农村信用社公司治理效率及其影响因素研究  

Study on Corporate Governance Efficiency and Its Influencing Factors of Rural Credit Cooperatives

作　　者：王德祥[1,2] Wang Dexiang(Faculty of Economics, Jinan University, Guangdong Guangzhou 510632 Guangdong Qingyuan Rural Commercial Bank, Guangdong Guangzhou 511500)

机构地区：[1]暨南大学经济学院,广东广州510632 [2]广东清远农村商业银行股份有限公司,广东广州511500

出　　处：《金融发展研究》2017年第4期72-79,共8页Journal Of Financial Development Research

摘　　要：本文以广东省为例,采用DEA-Tobit两阶段方法对农村信用社的公司治理效率进行了实证考察,并从内部治理角度实证分析了影响农村信用社公司治理效率的重要因素。X非效率的测算结果表明,广东省农村信用社公司治理偏离成本最小化的程度比较严重。在经营特征维度,公司治理效率影响因素按照影响程度大小依次为不良贷款率、非利息收入与存贷比、员工素质;在产权结构维度,产权制度改革对于提升其公司治理效率具有显著的作用;在内部治理框架维度,独立董事制度的设立、大股东的存在、较多的员工持股等有利于提高公司治理效率,而法人持股以及监事会的作用并未显现,高管人员持股水平对于提高公司治理效率作用不大。This paper analyzes the dilemma faced by the corporate governance of rural credit cooperatives in theo- ry, explores the corporate governance efficiency of rural credit cooperatives and analyzes the important influential fac- tors of corporate governance efficiency of rural credit cooperatives based on the DEA-Tobit two-stage methods in the empirical analysis from the perspective of the internal governance. The result indicates that the corporate governance efficiency is not high. In the empirical study of the factors which affect the corporate governance efficiency of rural credit cooperatives of Guangdong province adopting DEA-Tobit two-stage methods from the perspective of internal gover- nance, we find that in the operational feature dimension, the impact degree of factors is non-performing loan ratio fol- lowed successively by non-interest income, loan-deposit ratio and staff quality. In the property right structure dimen- sion, we find that the property rights system reforms played a significant role in improving the corporate governance efficiency of rural credit cooperatives. In the internal corporate governance framework dimension, we find that indepen- dent director system, existence of major shareholder and employee stock ownership helped to improve corporate gover- nance efficiency, while the role of corporate shareholding stake and supervisory board had not worked, and the execu- tive stock ownership level had little effect currently.

关 键 词：农村信用社 公司治理 X效率 影响因素 TOBIT模型 

分 类 号：F830.341[经济管理—金融学]