摘要
美国次贷危机引发全球金融危机,国内重大自然灾害的发生使得商业银行的风险得到了较多的关注。本文以68个我国商业银行样本采用了逐步回归的方法,研究公司治理结构对商业银行信用风险管理绩效的影响,实证检验了我国商业银行公司内部治理的有效性。实证结果显示,在董事会结构方面,商业银行信用风险管理绩效与董事会规模正相关,与代表董事会独立性的独立董事比例正相关。管理层因素方面,商业银行信用风险管理绩效与管理层持股和董事管理者人数负相关,与高层管理者薪酬无关。股权结构方面,大股东持股比例和境外战略投资者持股对信用风险管理绩效没有解释作用。风险管理部门因素方面,信用风险管理绩效与风险管理委员会人数负相关,可能是因为商业银行根据不良贷款率调整部门人数。本文是从管理的视角研究商业银行信用风险,而且本文采用了真实不良贷款率和新增不良贷款率两个角度研究信用风险管理绩效并得到了一致的结论,具备一定的研究价值和创新意义。
The global financial crisis triggered by the U.S. sub-prime and the occurrence of major natural disasters make the risk of commercial banks get more and more attention. In this paper 68 samples of Chinese commercial bank is used on stepwise regression method to discuss the effect of corporate governance structure on commercial banks credit risk management performance and empirically test the effectiveness of internal governance. The Empirical results show that the credit risk management performance is positively correlated with board size and the proportion of independent directors which is on behalf of the independence of the board of directors. The research also finds that Commercial bank's credit risk management performance is negatively related to management's shareholding ratio and the number of directors who are managers. On shareholding structure, shareholding ratios of the major shareholders and foreign strategic investors are not able to explain the credit risk management performance. The credit risk management performance is negative related to the number of risk management committee members, which may be because the bank adjusts the the number of department members according to the non-performing loan ratio. This paper does research on commercial bank credit risk from a management perspective. In this paper, the credit risk management performance is measured by the real non-performing loan ratio and the new non-performing loan ratio and the conclusions of the two methods are consistent. All of these have a certain value and innovation significance.
引文
[1] Anderson, R. C. & Fraser, D. R.. Corporate Control, Bank Risk Taking, and the Health of the Banking Industry. Journal of Banking and Finance, 2000, 24,1383-1398.
[2] Basel Committee on Banking Supervision. A New Capital Adequacy Framework. Consultative Paper, 1999.
[3] Berle, A. A. & Means, G. C. The Modern Corporation and private Property.Harcourt, Brace & World Inc, 1932.
[4] Bonin, J., Hasan, I. & Paul, W.. Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance, 2005, 29, 31-53.
[5] Bris, A. & Cantale, S.. Bank capital requirement and managerial self-interest.The Quarterly Review of Economics and Finance, 2004, 44, 77-101.
[6] Bulow, J. & Rogoff, K.. A Constant Recontracting Model of Sovereign Debt.Journal of Political Economy, 1989, 97, 155-178.
[7] Byed, J., Fraser, D. &Williams, T.. Financial crises, natural selection and governance structure: Evidence from the Thrift Crisis. Working paper. Texas A&M University, 2001.
[8] Changanti, R. S., Mahajan, V. & Sharma, S.. Corporate board size, composition and corporate failures in the retailing industry. Journal of Management Studies,1985,22,400-417.
[9] Cochran, P. L. & Wartick, S. L. Corporate Governance: A Review of The Literature. Financial Executives Research Foundation, 1988.
[10] Diamond, D.. Financial Intermediation and Delegated Monitoring. Review of Economic Studies, 1984, 51, 393-414.
[11] Fama, E. F. & Jenson, M. C. Separation of own ship and control. Journal of Law and Economics, 1983, 26(1), 301-325.
[12] Gale, D. & Hellwig, M.. Incentive-Compatale Debt Contracts: Review of Economic Study, 1985, 2, 647-663.
[13] Gorton, G. & Rosen, R.. Corporate control, portfolio choice, and the decline of banking. Journal of Finance, 1995, 50, 1377-1420.
