势,从2007年之后的EVA值与2007年之前的EVA值波动性比较中可以看出EVA值在上市之后有加速上升的趋势,本文认为上市对城市商业银行绩效提升具有积极影响。其次,本文运用DEA模型并结合面板数据分析法分析了上市对城市商业银行效率的影响。从投入与产出角度并结合相关宏观经济环境因素展开研究,选取了宏观与微观两个层面的不同指标。经过分析发现,在所选的样本城市商业银行中,上市对于城市商业银行的效率提升具有积极的意义,具体表现在资产规模增长、不良贷款率控制、资本充足率提升、总资产收益率增长和收入结构改善等方面。第六章为未来城市商业银行上市策略选择。首先,本文结合前文中的分析对城市商业银行上市的时机、地点、模式和途径选择给出了相应的建议。本文认为城市商业银行应当选择宏观经济形势、实体经济和自身发展良好且政府支持的时机上市；认为中国大陆的资本市场应当作为城市商业银行的首选,一些急于上市融资的城市商业银行可以选择在中国香港资本市场上市,具有国际化视角的城市商业银行可以考虑选择在美国上市；不同实力的城市商业银行应当采用不同的上市模式,有实力的城市商业银行上市应以单独上市为主,对于一些实力相对较弱的城市商业银行可以尝试采取联合重组上市；认为现阶段我国城市商业银行上市途径应以申请上市为主,对于一些实力相对较弱的城市商业银行可以尝试采取借壳上市的办法。其次,本文从内部和外部两个方面提出了城市商业银行上市应当采取的配套措施,其内部策略包括：完善公司治理结构、改进风险管理机制、规范引进战略投资者、建立良好的企业文化等；其外部策略包括：减少地方政府行政干预、制定合理的经济金融政策、稳定政策预期等。最后,对本文所进行的研究做出总结并给出一些相应的建议,并对下一步的研究做出展望。
[Abstract]:From 1995 the first city commercial bank in Shenzhen City Urban Cooperative Bank (now Ping An Bank) has been established, Chinese City Commercial Bank has gone through 20 years of development. The city commercial banks have become the five major state-owned commercial banks and twelve joint-stock commercial banks China banking third echelon, is the subject of modern banking Chinese in the system of the inalienable important component and regional financial strength. During this period, a part of the city commercial bank with the capital market to achieve rapid development, city commercial banks listed assets after the rapid expansion of the scale of integrated management, steadily expanding, gradually enhance the brand image, which is of important significance for the development of the existing city commercial banks. With the economic development in the new norm (sustainable economic development in the economic structure based on the symmetric state), more and more The city commercial banks listed on the capital market (city commercial banks by the end of 2015 in China, listing of 3, the City Commercial Bank of Hongkong listing of 7), the change of China's public policy gradually by the examination and approval system to the registration system and the development of city commercial banks listed, has become an important part of therefore, China's financial reform, this paper selects the problem of Chinese city commercial banks listed research. This paper argues that, as the City Commercial Bank Regional Financial subjects through market development to achieve the sustainable development of their own health, not only for the city commercial banks benefit and will generate great help for the local economic development. Is mainly reflected in two aspects: from the aspect of financial macroeconomic point of view, the city commercial banks listed on the local economy, it has a positive significance to the development of Finance , which not only helps to enhance the visibility of the city commercial bank, but also can promote the development of local economy, especially the development of local economy transition directly boost, improve the third industry is in the local economy development, sustainable growth capacity and increase their employment tax; from micro perspective, commercial city banks can not only promote the acceleration of city commercial banks reform and transformation, but also to increase financing channels, reduce financing costs, increase the transparency of information, enhance risk control ability of innovation itself. This paper mainly in the following three points: 1, the topic is new. Because the existing literature research related research Limited under the existing economic and financial background, the background of the new economic norm, especially in the three overlay (the growth rate of the schedule change, structural adjustment pains and early stage The stimulus digestion period) and the stock issued by the audit system gradually changes to the registration system, the problem of city commercial banks listed less number of city commercial banks listed in Hong Kong under the background. In view of the existing financial framework, large state-owned commercial banks and joint-stock commercial banks in most of the city commercial bank has been listed as Chinese the banking system in the third echelon and the main force of regional financial development, the market has become an important part of China's financial deepening reform, therefore, this paper chooses this topic research; 2, select the angle of new research. The existing literature mainly focused on the micro level (mainly changes of some specific indicators), combined with the specific situation of the development of city commercial banks in the background under the new economic norm, from macroscopic and microcosmic angle of city business Study on problems of banks listed; 3, in order to avoid the limitation of single analysis method, this paper adopts various analysis method to make a comprehensive analysis of the topic. This paper uses SWOT method to analyze the advantages and disadvantages are listed in the process of city commercial banks, the opportunities and challenges, by means of comparison of the income structure, listed commercial city the bank's financial index, business index and stock price are analyzed, with economic added value analysis (EVA) on the change of the performance before and after the city commercial banks listed on the empirical analysis, using DEA and panel data analysis method of city commercial bank efficiency change was analyzed. The shortage of this article is, due to the city listed commercial bank financing is a systemic problem, which not only covers the city commercial bank's own development, but also relates to the development of the regional economy and the related regulation and supervision The change of system. In this paper, due to the limitation of research time for restructuring and development of listed related to regional economic transformation and development of city commercial banks in coordination problems, issues related to regulation and supervision system changes also need to continue to carry out in-depth research in the future. This paper is divided into six chapters, the specific structure of this paper is as follows: the first chapter is the introduction, mainly introduces the research background, the significance of this paper, the progress of related research at home and abroad as well as the basic theory, and has carried on the summary of related literature. The existing research focuses on the following aspects: 1, improve the city commercial bank's performance and enhance the efficiency; 2, equity structure and company governance of city commercial banks; 3, the city commercial bank's strategic positioning and development issues. The literature for city commercial banks listed on the development limited, especially The research of listed city commercial banks rose to under the background of the new economic norm and the national macro financial reform is very limited, so this thesis chooses this angle, and the integrated use of SWOT analysis, comparative analysis, EVA analysis, DEA analysis and panel data analysis and other analysis methods in the research, try