股份制还是股份合作制——对农村金融机构绩效的比较分析  

Joint-stock System or Share Cooperative System?——A Comparative Study on the Performance of Different Rural Financial Institutions

作　　者：李广子[1] 曾刚[1] 

机构地区：[1]中国社会科学院金融研究所银行研究室

出　　处：《财贸经济》2013年第9期43-56,共14页Finance & Trade Economics

基　　金：国家自然科学基金青年基金项目"企业集团视角下的上市公司多元化行为研究"(71202133);2012国家社科基金重大项目"利率市场化改革与利率调控政策研究"(12&ZD086);中国社会科学院青年科研启动基金B类项目"新型农村金融机构发展与农村金融改革"(1100000074)

摘　　要：作为两种不同的组织模式,股份制和合作制的优劣在学术界长期存在着争议。我国农村金融机构中股份制与股份合作制并存为我们比较这两种模式提供了难得的自然实验机会。利用我国农村商业银行和农村合作银行数据,本文首次对这两类机构的绩效进行了比较,并讨论了导致两类机构绩效存在差别的潜在影响因素。主要发现包括:(1)农商行的绩效优于农合行,考虑到样本初始条件差异后这一结论仍然成立;(2)农商行的内部治理效率总体上优于农合行,而且,内部治理效率对于农村金融机构的绩效具有一定的正面影响。因此,不同组织模式所导致的公司治理效率的差异可能是两类金融机构绩效差别的一个重要原因。本文的研究对我国进一步推进农村金融改革具有重要的参考意义。Debate has existed in academia for a long time on the advantage and disadvantage of joint-stock system and share cooperative system, which are two different organizational models. In China, there exist two types of rural financial institutions., rural commercial bank and rural cooperative bank. The former one is based on joint-stock system while the latter one is based on share cooperative system, which offers us a natural experiment to compare these two models. Using the data of China＇s rural commercial banks and rural cooperative banks, this paper investigates the difference in the performance of these two types of institutions and the potential influencing factors for the first time. The main findings include. （1） the performance of rural commercial bank is better than that of rural cooperative bank, even under the condition of considering selection bias~ （2） corporate governance in rural commercial bank is more efficient than that in rural cooperative bank, and corporate governance efficiency is positively correlated with bank＇s performance. Therefore, corporate governance efficiency difference in different models may be an important reason for the performance discrepancy in these two types of financial institutions. This study has important reference value for China＇s future rural financial reform.

关 键 词：股份制 股份合作制 农村商业银行 农村合作银行 绩效 

分 类 号：F832.35[经济管理—金融学]