商业银行股权结构与经营绩效——基于上市银行的实证

随着外资和民营资本的进入,商业银行股权结构表现出多元化的特征。以14家上市商业银行2008—2010年的财务数据为基础,从股东性质、股权集中度和股权制衡水平等方面来刻画银行的股权结构,考察股权结构与银行绩效之间的关系。通过研究发现,第一大股东拥有相对控制权对于公司的经营决策是有利的,但是股权过分集中则可能对公司的盈利能力产生负面影响。在偿债能力方面,股权结构指标对不良贷款率有显著影响,国有股和外资股的存在对提高银行经营稳健性具有积极的作用,而股权过分集中不利于提高银行经营的稳健性。我国商业银行应当选择相对集中、相互制衡的股权结构,适度降低国有股比例,引进不同投资主体,并实施适当的股权激励。

Relationship between Ownership Structure and Performance of Commercial Banks:an Emeripical Study Based on Listed Banks

With the introduction of the foreign capital and private capital,the ownership structure of the commercial banks shows diversification.Based on the financial data(2008-2010) of 14 listed commercial banks,we depict the ownership structure of banks,and study the relationship between the ownership structure and the bank’s performance.Our findings can be summarized as follows.Firstly,although the largest shareholder owns the relative controlling power and do play a positive role in operating decisions,it has negative impact on profitability.Moreover,in the aspect of solvency,ownership structure indicator has a significant influence on the ratio of NPLs(nonperforming loans).Also,state ownership and foreign ownership perform a positive role in promoting the bank’s operating stability,but the excessive concentration of ownership does adversely.Based on our study,we conclude that China’s commercial banks should adopt a relatively concentrated and balanced ownership structure,reduce the proportion of stated-owned stocks modestly,attract distinct investment entities,and introduce stock-based incentive properly.