中国上市商业银行资本结构影响因素实证研究

The Empirical Study on the Influencing Factors of Capital Structure of Listed Commercial Banks in China

随着我国金融体制改革步伐的稳步前进,不断优化金融监管体系,构建现代金融监管新框架是当前时代的迫切需求。金融机构的改革一直是金融体制改革的重中之重,其中商业银行是金融机构中最主要参与金融市场活动的机构,加强对商业银行的监管也是一直以来的重任。商业银行的资本结构可以在一定程度上反映其经营风险,资本结构自上世纪70年代以来就一直是银行监管领域的热点。本文选取银行的资产负债率来度量资本结构,作为被解释变量,采用银行经营规模、盈利水平、成长性质、资产担保价值、不良贷款率、银行所有制性质等6个因素作为解释变量对资本结构进行面板数据回归分析,实证结果得出资产负债率与银行经营规模、盈利能力、成长性、不良贷款率显著正相关,与资产担保价值、银行所有制性质没有显著的相关性。

With the steady progress of the reform of China’s financial system, it is urgent to optimize the financial supervision system and build a new framework of modern financial supervision. The reform of financial institutions has always been the top priority of financial system reform, among which commercial banks are the most important institutions in financial institutions to participate in financial market activities, and strengthening the supervision of commercial banks has always been a major task. The capital structure of commercial banks can reflect the operational risks to some extent. The capital structure has been a hot spot in the field of banking supervision since the 1970s. This paper chooses the asset liability ratio of banks to measure capital structure, as the explanatory variable, and uses six factors, such as bank operation scale, profit level, growth nature, asset guarantee value, non-performing loan ratio, bank ownership nature, etc. as explanatory variables to carry out panel data regression analysis on capital structure. The empirical results show that asset liability ratio and bank operation scale, profitability Growth and non-performing loan ratio have significantly positive correlation, and there is no significant correlation between asset guarantee value and bank ownership.