本文選題：商業(yè)銀行治理 + 控制權市場　； 參考：《中國社會科學院研究生院》2012年博士論文

【摘要】：有關商業(yè)銀行并購等控制權流通問題，已有研究大多局限于商業(yè)銀行經(jīng)營管理層面，更多地關注控制權交易對商業(yè)銀行經(jīng)營績效可能產(chǎn)生的影響。雖然也有一部分學者注意到控制權市場在商業(yè)銀行治理中存在的價值，但主要還是將銀行控制權市場作為解決中國商業(yè)銀行治理弊端的一種對策和建議略加表述，而缺少對這一問題的深度分析。 本文的選題正是從整體視角分析當前中國商業(yè)銀行控制權市場交易日趨活躍的現(xiàn)實現(xiàn)象，重點探討銀行控制權市場在中國商業(yè)銀行治理中的作用和影響。在充分總結有關控制權市場及商業(yè)銀行治理理論的基礎上，本文通過對世界各主要國家商業(yè)銀行控制權市場發(fā)展情況進行比較研究，總結出中國銀行控制權市場存在的問題，以及未來可能發(fā)展的方向。此外，本文還針對當前存在的制度瓶頸，從中提煉出相應的對策建議，以期控制權市場機制在中國商業(yè)銀行治理實踐中發(fā)揮更大的作用。 在主要結構方面，，本文實際上按照以下四個部分依次展開，即商業(yè)銀行治理的特殊性及控制權市場機制的價值、各國商業(yè)銀行治理的基本模式及控制權市場機制的演變路徑、中國商業(yè)銀行控制權市場的治理績效、以及該機制作用機理的實證研究。在以上各部分之間實際上存在著縝密的內在邏輯。首先，第一部分為本文界定了明確的研究對象，并為后續(xù)研究提供了相應的理論基礎。第二部分則進一步通過國別比較的方式，闡明了在各主要類型國家當中，與其銀行控制權市場發(fā)展存在密切關聯(lián)的影響因素及主要動因，通過這一部分的分析使得以下兩方面的結論得到了明確，即第一，在各國的銀行治理實踐中，控制權市場的作用有利于參與銀行及行業(yè)整體治理績效的改善；第二，在不同的國家中，雖然銀行控制權市場發(fā)展的動因，以及該機制作用的側重點存在一定的差異，但總體上仍主要集中于以下三個方面，包括行業(yè)競爭結構、銀行內部治理結構、以及外部制度環(huán)境的變遷。第三部分承接上文，分別以短期和長期兩種績效考核方法對中國銀行業(yè)控制權市場的績效予以分析和驗證。第四部分則進一步對這一績效改進所依賴的內部運作機理進行了深入的剖析。 結論表明，控制權市場機制對中國商業(yè)銀行治理確實存在顯著的績效提升作用，其中，股份制銀行的提升效果要整體優(yōu)于四大國有銀行。另外，通過多元回歸分析證明，控制權市場機制的作用，有賴于目標銀行在內部治理結構方面做出必要的調整，比如，管理科層、董事會、監(jiān)事會、以及更為根本的股權結構，只有通過以上機制的傳導才能使控制權市場機制發(fā)揮相應的效力。四大國有銀行較弱的治理績效，反映出該類在內部治理結構調整方面存在著顯著的剛性因素。
[Abstract]:Most of the studies on the circulation of control rights such as mergers and acquisitions of commercial banks have been confined to the level of management of commercial banks, and more attention has been paid to the possible impact of control rights transactions on the performance of commercial banks. Although some scholars have noticed the value of the control market in the commercial bank governance, they mainly put forward the bank control market as a kind of countermeasure and suggestion to solve the malpractice of Chinese commercial bank governance. However, there is a lack of in-depth analysis of this problem. The topic of this paper is to analyze from the overall perspective the reality of the increasingly active trading in the control market of Chinese commercial banks. This paper focuses on the role and influence of the market of bank control in the governance of Chinese commercial banks. On the basis of summing up the control market and the theory of commercial bank governance, this paper makes a comparative study on the development of the control market of commercial banks in major countries in the world, and summarizes the problems existing in the control market of Chinese banks. And the possible future direction. In addition, in view of the existing institutional bottlenecks, this paper also abstracts the corresponding countermeasures and suggestions from them, hoping that the market mechanism of control rights will play a greater role in the practice of the governance of Chinese commercial banks. In fact, this paper is based on the following four parts: the particularity of commercial bank governance and the value of market mechanism of control, the basic mode of governance of commercial banks in various countries and the evolution of market mechanism of control rights. An empirical study on the governance performance of the control market of Chinese commercial banks and the mechanism of the mechanism. There is in fact a careful internal logic between the above parts. First, the first part defines the research object and provides the corresponding theoretical basis for the follow-up study. In the second part, through the method of country comparison, the author clarifies the influence factors and the main causes of the development of the market of bank control, which are closely related to the development of the market of bank control in the main types of countries. Through the analysis of this part, the following two conclusions are made clear: first, in the practice of banking governance in various countries, the role of the control market is conducive to the improvement of the overall governance performance of the participating banks and the industry as a whole; second, In different countries, although there are some differences in the reasons for the development of the market of bank control and the emphasis of the mechanism, it still concentrates on the following three aspects, including the competition structure of the industry, the internal governance structure of the bank. And the change of external institutional environment. The third part carries on the analysis and verification of the performance of China's banking control market with two performance appraisal methods: short-term and long-term respectively. The fourth part further analyzes the internal operation mechanism on which the performance improvement depends. The conclusion shows that the control market mechanism does have a significant effect on the governance of Chinese commercial banks, among which, The promotion effect of joint-stock banks should be better than that of the four major state-owned banks as a whole. In addition, through multiple regression analysis, it is proved that the role of the market mechanism of control depends on the necessary adjustment of the internal governance structure of the target bank, such as the management branch, the board of directors, the board of supervisors, and the more fundamental equity structure. Only through the transmission of the above mechanism can the control market mechanism play a corresponding role. The weak governance performance of the four state-owned banks reflects that there are significant rigid factors in the adjustment of internal governance structure.
【學位授予單位】：中國社會科學院研究生院
【學位級別】：博士
【學位授予年份】：2012
【分類號】：F224;F832.33

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