[14] Hadlock, C., Houston, J. & Ryngaert, M.. The role of managerial incentives in bank acquisitions. Journal of Banking and Finance, 1999, 23, 221-249.
[15] Hart, O..& Moore, G.. Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management.American Economic Review,1995,85,567-583.
[16]Hart,O..Corporate Governance:Some Theory and Implications.The Economic Journal,1995,105(5),678-689.
[17]Holomstrom,B.J.& Tirole,J..Financial Intermediation loanable funds and the real sector,Toulouse University Mimeograph,1993.
[18]Jensen,M.C.& Merckling,W.H..Theory of firm:managerial behavior,agency costs and ownership structure.Journal of Financial Economics,1976,3(1),280-305
[19]John,K.,Saunders,A.& Senbet,L.W..A theory of bank regulation and management compensation.Review of Financial Studies,2003,13,95-125.
[20]Konishi,M.& Yasuda,Y..Factors affecting bank risk taking:Evidence from Japan.Journal of Banking and Finance,2004,28,215-232.
[21]Lelend,G.& Pyle,D..Information Asymmetries' Financial Structure and Financial Intermediation.Journal of Finance,1977,32,371-387.
[22]Marcus,A..Deregulation and bank financial policy.Journal of Banking and Finance,1984,8,557-565.
[23]Mayers,D.,Shivdasani,D.& Smith,C..Board composition and corporate control:Evidence from the Insurance industry.Journal of Business,1997,70,33-62.
[24]Rosenstein,S.& Wyatt,J.G..Outside directors,board independence and shareholder wealth.Journal of Financial Economics,1990.
[25]Shleifer,A.& Vishny,R..A survey of corporate governance.Journal of Finance,1997,52,37-83.
[26]Simpson,W.G.& Gleason,A.E..Board Structure,Ownership and Financial Distress in Banking Firms.International Review of Economics and Finance,1999,8,281-292.
[27]Stiglitz,J.& Weiss,A..Credit Rationing in Markets with imperfect information.American Economic Review,1981,71(3),393-410.
[28]Yermack,D..Higher market valuation of companies with a small board of directors.Journal of Financial Economics,1996,40,185-212.
[29]Michel,c.,Dan,G.& Robert.M..风险管理.北京:中国财政经济出版社,2005年1月
[30]巴塞尔银行监理委员会.加强银行公司治理.1999.
[31]巴塞尔银行监理委员会.有效银行监管核心原则.2006.
[32]巴曙松,刘清涛和牛播坤.中国资本充足监管框架的姓曾及其市场影响.财经科学,2005,(1),10-16.
[33]蔡鄂生,王立彦和窦洪权.银行公司治理与控制.北京:经济科学出版社,2003,70-72.
[34]蔡清而.银行公司治理研究.博士学位论文,厦门大学,2006.
[35]曹延求,郑录军和于建霞.政府股东、银行治理与中小商业银行风险控制—以山东、河南两省为例的实证分析.金融研究,2006,(6),99-108.
[36]曹艳华,牛莜颖.上市银行治理机制对风险承担的影响(2000—2007).金融论坛,2009,(1),43-48.
[37]陈晓蓉.关系银行、公司治理与银行风险承担之研究.风险管理学报,2003,(11),363-391.
[38]董金.治理机制对银行风险承担影响的文献综述.中国集体经济,2007,12,79-80.
[39]高明华,马守莉.独立董事制度与公司绩效关系的实证研究—兼论中国独立董事有效行权的制度环境.南开经济研究,2002,(2),64-68.
[40]龚峰.商业银行公司治理的特殊性与我国商业银行公司治理的改善.东莞理工学院学报,2008,15(2),56-59.
[41]郭建鸾.我国商业银行公司信贷风险管理的行业思维.中央财经大学学报,2008,(2),53-55.
[42]郭凯.境外战略投资背景下商业银行公司治理研究.硕士学位论文,天津大学,2006.
[43]胡嘉莉.招行无意引入境外战略投资者.中华工商时报,2006.8.16.
[44]经济合作与发展组织.OECD公司治理原则.中国财政经济出版社,1999.
