公开上市如何影响商业银行绩效

Does Going Public Affect Bank Performance in China

使用178家商业银行2000--2014年的大样本数据，本文采用双重差分模型检验了公开上市对银行绩效的影响。研究发现，公开上市对银行的会计业绩有负向影响，但有助于降低银行的不良贷款率和提升非利息收入占营业收入的比例，这表明公开上市改变了银行对待风险和收益的激励。进一步研究发现，银行上市时公开发行的股份比例越高，公开上市对会计业绩的负向影响更为严重，同时对不良贷款率的抑制效应更不明显。这意味着与公开上市相联系的股权分散导致的代理问题可能使上市银行在盈利追求和风险控制方面的激励均有所下降。

Using a sample of 178 Chinese banks over the 2000--2014 period, this paper inves- tigates the effects of going public on bank performance by employing a difference-in-differences model. We find that return on equity （ROE） of banks declines following the going public. Howev-er, banks experience both a decline of the ratio of impaired loans to gross loans and an increase in the noninterest income. This evidence suggests going public changes bank＇s incentive in the risk- profit trade-off. Further tests show that the proportion of public offering of shares reinforces the negative relation between going public and accounting performance, and weaken the negative rela tion between going public and the ratio of impaired loans to gross loans. We propose that agency problems associated with dispersive ownership structure induced by going public may compromise the incentives on profit pursuing and risk control.