经济结构、财政禀赋与地方政府控股城商行模式选择

发布时间：2018-03-29 13:55

  本文选题：地方政府控股模式　切入点：城市商业银行　出处：《金融研究》2017年10期

【摘要】：本文使用终极控股股东追溯方式对2010-2014年我国城商行股权进行统计,发现地方政府对其控股模式存在显著差异,而这种差异是地方政府基于地区禀赋内生选择的结果。地方政府对控股模式的选择本质上为经济增长驱动下的最优资本分配问题,体现为资本在低效但有控制权收益的国企与高效民企之间的分配权衡,国企作为资本优先去向,影响其资本需求的因素如国有经济比例、财政状况、金融业竞争程度等在很大程度上影响地方政府对城商行的控股态度。研究发现:国有经济比例越低,地方政府越倾向于退出;财政禀赋与金融控制之间关系受国有经济比例影响,国有经济比例较高时,财政禀赋越差,地方政府越倾向于退出,而较低时则恰好相反呈替代关系;地区金融业垄断程度越高,地方政府越倾向于退出城商行。
[Abstract]:In this paper, the ultimate controlling shareholder retrospective method is used to analyze the stock rights of China City Commercial Bank from 2010 to 2014, and it is found that there are significant differences between the local governments and their holding modes. This difference is the result of endogenous selection of local governments based on regional endowment. The local government's choice of holding mode is essentially the optimal capital allocation driven by economic growth. It is reflected in the trade-off between the distribution of capital between the inefficient but controlled state-owned enterprises and the efficient private enterprises. As capital priority, the factors that affect the capital demand of state-owned enterprises, such as the proportion of state-owned economy, the financial situation, The degree of competition in financial industry influences the controlling attitude of local government to city commercial banks to a great extent. The study finds that the lower the proportion of state-owned economy, the more inclined local government to withdraw; The relationship between financial endowment and financial control is influenced by the proportion of state-owned economy. When the proportion of state-owned economy is high, the worse the financial endowment is, the more local governments tend to withdraw, but the lower the ratio is, the opposite is the substitute relationship. The higher the degree of regional financial monopoly, the more inclined the local government to withdraw from the city banks.
【作者单位】： 西南财经大学中国金融研究中心;
【基金】：教育部人文社会科学重点研究基地重大项目(14JJD790026) 国家社会科学基金重点项目(17AJY029)的资助
【分类号】：F121.3;F812;F832.33
，

本文编号：1681424