本文選題：地方政府控股模式　切入點：城市商業(yè)銀行　出處：《金融研究》2017年10期

【摘要】：本文使用終極控股股東追溯方式對2010-2014年我國城商行股權(quán)進行統(tǒng)計,發(fā)現(xiàn)地方政府對其控股模式存在顯著差異,而這種差異是地方政府基于地區(qū)稟賦內(nèi)生選擇的結(jié)果。地方政府對控股模式的選擇本質(zhì)上為經(jīng)濟增長驅(qū)動下的最優(yōu)資本分配問題,體現(xiàn)為資本在低效但有控制權(quán)收益的國企與高效民企之間的分配權(quán)衡,國企作為資本優(yōu)先去向,影響其資本需求的因素如國有經(jīng)濟比例、財政狀況、金融業(yè)競爭程度等在很大程度上影響地方政府對城商行的控股態(tài)度。研究發(fā)現(xiàn):國有經(jīng)濟比例越低,地方政府越傾向于退出;財政稟賦與金融控制之間關(guān)系受國有經(jīng)濟比例影響,國有經(jīng)濟比例較高時,財政稟賦越差,地方政府越傾向于退出,而較低時則恰好相反呈替代關(guān)系;地區(qū)金融業(yè)壟斷程度越高,地方政府越傾向于退出城商行。
[Abstract]:In this paper, the ultimate controlling shareholder retrospective method is used to analyze the stock rights of China City Commercial Bank from 2010 to 2014, and it is found that there are significant differences between the local governments and their holding modes. This difference is the result of endogenous selection of local governments based on regional endowment. The local government's choice of holding mode is essentially the optimal capital allocation driven by economic growth. It is reflected in the trade-off between the distribution of capital between the inefficient but controlled state-owned enterprises and the efficient private enterprises. As capital priority, the factors that affect the capital demand of state-owned enterprises, such as the proportion of state-owned economy, the financial situation, The degree of competition in financial industry influences the controlling attitude of local government to city commercial banks to a great extent. The study finds that the lower the proportion of state-owned economy, the more inclined local government to withdraw; The relationship between financial endowment and financial control is influenced by the proportion of state-owned economy. When the proportion of state-owned economy is high, the worse the financial endowment is, the more local governments tend to withdraw, but the lower the ratio is, the opposite is the substitute relationship. The higher the degree of regional financial monopoly, the more inclined the local government to withdraw from the city banks.
【作者單位】： 西南財經(jīng)大學(xué)中國金融研究中心;
【基金】：教育部人文社會科學(xué)重點研究基地重大項目(14JJD790026) 國家社會科學(xué)基金重點項目(17AJY029)的資助
【分類號】：F121.3;F812;F832.33
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本文編號：1681424