to study the problem of City Commercial Listed Banks from the macro and micro finance financial reform transformation of two levels. It also introduces the innovation and shortcomings of this paper. The second chapter is the city commercial banks are summarized. First, the city commercial banks overall development status were analyzed and summarized; secondly, on China's City Commercial banks listed on the course are summarized and until now, China has 10 city commercial banks have listed on the mainland and the Hongkong stock exchange. Once again, the city commercial banks listed on the objective, Including its own capital, enhance their visibility, optimize the management structure, improve risk control ability, to achieve local economic and financial benign and refinancing and so on; finally, the city commercial banks listed on the site, the mode and approach. Mainly introduces the location, Chinese, Hongkong and the United States capital market conditions the market model is the main single bank listing mode of joint reorganization of listed holding listed bank mode and mode, the main way to apply and backdoor listing. The third chapter is the analysis of the effect of the listed city commercial bank, this chapter is a qualitative analysis of the contents of this paper. Firstly, this chapter analyzes the influence of the listed business city commercial bank's development, mainly reflected in three aspects: 1, capital asset expansion, 2, operating results improved, 3, brand demonstration effect was established; secondly, analyzes the Influence of listed city commercial banks to finance the development of the local economy; after that, the city commercial banks listed by the SWOT analysis, further elaborated the city commercial banks listed on the strengths, weaknesses, opportunities and challenges, its advantage is mainly manifested in its geographical advantages, easier access to local government and financial support, the special services can better to meet the special needs of regional customers. Its main disadvantages are the capital strength is weak and vulnerable to local economic development; at the end of the difficult and key problems of city commercial banks listed are analyzed and summarized. The fourth chapter is the comparative analysis of the listed city commercial banks, mainly includes four aspects, one is the a comparative analysis of the change of income structure, the two is the comparative analysis of financial indicators of change, three of the business indicators for comparison and analysis, The four is to make a comparative analysis of stock price changes. This paper argues that from the listing preparation period has been listed city commercial banks business income achieved stable growth in the mainland listed city commercial banks into a more balanced and faster than listed city commercial banks in the business income growth in Hongkong, non interest income increase is more obvious; by comparing the 10 listed city commercial bank loan ratio, total assets profit rate, the capital adequacy ratio, non-performing loan ratio, provision coverage and other financial indicators and business assets total liabilities total business, intermediate business total business indicators, the listed city commercial banks overall development situation is good, especially in the mainland listed City Commercial Banks relatively better development; after the listing of the city commercial bank stock prices are generally good, most stable above the issue price, the The listed city commercial banks compared to stock price fluctuations larger, listed in Hongkong City Commercial Bank compared to the share price trend is stable. The fifth chapter makes an empirical analysis on the performance and efficiency of changes in the listed city commercial banks. First of all, the use of economic value added model (EVA) to analyze the influence on the performance of listed city commercial banks were analyzed. Found by stages, before 2008 and after 2008 the rate of return of EVA EVA rate of return has obvious differentiation, has been listed on the mainland bank of Beijing, Bank of Nanjing and Bank of Ningbo, the three city commercial banks, after the listing of the EVA value appeared more obvious upward trend, volatility in comparison we can see that the EVA value has accelerated the trend of rising in 2007 before and after the listing of EVA value from 2007 after the EVA, this paper argues that the listed on the performance of city commercial bank has upgraded Positive effect. Secondly, this paper uses DEA model and combining with the panel data method to analyze the impact on the efficiency of listed city commercial banks. From the point of input and output and combining with the macro economic environment factor research, select a different macro and micro indicators of the two level. After analysis, the selected samples of the commercial city in the bank, listed on the city commercial bank efficiency promotion has a positive meaning, the growth in the size of assets, non-performing loan ratio, capital adequacy ratio, return rate of total assets growth and income structure improvement. The sixth chapter is the future of city commercial banks listed strategy. Firstly, this paper analyzes the the city commercial banks listed on the timing, location, mode and way of selection and corresponding suggestions are given. This paper argues that the city commercial banks should choose macro economic form The economic potential, the listed entity and its own development and good government support time; that China, the capital market should be the preferred city commercial banks, city commercial banks are eager to financing can choose China listed on the Hongkong capital market, city commercial banks with international perspective can be taken into account in the United States listed City Commercial Bank; the strength should adopt different listing mode of city commercial banks have the strength of the listed should be listed separately for city commercial banks, some relatively weak can try to take joint reorganization; that at the present stage of China's city commercial banks listed way should apply for the listed city commercial banks, for some relatively weak you can try to take the backdoor listing of the way. Secondly, this paper from the two aspects of internal and external. City commercial banks listed on the supporting measures should be taken, including its internal strategy: improve the corporate governance structure, improve risk management mechanism, the introduction of strategic investors, establish a good corporate culture; including its external strategy: reducing the administrative intervention of local government, make reasonable economic and financial policies, stable policy is expected. Finally, make the summary and gives some suggestions of the study, and make a prospect for the next research.

【学位授予单位】：辽宁大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.33
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本文编号：1390326