我国上市商业银行经营绩效的影响因素及实证研究
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摘要
现阶段,我国企业的融资大部分还是靠银行的信用。企业是社会的“细胞”,银行在现代经济社会中扮演了举足轻重的作用。随着我国银行业的改制和逐步开放,银行业惨烈的竞争已经拉开序幕,国内上市商业银行面临着西方发达国家知名外资银行的竞争。因此研究影响我国上市商业银行经营绩效的因素,比较国有上市商业银行和股份制上市商业银行经营绩效影响因素的不同,分析其原因,有助于科学考核上市商业银行经营业绩,提升商业银行的绩效水平,增强商业银行的竞争力。需要补充说明的是：笔者阅读大量的文献发现国有上市商业银行的经营行为和股份制上市商业银行的经营行为还是有很大的区别,所以论文把二者分开来作实证分析,分开研究影响两者绩效的因素各是什么。
论文先从理论上阐述银行经营绩效的经典理论：市场结构、行为与绩效相互关系的假说、经营绩效的测度指标及文献综述；再回顾我国上市商业银行的历程和经营绩效的现状；然后分析总结影响我国上市商业银行经营绩效的因素。第5章是我国上市商业银行经营绩效影响因素的实证分析：把代表银行市场占有率、银行的各种财务指标的几个因子等作为解释变量,银行的股东权益收益率ROE作为因变量,把这几个解释变量对银行净资产收益率ROE进行回归分析,用计量模型测算它们之间的相关影响,先对国有上市商业银行分析再对股份制上市商业银行进行分析。从实证研究的结果可以看出影响两种类型上市商业银行的因素各是什么,有什么主要区别,结合现实说明原因是什么。得出结论：究竟是哪些因子对ROE产生了显著影响(正相关和负相关的影响)。哪些因子对ROE没有显著的影响。
基于上述研究结论,论文在最后部分提出了四点建议,着重在公司治理、风险管理、金融创新和资本管理等方面展开讨论。
At this stage, most enterprises in China still rely on the credit of banks. Business is a social "cell",so banks play a important role in the modern economy and society. With the reform and gradually opening of China'bank sector,the competition fierce in the banking industry has been kicked off,commercial banks are facing competition from well-known foreign banks.Therefore,studying the factors affecting the performance of listed commercial banks, comparing the listed state-owned commercial banks and joint-stock commercial banks listed in the performance and finding the gap between the two, analyzing the causes, contribute to the scientific assessment of performance of listed commercial banks,increase level of performance,and enhancing the competitiveness of commercial banks.The special note is:I read a lot of literature and find that there is a lot of difference between state-owned commercial banks listed and listed joint-stock commercial banks in the operation and management, so this took for empirical research to distinguish between the two, separate study the factors which affect performance of the two.
The paper first describes the classical theory of Bank Performance:Market structure, conduct and performance relationship hypothesis,the measure of performance indicators and literature review, and then look back at the history of listed commercial banks and the business performance of the status quo; then analyze and summarize the performance factors of listed commercial bank of China. The content of Chapter 5 is empirical analyzing the factors affecting performance of Listed Commercial Banks:the several factors representing the banking market share, the bank's various financial indicators as explanatory variables, the bank's return on equity ROE as the dependent variable, regression analysis on these common factor versus the banks ROE, calculate the correlation between them,first analyze the listed state-owned commercial banks and then on the listed joint-stock commercial banks.From the empirical results can be seen that what are the factors affecting performance of the two types of listed commercial banks, what is the main difference, combined with the reality analyze the reasons for that,come to a conclusion:what are factors which have a significant impact on the ROE (positive and negative effects). What are the factors which have no significant effect on the ROE.
Based on the conclusions, four-point proposals are put forward in the last part of the paper, focusing on corporate governance、risk management、financial innovation and capital management to enhance the performance of the listed commercial banks in China.
