从重资产到轻资产:商业模式转型对银行绩效的影响——基于我国上市银行的研究  

From Asset-Heavy to Asset-Light: The Influence of Business Transformation on Bank Performance——Research based on Listed Banks in China

作　　者：史永东[1] 郭子增 王龑 SHI Yong-dong;GUO Zi-zeng;WANG Yan(School of Finance,Dongbei University of Finance and Economics,Dalian 116025,China;Bank of Dalian,Dalian 116025,China)

机构地区：[1]东北财经大学金融学院,辽宁大连116025 [2]大连银行,辽宁大连116025

出　　处：《商业研究》2019年第7期77-83,共7页Commercial Research

基　　金：国家自然科学基金项目“基于投资者结构和行为的资产定价理论与经验研究”,项目编号:71171036

摘　　要：近年来,从“重资产”经营转型“轻资产”经营成为我国银行业的主要发展方向。本文基于我国16家上市银行2006-2016年的季度数据,检验了银行在上述两种资产经营模式下的风险与收益之间的特征关系。研究发现,商业银行既可以通过高风险承担的“重资产”模式获取高收益,也可以通过低风险承担的“轻资产”模式获取高收益,其风险水平与收益水平之间呈显著的U型关系,存在一个收益最低的“临界点”。进一步检验商业模式转型对银行绩效的影响,结果显示,从“重资产”经营转型“轻资产”经营,提高了银行的特许权价值,降低了银行的盈利稳定性、运营稳健性和运营效率。此外,商业模式转型对银行绩效的影响存在异质性,资产规模较大的银行,转型过程中其绩效相对平稳;资产规模较小的银行,转型过程中其绩效的震动较大。上述研究结果表明,我国银行的“轻资产”经营有待于进一步深化和完善,需要在中间业务和零售业务方面进一步做出改进。Transform from heavy assets to light assets has been the main trend of Chinese banking in recent years.Based on the quarterly data of 16 listed banks in China from 2006 to 2016,this paper examines the characteristic relationship between risk and return under the above two asset management modes.The study finds that commercial banks can obtain high returns either through the “asset-heavy” model with high risk,or through the “asset-light” model with low risk.There is a U-shaped relationship between the risk level and the return level,and there is a “critical point” with the lowest returns.Further examining the impact of business model transformation on bank performance,the results show that the transformation from “asset-heavy” to “asset-light” operation improves the franchise value of banks,and reduces the profitability,operational stability and operational efficiency of banks.In addition,the impact of business model transformation on bank performance is heterogeneous,and the performance of banks with larger assets is relatively stable in the process of transformation;the performance of banks with smaller assets is more shaking in the process of transformation.The above results show that the operation of “asset-light” of Chinese banks needs to be further deepened and improved,and further improvements in intermediary business and retail business are needed.

关 键 词：轻资产 重资产 银行绩效 转型 

分 类 号：F832.1[经济管理—金融学]