金融企业规模与效益的相关性分析——基于我国39家上市金融公司的实证研究

Relevant Analysis of Scale and Benefit of Financial Enterprise——Empirical Analysis Based on 39 Listed Financial Enterprises in China

近年来,国内金融企业为迎接经济全球化的挑战,纷纷上市。通过实证可发现2007年到2011年上市金融公司的规模呈逐年上升的态势,映射了近年来金融企业热衷于资产扩张的强劲趋势。研究表明,我国上市的金融公司的规模和效益呈轻度负相关。金融企业规模逐年扩大,相对地放松了对与资产相应的收益的要求,其主要的原因是收购和兼并浪潮使资产规模越来越大,政府的扶持和政策的导向使得大型金融机构受到过度保护,以及大型金融企业开始大规模涉足资本市场业务,特别是海外资本市场业务。因此,金融企业需要大力提高经营管理的能力,以规模经济为目标,加强资产负债率的管理,限制高风险业务。

In recent years, to meet economic integration challenge, financial enterprises in China in order come into the market. According to the empirical analysis, from 2007 to 2011, the scale financial enterprises on the market is ascending individually one by one, which reflects the trend that financial enterprises are bound up in the capital expanding for the past few years. The research indicates that relevance between scale and benefit of listed financial enterprises in China is negative. The scale of financial enterprises in China has a expansion in sequence, but most of them relatively loosen the efforts of income that is relevant with asset, for the main reason that the trend of purchasing and merger makes the scale of asset larger and larger with the support from the government and the guide of policy make large financial government overprotected and that larger financial government is going to step into the transaction in capital marketing particularly the transaction overseas in capital marketing to a large extent. Hence, Financial Enterprises in China are required to improve the ability of operating management significantly with the goal of economies of scale and strengthen to handle the Debt-to-assets ratio with restriction of high-risk transaction.