论文先从理论上阐述银行经营绩效的经典理论：市场结构、行为与绩效相互关系的假说、经营绩效的测度指标及文献综述；再回顾我国上市商业银行的历程和经营绩效的现状；然后分析总结影响我国上市商业银行经营绩效的因素。第5章是我国上市商业银行经营绩效影响因素的实证分析：把代表银行市场占有率、银行的各种财务指标的几个因子等作为解释变量,银行的股东权益收益率ROE作为因变量,把这几个解释变量对银行净资产收益率ROE进行回归分析,用计量模型测算它们之间的相关影响,先对国有上市商业银行分析再对股份制上市商业银行进行分析。从实证研究的结果可以看出影响两种类型上市商业银行的因素各是什么,有什么主要区别,结合现实说明原因是什么。得出结论：究竟是哪些因子对ROE产生了显著影响(正相关和负相关的影响)。哪些因子对ROE没有显著的影响。
基于上述研究结论,论文在最后部分提出了四点建议,着重在公司治理、风险管理、金融创新和资本管理等方面展开讨论。
At this stage, most enterprises in China still rely on the credit of banks. Business is a social "cell",so banks play a important role in the modern economy and society. With the reform and gradually opening of China'bank sector,the competition fierce in the banking industry has been kicked off,commercial banks are facing competition from well-known foreign banks.Therefore,studying the factors affecting the performance of listed commercial banks, comparing the listed state-owned commercial banks and joint-stock commercial banks listed in the performance and finding the gap between the two, analyzing the causes, contribute to the scientific assessment of performance of listed commercial banks,increase level of performance,and enhancing the competitiveness of commercial banks.The special note is:I read a lot of literature and find that there is a lot of difference between state-owned commercial banks listed and listed joint-stock commercial banks in the operation and management, so this took for empirical research to distinguish between the two, separate study the factors which affect performance of the two.
The paper first describes the classical theory of Bank Performance:Market structure, conduct and performance relationship hypothesis,the measure of performance indicators and literature review, and then look back at the history of listed commercial banks and the business performance of the status quo; then analyze and summarize the performance factors of listed commercial bank of China. The content of Chapter 5 is empirical analyzing the factors affecting performance of Listed Commercial Banks:the several factors representing the banking market share, the bank's various financial indicators as explanatory variables, the bank's return on equity ROE as the dependent variable, regression analysis on these common factor versus the banks ROE, calculate the correlation between them,first analyze the listed state-owned commercial banks and then on the listed joint-stock commercial banks.From the empirical results can be seen that what are the factors affecting performance of the two types of listed commercial banks, what is the main difference, combined with the reality analyze the reasons for that,come to a conclusion:what are factors which have a significant impact on the ROE (positive and negative effects). What are the factors which have no significant effect on the ROE.
