农村商业银行股权和控制权非对称配置下的普惠金融效应  

Inclusive Finance Effect under the Asymmetric Allocation of Equity and Control Rights of Rural Commercial Banks

作　　者：何婧[1] 雷梦娇 HE Jing;LEI Mengjiao

机构地区：[1]中国农业大学经济管理学院,北京100083

出　　处：《华南师范大学学报（社会科学版）》2023年第1期81-95,206,207,共17页Journal of South China Normal University：Social Science Edition

基　　金：国家自然科学基金面上项目“股权和控制权的非对称配置对农村商业银行风险的影响及政策选择”(72173121);国家自然科学基金面上项目“金融监管地方化对农村金融资源配置效率的影响机理及其监管研究”(71973135);国家社会科学基金重大项目“数字普惠金融支持乡村振兴的政策与实践研究”(22&ZD123)。

摘　　要：农村信用社省联合社(简称省联社)的存在改变了农村商业银行的公司治理结构,呈现了省联社、大小股东和高级管理人员共同参与的公司治理模式,但鲜有研究对此进行精准刻画并分析其影响。由省联社通过省政府的行政授权获得了原属于农村商业银行股东部分控制权的现象,提炼为农村商业银行股权和控制权非对称配置理论,并通过农村商业银行董事会中省联社委派董事的数量占比,精确衡量非对称配置程度,实证检验股权和控制权非对称配置对农村商业银行开展普惠金融的影响,发现:股权和控制权非对称配置会增强农村商业银行的普惠金融效应,促进涉农贷款和小微贷款的发放。利用农村商业银行IPO引发的股权和控制权非对称配置程度变化这一外生事件,检验其对普惠金融的影响,结果仍然稳健。进一步研究表明,相比于民营企业,当第一大股东为同业农村商业银行时,会强化非对称配置下的普惠金融效应;省联社委派董事是否持股不会影响股权和控制权非对称配置下的普惠金融水平。不同于以往对省联社的批判性研究,结果表明省联社模式对助力农村商业银行开展普惠金融服务具有一定的积极意义。The provincial associations has changed the corporate governance structure of rural commercial banks,presenting acorporate governance model including provincial associations,major shareholders,minority shareholders and senior managers,but thereare few studies have accurately characterized this and analyzed its influences. This paper defines the phenomenon that the provincial as-sociation obtains partial control rights of shareholders through the administrative authorization of the provincial government as the theoryof asymmetric allocation of equity and control rights in rural commercial banks for the first time,measures the degree of asymmetric al-location through the proportion of appointed directors by provincial associations,and tests the impact of asymmetric allocation of equityand control rights on the inclusive finance in rural commercial banks empirically. The study found that the asymmetric allocation of eq-uity and control rights will enhance the financial inclusion effect,increase agriculture-related loans and small micro loans of rural com-mercial banks. This paper also used the IPO of rural commercial banks as an exogenous event to identify the influence of asymmetric al-location about equity and control rights on financial inclusion,the results are still robust. Further research shows that,compared with private enterprises,when the largest shareholder is rural commercial bank,the financial inclusion effect under asymmetric allocationwill be strengthened. Whether the directors appointed by provincial association hold shares or not will have no effect on the level of fi-nancial inclusion under the asymmetric allocation of equity and control rights. Different from the previous critical research on the provin-cial associations,this paper shows that the provincial association has a certain positive significance in developing inclusive finance ofrural commercial banks.

关 键 词：农村商业银行 股权和控制权非对称配置 普惠金融 公司治理 

分 类 号：F832.35[经济管理—金融学]