外资参股、董事会特征与商业银行经营绩效——基于中国121家商业银行的实证分析  

Foreign Equity,Board Characteristics and the Performance of Chinese Commercial Banks——the Empirical Analysis Based on 121 Chinese Commercial Banks

作　　者：刘家松[1] 张博[2,3] 罗琦 LIU Jia-song;ZHANG Bo;LUO Qi(School of Accounting,Zhongnan University of Economics&Law,Wuhan 430073,China;School of Finance,Central University of Finance and Economics,Beijing 10081,China;TIAS School for Business and Society,Tilburg University,Tilburg 5037AB,Netherlands)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073 [2]中央财经大学金融学院,北京100081 [3]荷兰蒂尔堡大学提亚斯商学院,荷兰蒂尔堡5037AB

出　　处：《中国管理科学》2019年第9期119-129,共11页Chinese Journal of Management Science

摘　　要：董事会是公司治理的核心,本文首次从外资股东参与董事会治理的视角,在运用固定效应模型和手工收集面板数据的基础上,使用分组比较研究方法,实证检验了2007—2016年121家商业银行外资参股、董事会特征与经营绩效的关系,结果发现引入外资参股的商业银行中:(1)董事会规模、非执行董事占比、董事会会议频率、专业委员会数目均与经营绩效之间存在显著正相关关系;(2)董事会中外资董事占比的增加,董事会规模、董事会会议频率、专业委员会数目与经营绩效之间的正相关关系均会显著减弱,然而非执行董事占比与经营绩效之间的正相关关系则会显著增强。据此,本文建议商业银行引入外资参股后:(1)应鼓励外资参与董事会治理,适当扩大董事会规模;向外资股东提供适量的非执行董事席位;适度增加董事会会议频率;积极完善专业委员会体系。(2)控制董事会中外资董事占比的不合理增加,确保外资董事与独立董事之间的实质性独立。The board of directors is the core of corporate governance.Commercial banks can improve governance system and business performance by introducing foreign capital and encouraging foreign shareholders to appoint directors.The data of 121 commercial banks in China from 2007 to 2016 is taken as samples from the perspective of foreign shareholders’participation in board governance for the first time.In this paper,the grouping comparison method is used based on the fixed effect model.The empirical part adopts the fixed effect model,and uses ROA and ROE as two indicators to measure the performance of commercial banks and compare the differences of the effects.The results show that:(1)there is a significant positive correlation between the board size,the proportion of non-executive directors,the frequency of board meetings and the number of professional committees and the performance of commercial banks;(2)with the increase of the proportion of foreign directors in the board of directors,the positive correlation between the size of the board of directors,the frequency of board meetings,the number of professional committees and business performance has been significantly weakened.However,the positive correlation between the proportion of non-executive directors and business performance was significantly enhanced.Accordingly,this paper recommends:(1)foreign directors should be encouraged to participate in board governance,and the size of the board of directors should be appropriately expanded;appropriate non-executive directors should be provided to foreign shareholders;the frequency of board meetings should be moderately increased;and the system of professional committees should be actively improved;(2)to control the unreasonable increase in the proportion of foreign directors in the board of directors and ensure the substantial independence between foreign directors and independent directors.

关 键 词：外资参股 董事会特征 商业银行经营绩效 

分 类 号：F832.33[经济管理—金融学] F271