中国银行资本结构动态调整研究——基于5家股份制上市银行的分析  

The Empirical Study on the Dynamic Adjustment of the Capital Structure——Based on Five Joint-stock Listed Commercial Bank in China

作　　者：李喜梅[1] 胡棋智[2] 

机构地区：[1]广东金融学院经济贸易系,广东广州510521 [2]中国农业银行总行,北京100005

出　　处：《广东金融学院学报》2011年第2期92-106,117,共16页Journal of Guangdong University of Finance

摘　　要：运用中国5家股份制上市商业银行2003～2007年的季报数据,首次在其资本结构研究中同时考察权益和负债比率的动态调整问题,结论表明中国股份制上市商业银行权益比率与负债比率的决定机制互相依赖;非债务税盾、银行规模、管理层持股对股份制上市银行权益比率与负债比率的影响都非常显著,而破产成本、国有股比例仅显著影响权益比率,成长性与前5大股东持股比例仅显著影响了不可作为资本的负债比率;中国股份制上市商业银行的存款类负债更多地受到宏观经济变量的影响;选择"银行职工人数"作为工具变量,较好地解决了模型中"规模"变量的内生性问题。By using the quarterly reports from 2003-2007 of five joint -stock listed commercial bank in China, this paper initially investigated the dynamic adjustment problems of both the ratio of equity to capital and of liabilities to the capital. The result of our study shows that there is interdependence in decision mechanism between the ratio of equity to capital and the one of liabilities to the capital in commercial bank of China, while both of them are influenced by the non-debt tax shield, the size of bank, the stock holding by management ; yet the ratio of equity to capital is only influenced by the cost of bankruptcy, the proportion of stocks which is owned by the state and the ratio of liabilities to capital is only influenced by the growth and the top 5 shareholders. The deposit liabilities of the commercial bank in China are more influenced by the macro economy. The endogeneity of the variable ＂the size of bank＂ can be worked out through the IV of ＂number of the bank staff＂.

关 键 词：上市银行 资本结构 动态 交互影响 

分 类 号：F832.2[经济管理—金融学]