会计公允值制度对股权结构与绩效关系的影响效应研究--基于中国上市商业银行面板删失异质性数据的分析

A Study on the Effects of the Fair Value Accounting System on Causal Relationship between Ownership Structure and Performances——Based on the heterogeneously censoring panel data of China's listed commercial banks

本文基于商业银行的特殊性,考虑会计公允值约束,选用招商、深发展、浦发展、华夏、民生、兴业银行等上市股份制商业银行2000-2007年的样本数据,运用删失面板数据建模技术,选择适当的控制变量,分析了股权集中度和股东性质2个维度8项指标所描述的商业银行股权结构对商业银行3个维度7项结构指标的正面绩效和3项结构指标的负面绩效的影响。实证分析结果表明,在各家银行绩效异质性和会计公允值制度的约束下,本文从绩效构成结构方面,更为深入系统地揭示了股权集中度和股东性质对上市商业银行流动性、盈利性、成长性等正面绩效以及竞争结构、监管压力和资产质量等负面绩效的依存关系;各家上市商业银行绩效在结构方面存在异质性;测度股权结构对商业银行绩效的影响效应时,考虑公允值制度与否,所得结论在结构上有着显著的差异性甚至相反的结论。

Restrained by impact of the fair value accounting system, and based on the special nature of commercial banks, the author selected the six listed joint-stock commercial banks＇ 2000 - 2007 data as samples（ China Merchants Bank, Shenzhen Development Bank, Pudong Development Bank, Huaxia Bank, Minsheng Bank, Industrial Bank）, used panel censored modeling technology, chose appropriate control variables, discussed in great detail the impact of commercial banks ownership structure, which described by two dimensions of eight indicators about concentration of shares and nature of the shareholders, on the positive performance of the banks, using three dimensions seven indicators about the positive performance, and the negative performance of the banks, marked out by three indicators. Empirical analysis with censored panel modeling method showed that, under the constraints of the heterogeneous nature of Bank Performance and the fair value accounting system, this paper revealed the interdependent or causal relationship between the concentration of shares, nature of the shareholders and the positive performance, such as liquidity, profitability, growth, and the negative performance, such as competition structure, asset quality and regulatory pressure of listed commercial banks from the structure of performance; The performance of six listed commercial bank is heterogeneous; Considering the fair value accounting system or not would have significantly different or even opposite conclusions in the structure when measuring the impact of shareholding structure of commercial banks on Bank Performance.