【摘要】：資本結(jié)構(gòu)可以體現(xiàn)一個企業(yè)的清償能力、公司治理安排和財務(wù)成本。合理的資本結(jié)構(gòu),可以使企業(yè)資金達到良性循環(huán)并降低財務(wù)風(fēng)險,進而提高企業(yè)的償債能力和經(jīng)營績效水平。中小銀行作為特殊的企業(yè),其資本結(jié)構(gòu)必然與經(jīng)營績效存在密切的聯(lián)系。中小銀行是我國金融體系的主要組成部分,在現(xiàn)代經(jīng)濟中扮演著極其重要的角色,不少中小銀行甚至被認為是未來我國銀行業(yè)發(fā)展的新生力量。伴隨著日趨嚴格的資本監(jiān)管環(huán)境,中小銀行在風(fēng)險管理能力、資金實力、風(fēng)險定價能力和經(jīng)營發(fā)展能力面臨著巨大的挑戰(zhàn)。同時,我國中小銀行自身資本結(jié)構(gòu)存在嚴重的問題,如資本結(jié)構(gòu)相對單一、股權(quán)集中度較高、附屬資本比例偏低和資本充足率較高等,這些問題導(dǎo)致了中小銀行綜合競爭力和經(jīng)營績效水平的低下。隨著利率市場化和存款保險制度的進一步推進,我們更應(yīng)該將中小銀行資本結(jié)構(gòu)與經(jīng)營績效關(guān)系納入研究范圍。通過深入探究中小銀行資本結(jié)構(gòu)與經(jīng)營績效的關(guān)系,不僅有利于優(yōu)化中小銀行資本結(jié)構(gòu)和提高市場競爭力,還有利于提高中小銀行的經(jīng)營績效水平。因此,深入探討我國中小銀行資本結(jié)構(gòu)與經(jīng)營績效的關(guān)系,已經(jīng)成為當(dāng)前金融界研究的一個重要課題。 本文在分析資本結(jié)構(gòu)理論的基礎(chǔ)上,選取中小銀行作為研究對象,對中小銀行資本結(jié)構(gòu)與經(jīng)營績效關(guān)系進行了深入研究。希望通過本文研究,以期為研究中小銀行資本結(jié)構(gòu)與經(jīng)營績效關(guān)系提供理論借鑒,并為優(yōu)化中小銀行資本結(jié)構(gòu)和提高經(jīng)營績效水平提供理論依據(jù)。本文的主要內(nèi)容分為以下四個部分： 第一部分,理論分析。本文在介紹選題背景和意義、文獻綜述的基礎(chǔ)上,對資本結(jié)構(gòu)理論進行了分析,闡述了資本結(jié)構(gòu)存在的相關(guān)理論,并分析了銀行資本結(jié)構(gòu)對經(jīng)營績效的直接影響和間接影響,為全文奠定了理論基礎(chǔ)。 第二部分,現(xiàn)狀分析。根據(jù)樣本銀行近年來的相關(guān)數(shù)據(jù),首先從核心資本、附屬資本和資本充足性三方面分析我國中小銀行資本結(jié)構(gòu)的現(xiàn)狀。接著,從盈利性、流動性、安全性和成長性四個方面,對我國中小銀行的經(jīng)營現(xiàn)狀進行了具體分析。通過現(xiàn)狀分析,找出我國中小銀行資本結(jié)構(gòu)與經(jīng)營現(xiàn)狀存在的問題。 第三部分,實證分析。本文選取我國34家信息披露較為充分的中小銀行2007——2012年的數(shù)據(jù)進行實證分析,采用凈資產(chǎn)收益率(ROE)、流動性比率(LIQ)、不良貸款率(NPR)和總資產(chǎn)增長率(TAGR)作為衡量中小銀行盈利性、流動性、安全性和成長性的被解釋變量；選取第一大股東性質(zhì)(H)、第一大股東持股比例(CRl)、前十大股東持股比例(CR10)、股本占核心資本比例(EC)、附屬資本占總資本比例(SUBC)和資本充足率(CAR)作為解釋變量；并且,引入資產(chǎn)規(guī)模和經(jīng)濟周期作為中小銀行資本結(jié)構(gòu)以外影響經(jīng)營績效的控制變量。構(gòu)建四個面板數(shù)據(jù)模型,實證檢驗我國中小銀行資本結(jié)構(gòu)與經(jīng)營績效的關(guān)系。另外,還對樣本中的全國股份制商業(yè)銀行和城市商業(yè)銀行資本結(jié)構(gòu)與經(jīng)營績效關(guān)系分別進行回歸檢驗,找出這兩類銀行的差異。實證結(jié)果表明,我國中小銀行資本結(jié)構(gòu)與經(jīng)營績效有著顯著的關(guān)系；同時,全國股份制商業(yè)銀行和城市商業(yè)銀行的資本結(jié)構(gòu)與經(jīng)營績效關(guān)系存在著一定的差異性。 第四部分,研究結(jié)論與政策建議。綜合前文的理論分析和實證分析,本文的研究結(jié)論有以下幾點：(1)中小銀行核心資本與經(jīng)營績效存在顯著關(guān)系。①股權(quán)性質(zhì)方面,第一大股東為國有性質(zhì)與中小銀行經(jīng)營績效無顯著關(guān)系。②股權(quán)集中度方面,第一大股東持股比例與中小銀行經(jīng)營績效無顯著關(guān)系,前十大股東持股比例與中小銀行安全性顯著正相關(guān)。③核心資本結(jié)構(gòu)方面,股本占核心資本比例與中小銀行安全性顯著負相關(guān),與成長性顯著正相關(guān)。(2)附屬資本占總資本比例與中小銀行盈利性和流動性顯著正相關(guān)。(3)資本充足率與中小銀行盈利性顯著負相關(guān),與安全性和成長性顯著正相關(guān)。(4)中小銀行具有一定的規(guī)模效應(yīng),同時經(jīng)濟周期變動也對中小銀行經(jīng)營績效存在一定的影響。最后,本文依據(jù)《巴塞爾協(xié)議Ⅲ》的規(guī)定并充分借鑒國外銀行的成功經(jīng)驗,提出優(yōu)化我國中小銀行資本結(jié)構(gòu)、提高經(jīng)營績效水平的政策建議。具體政策建議如下：第一,優(yōu)化中小銀行核心資本結(jié)構(gòu)；第二,增加和優(yōu)化中小銀行附屬資本；第三,保持合理的資本充足率水平；第四,優(yōu)化中小銀行的內(nèi)外部環(huán)境。
[Abstract]:The capital structure can reflect the liquidity of an enterprise, the arrangement of corporate governance and the financial cost. The reasonable capital structure can make the enterprise fund the virtuous circle and reduce the financial risk, so as to improve the debt-paying ability and the operating performance level of the enterprise. As a special enterprise, the capital structure of the small and medium-sized bank must be closely related to the operation performance. Small and medium-sized banks play a very important role in the modern economy, and many small and medium-sized banks are even considered to be the new force of the development of the banking industry in the future. With the increasingly stringent capital supervision environment, small