我国国有金融资产分布优化研究  

The Distribution Optimization of China State-Owned Financial Assets

作　　者：顾洪梅[1] 余泓 姜爱杰 GU Hong-mei;YU Hong;JIANG Ai-jie

机构地区：[1]吉林大学中国国有经济研究中心,长春130012 [2]光大银行长春分行,长春130021 [3]抚顺银行股份有限公司,抚顺113008

出　　处：《吉林大学社会科学学报》2020年第1期60-72,220,共14页Jilin University Journal Social Sciences Edition

摘　　要：为了对国有金融资产的出资人模式、不同出资人代表、股权结构与金融不同行业的收益关系进行深入研究,以我国16家大型股份制商业银行、37家城市商业银行、41家证券公司,共计94家金融企业为样本,对2007至2014年的数据从股权集中度、股权性质和股权构成三个维度进行实证分析。研究发现,金融业的前十大股东之和与经营绩效正相关,增加其他重要股东的持股有利于业绩提升;“三层级”出资金融企业明显好于国家直接出资,也优于“多层级”持股的国有企业管理,中央汇金及其他中管金融企业都是优秀的国有出资人代表;不同行业有不同的最优控股比例,最适出资人代表也不同。With the data of 94 financial enterprises from 2007 to 2014 including 16 large-scale joint-stock commercial banks,37 city commercial banks,41 securities companies being employed,the paper analyzes the relationship among the investing model of state-ow ned financial assets,the different investor representatives,the ow nership structure and the income of different financial sectors.It finds that the sum of stocks of the top ten shareholders in the financial industry is positively related to the performance of the business.And increasing holding of other important shareholders is beneficial to the promotion of performance.The“three-level”funded financial enterprises are obviously better than the national direct investment and the state-ow ned enterprise management.Both Central Huijin Investment and other China-managed financial enterprises are excellent state-ow ned investor representatives.The optimal share holding ratio varies in different industries and so does the optimal investor representative.

关 键 词：国有金融资产 股权结构 出资人模式 出资人代表 经营绩效 

分 类 号：F832[经济管理—金融学]