公司治理与银行效率:来自中国上市商业银行的经验证据

Corporate Governance and Bank Efficiency:Evidence from Chinese Listed Commercial Banks

以我国16家上市商业银行2008-2013年期间的相关数据为样本,在利用随机前沿分析方法(SFA)对银行成本效率和利润效率进行测算的基础上,分别就基于分项指标和综合指标的公司治理对银行效率的影响进行实证研究。结果表明:第一大股东持股比例与成本效率之间存在着"U"型关系,与利润效率之间存在着倒"U"型关系;董事会规模仅与成本效率之间存在着显著的倒"U"型关系,对利润效率不产生显著影响;管理层持股比例与银行成本效率显著正相关,但却与利润效率显著负相关,董事、监事及高管薪酬对成本效率和利润效率均产生显著的负面效应;公司治理综合指标与成本效率呈显著正相关关系,即成本效率将随着银行公司治理水平的提升得到改善,但公司治理综合指标对利润效率产生显著负向影响,这从利润效率角度提出改善目前我国上市商业银行公司治理结构,完善公司治理机制的现实要求。

Based on the measurement of bank cost efficiency and profit efficiency by Stochastic Frontier Approach(SFA),the data of 16 Chinese listed commercial banks from 2008 to 2013is used as the sample to analyze the impact of corporate governance sub-index and integrated index on the cost efficiency and profit efficiency.The empirical results show that the largest shareholder ownership has a U-shaped relationship with cost efficiency,and an inverted U-shaped relationship with profit efficiency.Board scale and cost efficiency has an inverted U-shaped relationship,and board scale does not influence the profit efficiency.Management ownership is positively correlated with bank cost efficiency,but negatively correlated with the profit efficiency significantly.Compensations of directors,supervisors and executives have significant negative effects on the cost efficiency and the profit efficiency.The integrated index of corporate governance is positively correlated with the cost efficiency significantly.Namely,the cost efficiency increases as corporate governance of banks improves.However,the integrated index of corporate governance has a significant negative effect on the profit efficiency,which puts forward requirements to improve the structure of corporate governance and perfect the corporate governance mechanism of listed commercial banks in China from the perspective of profit efficiency.