我国上市银行股权结构对银行价值影响的实证研究

发布时间：2018-01-18 08:03

本文关键词：我国上市银行股权结构对银行价值影响的实证研究　出处：《东华大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着公司治理理论的不断发展,股权结构已成为研究的热门话题,近年来,我国学者在有关股权结构与公司价值的实证研究方面取得了较为丰硕的成果。但是,众多对股权结构与公司价值的关系研究中却很少涉及银行业,商业银行在我国作为最重要的金融中介机构,对经济发展的作用不言而喻。并且,随着国有银行股份制改革在经营市场化和竞争全球化浪潮中的深化,各商业银行的纷纷选择上市以及股权分置改革的完成,使我国商业银行自身的发展进入一个加速时期。所以对于我国的上市银行其股权结构的合理性,是一个值得讨论的问题。如何优化上市银行的股权结构,进而提升其价值,对于已经上市的银行和即将上市的银行,都有着重要的理论和现实意义。在我国现中有的有关银行股权结构对银行价值影响的研究文献中,所得到的结果也没有统一,商业银行作为经营货币的特殊企业,对一国经济发展和金融稳定起着至关重要的作用,股权结构与银行内部治理有着紧密的内在联系,不同的股权结构会产生不同的治理结构,进而影响到银行价值。本文首先引入了文章的研究对象,对相关概念进行了明确,界定了我国商业银行的股权结构与银行价值的内涵,然后对已有文献的研究方法和结论进行了总结,其次从基本理论出发,介绍了委托代理理论和内部人控制理论关于股权结构与银行价值的相互关系的分析,并对国内外商业银行的股权结构进行了比较,随后从股权集中度和股权属性两个方面研究了股权结构变动对银行价值的影响,选取了相应的衡量指标,对十六家上市银行的数据作为研究样本,通过相关分析和回归分析,从相对长期的角度来研究股权结构与银行价值之间的关系,使研究的结论更具有说服力。最后,通过实证分析最终得出股权集中度与营业绩效之间的倒U型关系,及在当前现状下不同属性股权的变动对营业绩效可能带来的影响,并提出优化股权结构和提高银行价值的对策建议。
[Abstract]:With the continuous development of corporate governance theory, equity structure has become a hot topic of research. In recent years, Chinese scholars in the empirical research on equity structure and corporate value have made a lot of achievements. Many studies on the relationship between equity structure and corporate value rarely involve banking, commercial banks as the most important financial intermediary in China, the role of economic development is self-evident. With the deepening of shareholding system reform in state-owned banks in the wave of marketization and globalization of competition, the commercial banks have chosen to list on the stock market and the completion of the split share structure reform. The development of commercial banks in our country has entered an accelerated period, so the rationality of the ownership structure of listed banks in our country is worth discussing. How to optimize the equity structure of listed banks, and then enhance their value, for the listed banks and the forthcoming listed banks. Both have important theoretical and practical significance. In our country, there are some researches on the influence of bank equity structure on bank value, and the results are not uniform. As a special enterprise operating money, commercial banks play a vital role in the economic development and financial stability of a country, and the ownership structure has a close internal relationship with the internal governance of banks. Different ownership structure will produce different governance structure, and then affect the value of banks. This paper first introduces the research object of the article, defines the related concepts, defines the ownership structure of commercial banks and the connotation of bank value. Then it summarizes the research methods and conclusions of the existing literature, and then introduces the principal-agent theory and insider control theory on the relationship between equity structure and bank value from the basic theory. And the domestic and foreign commercial banks equity structure comparison, and then from the ownership concentration and ownership attributes two aspects of the impact of equity structure changes on the value of banks, selected the corresponding indicators. Through correlation analysis and regression analysis, the relationship between equity structure and bank value is studied from a relatively long-term perspective on the data of 16 listed banks. The conclusion of the study is more persuasive. Finally, through the empirical analysis, the negative U-shaped relationship between equity concentration and business performance is obtained. Under the present situation, the influence of the change of different attributes on the business performance may be brought, and the countermeasures to optimize the ownership structure and improve the bank value are put forward.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.33

【参考文献】