中国上市银行股权结构与绩效的实证研究

An Empirical Study of the Equity Structure and Performance of Listed Commercial Banks in China

目前,财务重组、战略引资和构建股份制框架下的公司治理体系是我国商业银行改制的三项核心工作。已上市银行的公司治理状况的研究成果是可贵的借鉴材料。本文选取我国境内上市的五家银行,就它们在股权结构方面的不同安排与其绩效做了实证分析。结果发现,第一股东的持股比例与银行绩效显著负相关,前五大股东及前十大股东的持股比例与银行绩效均显著正相关,流通股比例与上市商业银行绩效负相关。

At present, financial recombination, strategical introduction of investment and construction of corporate governance under the framework of equity system are the three core tasks for institutional transformation in state-owned commercial banks. The paper selects five listed Chinese banks including Pudong Development Bank, Minsheng Banking Corp. , Merchant Bank and Hua Xia Bank, empirically analyzes their various practices in corporate governance and their management performance. The result shows that there is a significant negative correlation between the shareholding proportion of the biggest shareholder and bank performance, a significant positive correlation between the shareholding proportion of top 5 to top 10 shareholders and bank performance, and negative correlation between the proportion of circulating stocks and the performance of listed commercial banks.