我国商业银行前瞻性资本结构模型构建与实证研究

资本结构研究对以建立现代金融企业为目标的中国银行业十分重要。本文通过深入分析资本充足率、核心资本充足率、股权回报率和平均融资成本之间的关系,提出我国商业银行在转轨时期的前瞻性资本结构模型,并以我国四大国有商业银行为例进行实证分析,进而得到资本结构管理的指标矩阵。这有利于合理确定银行的资本结构,满足投资者的股权回报要求,降低融资成本。国内其他类型的商业银行也可以通过改变参数的方式,以前瞻性资本结构模型建立适应各自规模和定位的估计区间。

Establishing a Forward-Looking Capital Structure Model for Our Commercial Banks and an Empirical Study

The study of capital structure is vitally important to Chinese banks intent on becoming modern financial enterprises. Through a deep analysis of the relationship among capital adequacy, core capital adequacy, equity returns ratio and average financing cost, a forward-looking capital structure model is advanced for our commercial banks in the transition period and an empirical analysis is made of the Big Four state-owned commercial banks, thus creating an index matrix for capital structure management. Such efforts help to determine the capital structure of banks, meet the demand for equity returns from investors and lower financing cost. Commercial banks of other categories in our country can adjust related parameters and use the forward-looking capital structure model to custom-tailor their range according to their sizes and positions.