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20085()No.52008(189)JOURNALOFXIAMENUNIVERSITY(Arts&SocialSciences)GeneralSerialNo.189X,(,361005):2002,5,?,?2004-2006,,:(1)(2):;;:F830.33:A:0438-0460(2008)05-0041-072001,,1999,(OECD)(Principlesofcorporategovernance),(Enhancingcorpo2rategovernanceforbankingorganizations),,,(,2007)2002,,5,?,,?2004-2006,JensenMeckling(1976),,14X:2007-12-27:(2006BJY106):,,,;,,,,100%,,,,,JensenMeckling(1976),,,Fama(1980),,,,,,,()Morck,ShleiferVishny(1988)1980371500,0-5%,;25%,;25%,,U,,,:(1),,8%,6%,,5%,40%-50%(,2006),,,,,,,,,(2),,,,JensenMeckling,(3),Saunders(1990),,DiamondRajan(2000)(4),,,:(1),;(2),;(3),;(4),;(5),;(6),24,,()20,9,11,2004-2006,28,32:(1);(2);(3),2005-2006():,,,,ROE,,,(Ang,ColeandLin,2000),,,,,,,:(TCA)(CCAPTCA)(S1)(X1)(X2)(X3)(X4),(S)(N),,,,()1ROE14.507714.790023.45003.4400AC127.500925.130947.740016.9578AC23.77152.400014.58000.3300TCA8.30458.245011.87002.3000CCAPTCA74.496068.9991100.869651.3682S115.634613.490034.00006.4400X184.9077100.0000100.000027.5699X218.059114.027371.34580.0000X356.045363.4669100.00000.0000X44.41920.000024.98130.000034,90%,,,,,,,1,,202004-2006,14.51%2,4.34%,-53.88%,,,,2AC1ROEAC2AC11.00000.04340.0500ROE0.04341.0000-0.5388AC20.0500-0.53881.0000,,:2004-2006,80%8%,40%8%-9%,(1),50%(2),80%200412,2004-2006,35%15%-10%,80%120%,(3),:(1),60%80%,,;,(2),,,,,65%20%,,55%60%20%,(4)44,34():ROEit=0+1TCAit+2CCAPTCAit+3Sli,t-1+4X1i,t-1+5X2i,t-1+6X3i,t-1+7X4i,t-1+8Sit+9Nit+it(1)AC1it=0+1TCAit+2CCAPTCAit+3Sli,t-1+4X1i,t-1+5X2i,t-1+6X3i,t-1+7X4i,t-1+8Sit+9Nit+it(2)AC2it=0+1TCAit+2CCAPTCAit+3Sli,t-1+4X1i,t-1+5X2i,t-1+6X3i,t-1+7X4i,t-1+8Sit+9Nit+it(3),123,1,,DemsetzLehn(1985)()3TCA1.72073(0.0793)1.349133(0.0308)X40.3637(0.2813)0.29473(0.0783)CCAPTCA20.0790(0.6243)S23.0236(0.2693)S10.0458(0.8707)N4.5242(0.1761)2.67643(0.1001)X120.2050(0.4189)20.0623(0.3946)Constant32.3165(0.3171)2.4711(0.7096)X20.0741(0.8139)R-Squared0.55390.4837X30.0325(0.8957)F1.3797(0.3105)3.512833(0.0325):(1)310%,335%,3331%(2)P543,10%,,16110%,2-5,,,,:(1),,,,,;,;,,,(2),(3),,(4),,,,,(),,,:(1),,,(2),,JensenMeckling(1976),,(3),,,:5%,(),,,10%,(2),,,(4)4(2)(3)TCA0.5575(0.6545)21.123833(0.0148)21.1766333(0.0008)CCAPTCA20.2551(0.2615)20.23153(0.0534)0.0120(0.8636)S120.5612(0.1668)20.53383(0.0555)0.0188(0.8775)X120.1798(0.6016)0.1465(0.1955)0.12373(0.0882)X220.4285(0.3325)20.5560333(0.0029)20.1543(0.2736)20.12763(0.0766)64(4)(2)(3)X320.1898(0.5799)20.274733(0.0167)20.1048(0.3417)20.0794(0.1130)X420.3819(0.4039)20.46753(0.0844)20.0521(0.7152)S21.0784(0.7673)20.0513(0.9644)N22.4149(0.5836)22.5497(0.4185)21.0758(0.4438)21.43873(0.0593)Constant80.787413(0.0840)68.4951333(0.0049)10.6896(0.4411)12.3805333(0.0010)R-Squared0.58040.56220.71370.7039F1.5369(0.2560)2.7824643(0.0576)2.77013(0.0641)6.6550333(0.0023):(1)310%,335%,3331%(2)P202004-2006,,:(1),,(-53.88%),,,(2),,:,2006::,3Ang,ColeandLin,2000,AgencyCostandOwnershipStructure,JournalofFinancial,55(1).DemsetzandLehn,1985,TheStructureofCorporateownership:CausesandConsequences,JournalofPoliticalEconomy,93.DiamondandRajan,2000,ATheoryofBankCapital,TheJournalofFinance,55(6).Fama,1980,AgencyProblemsandtheTheoryoftheFirm,JournalofPoliticalEconomy,88.Morck,ShleiferandVishny,1988,ManagerialOwnershipandMarketValuation,JournalofFinancialEconomics,20.MasayaSakuragawa,2002,BanksCapitalStructureunderNon-diversifiableRisk,EconomicTheory,20(1).ShleiferandVishny,1997,ASurveyofCorporateGovernance,JournalofFinance,52.[:](84)74[13]:,:,1996,274[14]:,:,2002,74-76[15]:,:,2005,249[16]:,()20075[17]:,:,:,1999,575-580[18]:,()20026[19]:,:,2001,34-35[20]:,:,1983,42[21]::,20051[22]:,2008311[:]OntheContemporaryValueoftheStudyofImperialExaminationZHANGYa2qun(ResearchCenterforDevelopmentofHigherEducation,XiamenUniversity,Xiamen361005,Fujian)Abstract:Withitsacademicqualityofseekingtruthsanditsopendisciplinarysystem,thestudyofimperialexamination(IE)continuestoprovideuswithenlightenmentandreferenceinoureffortstopreservehistory,discoverlawsofcognition,andin2terpretculturalphenomena.ResearchonIEshowsthattheeducationduringIEtimeswasnotcompletelyexam2orientedwithoutanyquality2orientededucation.Thispaperarguesthatweshouldpreserveandreconstructacompleteeducationalhistory.SomeofrulesofIEarestillplayinganimplicitroletodayandtheyareworthyoffurtherexplorationandcomparison.AlthoughIEdidbringaboutthenegativeinfluenceofexaminationworship,itshumanisticvalueoffaircompetitioniscomparabletotheathleticspiritofancientOlympicGamesandtheideologyoffreecompetitionofcontemporarymarketeconomy.Keywords:studyofimperialexamination,preservationofhistory,lawsofcognition,interpretationofculture(47)CapitalStructure,AgencyCostandBankValue:AnEmpiricalStudyBasedonFinancialDatafromSmall2and2MediumSizedShareholdingCommercialBanksinChinaZHENGMing,XIAOJian(DepartmentofFinance,XiamenUniversity,Xiamen?361005,Fujian)Abstract:In2002,PeoplesBankofChinapromulgatedTheGuidanceonCorporateGovernanceofShareholdingCommercialBanks.Afterfiveyearsofpracticeincorporategovernanceofshareholdingcommercialbanks,whateffectshaveresultedinthegovernanceofsmall2and2mediumsizedshareholdingcommercialbanksinChina?And