本文關(guān)鍵詞：我國商業(yè)銀行資本結(jié)構(gòu)影響因素的實證分析研究　出處：《西南財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 上市公司 商業(yè)銀行 資本結(jié)構(gòu) 影響因素

【摘要】：我國在實行改革開放之前的金融體制時期商業(yè)銀行是不存在的,直到1978年之后,逐步開始設(shè)立國有商業(yè)銀行,1985年才有了四大商業(yè)銀行中、農(nóng)、工、建。在1987年為了改變國內(nèi)銀行體制出現(xiàn)的壟斷現(xiàn)象,以股份制形式為主的商業(yè)銀行開始正式組建,隨后逐漸出現(xiàn)了包括交通銀行在內(nèi)的13家商業(yè)股份制銀行。從1995年開始,部分城市中的信用社經(jīng)過重組合并形成了合作銀行。與此同時為了充分適應(yīng)我國開放經(jīng)濟的要求,自1982年起,中國大陸逐漸開始出現(xiàn)了外資銀行。至此,中國商業(yè)銀行整體結(jié)構(gòu)已經(jīng)初步形成,分別包括國有商業(yè)銀行、股份制商業(yè)銀行、城市合作商業(yè)銀行、城鄉(xiāng)信用社和外資銀行。 公司資本結(jié)構(gòu)的完善是其充分實現(xiàn)財務(wù)標(biāo)準(zhǔn)最大化的根本,是確保公司長久生存和健康發(fā)展的基礎(chǔ)。商業(yè)銀行是一個經(jīng)營各種金融資產(chǎn)與負(fù)債,以提供各種金融服務(wù)給客戶的具有商業(yè)特性的金融企業(yè),與其他企業(yè)一樣受公司法管制與調(diào)節(jié),將財務(wù)目標(biāo)定義為不斷實現(xiàn)自身的最大化價值。但是銀行業(yè)與其他行業(yè)相比更加具有特殊性,商業(yè)銀行擁有的資本機構(gòu)相較于其他企業(yè)表現(xiàn)出了顯著的特性,最為明顯的特性就是權(quán)益資本提供的資金只占了非常小的比重,其他大部分資金來自于負(fù)債。在金融危機過后我國經(jīng)濟呈現(xiàn)了迅速發(fā)展的形勢下,我國上市公司正在經(jīng)歷著全面實行對外經(jīng)濟開放,激烈的國際競爭市場與市場化利率的不斷挑戰(zhàn)和沖擊,在這種大的機遇和挑戰(zhàn)面前,我國銀行業(yè)應(yīng)對其資本結(jié)構(gòu)實行不斷優(yōu)化,保證實現(xiàn)最大化價值目標(biāo),提升我國綜合經(jīng)濟能力水平。 伴隨著我國加入世界經(jīng)濟貿(mào)易組織,我國逐漸加強了開放金融市場的程度,在華外資銀行的逐漸發(fā)展,使得我國銀行業(yè)出現(xiàn)了非常激烈的競爭。因此,為了能夠有效提升我國銀行業(yè)的競爭能力以便實現(xiàn)最大化的經(jīng)營價值,對銀行的資本結(jié)構(gòu)研究對未來銀行業(yè)的發(fā)展具有非常重要的現(xiàn)實意義。 對資本結(jié)構(gòu)影響因素的研究學(xué)派的建立起源于上個世紀(jì)70年代,國內(nèi)外已取得了初步的資本結(jié)構(gòu)影響因素的研究成果,可是因為樣本選取和研究方法的差異性,得出的最終結(jié)論也不太相同。針對不同行業(yè)中的企業(yè)來講,企業(yè)資本結(jié)構(gòu)的影響因素對其的影響程度和方式也是不一樣的,因此想要找出針對全部公司的資本結(jié)構(gòu)影響程度都相同的影響因素是很困難的,此時選取的企業(yè)樣本會直接影響到最終得出的結(jié)論。對企業(yè)資本結(jié)構(gòu)影響因素的一方面是對企業(yè)的財務(wù)安全的研究,它是企業(yè)實施財務(wù)管理的一個重要內(nèi)容,評價企業(yè)所具有的價值就要分析其資本結(jié)構(gòu)是否具備合理性；另一方面是企業(yè)的資本結(jié)構(gòu)在公司的管理結(jié)構(gòu)方面額發(fā)揮了重要的作用。當(dāng)前企業(yè)在經(jīng)營權(quán)與所有權(quán)分離的狀況下,在企業(yè)經(jīng)營權(quán)與所有權(quán)之間出現(xiàn)了代理、委托的關(guān)系,不一樣的資本結(jié)構(gòu)對企業(yè)經(jīng)營者產(chǎn)生的刺激也是不同的,資本結(jié)構(gòu)和合理性需盡量降低代理產(chǎn)生的成本,改變公司的管理結(jié)構(gòu),在公司管理過程中充分發(fā)揮重要的作用。與此同時,我國上市公司資本結(jié)構(gòu)的影響因素的實證研究有力的促進了我國上市公司組織規(guī)范化的融資,優(yōu)化整合公司的資本結(jié)構(gòu)和推動我國進一步研究關(guān)于資本結(jié)構(gòu)的問題。 我國商業(yè)銀行資本結(jié)構(gòu)存在的現(xiàn)狀和特點：我國目前商業(yè)銀行具有的資本充足率已經(jīng)符合國際上的要求,并且四大國有銀行的資本充足率正呈現(xiàn)上升的趨勢,明顯超過了整體股份制銀行的水平。我國國有銀行在資本權(quán)益構(gòu)成方面出現(xiàn)了較為單一化的缺點,同時內(nèi)部明顯缺乏充足的融資能力,相對來說融資渠道比較狹窄；股份制銀行股權(quán)結(jié)構(gòu)比較分散,內(nèi)部具有較好的融資能力,外部融資出現(xiàn)多元化的特點。國有銀行在資本結(jié)構(gòu)方面出現(xiàn)了壟斷存款的跡象,資本債務(wù)主要由各項存款組成,同時個人和企業(yè)之間存款比例差距不大；而股份制銀行資本債務(wù)結(jié)構(gòu)則更加的分散。