and medium-sized banks face great challenges in risk management, financial strength, risk pricing and operational development capacity. At the same time, there are serious problems in the capital structure of the small and medium-sized banks in China, such as the relatively single capital structure, the high degree of equity concentration, the low proportion of the auxiliary capital and the higher capital adequacy ratio, which have led to the low comprehensive competitiveness of the small and medium-sized banks and the low level of operation performance. With the further development of interest rate marketization and deposit insurance system, we should include the relationship between the capital structure and operation performance of the small and medium-sized banks into the research scope. By exploring the relationship between the capital structure and the performance of the small and medium-sized banks, it is not only beneficial to the optimization of the capital structure of the small and medium-sized banks and the improvement of the market competitiveness, but also to the improvement of the management performance of the small and medium-sized banks. Therefore, the relationship between the capital structure and the performance of the small and medium-sized banks in China has become an important subject of the research in the current financial world. Based on the analysis of the theory of capital structure, this paper makes an in-depth research on the relationship between the capital structure and the operation performance of the small and medium-sized banks as the research object. It is hoped that this paper will provide a theoretical basis for studying the relationship between the capital structure and the operation performance of the small and medium-sized banks, and provide the theoretical basis for optimizing the capital structure of the small and medium-sized banks and improving the level of operation performance. The main contents of this article are divided into four parts: The first part, the reason On the basis of the introduction of the background and significance of the subject, the paper analyses the capital structure theory, expounds the relevant theory of the existence of the capital structure, and analyses the direct influence and the indirect influence of the bank capital structure on the performance of the operation, and lays a foundation for the full text. On the basis of which the second part Based on the relevant data of the sample bank in recent years, the paper first analyzes the capital of the small and medium-sized banks from the three aspects of the core capital, the auxiliary capital and the capital adequacy. The present situation of the structure of the small and medium-sized banks in China is given from the four aspects of profitability, liquidity, security and growth. The analysis of the present situation and the current situation of the capital structure and operation of the small and medium-sized banks in China are found out. The existence of a problem. Third In this paper, the paper makes an empirical analysis of the data of the small and medium-sized banks in 2007 _ 2012 of the 34 information disclosure in China, and uses the net assets yield (ROE), the liquidity ratio (LIQ), the non-performing loan ratio (NPR) and the total asset growth rate (TAGR) as a measure of the small and medium-sized