商业银行股权结构与经营绩效——基于上市银行的实证

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

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。

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 （ nonpefforming 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.