境外战略投资者对商业银行效率与治理影响的实证研究  

Empirical Research on the Impact of Foreign Strategic Investors on the Efficiency and Governance of Commercial Banks

作　　者：陈玉罡[1] 孙振东[1] 刘静攀[1] 

机构地区：[1]中山大学管理学院,广州510275

出　　处：《软科学》2011年第6期92-96,102,共6页Soft Science

基　　金：国家自然科学基金项目(71002055;70972074);教育部人文社会科学研究基金项目(09YJA630155;09YJC630089);广东省哲学社会科学规划项目(090-04);广东高校优秀青年创新人才培育项目(wym09013);广东省自然科学基金项目(9451042001004036);中央高校基本科研业务费专项资金资助项目

摘　　要：从不完全合同理论以及资产专用性的角度分析了引入境外战略投资者对商业银行效率和治理的影响,并以28家国内银行1995～2008年的面板数据进行了实证研究。整体来看,战略投资者提高了国内商业银行的效率和公司治理水平。但不同类型的银行、处于不同发展阶段的银行,境外战略投资者的影响是不同的。对于股份制银行,境外战略投资者能显著提高其效率和治理水平;但对于国有银行,境外战略投资者带来的提升作用有限。另外,对于还未上市的银行,境外战略投资者更关注其治理水平的提高,而对于已经上市的银行,境外战略投资者则更关注其盈利能力的提高。This paper analyzes the impact of foreign strategic investors on commercial banks based on incomplete contracts theory and assets specificity, and completes a positive study based on panel data of 28 domestic banks from 1995 to 2008 in China. In general, foreign strategic investors improved efficiency and governance of the domestic commercial banks. But banks with different system and banks in different developing stage were affected differently by foreign strate- gic investors. To the stock bank, foreign strategic investors improved the efficiency and governance, but to the stated - owned bank, the effects are limited. To the unlisted banks, foreign strategic investors paid more attention to improving governance, but to the listed banks, foreign strategic investors paid more attention to enhancing the profitability.

关 键 词：商业银行 境外战略投资者 效率 治理 

分 类 号：F830.33[经济管理—金融学]