私募股权投资对商业银行经营绩效影响的实证分析  

Empirical Analysis on the Impact of PE on the Performance of Commercial Banks

作　　者：黄涛[1] 王琦[2] 

机构地区：[1]中国银行总行办公室 [2]中国人民大学经济学院

出　　处：《国际金融研究》2014年第9期61-69,共9页Studies of International Finance

摘　　要：本文采用美国商业银行2005-2013年的面板数据,从交叉销售、盈利性两个维度对商业银行参与私募股权投资(PE)业务的效果进行了实证检验。结果表明,PE业务能提高商业银行的交叉销售水平,同时也强化了商业银行盈利能力与宏观经济环境的联系,但对商业银行盈利能力的提升作用并不显著。中国商业银行参与PE业务是大势所趋,我们建议商业银行基于核心能力,建立联动机制整合与PE业务相匹配的价值链,合理配置资源,优化价值链网络效益,从而使PE业务更好地提升商业银行的盈利能力,并建议监管机构放宽商业银行PE业务的准入,加强对PE业务规模和业务复杂性方面的监管,积极防范PE业务风险。Combining commercial banking business with private equity investment is a common economic phenomenon in developed countries, while it is still in the stage of exploration in China. Based on panel data of commercial banks in the U.S. for the period of 2005-2013, this paper studies the effects of PE business on the overall performance of commercial banks. The results show that private equity segment can bring commercial banks more cross-selling chances while strengthen the relationship between its earnings performance and macro-economy at the same time. Private equity investment didn＇t in- crease the profitability of commercial banks in the U.S. significantly in the past decade. According to the analysis, we suggest that commercial banks should combine the value chain of traditional business with private equity investment based on its core competence and regulations should be clarified and strengthened to create a healthy development environment.

关 键 词：PE 交叉销售 盈利性 约束条件 

分 类 号：F831[经济管理—金融学]