城商行股权集中度、跨区经营战略与经营业绩  

City Commercial Bank Concentrated Ownership,Cross-Regional Business Strategy and Operating Performance

作　　者：陈旭东[1] 严静诗 贾攀 CHEN Xudong;YAN Jingshi;JIA Pan(School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学会计学院,四川成都611130

出　　处：《当代经济科学》2021年第5期101-113,共13页Modern Economic Science

基　　金：国家社会科学基金一般项目“会计信息、银行系统风险与宏观经济研究”(14BGL191)。

摘　　要：合理的股权结构对于城商行提高公司治理水平至关重要,本文运用手工收集的银行网点地理分布数据和财务数据,分析了2008—2017年中国城商行股权集中度与经营业绩之间的关系,并探讨了跨区经营战略对这两者关系的影响。结果发现:城商行的股权集中度越高,其经营业绩越差,这说明大股东存在明显的“掏空”行为;而跨区经营战略通过降低大股东的关联贷款可以有效抑制股权集中对经营业绩的损害。该结论在处理了模型中可能存在的反向因果和样本选择性偏差问题后仍然成立。进一步研究表明,跨区经营战略的经济效果会因为外部经营环境差异和区位偏好差异表现出异质性,其抑制作用仅在行业竞争较小组和非省会城市偏好组中显著。Reasonable ownership structure is essential for city commercial bank to improve their corporate governance level.This paper analyzes the relationship between ownership concentration and operating performance of city commercial bank in China from 2008 to 2017,and discusses the influence of cross-regional business strategy on this relationship by using hand-collected geographic distribution data and financial data of city commercial bank.The results show that the higher the degree of ownership concentration,the worse operating performance,which indicates the significant tunneling of controlling shareholder.The cross-regional business strategy can effectively restrain the damage of concentrated ownership to operating performance by reducing the related loans of controlling shareholder.This conclusion is still valid after dealing with the problem of reverse causality and sample selectivity bias.Further research shows that the effect of cross-regional business strategy is heterogeneous due to the difference of external business environment and location preference.Specifically,the inhibiting effect of the strategy is only significant in the regions with less industry competition and in the non-provincial capital city preference group.

关 键 词：城商行 公司治理 股权集中度 跨区经营 经营业绩 关联贷款 行业竞争 网点结构 

分 类 号：F832.33[经济管理—金融学]