Based on the conclusions, four-point proposals are put forward in the last part of the paper, focusing on corporate governance、risk management、financial innovation and capital management to enhance the performance of the listed commercial banks in China.
引文
③ 秦宛顺、欧阳俊.中国商业银行业市场结构、效率和绩效[J].经济科学,2001,(4)
④ Stijin Claessens, Simeon Djankov, Joseph Fan, Larry Lang.On Expropriation of minority shareholders: evidence from east Asia [DB/OL],2000.08.16
⑤ O'Hara. Property rights and financial firm[j].journal of Law and Economics,1981,24 (2)
⑥ Lee J. Ownership, Market Structure, and Efficiency in Korean Banks:A Cost FrontierAnalysis[D].Unpublished Ph. D. Dissertation. Ohio State University,1996
⑦ Berger A.N. and Master L.J. Explaining The DeregulationAnd Dynamic Changes in Competition [J].Tomorrow's Research Today,2001-4
11 郭志刚.社会统计分析方法-SPSS软件应用.中国国人民大学出版社,2002
12 冶美琴.完善公司治理结构的四点建议【J】.企业管理,2005(9)
[1]李扬.《中国金融发展报告》.北京：社会科学文献出版社,2009
[2]郭志刚.社会统计分析方法-SPSS软件应用.中国国人民大学出版社,2002
[3]李希义.《中国商业银行竞争力分析-基于效率和全要素生产率的研究》.经济管理出版社,2009
[4]关新红.《中国商业银行创值能力研究》.社会科学文献出版社,2006。
[5]李文军.《商业银行的效率与竞争力》.经济管理出版社,2008。
[6]刘剑、张品.《中国银行业市场结构、效率与绩效关系实证研究》.[J]长沙理工大学学报2008(5)：16～22
[7]Berger A.N. and Master L.J. Explaining The Deregulation, And Dynamic Changes in Competition[J].Tomorrow's Research Today,2001-4
[8]Dirk.The Long run intermediation Efficiency of Swiss Banks,1906-2005.2007-5
[9]O'Hara. Property rights and financial firm[j].journal of Law and Economics,1981,24 (2)
[10]Stijin Claessens, Simeon Djankov, Joseph Fan, Larry Lang.On Expropriation of minority shareholders:evidence from east Asia [DB/OL],2000.08.16
[11]Lee J. Ownership, Market Structure, and Efficiency in Korean Banks A Cost Frontier Analysis[D].Unpublished Ph. D. Dissertation. Ohio State University,1996
[12]Short, B. The Relation between Commercial Bank Profits Rates and Banking Concentration in Canada, Western Europe, and Japan [J].Journal of Banking and Finance, 1979:69-83
[13]冶美琴.《完善公司治理结构的四点建议》[J].企业管理,2005(9)
[14]秦宛顺、欧阳俊.《中国商业银行业市场结构、效率和绩效》[J].经济科学,2001,(4)
[15]李阳.《商业银行绩效评价方法的比较和分析》[J].广西金融研究,2008,(5)
[16]卢瑜.《我国上市商业银行绩效的实证分析》[J].长沙民政职业技术学院学报,2006,(9)：44-47
[17]金成晓,纪明辉.《我国商业银行公司治理结构与经营绩效的实证研究》[J].税务与经济2006(4)：1-6
[18]《中国统计年鉴》和《中国经济景气月报》2008、2009、2010
[19]中国人民银行：《中国房地产金融报告》,中国金融出版社,2008
[20]刘宗华和邹新月：《中国银行业的规模经济和范围经济-基于广义超越对数成本函数的检验》,《数量经济技术经济研究》,2004年第10期
[21]谭中明和陶羽：《用因子分析法考察中国商业银行效率》,《预测》,2002年第2期
[22]王振山：《金融效率论》,经济管理出版社,2000年版
[23]张清和陈宏民：《我国商业银行规模经济的实证分析》,《管理评论》,2003年第5期
[24]工商银行、建设银行、中国银行、农业银行、交通银行和深发展银行、民生银行、中信银行、浦发银行各年的年报,各个银行网站
[25]2007-2010年《中国金融年鉴》,中国金融出版社
[26]殷雷：《改善产权效率：提高商业银行竞争力的有效途径》,《财经科学》2002年第三期
[27]易纲和赵先信：《中国的银行竞争：机构扩张、工具创新与产权改革》,《经济研究》,2001年第8期
