【摘要】：資本結(jié)構(gòu)問題是近半個(gè)世紀(jì)以來(lái)公司金融領(lǐng)域經(jīng)久不衰的熱門話題，相關(guān)理論研究和實(shí)證文獻(xiàn)層出不窮，，盡管如此，學(xué)術(shù)界仍未能對(duì)不同行業(yè)資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效之間的關(guān)系形成統(tǒng)一的結(jié)論。 近年來(lái)，中國(guó)金融體制改革取得了重大進(jìn)展。從新興股份制商業(yè)銀行的發(fā)展，到國(guó)有商業(yè)銀行的股份制改造、境外戰(zhàn)略投資者的引入以及城市商業(yè)銀行的上市，中國(guó)銀行體系逐步向以開放、競(jìng)爭(zhēng)和多元化為特征的現(xiàn)代銀行體系轉(zhuǎn)變。另一方面，隨著金融市場(chǎng)對(duì)外資銀行的全面開放，中國(guó)商業(yè)銀行不得不面對(duì)來(lái)自國(guó)外的競(jìng)爭(zhēng)對(duì)手。如何在競(jìng)爭(zhēng)日趨激烈的市場(chǎng)中生存繼而獲得發(fā)展，對(duì)于每家銀行來(lái)說，都顯得越來(lái)越重要，而提高銀行經(jīng)營(yíng)績(jī)效應(yīng)該說是一個(gè)根本的解決辦法。而現(xiàn)實(shí)中，由于中國(guó)商業(yè)銀行資本結(jié)構(gòu)不合理，導(dǎo)致有效的治理結(jié)構(gòu)難以建立，治理機(jī)制難以發(fā)揮其作用，最終制約了中國(guó)商業(yè)銀行經(jīng)營(yíng)績(jī)效的提高。因此，研究中國(guó)銀行業(yè)資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效的相互關(guān)系是一個(gè)具有重要理論價(jià)值和實(shí)踐意義的研究課題。 本文采用實(shí)證研究方法，基于中國(guó)38家商業(yè)銀行20092011年構(gòu)成的面板數(shù)據(jù)，系統(tǒng)地探討了中國(guó)商業(yè)銀行資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效的相互關(guān)系問題。 本文首先根據(jù)文獻(xiàn)綜述中的相關(guān)理論與實(shí)證研究成果，以及中國(guó)商業(yè)銀行的實(shí)際情況，提出了9個(gè)基本研究假設(shè)。然后從描述性統(tǒng)計(jì)分析角度分別概括了中國(guó)商業(yè)銀行的資本結(jié)構(gòu)以及經(jīng)營(yíng)績(jī)效的基本特征（包括時(shí)序特征、性質(zhì)特征、風(fēng)險(xiǎn)特征、規(guī)模特征等）。接著利用稅前資產(chǎn)回報(bào)率和凈利息邊際兩個(gè)不同的績(jī)效衡量指標(biāo)，分別建立了兩個(gè)聯(lián)立方程模型，采用二階最小二乘法對(duì)資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效的相互關(guān)系進(jìn)行了檢驗(yàn)。其中，聯(lián)立方程模型包括資本結(jié)構(gòu)和經(jīng)營(yíng)績(jī)效兩個(gè)內(nèi)生變量，以及市場(chǎng)結(jié)構(gòu)、規(guī)模、風(fēng)險(xiǎn)、銀行治理特征四個(gè)外生變量。另外，為了分析檢驗(yàn)結(jié)果的穩(wěn)健性，本文對(duì)全樣本和子樣本分別進(jìn)行了探討。最后，本文對(duì)檢驗(yàn)結(jié)果進(jìn)行了相關(guān)的理論解釋，并基于實(shí)證研究結(jié)果提出了政策建議。
[Abstract]:The question of capital structure has been a hot topic in the field of corporate finance for nearly half a century. The academic circles still failed to reach a unified conclusion on the relationship between capital structure and operating performance of different industries. In recent years, great progress has been made in the reform of China's financial system. From the development of new joint-stock commercial banks to the reform of the joint-stock system of state-owned commercial banks, the introduction of foreign strategic investors and the listing of urban commercial banks, the banking system of China has gradually opened to the outside world. The transformation of modern banking system characterized by competition and diversification. On the other hand, with the full opening of the financial market to foreign banks, Chinese commercial banks have to face foreign competitors. How to survive and then develop in the increasingly competitive market is becoming more and more important for every bank, and the improvement of bank performance should be a fundamental solution. In reality, due to the unreasonable capital structure of Chinese commercial banks, it is difficult to establish effective governance structure, and the governance mechanism is difficult to play its role, which ultimately restricts the improvement of the management performance of Chinese commercial banks. Therefore, it is of great theoretical and practical significance to study the relationship between capital structure and management performance of Chinese banking industry. Based on the panel data of 38 commercial banks in China from 2009 to 2011, this paper systematically discusses the relationship between capital structure and operating performance of Chinese commercial banks. This paper first puts forward nine basic research hypotheses according to the relevant theoretical and empirical research results in literature review and the actual situation of Chinese commercial banks. Then from the perspective of descriptive statistical analysis, the paper summarizes the capital structure and the basic characteristics of business performance of Chinese commercial banks (including the characteristics of timing, nature, risk, scale and so on). Then, two simultaneous equation models are established by using two different performance measures, namely, the return on assets before tax and the margin of net interest. The second order least square method is used to test the relationship between capital structure and operating performance. Among them, the simultaneous equation model includes two endogenous variables, capital structure and operating performance, as well as four exogenous variables: market structure, scale, risk, and the characteristics of bank governance. In addition, in order to analyze the robustness of the test results, the whole sample and the subsample are discussed in this paper. Finally, this paper gives a theoretical explanation of the test results, and puts forward some policy recommendations based on the empirical results.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.33

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