本文選題：商業(yè)銀行 + X效率��； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：學(xué)界目前已基本達(dá)成共識,認(rèn)為X效率能夠綜合反映銀行的安全性、流動性和盈利性。中國銀行業(yè)改革自2003年起步入新的階段,在股權(quán)結(jié)構(gòu)上最顯著的變化包括四大國有銀行的股份制改造和境外戰(zhàn)略投資者的大批引入。在此輪改革后,銀行業(yè)X效率朝著何種方向變化?國家持股和境外戰(zhàn)略投資者參股分別對銀行X效率產(chǎn)生怎樣的影響?對這兩個問題的回答有助于我們評價當(dāng)前銀行業(yè)改革成果并確定后續(xù)改革方向。 本文以16家國內(nèi)上市銀行2003-2011年間的數(shù)據(jù)為基礎(chǔ),采取兩階段的分析框架。 在第一階段,本文運用SFA法計算了樣本期內(nèi)各銀行的成本效率和利潤效率,在傳統(tǒng)模型的基礎(chǔ)上將風(fēng)險作為一類特殊的投入變量納入到模型中,并考慮了銀行個體特征。隨后,本文根據(jù)銀行控股股東的性質(zhì)將上市銀行進(jìn)行分組,并初步比較了各組銀行的x效率,發(fā)現(xiàn)：1.國家直接控股銀行的X效率低于法人控股銀行；2.境外戰(zhàn)略投資者持股的銀行與同期未引入外資的銀行X效率較為接近；3.近60%的銀行在引入境外戰(zhàn)略投資者后X效率有所提高。 在第二階段,本文在銀行X效率基礎(chǔ)上建立回歸模型,進(jìn)一步探討了國家持股和境外戰(zhàn)略投資者參股對X效率的影響。實證結(jié)果表明：1.國家股比例與成本效率呈倒U型關(guān)系、與利潤效率負(fù)相關(guān),說明在現(xiàn)階段的銀行股權(quán)結(jié)構(gòu)中,國家股存在具備一定合理性,但國家股比例不宜太高；2.第一大股東的持股比例與X效率正相關(guān)。但當(dāng)銀行控股股東是政府或國有法人時,政府對銀行經(jīng)營決策的行政干預(yù)度加強,由此產(chǎn)生的效率損失抵消了股權(quán)集中帶來好處；3.境外戰(zhàn)略投資者持股比例與x效率正相關(guān),但當(dāng)銀行由國家直接控股時,境外戰(zhàn)略投資者對成本效率的改善作用會有所削弱。此外,境外戰(zhàn)略投資者的董事會席位、數(shù)量和累計持股年限均與X效率正相關(guān)。 基于實證結(jié)果,本文認(rèn)為銀行業(yè)的下一步改革應(yīng)當(dāng)以提高利潤效率為目標(biāo)：政府應(yīng)當(dāng)退居二線、由控股股東轉(zhuǎn)型為持股份額穩(wěn)定、但還不能施加重大影響的長期股東；同時,銀行改革也需要與政府部門和國有企業(yè)改革相輔相成；此外,銀行需要謹(jǐn)慎選擇境外戰(zhàn)略投資者、與其展開長期、深入合作,監(jiān)管方面也應(yīng)當(dāng)出臺措施鼓勵外資積極履行機構(gòu)投資者的監(jiān)督義務(wù)。
[Abstract]:At present, the academic community has basically reached a consensus that X efficiency can reflect the security, liquidity and profitability of the bank comprehensively. China's banking reform started in the new stage since 2003. The most significant changes in the ownership structure include the reform of the shareholding system of the four state-owned banks and the introduction of a large number of foreign strategy investors. After this round of reform, silver What direction does the industry X efficiency change? How does the national shareholding and foreign strategic investors share their shares on the X efficiency of the bank respectively? The answers to these two questions will help us to evaluate the results of the current banking reform and determine the direction of the follow-up reform.
Based on the data of 16 domestic listed banks in the past 2003-2011 years, this paper adopts the two stage analysis framework.
In the first stage, this paper uses the SFA method to calculate the cost efficiency and profit efficiency of each bank in the sample period. On the basis of the traditional model, the risk is incorporated into the model as a special type of input variable and the individual characteristics of the bank are considered. Then, the Listed Banks are grouped according to the nature of the bank holding shareholders. The X efficiency of each bank is compared. It is found that the X efficiency of the 1. state direct holding banks is lower than the legal person holding bank; 2. the banks of the foreign strategic investors are close to the X efficiency of the banks that have not introduced foreign capital for the same period; and 3. of the banks in the near 60% have improved the X efficiency after introducing foreign strategic investors.
In the second stage, this paper establishes a regression model on the basis of bank X efficiency, and further explores the influence of national stock ownership and foreign strategic investor participation on X efficiency. The empirical results show that the proportion of 1. countries shares an inverted U relationship with the cost efficiency, which is negatively related to the profit efficiency, indicating the existence of the state stock in the current bank equity structure. It is reasonable, but the proportion of the state shares should not be too high; 2. the proportion of the first largest shareholder is positively related to the efficiency of X. But when the controlling shareholder of the bank is the government or the state-owned legal person, the government's administrative intervention on the decision of the bank management is strengthened, and the resulting efficiency loss counteracts the benefits of the ownership concentration; 3. foreign strategic investors The proportion of shareholding is positively related to the efficiency of X, but when the bank is directly controlled by the state, the effect of foreign strategic investors on the improvement of cost efficiency will be weakened. In addition, the board seats, the number and the cumulative stock holding years of the overseas strategic investors are positively related to the efficiency of the X.
Based on the empirical results, this paper holds that the next reform of the banking industry should be aimed at improving profit efficiency: the government should return to the second line, transform the controlling shareholder into a stable share holder, but can not exert significant influence on the long-term shareholders; meanwhile, the reform of the bank also needs to be complementary to the government departments and the reform of the state-owned enterprises; besides, Banks need to choose foreign strategic investors cautiously, with their long-term, in-depth cooperation and regulatory measures to encourage foreign investment to actively fulfill the supervision obligations of institutional investors.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.33;F832.51

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相關(guān)期刊論文 前1條

1 陳敬學(xué);;中國商業(yè)銀行的利潤效率:一個理論框架及其經(jīng)驗證據(jù)[J];統(tǒng)計研究;2009年07期

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本文編號：2058736