[45]李维安,曹延求.商业银行公司治理:理论模式与我国的选择.南开学报(哲学社会科学班),2003,1,42-50.
[46]李维安,曹延求.股权结构、治理机制禹城市银行绩效—来自山东、河南两省的调查证据.经济研究,2004,(12),4-15.
[47]李伟.商业银行风险管理与公司治理研究.硕士学位论文,复旦大学,2006.
[48]李燕平,韩立岩.特许权价值、隐形保险与风险承担.金融研究,2008,(1),76-87.
[49]林毅夫,蔡肪,李周.中国的奇迹:发展战略与经济改革.上海:上海人民出版社,1994.
[50]刘海淼.中国国有商业银行公司治理研究.博士学位论文,北京师范大学,2005.
[51]刘伟,黄桂田.银行业的集中、竞争与绩效.经济研究,2003,(11),14-21.
[52]刘锡良,罗得志.论我国不良资产的根源.金融研究,2001,(10),50-59.
[53]柳琳.国有商业银行信用风险制度成因及对策研究.硕士学位论文,武汉大学,2004.
[54]倪浩华.中国银行公司治理的研究.硕士学位论文.华南理工大学,2005。
[55]牛建波.董事会规模的治理效应研究—基于业绩波动的新解释.中南财经大学学报,2009,(1),112-117.
[56]潘敏.银行管制与商业银行公司治理.经济评论,2006,(2),125-130.
[57]潘思明.我国商业银行风险管理研究.硕士学位论文,武汉理工大学,2007.
[58]齐巍巍,李友华.商业银行公司治理与信用风险管理的博弈分析.商业研究,2005,(10),68-70.
[59]孙永祥.所有权、融资结构与公司治理机制.经济研究,2001,(1),43-45.
[60]唐跃军,陈敏.银行的公司治理之路.银行家,2003,(1),126-128.
[61]田甜.国外战略投资者对中资银行竞争力的影响分析.硕士学位论文,复旦大学,2007.
[62]徐龙华.中外商业银行公司治理准则的比较和启示.上海金融,2002,(4),26-29.
[63]许会芳.试论我国商业银行内控机制的发展和完善.硕士学位论文,中国人民银行金融研究所,2005.
[64]许小年,王燕.中国上市公司的所有制结构和公司治理:中国的实践与美国的经验.北京,中国人民大学出版社,2000.
[65]杨城.商业银行风险承担影响因素的实证研究—以我国的上市银行为例.硕士学位论文,暨南大学,2005.
[66]杨军.关于国有商业银行信用风险成因与识别研究.博士学位论文,清华大学,2003.
[67]姚铮,曹广丰和高彭冲.大股东减持解禁股与公司控制权结构关系实证研究.当代财经,2009,4,139-143.
[68]于东智,池国华.董事会规模、稳定性与公司绩效:理论与经验分析,.经济研究,2004,(4),70-79.
[69]余俊源.论国有商业银行公司治理结构的构建.硕士学位论文,华南农业大学,2007.
[70]张磊.基于风险调整的商业银行绩效评价研究.博士学位论文,暨南大学,2007.
[71]张维迎.所有制、治理结构与委托—代理关系.经济研究,1996,(9),3-15,53.
[72]张文华.浅谈完善国有商业银行公司治理结构.中国监察,2004,(11): 48-49.
[73]张兴胜,王祺.因机制宜,披难疾进—2003年国有商业银行年报解读.银行家,2004,(7):44-49.
[74]赵丽娟.完善我国国有商业银行公司治理问题研究.硕士学位论文,东北师范大学,2005.
[75]赵丽娟.完善我国国有商业银行公司治理问题研究.硕士学位论文,东北师范大学,2005.
[76]赵智锋.商业银行信用风险管理研究综述.中国经济学教育科研网,2005.09.16.
[77]中国银行业监督管理委员会.商业银行风险监管核心指标.2006.
[78]周楠,贾炳汉.国有独资商业银行的改革关键是公司治理.武汉金融,2002,(10):4-6.
[79]朱峰.我国国有商业银行公司治理结构改革研究.华东经济管理,2003,(8):104-107.