中国上市银行资本结构动态调整实证研究.pdfVIP

中国上市银行资本结构动态调整的实证研究 ① 李喜梅 胡棋智 内容提要：国内关于资本结构动态调整的现有研究通常不考虑金融企业，资本结构指 标也只单一地考虑了企业的负债比率，从而导致同一样本在不同负债比率指标下的回归结果 存在较大差异。本文首次在中国股份制上市商业银行的资本结构研究中同时考察了权益和负 债比率的动态调整问题，结果表明：(1) 中国上市商业银行权益比率与负债比率的决定机制 互相依赖。(2)非债务税盾、银行规模、管理层持股对上市银行权益比率与负债比率的影响 都非常显著，而破产成本、国有股比例仅显著影响权益比率，成长性与前五大股东持股比例 仅显著影响了不可作为资本的负债比率。（3）中国上市商业银行的存款负债更多地受到宏观 经济变量的影响。(4)迄今为止资本充足率管制对中国上市商业银行仍不具备可置信威胁。 （5）选择“银行职工人数”作为工具变量，较好地解决了模型中“规模”变量的内生性问 题。 关键词：上市银行 资本结构 动态 相互 调整 Abstract: The existing research that concerning the capital structure dynamic in China usually takes no account of the financial business enterprise, and consider only the ratio of liabilities to the capital, so that the result of empirical regression based on the same samples are often quite different. This paper in the first time investigated the dynamic of both the ratio of equity to capital and the ratio of liabilities to the capital in the research on capital structure in China, the result of our research show that:(1) There is a great interdependence between the decision of the ratio of equity to capital and the decision of the ratio of liabilities to the capital in commercial bank of China.(2)Both the ratio of equity to capital and the ratio of liabilities to the capital in commercial bank are influenced by the non-debt tax shield, the size of bank, the stock holding by managers, but the ratio of equity to capital is only influenced by the cost of bankruptcy ,the proportion of stocks which the state has owned, and the ratio of liabilities to capital is only influenced by the growth and the top 5 shareholder.(3) The debt owe to savings of the commercial bank in China is more influenced by the macro economy.(4)Up to the present, the capital requirement rate has not credible threat to the commercial bank of China yet. (5)by the IV of number of the staff of bank”, the endogeneity of the variable “the s