我国上市商业银行公司治理结构与绩效的关联研究

南京航空航天大学硕士学位论文我国上市商业银行公司治理结构与绩效的关联研究姓名：李永强申请学位级别：硕士专业：企业管理指导教师：杨晓明20080301i200612116:iiAbstractAccordingtotheagreementofWTO,thefive-year’sprotectionperiodofChinesefinancialindustryendedonDecember11,2006.Sincethen,ChinesefinancialindustryhasbeencompletelyopenedandtheRMBretailbusinesshasbeenfullyopenedtoforeignbanks.Meanwhile,Chineseinterestformationmechanismisgraduallybecomingmarket-oriented.Underthiscondition,banks,asthecoreoffinancialindustryandChineseeconomy,arefacingmoreandmorefuriousandfiercecompetition.Afavorablecorporategovernancestructureisthefoundationforabanktogainsustainedcompetitiveness.Thus,thispaperanalyzestherelationshipbetweenthecorporategovernancestructureandtheirperformanceofChina’slistedcommercialbanksbynormativeandempiricalstudy.TofindoutthedifferencesbetweentheoryandapplicationhasanoutstandingpracticalsignificanceonimprovingthecorporategovernancestructureofChina’slistedcommercialbanks.Firstly,basedontheintroductionofthetheoriesofcorporategovernanceandcommercialbanks’corporategovernance,thispaperanalyzesthecurrentsituationofcorporategovernancestructureofChina’slistedcommercialbanks.Secondly,itanalyzesthegreyrelationshipofChina’slistedcommercialbanks’corporategovernancestructureandtheirperformance.Then,onthebasisoftheoreticalandresearchingachievementsbywesternanddomesticscholars,itproposessixtheoreticalhypothesesontheaspectsofownershipstructure,thedirectorboardandsupervisorsboard,topmanagersencouragement,andverifiesthesehypothesesbyestablishmultiplelinearregressionmodel.Theempiricalstudyindicatesthat:risk-compensatedreturnonassetsisvice-optimumbankperformanceindex;anditisanegativerelationbetweenperformanceandownershipconcentrationwhileitisapositiverelationbetweenperformanceandownershiprestriction,scaleofdirectorboardanditsindependence,scaleofsupervisorsboard,theencouragementoftopmanagement.Inaddition,therelationshipbetweenthefrequencyofboardofdirectors’conferenceandsupervisor’sconference,leadershipstructureisnotclear.Finally,thepaperraisessomecountermeasurestoimprovethecorporategovernancestructure.Keywords:listedcommercialbanks,corporategovernance,performance,riskcompensation,relationanalysis,11.1[1]200612111.21.2.120802JensenandMeckling(1976)[2]Hart1995[3]Mayer1995[4]LaPorta(1999)[5]HoldernessandSchecham1988[6]MeyongHyeinco1998[7]5001997ArunandTurner(2004)[8]CiancanelliandGonzalez2000[9]CaprioandLevine(2002)[10]Anderson[11]1977199620BennySimon[11]32002[12]9581.2.2199712004[13][14]22006[15]2006[16]2005[17]2005[18]20062006200532004[19]2005[20]2004[21]42003[22]2004[23]452006[24]92006[25]8562003[26]2003[27]51.31.3.1200420061.3.21.161.11.41272.12.1.1CorporateGovernance2070JensenandMeckling(1976)Hart1995Mayer1995OECD2004[28]1994[29]1996[30]1997[31]8OECDOECD2.1.2TheCorporateGovernanceofBankOECD2.292030BerleMeans1932[32]123104OliverHart5[33]Blair112.32090CiancanelliandGonzalez2000CaprioandLevine2002JonathanR.MaceyandMaureenO'Hara2003ArunandTurner20042.412arms-length,controloriented[34]2.4.12080Charkham199447.2%59.25%30.29%208019982037.2%[19]2.4.2132090FamaCEOCEO10%142.4.312153452.5[34]1234162.12.117183.13.1.11978197819951979191995209019951998270019991.4,2003450200510273.1.280198712199620061132020061271419116.2812,[26]3.2202007630312006217220063.2.1[25]3.11234CRConcentrationRatioHHerfindalCRConcentrationRatioCRn∑=ninSCR13.1Siin3.1()22007427A+H223.1CR167.4970.6070.6928.3317.799.8017.8925.5110.1930.8634.91CR380.3888.4085.0960.3641.8620.4422.8346.4925.4738.6250.99CR586.6594.5087.7763.3447.4929.2325.2454.7439.3744.2957.26Style11112342222006CR1709.830.869.810.19CR3CR580.38%94.550CR1CR3CR5HH∑∗=ninSH12100003.2Siin3.2HH1455549844997803316963206511049521778H346445175510413466691533339312219821956H5466851965108135168719233696531810041982200623H31200HH1H3H54500H31345.74,H3950ZZ21SSZ=3.3S1S23.3Z8.185.478.301.421.011.745.591.601.257.754.2320063.351.5243.2.23.4200620063.4253.5dsize1614161817181314181716.1nd43556645765.1pd252131283533%3136393531ssize55999979998diszendpdssize20063.513185.1311/383.2.3263.62006150534258040693868259326724239159520063.620062006273.3,190200694.938%81008234,,,328,1200651.351%423342006294,53.412199730320061211200641186252001424210092792.155200631420903.2520080%75%7520%-25%[35]324.14.1.1[36]Xiεγρ1X0Xii=1,3,…,n))().....2(),1((kXXXXiiii=33ik2))1()()1()2(),1()1((0iiiiiiixkxxxxxX−−−=Λ4.1dtXShii∫=10ijdtXXSShjiji∫−=−100)(4.2∑−=+=10)(21)(nskiiinxkxs4.3∑−=−+−=−1000000))()((21))()((nskiiinxnxkxkxss4.43000011ssssssiiii−+++++=ε4.54))1()()1()2(,)1()1(()1('iiiiiiiiXnXXXXXXXXΛ==4.6∑−=+=1''')(21)(nskiiinxkxs4.7∑−=−+−=−1'0''0''0'))()(21)()((nskiiinxnxkxkxss4.8'0'''0''0011ssssssiiii−+++++=γ4.9345X0XiX0Xi=0.5iii000)1(γθθερ−+=4.104.1.22007630200742720064.2Tobin’sQTobin’sQTobin’sQTobin’sQ[37]ROAROARCROA[38]352006161010%14.3%12.3%6RCROA100CRHCR1CR3CR5H1H3H5Z4.14.1ROARCROAlnsize62006364.1CR1CR3CR5H110000H310000H510000Zdsizendpddmnssizesmslnpay4.3ROARCROAlnsizeCR1CR34.115CR1CR3CR5H1H3H5Z4.2Y10.0090.00720.00930.00780.00850.00610.00540.0070.00360.0053Y20.00820.00130.00590.00950.01360.0073-0.02620.00930.00080.012