资本结构、代理成本与银行价值——基于我国中小股份制银行财务数据的实证分析  

Capital Structure,Agency Cost and Bank Value:An Empirical Study Based on Financial Data from Small-and-Medium Sized Shareholding Commercial Banks in China

作　　者：郑鸣[1] 肖健[1] 

机构地区：[1]厦门大学金融系,福建厦门361005

出　　处：《厦门大学学报（哲学社会科学版）》2008年第5期41-47,84,共8页Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)

基　　金：国家社科基金项目"发展区域性股份制中小金融机构问题研究"(2006BJY106)

摘　　要：2002年,中国人民银行颁布了《股份制商业银行公司治理指引》。经过5年多的银行公司治理实践,我国中小股份制银行公司治理效果究竟如何?在银行业公司治理过程中,资本结构这一核心是否发挥了积极的治理功效?采用2004-2006年间财务数据,对中小股份制银行资本结构与银行价值相互关系进行的实证分析,可得出以下结论:(1)资本充足率与银行价值存在显著的正相关关系。(2)银行股权资本结构对银行价值影响并不十分显著。In 2002, People＇s Bank of China promulgated The Guidance on Corporate Governance of Shareholding Commercial Banks. After five years of practice in corporate governance of shareholding commercial banks, what effects have resulted in the govemance of small-and-medium sized shareholding commercial banks in China？ And in the corporate governance of shareholding commercial banks, has capital structure as the core played a positive role of govvernance？ Based on the financial data from 2004 to 2006, this paper makes an empirical study of the relationship between capital structure and bank value in small-and-medium sized shareholding commercial banks in China and concludes that （1） capital adequacy ratio is positively related to bank value at a significant level, and that （2） the capital structure of bank equity does not have a significant impact on bank value.

关 键 词：银行资本结构 代理理论 治理效应 

分 类 号：F830.33[经济管理—金融学]