中国上市银行内部治理机制与综合绩效

The Correlation Between Internal Corporate Governance and Comprehensive Performance of Chinese Commercial Banks

本文通过对我国14家上市商业银行上市以来至2008年公布的所有年报和半年报数据进行实证分析,考察了不同内部公司治理机制对包括盈利性、安全性和流动性在内的银行综合绩效的影响。与以往研究不同的是,本文发现,股权集中度以及独立董事比例与银行综合绩效间并不存在简单的线性关系,而是存在显著的倒U型非线性关系;董事会规模和银行综合绩效呈现出显著负相关的关系。此外,控股股东性质对上市银行综合绩效没有明显影响,也无直接证据支持战略投资者持股和管理层薪酬激励能显著改善银行业绩。

This paper selects 14 listed commercial banks in China, conducts empirical analysis in their performance revealed in annual reports and interim reports, and observes how different internal mechanisms of corporate governance affect commercial banks＇ comprehensive performance. As shown in results, there is a significant in- verted-U relationship between concentration of ownership and banks＇ comprehensive performance and between proportion of independent directors and banks＇ comprehensive performance. The scale of board of director has a negative impact on the commercial banks＇ performance. Whether the largest shareholder of a bank is government won＇t affect its comprehensive. The proportion of strategic investors＇ shares, the management＇s salary and the shares held by CEO do not have a significant impact on a bank＇s performance.