我国上市银行股权结构对经营绩效的影响的实证研究

发布时间：2018-01-13 00:36

本文关键词：我国上市银行股权结构对经营绩效的影响的实证研究　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：作为最重要的金融中介,银行已成为国民经济的重要组成部分,对一国经济的稳定和发展起着至关重要的作用。自2006年12月11日全面开放金融业以来,中国银行业发展迅速,传统股份制银行蒸蒸日上,城市商业银行如雨后春笋般涌现,外资银行也纷纷进驻中国市场。目前为止,外资银行在我国设立的境内法人机构已超过40家。经济全球化的浪潮下,我国商业银行面临着前所未有的竞争压力,只有努力提高自身的经营绩效才能在激烈的竞争中占领一席之地。面对日益激烈的竞争,从2005年开始,我国商业银行纷纷进行股份制改造,加快上市步伐。截至目前,我国已有13家全国性商业银行和3家区域性商业银行成功上市,上市银行的健康发展也成了社会各界关注的焦点。如何优化上市银行的股权结构,进而提升其经营绩效,对于已经上市和即将上市的银行,都有着重要的理论和现实意义。本文旨在研究两个问题：①股权集中度在哪个区间时经营绩效最好?②国有股、法人股、流通股控制在何种比例时经营绩效最高?因此,文章选取了14家上市银行2006-2012七年的资料,制成面板数据,用因子分析法构建了一个包含盈利性、流动性、安全性、成长性的综合绩效评价体系,然后通过固定效应模型对股权结构与综合经营绩效之间的关系进行了回归验证。本文得出的结论包括：①第一大股东持股比例与银行综合绩效呈“倒U型”关系,最佳比例为38%；②前五大股东持股比例与银行综合绩效正相关；③我国上市银行股东间的制衡状况并不理想；④国有股比例与银行综合绩效呈“倒U型”关系,最佳比例为26%；⑤法人股比例与银行综合绩效正相关；⑥外资股比例与银行综合绩效呈“正U型”关系,当外资股比例在10%左右时,综合经营绩效最低；⑦流通股比例与银行综合绩效正相关；⑧董事会和监事会并未发挥其应有的作用；⑨高管人员的薪酬激励越高,银行综合绩效越好；⑩目前我国上市银行仍处在“规模优势”阶段。最后,结合理论与实证分析结果,本文提出了科学构建绩效评价体系、优化股权结构、完善公司治理、完善资本市场等有针对性的建议。
[Abstract]:As the most important financial intermediary, banks have become an important part of the national economy. Since December 11th 2006, China's banking industry has developed rapidly and the traditional joint-stock banks have been booming. City commercial banks have sprung up, and foreign banks have entered the Chinese market. Up to now, foreign banks have set up more than 40 domestic legal bodies in China. Under the tide of economic globalization. China's commercial banks are facing unprecedented competitive pressure. Only by striving to improve their own business performance can they occupy a place in the fierce competition. In the face of increasingly fierce competition, since 2005, China's commercial banks have been reforming the joint-stock system to speed up the pace of listing. Up to now. 13 national commercial banks and 3 regional commercial banks have been listed successfully in China, and the healthy development of listed banks has become the focus of attention. How to optimize the equity structure of listed banks. Therefore, it is of great theoretical and practical significance for banks that have listed and are about to go public to improve their business performance. The purpose of this paper is to study two questions: when the concentration of ownership is in what interval, the performance is the best? 2 state-owned shares, corporate shares, tradable shares control in what proportion of the highest operating performance? Therefore, the article selected 14 listed banks from 2006 to 2012 seven years of data, made into panel data, using factor analysis to construct a profitability, liquidity, security. The relationship between equity structure and comprehensive performance is verified by fixed effect model. The conclusion of this paper includes that the proportion of the first largest shareholder of the bank is "inverted U-shaped" with the bank's comprehensive performance, and the best ratio is 38. (2) there is a positive correlation between the shareholding ratio of the top five shareholders and the comprehensive performance of the bank; (3) the balance between shareholders of listed banks in China is not ideal; (4) the relationship between the proportion of state-owned shares and the comprehensive performance of banks is "inverted U", and the best proportion is 26%; (5) the proportion of corporate shares is positively related to the comprehensive performance of banks; (6) the proportion of foreign capital shares and the comprehensive performance of banks are "positive U-shaped". When the proportion of foreign capital stocks is about 10%, the comprehensive operating performance is the lowest; (7) the proportion of circulating shares is positively related to the comprehensive performance of banks; The board of directors and the board of supervisors did not play their due role; (9) the higher the salary incentive, the better the comprehensive performance of the bank; At present, China's listed banks are still in the "scale advantage" stage. Finally, based on the theoretical and empirical results, this paper puts forward some suggestions, such as constructing the performance evaluation system scientifically, optimizing the ownership structure, perfecting the corporate governance, and perfecting the capital market.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F830.42;F832.3

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