不管是國有銀行還是股份制銀行都存在著資本債務(wù)單一的問題。 我國商業(yè)銀行資本結(jié)構(gòu)的影響因素從理論上分析主要有經(jīng)濟發(fā)展周期、資本市場的發(fā)展情況、市場上形成的競爭環(huán)境、通貨膨脹率與利率、‘央行實行的貨幣政策、銀行經(jīng)營規(guī)模、盈利水平、擔(dān)保資產(chǎn)能力、成長特性、保險存款、資本充足率等。 本文一共分為六個章節(jié),第一章介紹了選題研究的背景及意義,提出了本文的研究方法和創(chuàng)新點。第二章回顧了國內(nèi)外研究資本結(jié)構(gòu)影響因素的相關(guān)研究成果,為后面的研究做好鋪墊。第三章研究了我國銀行資本結(jié)構(gòu)現(xiàn)狀,從銀行體系、銀行結(jié)構(gòu)的定義和銀行結(jié)構(gòu)特點三個方面進行了分析,為后文對銀行資本結(jié)構(gòu)影響因素的理論分析奠定了基礎(chǔ)。第四章從宏觀與微觀角度對我國上市銀行資本結(jié)構(gòu)的影響因素理論進行了研究。第五章綜合了前面的理論研究對我國上市銀行資本結(jié)構(gòu)的影響因素進行了實證研究。第六章針對目前我國上市銀行資本結(jié)構(gòu)的情況,提出了優(yōu)化資本結(jié)構(gòu)的建議。 根據(jù)實證分析表明,影響我國上市商業(yè)銀行資本結(jié)構(gòu)的因素中,銀行經(jīng)營規(guī)模、銀行成長特性、所得稅比率、貸款不良比率、資產(chǎn)充足率以及資產(chǎn)擔(dān)保能力均顯現(xiàn)出正相關(guān)的聯(lián)系,非債務(wù)稅盾與盈利能力對銀行資本結(jié)構(gòu)產(chǎn)生的影響是負(fù)相關(guān)聯(lián)系。利用樣本搜集數(shù)據(jù)進行回歸實證分析同研究性假設(shè)之間存在著一定程度上的差異,重點表現(xiàn)為貸款不良比例影響銀行資本結(jié)構(gòu)上出現(xiàn)的理論和方法相左,之所以能夠出現(xiàn)程度較大的偏離,具體的原因有：1.樣本搜集的數(shù)據(jù)和范圍的局限性。2.一部分計算變量的公式無法準(zhǔn)確體現(xiàn)變量代表的含義。 引入宏觀變量的結(jié)果顯示微觀變量對資產(chǎn)負(fù)債率的影響并沒有發(fā)生本質(zhì)上的改變。而宏觀變量本身,經(jīng)過分析,我們可以看出經(jīng)濟增長周期和市場利率對資產(chǎn)負(fù)債率沒有多大相關(guān)關(guān)系,而通貨膨脹率以及資本市場發(fā)展?fàn)顩r與資產(chǎn)負(fù)債率存在著顯著的相關(guān)性。實際貸款利率與資產(chǎn)負(fù)債率存在負(fù)相關(guān)關(guān)系,這與理論分析的結(jié)果一致；而對于經(jīng)濟增長率實證結(jié)果出現(xiàn)與理論分析相反的結(jié)果,其原因可能是受樣本容量的限制,以及我國經(jīng)濟體制正處于轉(zhuǎn)型時期,市場經(jīng)濟體制還不完善所導(dǎo)致。 銀行業(yè)與其他行業(yè)相比更加具有特殊性,商業(yè)銀行擁有的資本機構(gòu)相較于其他企業(yè)表現(xiàn)出了顯著的特性,最為明顯的特性就是權(quán)益資本提供的資金只占了非常小的比重,其他大部分資金來自于負(fù)債。因此,銀行的資產(chǎn)負(fù)債比率要比其他行業(yè)高,其資本結(jié)構(gòu)的影響因素也會比較復(fù)雜。 本文結(jié)合了以上的研究,針對我國實際國情,商業(yè)銀行是將資金作為經(jīng)營對象的企業(yè),在我國經(jīng)濟中占據(jù)了重要的位置。銀行作為特殊的金融機構(gòu)理應(yīng)成為金融投融資的一個重要介質(zhì),利用不同的場合、區(qū)域及行業(yè)的存貸款為轉(zhuǎn)移資源經(jīng)濟提供重要的保障。與此同時,銀行又被稱之為金融風(fēng)險的集合體,因此銀行進行經(jīng)營所要實現(xiàn)的目標(biāo)既需滿足社會組織融資中的最大化價值,又需不斷追尋最小化的金融風(fēng)險,充分保證經(jīng)營的穩(wěn)定性。提出了優(yōu)化銀行資本結(jié)構(gòu)的對策,具體有：我國上市商業(yè)銀行股權(quán)結(jié)構(gòu)的優(yōu)化,上市銀行實行債權(quán)結(jié)構(gòu)的優(yōu)化,改善銀行內(nèi)部管理。
[Abstract]:China's commercial banks in the implementation of the reform and opening up period before the financial system does not exist, until after 1978, gradually began to set up a state-owned commercial bank in 1985, there are four major commercial banks, agricultural, industrial, built in 1987. In order to change the domestic banking system, the monopoly phenomenon, in the form of joint-stock. Commercial banks began officially