banks. Profitability, liquidity, safety and long-term interpreted variables; select the first large shareholder property (H), the first large shareholder's shareholding ratio (CR1), the top ten shareholders' shareholding ratio (CR10), and the share capital of the core This proportion (EC), the subsidiary capital account for the total capital ratio (SUBC) and the capital adequacy ratio (CAR) as the explanatory variable; and, the introduction of the asset size and the economic cycle as the influence of the capital structure of the small and medium-sized banks The control variable of performance is constructed. Four panel data models are built, and the capital structure and capital structure of the small and medium-sized banks in China are tested empirically. In addition, the relationship between the capital structure and the operation performance of the national joint-stock commercial bank and the city commercial bank in the sample is regressed and tested, and this is found out. The empirical results show that the capital structure of the small and medium-sized banks in China has a significant relationship with the performance of the operation. At the same time, the relationship between the capital structure and the operating performance of the national joint-stock commercial banks and the city commercial banks There's a difference. The fourth part, The conclusions and suggestions of the research are as follows: (1) the core capital and the passage of the small and medium-sized banks There is a significant relationship between the performance of the battalion. In terms of the property of the stock, the first big shareholder is the state-owned and the medium and small-sized bank There is no significant relationship between the operation performance and the management performance of the first big shareholder, and the proportion of the first top ten shareholders and the management performance of the small and medium-sized banks is not significant, and the shareholding ratio of the top ten shareholders and the small and medium-sized silver in that case of the core capital structure, the share capital account for the core capital proportion is negatively related to the safety of the small and medium-sized bank, (2) the proportion of the subsidiary capital and the profitability of the small and medium-sized banks and (3) the capital adequacy ratio is negatively related to the profitability of the small and medium-sized banks, and is closely related to the safety (4) The small and medium-sized banks have a certain scale effect, and the changes of the economic cycle also affect the small and medium-sized banks Finally, based on the provisions of the Basel III and the successful experience of foreign banks, this paper puts forward the optimization of the capital structure of the small and medium-sized banks in China and the improvement of the operation. Policy suggestions on the performance level. The specific policy suggestions are as follows: first, to optimize the core capital structure of small and medium-sized banks; secondly, to increase and optimize the subsidiary capital of small and medium-sized banks; and thirdly, to maintain a reasonable level of capital adequacy ratio; and fourthly, in the optimization
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.33

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本文編號：2387573