基于SFA的上市银行股权结构与利润效率实证研究

The Empirical Research on Ownership Structure and Profit Efficiency of China's Listed Banks Based on SFA

随着金融改革的逐步深入,银行股权结构和经营效率已成为社会各界日益关注的焦点。本文运用随机前沿分析法(SFA)测度2007年至2011年14家中国上市银行的利润效率,从股权性质、股权集中度和股权制衡三个维度研究股权结构与银行效率的关系。实证结果表明:股权结构是银行利润效率的重要影响因素;国有股与银行利润效率呈现显著倒"U"型关系,外资股与银行效率显著正相关;股权集中度、股权制衡与银行利润效率存在倒"U"型变化趋势。建议上市银行选择"主体多元化、股权相对集中、多股东制衡"的股权结构。

With the gradual deepening of financial system reform, banks＇ ownership structure and management efficiency have in- creasingly become the focus of attention from all walks of life. Using SFA, the paper measures the profit efficiency of 14 listed banks in China from 2007 to 2011, and innovatively studies the relationship between ownership structure and bank efficiency from three as- pects of ownership nature, concentration and balance. The empirical results show that the ownership structure is the important influenc- ing factors of the efficiency of bank profits; the relationship between state-owned shares and bank profits takes on a significant inverted ＂U＂ shape, and the relationship between foreign capital shares and efficiency of bank profits takes on a significantly positive correla- tion; there exists an inverted ＂U＂ type trend among ownership concentration, ownership balance and bank profit efficiency. Finally, the paper recommends that the listed banks should select diverse owners, relative concentrated ownership and balanced multiple share- holders.