股权结构对商业银行非利息业务发展的影响——基于预算软约束视角的研究

The Impacts of Equity Ownership Structure on Commercial Banks’ Non-Interest Business Development:A Study from the Perspective of Soft Budget Constraints

随着经济金融变革的不断演进,商业银行业务种类日益丰富,非利息业务也已成为商业银行业务发展的重要方向。基于预算软约束视角,在股权结构影响公司经营行为和绩效的理论指导下,理论分析了国有股权结构通过银行家才能配置、复活投机行为、创造性破坏效应发挥三大渠道影响商业银行非利息业务发展的内在机制;并以2007-2016年我国14家上市商业银行面板数据为样本,借助静态面板数据方法对理论假说进行了实证分析和稳健性检验。经验研究发现,国有资本持股比例越高的商业银行,其非利息业务发展越滞后;而那些国有股权比例较低的商业银行,其非利息业务发展更好。因此,应从存量盘活和增量改革两方面促进我国商业银行非利息业务发展。

With the evolution of economic and financial reform, the business types of commercial banks are becoming more and more abundant, and the non-interest business development has become an important direction to commercial banks. From the perspective of soft budget constraints, this paper conducts a theoretical analysis of the internal mechanism of state-owned equity ownership structure affecting commercial banks’ non-interest business development through bankers’ talent allocation,resurrection of the gambling behavior and creative destruction effect under the theoretical guidance of equity ownership structure affecting the business behavior and performance of companies. Then taking the panel data of 14 listed commercial banks in China from 2007 to 2016 as the samples, it carries out an empirical analysis and robust test on the theoretical hypothesis with the method of static penal data. The findings of the empirical study show that the higher the proportion of state-owned shareholding is, the more lagging behind the commercial banks’ non-interest business development will be.While the commercial banks with lower proportion of state-owned shareholding would have a better development of their non-interest business. Therefore, it is necessary to promote the non-interest business development of China’s commercial banks from the two aspects, i.e., stock revitalization and incremental reform.