我国商业银行资本结构同经营绩效关系的实证研究

发布时间：2018-10-30 09:13

【摘要】：资本结构问题是近半个世纪以来公司金融领域经久不衰的热门话题，相关理论研究和实证文献层出不穷，，尽管如此，学术界仍未能对不同行业资本结构与经营绩效之间的关系形成统一的结论。近年来，中国金融体制改革取得了重大进展。从新兴股份制商业银行的发展，到国有商业银行的股份制改造、境外战略投资者的引入以及城市商业银行的上市，中国银行体系逐步向以开放、竞争和多元化为特征的现代银行体系转变。另一方面，随着金融市场对外资银行的全面开放，中国商业银行不得不面对来自国外的竞争对手。如何在竞争日趋激烈的市场中生存继而获得发展，对于每家银行来说，都显得越来越重要，而提高银行经营绩效应该说是一个根本的解决办法。而现实中，由于中国商业银行资本结构不合理，导致有效的治理结构难以建立，治理机制难以发挥其作用，最终制约了中国商业银行经营绩效的提高。因此，研究中国银行业资本结构与经营绩效的相互关系是一个具有重要理论价值和实践意义的研究课题。本文采用实证研究方法，基于中国38家商业银行20092011年构成的面板数据，系统地探讨了中国商业银行资本结构与经营绩效的相互关系问题。本文首先根据文献综述中的相关理论与实证研究成果，以及中国商业银行的实际情况，提出了9个基本研究假设。然后从描述性统计分析角度分别概括了中国商业银行的资本结构以及经营绩效的基本特征（包括时序特征、性质特征、风险特征、规模特征等）。接着利用税前资产回报率和净利息边际两个不同的绩效衡量指标，分别建立了两个联立方程模型，采用二阶最小二乘法对资本结构与经营绩效的相互关系进行了检验。其中，联立方程模型包括资本结构和经营绩效两个内生变量，以及市场结构、规模、风险、银行治理特征四个外生变量。另外，为了分析检验结果的稳健性，本文对全样本和子样本分别进行了探讨。最后，本文对检验结果进行了相关的理论解释，并基于实证研究结果提出了政策建议。
[Abstract]:The question of capital structure has been a hot topic in the field of corporate finance for nearly half a century. The academic circles still failed to reach a unified conclusion on the relationship between capital structure and operating performance of different industries. In recent years, great progress has been made in the reform of China's financial system. From the development of new joint-stock commercial banks to the reform of the joint-stock system of state-owned commercial banks, the introduction of foreign strategic investors and the listing of urban commercial banks, the banking system of China has gradually opened to the outside world. The transformation of modern banking system characterized by competition and diversification. On the other hand, with the full opening of the financial market to foreign banks, Chinese commercial banks have to face foreign competitors. How to survive and then develop in the increasingly competitive market is becoming more and more important for every bank, and the improvement of bank performance should be a fundamental solution. In reality, due to the unreasonable capital structure of Chinese commercial banks, it is difficult to establish effective governance structure, and the governance mechanism is difficult to play its role, which ultimately restricts the improvement of the management performance of Chinese commercial banks. Therefore, it is of great theoretical and practical significance to study the relationship between capital structure and management performance of Chinese banking industry. Based on the panel data of 38 commercial banks in China from 2009 to 2011, this paper systematically discusses the relationship between capital structure and operating performance of Chinese commercial banks. This paper first puts forward nine basic research hypotheses according to the relevant theoretical and empirical research results in literature review and the actual situation of Chinese commercial banks. Then from the perspective of descriptive statistical analysis, the paper summarizes the capital structure and the basic characteristics of business performance of Chinese commercial banks (including the characteristics of timing, nature, risk, scale and so on). Then, two simultaneous equation models are established by using two different performance measures, namely, the return on assets before tax and the margin of net interest. The second order least square method is used to test the relationship between capital structure and operating performance. Among them, the simultaneous equation model includes two endogenous variables, capital structure and operating performance, as well as four exogenous variables: market structure, scale, risk, and the characteristics of bank governance. In addition, in order to analyze the robustness of the test results, the whole sample and the subsample are discussed in this paper. Finally, this paper gives a theoretical explanation of the test results, and puts forward some policy recommendations based on the empirical results.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.33

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