商业银行资本结构与经营绩效关系研究
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摘要
改革开放以来,我国政府对金融体制的改革取得了重大进展。从中央银行业务的分立,四大国有商业银行的成立、以及后来一批新兴股份制商业银行的诞生与发展,到现在国有商业银行的股份制改造、境外战略投资者的引入以及股份制商业银行的竞相发展,中国的银行体系经历了一个由高度统一的“大一统”银行体系向以开放、竞争和多元化为特征的现代银行体系的转变。另一方面,我国已经成为世界贸易组织(WTO)的正式成员,并于2006年底实现了金融市场的对外开放,这不仅意味着我国的金融企业已逐渐融入到全球经济中,同时也意味着我国的商业银行以及其他金融机构将不得不面对来自国际的竞争对手。如何在竞争日趋激烈的市场中生存继而获得发展,对每家银行而言都显得愈为重要,而提高银行经营绩效应该说是一个根本的解决办法。现实中,由于商业银行业的资本结构的不合理,导致有效的治理结构难以建立,治理机制难以发挥其作用,最终制约了我国商业银行经营绩效的提高。因此,针对商业银行资本结构与经营绩效二者关系的研究对于我国商业银行业的改革具有重要的现实意义。
针对这一问题,本文通过选取能更真实地反映企业经营绩效的评价指标——EVA,结合我国商业银行业资本结构的现状和以EVA回报率所体现的经营绩效,运用统计回归方法实证分析商业银行资本结构与经营绩效之间的相关关系,最后依据实证分析结果提出优化我国商业银行资本结构,提升其经营绩效的对策建议。具体而言,本文主要包含以下四个部分:
第一部分,资本结构及其相关理论。本部分内容首先通过资本结构与财务结构、融资结构以及所有权结构的比较,详细地阐明本文中对于资本结构的界定。其次,对资本结构的有关理论进行综述和分析。最后,总结归纳出商业银行资本结构的构成与特征,为本文的分析奠定了理论基础。
第二部分,商业银行经营绩效评价指标的选取。本部分内容通过对常用绩效评价指标的比较,引入EVA评价分析方法,并针对商业银行这一特殊的企业,对EVA评价方法进行了修正。
第三部分,商业银行资本结构与经营绩效关系的实证研究。这是本文的主体部分。本部分内容首先介绍了自改革开放以来我国商业银行的发展概况,进而详细分析了我国商业银行业资本结构的现状及存在的问题,同时对我国商业银行业的经营绩效进行了详细分析,在此基础上,运用回归统计分析方法对我国商业银行业的资本结构与经营绩效之间的关系进行了实证研究。
第四部分,结论与建议。这是本文的结束部分。本部分内容对实证研究的结果进行了总结,并依据实证研究的结论提出了优化商业银行资本结构,提升经营绩效的改革建议,并进一步指出本文研究的不足和今后的研究方向。
Our government has gained great achievements on the reform of financial system since the Reform and Opening-up. From the separation of the central bank’s business, foundation of the four state-owned commercial banks and the development of the latter burgeoning shareholding commercial banks to the shareholding reform of the state-owned commercial banks, introducing strategy investors from overseas and the leapfrog of the shareholding commercial banks, our banking system has come through the conversion from a highly united banking system to an opening and competitive banking system with diverse character. On the other hand, our country has entered the WTO and in the end of 2006 we opened our financial market to the world. This means not only our financial enterprises has involved into the global economy, but also our commercial banks and other financial institutes would face up more competitors from other countries. So it is vital for any commercial bank in any country to learn how to survive and develop in the more competitive market. Thereby enhancing the business performance of the commercial bank becomes the essential solution. In reality, the irrational capital structure of the commercial bank leads to the result that it’s hard to constitute an effective supervision structure and that the supervision mechanism can not perform effectively. Consequently, all mentioned above restricts the elevation of the commercial bank’s business performance. So the research on the relationship between commercial banks’capital structure and business performance has a great sense for the reform of our commercial banks.
Aiming at the above problem, this paper has selected a more suitable evaluation index that is the EVA (economy value added), which can reflect the business performance more exactly. Then according to the condition of our commercial banks’capital structure and the business performance reflected in the valuation index return of EVA, the method of regression has been used to analyze the relationship between commercial banks’capital structure and business performance. Finally, based on the research above, this paper puts forward the corresponding suggestions. As a whole, this paper contains the following four parts:
The first part is about capital structure and the corresponding theory. First, it explains the meaning of the capital structure by comparing with the financial structure, financing structure and the ownership structure. Then, it summarizes and analyzes the corresponding theory on capital structure. Finally, it sums up the composing and the character of the commercial bank’s capital structure. This part serves as an academic basic for the paper.