formed, then gradually emerged including traffic bank, 13 commercial joint-stock banks. From the beginning of 1995, part of the city credit cooperatives after the reorganization merged to form cooperative banks. At the same time in order to fully adapt to China's open economy, since 1982, Chinese, gradually began to appear in foreign banks the commercial bank Chinese. Thus, the overall structure has formed, including state-owned commercial banks, joint-stock commercial banks, city commercial bank cooperation, urban and rural credit cooperatives and foreign banks That's ok.
Improve the company's capital structure is the full realization of fundamental financial standard maximum, is the basis to ensure the long-term survival and healthy development of the company. The commercial bank is a business of various financial assets and liabilities, to provide financial services to the customers of the commercial characteristics of financial enterprises, and other enterprises by the company law and regulation and the financial goal is to continue to achieve its maximum value. But the banking industry has more particularity compared with other industries, commercial banks have capital institutions compared to other enterprises showed remarkable properties, the most obvious characteristic is the equity funding accounted for only a very small proportion, most of the other the funds from the balance. In the aftermath of the financial crisis in China's economy has shown a rapid development of the situation, the listed company of our country is experiencing the full implementation of foreign economic In the face of such opportunities and challenges, open and fierce international competition, market and market-oriented interest rate challenges China's banking industry should constantly optimize its capital structure to ensure maximization of value and enhance our comprehensive economic capability.
Along with China's accession to the world trade organization, China has gradually strengthened the opening degree of financial market, the gradual development of foreign banks in China, making China's banking industry has appeared very fierce competition. Therefore, in order to effectively enhance the competitiveness of China's banking industry in order to achieve the maximization of business value, has a very important practical significance to research the capital structure of the bank for the future development of the banking industry.
