股份制商业银行资本结构与代理成本分析

An Analysis of Joint-stock Banks' Capital Structure and Agency Costs

文章首先从理论上分析了银行资本结构对代理成本的影响机制,然后以7家上市股份制商业银行2007-2014年上半年的半年报和年报数据为样本,按照股权代理成本和债权代理成本分别进行研究,同时将因子分析与多元线性回归方法融合分析,并实证研究。结果表明:股权集中度因子与两类代理成本都表现出明显的负相关关系;资本构成性质因子与股权代理成本正相关,而对债权代理成本没有显著影响;资本风险敞口因子与股权代理成本关系不大,而对降低债权代理成本有积极作用。据此提出相应的政策建议和意见。

First,this paper theoretically analyzes the influence mechanisms of bank’s capital structure on agency costs,then takes semi-annual and annual reports of seven public listed joint-stock commercial banks from 2007 to 2014 as the sample, studies the equity agency costs and the debt agency costs respectively,and integrates factor analysis and multiple linear regression analysis to make an empirical research. The results show that：The equity concentration factor has a significant negative correlation with two types of agency costs. The capital structure nature factor has a positive correlation with the equity agency costs,whereas it has no significant influence on the debt agency costs. The capital risk exposure factor has little relationship with the equity agency costs,but it has a positive influence on the reduction of the debt agency costs. Accordingly, the paper puts forward corresponding policy recommendations and opinions.