The second part is about the selection of the evaluation index on the business performance of the commercial bank. By comparing to the generally used evaluation index, this part introduces the method of EVA. Taking the special quality of commercial banks into account, it modifies the method of EVA.
The third part is about the empirical study on the relationship between commercial banks’capital structure and business performance. This is the main body of the paper. First, it introduces the general situation about our commercial banks since the Reform and Opening-up. Then, it analyzes the present situation about our commercial banks’capital structure and the business performance of our commercial banks in detail. After that, the method of regression has been used to analyze the relationship between commercial banks’capital structure and business performance.
The forth part is about the conclusion and suggestions. This part sums up the result of the empirical study and puts forward the suggestions according to the empirical result. In the end it figures out the shortcoming of the paper and the further study direction.
针对这一问题,本文通过选取能更真实地反映企业经营绩效的评价指标——EVA,结合我国商业银行业资本结构的现状和以EVA回报率所体现的经营绩效,运用统计回归方法实证分析商业银行资本结构与经营绩效之间的相关关系,最后依据实证分析结果提出优化我国商业银行资本结构,提升其经营绩效的对策建议。具体而言,本文主要包含以下四个部分:
第一部分,资本结构及其相关理论。本部分内容首先通过资本结构与财务结构、融资结构以及所有权结构的比较,详细地阐明本文中对于资本结构的界定。其次,对资本结构的有关理论进行综述和分析。最后,总结归纳出商业银行资本结构的构成与特征,为本文的分析奠定了理论基础。
第二部分,商业银行经营绩效评价指标的选取。本部分内容通过对常用绩效评价指标的比较,引入EVA评价分析方法,并针对商业银行这一特殊的企业,对EVA评价方法进行了修正。
第三部分,商业银行资本结构与经营绩效关系的实证研究。这是本文的主体部分。本部分内容首先介绍了自改革开放以来我国商业银行的发展概况,进而详细分析了我国商业银行业资本结构的现状及存在的问题,同时对我国商业银行业的经营绩效进行了详细分析,在此基础上,运用回归统计分析方法对我国商业银行业的资本结构与经营绩效之间的关系进行了实证研究。
第四部分,结论与建议。这是本文的结束部分。本部分内容对实证研究的结果进行了总结,并依据实证研究的结论提出了优化商业银行资本结构,提升经营绩效的改革建议,并进一步指出本文研究的不足和今后的研究方向。
Our government has gained great achievements on the reform of financial system since the Reform and Opening-up. From the separation of the central bank’s business, foundation of the four state-owned commercial banks and the development of the latter burgeoning shareholding commercial banks to the shareholding reform of the state-owned commercial banks, introducing strategy investors from overseas and the leapfrog of the shareholding commercial banks, our banking system has come through the conversion from a highly united banking system to an opening and competitive banking system with diverse character. On the other hand, our country has entered the WTO and in the end of 2006 we opened our financial market to the world. This means not only our financial enterprises has involved into the global economy, but also our commercial banks and other financial institutes would face up more competitors from other countries. So it is vital for any commercial bank in any country to learn how to survive and develop in the more competitive market. Thereby enhancing the business performance of the commercial bank becomes the essential solution. In reality, the irrational capital structure of the commercial bank leads to the result that it’s hard to constitute an effective supervision structure and that the supervision mechanism can not perform effectively. Consequently, all mentioned above restricts the elevation of the commercial bank’s business performance. So the research on the relationship between commercial banks’capital structure and business performance has a great sense for the reform of our commercial banks.
Aiming at the above problem, this paper has selected a more suitable evaluation index that is the EVA (economy value added), which can reflect the business performance more exactly. Then according to the condition of our commercial banks’capital structure and the business performance reflected in the valuation index return of EVA, the method of regression has been used to analyze the relationship between commercial banks’capital structure and business performance. Finally, based on the research above, this paper puts forward the corresponding suggestions. As a whole, this paper contains the following four parts:
The first part is about capital structure and the corresponding theory. First, it explains the meaning of the capital structure by comparing with the financial structure, financing structure and the ownership structure. Then, it summarizes and analyzes the corresponding theory on capital structure. Finally, it sums up the composing and the character of the commercial bank’s capital structure. This part serves as an academic basic for the paper.
The second part is about the selection of the evaluation index on the business performance of the commercial bank. By comparing to the generally used evaluation index, this part introduces the method of EVA. Taking the special quality of commercial banks into account, it modifies the method of EVA.
