境外战略投资背景下商业银行公司治理分析-管理科学与工程专业论文.docxVIP

中文摘要随着我国金融市场逐步对外放开，商业银行引入境外战略投资成为并购市场 中文摘要 随着我国金融市场逐步对外放开，商业银行引入境外战略投资成为并购市场 的热点问题，监管部门和银行希望通过境外引资来补充资本金和改善股权结构， 加快完善现代公司治理机制和上市融资的步伐。 商业银行作为经营资金的特殊企业，其治理与一般公司治理间存在显著差异。 我国商业银行的公司治理机制目前仍存在一些缺陷，正对银行业的安全和稳健构 成威胁，需进行产权多元化等方面的改革。引入境外战略投资随即成为银行业改 革的重要内容，本文对此展开深入研究，分析了外资带来的经济效应，认为境外 战略投资对优化商业银行公司治理机制产生积极影响，主要体现在复位所有者、 改善股权结构等方面。本文还对外资影响下的商业银行治理结构进行了动态博弈 分析，发现相关治理力量最终能够达到混合策略的纳什均衡，战略投资者与商业 银行在特定条件下能够进行长期的稳定合作。同时，研究还发现引进战略投资建 立的股权结构并不是稳定的，当控制权租金足够大并可以补偿控股风险和股权交 易成本时，战略投资者就有动机促使股权重新回归到集中模式，导致银行控制权 的转移。控制权转移风险可以从经理收益函数和市场微观制度建设两个方面来加 以调控。最后，文章采用了30份商业银行年报的有关数据，对境外战略投资背 景下公司治理机制对银行绩效的影响进行了实证研究，研究结果表明股权结构、 境外战略投资、董事会和高管人员薪酬等因素对银行绩效产生了正面影响。 关键词：商业银行公司治理境外战略投资控制权绩效 ABSTRACTAs ABSTRACT As China’S financial markets gradually open to foreign capitals，introducing overseas strategic investments for commercial banks has become a hot issue in mergersacquisitions markets．Through it，supervising authority and commercial banks hope to supply capital funds，to improve ownership structure，to perfect corporate governance mechanism，and tO accelerate the pace of listing． As one kind of special enterprise operating funds，commercial bank is different from the regular companies in governance mechanism．There are some deficiencies in the corporate governance mechanism of Chinese commercial banks，which are threatening the safety and soundness of the banking industry．Reasonable measures should be taken to realize the diversification of property rights，SO the introduction of overseas strategic investment has become all important aspect in the process of reformation．The article analyzes the economieal effects of overseas strategic investments，and considers that it is positive and significant for governance of commercial banks in many facets，such as stimulating shareholders to exercise ownership and improve ownership structure，etc．In the governance structure of commercial banks，various governance factors could get the Nash Equilibrium of mixed strategies，and then they come up with a long—term coope