农村金融机构的资本结构协同效应及其优化——基于农村信用社的实证

Synergistic Effect and Optimization of the Capital Structure for Rural Financial Institutions——Empirical Analysis Based on the Rural Credit Cooperatives

本文理论和实证研究了资本结构对农村信用社风险行为及经营绩效的影响。研究结果表明:资本充足率对农村信用社风险行为和经营绩效的影响取决于股权集中度与资本充足率的协同性效应。对于经济发展相对滞后的农村地区,资本充足率提升可有效抑制农村信用社的风险行为,而随着农村经济发展和市场化程度的提升,股金的风险溢价明显为正值的地区,资本充足率对风险的抑制作用需以优化股权结构为前提。为此,随着我国农村经济发展水平的提升,我国农村金融的改革与监管应在注重资本充足程度的基础上,逐步过度到注重对股权结构的优化。

This paper presents a study on the impact of the capital strcture in rural credit cooperatives on the risk behavior and the business performance. The final conclusion shows that the influence of the capital adequacy ratio on the risk behavior and the business performance relies on the cooperativity between the ownership concetration and the adequacy ratio. The improvement in capital adequacy ratio can significantly restrain risk behaviors in rural credit cooperatives in areas with relatively lagged economic growth. However, with strengthened economic power and raised level of the rnarketization, the shareholding structure optimization should be taken as the precondition in those areas featuring positive equity risk premium. Therefore, China＇ s rural financial reformarion and regulation should attach impotence on the supervision in the capital adequacy ratio and gradually strengthen controls in shareholding structure.