上市银行内外部治理与公司绩效关系的实证研究

华中科技大学硕士学位论文上市银行内外部治理与公司绩效关系的实证研究姓名：花芳申请学位级别：硕士专业：企业管理指导教师：王宗军20080429I20902003-20079309IIAbstractBecauseofthefinancialcrisisofSouthAmericaandSoutheastAsia,bankrupts,mergerandreorganizationofbanksallovertheworldsince1990s,bankgovernancehasattractedmoreandmoreattention.Ithasbeenrealizedthatthekeypointofmodernbanksystemisthecorporategovernance,anditdecidesthecompetitivenessinmarketandtheabilitytoresisttherisk.Therefore,itisveryreasonabletostudycorporategovernancestructureofjoint-stockbanksofourcountry.ThispaperanalyzestherelationbetweenthegovernancesystemoflistedcommercialbanksandtheirperformancesinChinawith30annualreportsamplesof9commercialbanksduring2003and2007.Theresearchisopenedwithareviewoftheessentialtheoryandrelatedpapersofcorporategovernanceofcommercialbank,bydesigningthecorporategovernancestructurewithtwoperspectivesofinternalgovernanceandexternalgovernance,whichismadeofspecificcharacteristics,governancestatus,andtheframeworkofcorporategovernanceoflistedcommercialbanksinChina,ChapterFiveproposesanempiricalanalysisofthecorporategovernancestructurethataffectstheoutstandingperformanceofcommercialbank.Byinvestigatingtheannualreportsoflistedcommercialbanks,thispaperanalysestheimpactofthedifferentgovernanceindextoROEoflistedcommercialbanks.Intheinternalgovernance,itisfoundthattheproportionofbiggeststockholdershasnegativeeffectsonbank'sperformance,thehigherfrequencyofboardofdirectors,themorepositiveimpactit’llmakeonthebank'sperformance,whilethesizeofsupervisoryboarddoesnotinfluencebank'sperformance;Astotheexternalgovernance,there’snoobviouseffectofcreditorandmanagers’influence,butthestate-ownedbanksmilitatesinfavorofhigherperformancewhiletheproportionofinstitutionalinvestorsshowspositiveimpactonthebank'sperformance;ChaptersixexhibitsaconvertiblebondcaseofChinaMerchantsBank(CMB)todemonstratetheimpactoftheexternalinvestorsonthebankmanagement’sfinancingdecisions;LastChapterisasummaryofthisarticle,andsomeresearchsuggestionsaregiven.KeyWords:ListedcommercialbanksInternalGovernanceExternalGovernanceOwnershipstructureInstitutionalInvestors_____111.12002291.2WTO1.3392003200744123422.1CorporateGovernance1984Tricker.RCochranWartick(Cochran1988)Blair(Blair1995)MonksMonks1995ShleiferVishnyShleiferandVishny1997(5):2090(1994)(1995)12362.2MarkHirschey(MarkHirschey1999)W.GarySimpsonAnneE.Cileason(GaryandAnne,1999)CharlesHadlock(CharlesHadlock,1999)RafaelLaPortaRafael,20022003789582.37HermalinWeishach(HermalinandWeishach,2001)FamaJensen(FamaandJensen,1983)(,2000)(2002)(2003)(2004)JensenMeckling(JensenandMeckling,1976)()()(2005)2017.37%25.99%56.64%2001(2004)8(2004)2.4Berger(BergerandHarman1989)1983-1985Claessens(Claessens2001)2000(2002)1996-199915(2000)(2004)2.591033.13.1.11-193319993-13-11112343-2123-21234132:31995227143.1.21200590%200615.1%84.9%3-33-3200615200584%20071.646.8%()21632005196579.752.5%2007300050%1000900800300417BarthCaprioLevine(2003)1074150%3825%()3.23.2.12070181987199419971998270019991.41991199920002001193.2.220031020032003450200515019.9%259IPO103110165.16154.843110511.600.303540201020051027IPO7IPO2007925AAA19.94%A9.7%20066120067520061027A+HIPOA2193-1A213-1AIPOIPO()A2039.651991-4-349145%10400001999-11-1029.5195%11.8350002000-12-192069%7.31500002002-4-910.5144%5.61000002003-9-127.4834%3.086493502006-7-53.9930%3.121300002006-10-273.49%15.981001002007-2-524.855%5.82301932007-4-279.2159%7.93190352007-5-1514.280%11630002007-7-1919.275%9.2450002007-7-1920.38122%12.51200002007-9-192384%6.459000002007-9-258.5533%3.2.32212)()23()3.33-4243-42544.11234126234.21ROEQTobin’sqROE2000ROEQ27ROEROEROE=/24-14-1L1C5D1D2D3JDJ1J2J3MPMS34-2DAR/MM10JTLX01284.3120022002200320042005200620072007A994-34-320032004200520062007√√√√√5√√√√√5√√√√√5√√√√√5√√√√√5√√2√1√1√155587302292006CCER2007SPSS13.0forwindows3055.1305-15-11ROE14.41%2006ROE1.35%ROE23.45%26%67%345-130.01.23.1441.0506130.06.67.1669.1198730.22.95.3989.1840730131916.471.871300.0000E+0003.7526E-0041.789170E-0056.8916033E-0053042010.033.74630075.371.771305118.601.499300.0000E+0003.3201E-0051.785483E-0066.3200784E-006302135.532.24030677000.0014971617.003934767.23333286390.7153230-9.7000E+0013.8687E-004-3.233310E+0001.7709700E+00130ValidN(listwise)315.25-21-.35*-.28.030-.192.264.351*.345*-.3*.203.288.487**.031.069.437.155.080.029.031.038.140.062.003-.346*1.818**-.23-.144-.15-.65**-.50**.0.020.025-.80**.031.000.107.223.222.000.003.425.459.448.000-.277.818**1-.01-.251-.40*-.48**-.22-.2-.18-.14-.57**.069.000.478.090.014.004.127.101.168.238.001.030-.23-.011-.365*-.12.623**.659**-.5**-.23-.10.047.437.107.478.024.272.000.000.006.106.307.402303030303030303030303030-.192-.14-.25-.36*1.213-.29-.29.394*-.11-.06.049.155.223.090.024.130.060.062.016.290.377.398303030303030303030303030.264-.15-.40*-.12.2131.045-.07.269.257.514**.103.080.222.014.272.130.407.354.075.085.002.295303030303030303030303030.351*-.65**-.48**.623**-.290.0451.888**-.1-.01-.09.572**.029.000.004.000.060.407.000.242.484.326.000303030303030303030303030.345*-.50**-.22.659**-.287-.07.888**1-.3-.06-.20.453**.031.003.127.000.062.354.