股权结构、上市状况和风险——来自中国商业银行的经验研究

Ownership Structure,Listed Status and Risk:Evidence from China’s Commercial Banks

运用我国94家商业银行2001—2009年的数据,通过多元回归模型和方差分析研究商业银行股权结构、上市状况和风险的关系。研究发现:首先,外资商业银行比国有商业银行具有更好的资产质量、更低的信用风险以及更高的资本充足率,城市商业银行比国有商业银行具有更低的信用风险,股份制商业银行比国有商业银行具有更低的信用风险以及更低的资本充足率;其次,银行上市不仅提高商业银行的资产质量和资本充足率,同时降低了商业银行的信用风险;最后,研究还发现股权结构和风险的关系在上市银行和未上市银行存在显著差异,随后方差分析显示这是由于上市状况对股权结构和风险的关系存在显著的调节作用造成的。研究结论为我国商业银行改革提供一定的理论借鉴意义。

Ownership reform and listing are important issues in the banking industry in China, and play important roles in the recent development of the banking industry. Ownership structure fundamentally determines the corporate governance mechanisms and behavior choices, thus affecting bank performance and risk. However, previous research of ownership structure concerning about Chinese banking industry has focused on the implications of ownership structure for banks＇ performance and efficiency. No research has been done about how the ownership structure affects risk is blank. Therefore, we propose the first question： How does the ownership structure affect risk in Chinese banking industry？ Bank listing can change the ownership structure, but the implication of the former for bank risks is different from that of the latter. On the one hand, bank listing exposes the bank to more strict regulations, which will reduce bank risk. On the other hand, bank listing can help bank raises equity at a lower cost, which induces banks to invest in the high-risk projects, and increases bank risk. However, there has been no empirical research on how the listed status impacts bank risk. The existing research explores the implication of listed status for bank risks from the qualitative perspective. Therefore, we propose the second question： How does bank listing impact bank risk in Chinese financial environment？ For this purpose, this paper investigates the relationships among ownership structure, listed status and risk based on the relevant data of China＇s 94 commercial banks from 2001 to 2009. First, we explore the effect of ownership structure and bank listing on the asset quality, credit risk and capital adequacy ratio by using regression analysis. Second, we split all banks into listed banks and unlisted banks, and then analyze the implication of ownership structure for asset quality, credit risk and capital adequacy ratio.. Finally, we research the moderating effect of listed status on the relationships among the ownership structure and asset quality, credit risk and capital adequacy ratio by using ANOVA. Three main results emerge. First, compared to the state-owned banks the foreign-owned commercial banks exhibit a better asset quality, lower credit risk, and higher capital adequacy ratio. The city commercial banks have lower credit risk, and the joint-stock commercial banks have lower credit risk and capital adequacy ratio. Second, bank listing improves asset quality and capital adequacy ratio, and reduces credit risk to a certain extent, indicating the regulatory reinforcement effect of bank listing plays a leading role in China＇s listed banks. Third, the relationship between ownership structure and risk is different among the different listed status samples. The ANOVA analysis result shows that the listed status significantly moderates the relationship between ownership structure and risk. In conclusion, this study provides theoretical implications for the commercial banks＇ reform in China.