我国上市商业银行资本结构与公司价值的权衡分析——基于面板门槛模型的实证检验

Analysis on China’s Listed Commercial Banks’ Capital Structure and Corporate Value——Based on Threshold Panel Model

基于2012—2018年我国16家上市商业银行的季度数据,运用非线性面板门槛模型,对我国上市商业银行资本结构与公司价值的权衡分析表明,我国上市商业银行资本结构对公司价值存在单一面板门槛效应,资产负债率对公司价值具有显著抑制效应,长期负债率对公司价值具有显著的促进作用,且随着长期负债率增加,这种促进作用明显下降。因此,商业银行需要整体提升资产负债管理水平,注重长期负债率对公司价值的提升作用。

Based on the quarterly data of China’s 16 listed commercial banks from 2012 to 2018,by adopting threshold panel model,the paper analyzed China’s listed commercial banks’structure and corporate value and the result reveals that the capital structure of China’s listed commercial banks has a single panel threshold effect.The asset-liability ratio has a significant negative effect on the company’s value,and the long-term debt ratio has a significant positive effect on the corporate value.The increase of the long-term debt ratio could see the fall off in that significant effect.Therefore,commercial banks should improve their liability management level and value long-term debt ratio’s function in the improvement of the corporate value.