[28]高鸿业：《西方经济学》,2006年第四版
[29]曼昆著,梁小民翻译：《经济学原理》,2003年第三版
[30]罗伯特s.平狄克和丹尼尔L.鲁宾菲尔德,《计量经济模型与经济预测》
[31]杜莹、陈立国：《股权结构与公司治理效率：中国上市公司的实证分析》,《管理世界》2002年第11期,93-150
[32]胡君辰、宋源：《绩效管理》,四川人民出版社,2008年3月版
④ Stijin Claessens, Simeon Djankov, Joseph Fan, Larry Lang.On Expropriation of minority shareholders: evidence from east Asia [DB/OL],2000.08.16
⑤ O'Hara. Property rights and financial firm[j].journal of Law and Economics,1981,24 (2)
⑥ Lee J. Ownership, Market Structure, and Efficiency in Korean Banks:A Cost FrontierAnalysis[D].Unpublished Ph. D. Dissertation. Ohio State University,1996
⑦ Berger A.N. and Master L.J. Explaining The DeregulationAnd Dynamic Changes in Competition [J].Tomorrow's Research Today,2001-4
11 郭志刚.社会统计分析方法-SPSS软件应用.中国国人民大学出版社,2002
12 冶美琴.完善公司治理结构的四点建议【J】.企业管理,2005(9)
[1]李扬.《中国金融发展报告》.北京：社会科学文献出版社,2009
[2]郭志刚.社会统计分析方法-SPSS软件应用.中国国人民大学出版社,2002
[3]李希义.《中国商业银行竞争力分析-基于效率和全要素生产率的研究》.经济管理出版社,2009
[4]关新红.《中国商业银行创值能力研究》.社会科学文献出版社,2006。
[5]李文军.《商业银行的效率与竞争力》.经济管理出版社,2008。
[6]刘剑、张品.《中国银行业市场结构、效率与绩效关系实证研究》.[J]长沙理工大学学报2008(5)：16～22
[7]Berger A.N. and Master L.J. Explaining The Deregulation, And Dynamic Changes in Competition[J].Tomorrow's Research Today,2001-4
[8]Dirk.The Long run intermediation Efficiency of Swiss Banks,1906-2005.2007-5
[9]O'Hara. Property rights and financial firm[j].journal of Law and Economics,1981,24 (2)
[10]Stijin Claessens, Simeon Djankov, Joseph Fan, Larry Lang.On Expropriation of minority shareholders:evidence from east Asia [DB/OL],2000.08.16
[11]Lee J. Ownership, Market Structure, and Efficiency in Korean Banks A Cost Frontier Analysis[D].Unpublished Ph. D. Dissertation. Ohio State University,1996
[12]Short, B. The Relation between Commercial Bank Profits Rates and Banking Concentration in Canada, Western Europe, and Japan [J].Journal of Banking and Finance, 1979:69-83
[13]冶美琴.《完善公司治理结构的四点建议》[J].企业管理,2005(9)
[14]秦宛顺、欧阳俊.《中国商业银行业市场结构、效率和绩效》[J].经济科学,2001,(4)
[15]李阳.《商业银行绩效评价方法的比较和分析》[J].广西金融研究,2008,(5)
[16]卢瑜.《我国上市商业银行绩效的实证分析》[J].长沙民政职业技术学院学报,2006,(9)：44-47
[17]金成晓,纪明辉.《我国商业银行公司治理结构与经营绩效的实证研究》[J].税务与经济2006(4)：1-6
[18]《中国统计年鉴》和《中国经济景气月报》2008、2009、2010
[19]中国人民银行：《中国房地产金融报告》,中国金融出版社,2008
[20]刘宗华和邹新月：《中国银行业的规模经济和范围经济-基于广义超越对数成本函数的检验》,《数量经济技术经济研究》,2004年第10期
[21]谭中明和陶羽：《用因子分析法考察中国商业银行效率》,《预测》,2002年第2期
[22]王振山：《金融效率论》,经济管理出版社,2000年版
[23]张清和陈宏民：《我国商业银行规模经济的实证分析》,《管理评论》,2003年第5期
[24]工商银行、建设银行、中国银行、农业银行、交通银行和深发展银行、民生银行、中信银行、浦发银行各年的年报,各个银行网站
[25]2007-2010年《中国金融年鉴》,中国金融出版社
[26]殷雷：《改善产权效率：提高商业银行竞争力的有效途径》,《财经科学》2002年第三期
[27]易纲和赵先信：《中国的银行竞争：机构扩张、工具创新与产权改革》,《经济研究》,2001年第8期
[28]高鸿业：《西方经济学》,2006年第四版
[29]曼昆著,梁小民翻译：《经济学原理》,2003年第三版
[30]罗伯特s.平狄克和丹尼尔L.鲁宾菲尔德,《计量经济模型与经济预测》
[31]杜莹、陈立国：《股权结构与公司治理效率：中国上市公司的实证分析》,《管理世界》2002年第11期,93-150
[32]胡君辰、宋源：《绩效管理》,四川人民出版社,2008年3月版