The third part is about the empirical study on the relationship between commercial banks’capital structure and business performance. This is the main body of the paper. First, it introduces the general situation about our commercial banks since the Reform and Opening-up. Then, it analyzes the present situation about our commercial banks’capital structure and the business performance of our commercial banks in detail. After that, the method of regression has been used to analyze the relationship between commercial banks’capital structure and business performance.
The forth part is about the conclusion and suggestions. This part sums up the result of the empirical study and puts forward the suggestions according to the empirical result. In the end it figures out the shortcoming of the paper and the further study direction.
引文
1James C. Van Horne, John M. Wachowicz, Fundamentals of Financial Management, 2001.
2 Durand, David, 1952, Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement, Conference on Research in Business Finance, National Bureau of Economic Research, New York, pp 215-247.
3 MM 条件,即 MM 理论的基本假设,它包含两个方面:(1)无摩擦环境假设,即企业不缴纳所得税;企业发行证券不需要交易成本;企业生产经营的信息对内和对外来说是一致的,即信息披露是公正的;与企业有关者可以无成本地解决彼此之间地利益冲突问题。(2)企业发行的负债无风险,因此,购买企业的负债(即购买企业发行的债券或给企业贷款)的收益率是无风险收益率。参考宋逢明《金融工程原理》,清华大学出版社,2002。
6潘敏.商业银行公司治理:一个基于银行特征的理论分析,金融研究,2006(3):37-47。
720 世纪 80 年代以来,金融市场上资产证券化、贷款转让市场等金融创新虽然在一定程度上降低了银行资产负债期限结构的不匹配,但由于资产证券化及贷款转让本身的局限性,这类金融创新并没有从根本上解决银行资产负债期限的不匹配问题(潘敏,2006)。潘敏.商业银行公司治理:一个基于银行特征的理论分析,金融研究,2006(3):37-47。
8该计算公式经 SternStewart 公司核实并提供。高莉,樊卫东.中国银行业创值能力分析[J],财贸经济,2003(11):26-33.
9参见张新《中国经济的增长和价值创造》,三联书店 2003 年第一版,第 282 页
10刘永涛.上海证券市场 B 系数相关特性的实证研究[J],管理科学,2004,(1):29-35
13 数据来源:《中国金融年鉴 2005》
14 数据来源:《2006 年中国银行业行业年度报告》。
15 在下面的实证部分中会具体论述。
16李华.中国上市公司股权结构及其优化[M].上海:复旦大学出版社,2004(12):157-164
17 严格意义上说,没有进行股份制改革的国有商业银行不存在股权结构,而这里所说的股权结构对没有进行股份制改革的国有商业银行而言即为产权结构。
18熊继洲.西方现代商业银行体制特征,《国际金融》,2003(9):34-38
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2 Durand, David, 1952, Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement, Conference on Research in Business Finance, National Bureau of Economic Research, New York, pp 215-247.
3 MM 条件,即 MM 理论的基本假设,它包含两个方面:(1)无摩擦环境假设,即企业不缴纳所得税;企业发行证券不需要交易成本;企业生产经营的信息对内和对外来说是一致的,即信息披露是公正的;与企业有关者可以无成本地解决彼此之间地利益冲突问题。(2)企业发行的负债无风险,因此,购买企业的负债(即购买企业发行的债券或给企业贷款)的收益率是无风险收益率。参考宋逢明《金融工程原理》,清华大学出版社,2002。
6潘敏.商业银行公司治理:一个基于银行特征的理论分析,金融研究,2006(3):37-47。
720 世纪 80 年代以来,金融市场上资产证券化、贷款转让市场等金融创新虽然在一定程度上降低了银行资产负债期限结构的不匹配,但由于资产证券化及贷款转让本身的局限性,这类金融创新并没有从根本上解决银行资产负债期限的不匹配问题(潘敏,2006)。潘敏.商业银行公司治理:一个基于银行特征的理论分析,金融研究,2006(3):37-47。
8该计算公式经 SternStewart 公司核实并提供。高莉,樊卫东.中国银行业创值能力分析[J],财贸经济,2003(11):26-33.
9参见张新《中国经济的增长和价值创造》,三联书店 2003 年第一版,第 282 页
10刘永涛.上海证券市场 B 系数相关特性的实证研究[J],管理科学,2004,(1):29-35
13 数据来源:《中国金融年鉴 2005》
14 数据来源:《2006 年中国银行业行业年度报告》。
15 在下面的实证部分中会具体论述。
16李华.中国上市公司股权结构及其优化[M].上海:复旦大学出版社,2004(12):157-164
17 严格意义上说,没有进行股份制改革的国有商业银行不存在股权结构,而这里所说的股权结构对没有进行股份制改革的国有商业银行而言即为产权结构。
18熊继洲.西方现代商业银行体制特征,《国际金融》,2003(9):34-38
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