On factors affecting capital structure research school established in 70s originated in the last century, the domestic and foreign research results have been achieved initial capital structure influence factor, but because of differences in sample selection and research methods, the final conclusion is not the same. For different industries in the enterprise, influencing factors of enterprise the capital structure on the influence degree and is not the same, so you want to find out the influencing factors to all the company's capital structure influence the same is very difficult, the selected samples of enterprises will directly affect the final results. The influence factors of capital structure of enterprises is the study of financial security to the enterprise, it is an important content of implementation of enterprise financial management, evaluation of enterprise has the value to analyze the capital structure have the rationality of the other; One is the capital structure of enterprises has played an important role in the company's management structure. The amount of current enterprise in the separation of ownership and management condition, between the management and ownership of enterprises has entrusted agent relationship, not the same as the capital structure of enterprise operators stimulation is different, capital structure and the rationality to reduce the agency cost of production, change the management structure of the company, fully play an important role in the company management process. At the same time, the impact of capital structure of Chinese Listed Companies Empirical Study of factors promote organizational norms of Listed Companies in China's financing, capital structure optimization and further integration of the company research on the issue of capital structure to promote our country.
The status quo and characteristics of capital structure of commercial banks in China: China's current commercial bank with the capital adequacy ratio has been in line with international requirements, and the four major state-owned bank's capital adequacy ratio is increased significantly more than the overall level of joint-stock banks. China's state-owned banks which appeared more single the shortcomings in the equity capital, and the apparent lack of adequate internal financing capacity, financing channel is relatively narrow; more dispersed ownership structure of joint-stock banks, has good ability of internal financing, external financing diversified characteristics. There are signs of monopoly state-owned bank deposits in the capital structure, capital debt mainly by the deposit composition, and between individual and corporate deposit ratio difference; while the joint-stock banks capital debt structure is more dispersed. No matter in China There is a single problem of capital and debt in both banks and joint-stock banks.
The influencing factors of the capital structure of commercial banks in China from the theoretical analysis of the main economic development cycle, the development of the capital market, the market formed a competitive environment, the rate of inflation and interest rates, "the central bank to implement monetary policy, bank scale, profitability, asset guarantee ability, growth characteristics, deposit insurance, capital adequacy rate.
This paper is divided into six chapters, the first chapter introduces the background and significance of the topic research, puts forward the research methods and innovations of this paper. The second chapter reviews the relevant research results of influence factors of capital structure research at home and abroad, to pave the way for the following research. The third chapter studies the current situation of bank capital structure in China, from the banking system, analyzes three aspects of bank structure definition and characteristics of bank structure, laid the foundation for the theoretical analysis of the factors affecting the capital structure of the bank. The fourth chapter from the macro and micro perspectives on the theory of determinants of capital structure of Chinese listed banks. The fifth chapter combines the previous theoretical research the empirical research on the influencing factors of capital structure of Chinese listed banks. In the sixth chapter, in view of the present situation of China's listed banks capital structure, optimize capital structure. Yee.
According to the empirical analysis shows that the influence factors of China's listed commercial banks capital structure, bank scale, bank growth characteristics, income tax ratio, non-performing loan ratio, capital adequacy ratio and asset guarantee capacity showed positive correlation, non debt tax shield effect and profitability of bank capital structure is negative related links. Using the sample data regression analysis there are some differences between the research hypotheses, focusing on performance for the different theories and methods of capital structure influence on bank non-performing loan ratio, can appear more deviation, the specific reasons are: data and samples collected in a range of 1. some limitations of the.2. calculating formula can not accurately reflect the variable representing the meaning of.
The introduction of macro variables showed microscopic variables and has no effect on the rate of assets and liabilities in nature changes. While the macro variable itself, through the analysis, we can see that the cycle of economic growth and market interest rates on the asset liability ratio is not much correlation between the development status and the rate of inflation and the capital market and the rate of assets and liabilities are the significant correlation. The actual loan interest rate and asset liability ratio has a negative correlation, which is consistent with the results of theoretical analysis; and for the economic growth rate of the empirical results have the opposite results and theoretical analysis, the reason may be due to sample size restrictions, and the economic system of our country is in the transition period, the market economic system the result is not perfect.
The banking industry compared with other industries with more specificity, commercial banks have capital institutions compared to other enterprises showed remarkable properties, the most obvious characteristic is the equity funding accounted for only a very small proportion, most of the other funds from debt. Therefore, the bank's asset liability ratio than in other industries, the influence factors of the capital structure will be more complicated.
Based on the above research, according to the actual situation in our country, the commercial bank funds will be operating as object of the enterprise, occupy an important position in the economy of our country. The bank is a special financial institutions should become the financial investment is an important medium, the use of different occasions, regional and industry to provide loans an important guarantee for the transfer of resources economy. At the same time, aggregate bank is also known as the financial risk, so it can not only meet the maximum value of the social organization and financing of the bank management to achieve the goal, and constantly seek to minimize financial risk, and fully guarantee the stability of the business. The countermeasures were put forward, capital structure the optimization of bank specific: the optimization of China's listed commercial banks ownership structure, debt structure optimization of listed banks, improve the internal management of the bank.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.33;F224

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