公司控制权市场机制对中国商业银行内部治理的影响

【作者】 史瑞卿；

【导师】 剧锦文；

【作者基本信息】 中国社会科学院研究生院 ， 西方经济学， 2012， 博士

【摘要】 有关商业银行并购等控制权流通问题，已有研究大多局限于商业银行经营管理层面，更多地关注控制权交易对商业银行经营绩效可能产生的影响。虽然也有一部分学者注意到控制权市场在商业银行治理中存在的价值，但主要还是将银行控制权市场作为解决中国商业银行治理弊端的一种对策和建议略加表述，而缺少对这一问题的深度分析。本文的选题正是从整体视角分析当前中国商业银行控制权市场交易日趋活跃的现实现象，重点探讨银行控制权市场在中国商业银行治理中的作用和影响。在充分总结有关控制权市场及商业银行治理理论的基础上，本文通过对世界各主要国家商业银行控制权市场发展情况进行比较研究，总结出中国银行控制权市场存在的问题，以及未来可能发展的方向。此外，本文还针对当前存在的制度瓶颈，从中提炼出相应的对策建议，以期控制权市场机制在中国商业银行治理实践中发挥更大的作用。在主要结构方面，本文实际上按照以下四个部分依次展开，即商业银行治理的特殊性及控制权市场机制的价值、各国商业银行治理的基本模式及控制权市场机制的演变路径、中国商业银行控制权市场的治理绩效、以及该机制作用机理的实证研究。在以上各部分之间实际上存在着缜密的内在逻辑。首先，第一部分为本文界定了明确的研究对象，并为后续研究提供了相应的理论基础。第二部分则进一步通过国别比较的方式，阐明了在各主要类型国家当中，与其银行控制权市场发展存在密切关联的影响因素及主要动因，通过这一部分的分析使得以下两方面的结论得到了明确，即第一，在各国的银行治理实践中，控制权市场的作用有利于参与银行及行业整体治理绩效的改善；第二，在不同的国家中，虽然银行控制权市场发展的动因，以及该机制作用的侧重点存在一定的差异，但总体上仍主要集中于以下三个方面，包括行业竞争结构、银行内部治理结构、以及外部制度环境的变迁。第三部分承接上文，分别以短期和长期两种绩效考核方法对中国银行业控制权市场的绩效予以分析和验证。第四部分则进一步对这一绩效改进所依赖的内部运作机理进行了深入的剖析。结论表明，控制权市场机制对中国商业银行治理确实存在显著的绩效提升作用，其中，股份制银行的提升效果要整体优于四大国有银行。另外，通过多元回归分析证明，控制权市场机制的作用，有赖于目标银行在内部治理结构方面做出必要的调整，比如，管理科层、董事会、监事会、以及更为根本的股权结构，只有通过以上机制的传导才能使控制权市场机制发挥相应的效力。四大国有银行较弱的治理绩效，反映出该类在内部治理结构调整方面存在着显著的刚性因素。更多还原

【Abstract】 On the issue of control circulation such as merger and acquisition of commercialbank, the existing researches were mostly limited to the facet of the management ofcommercial bank, concerning about the possible influence of control transaction onthe management performance of commercial bank. Although part of researchers hasrecognized the value of control market in the governance of commercial bank, theystill took bank control market as a kind of countermeasure and recommendation,paying no attention on the deep analysis of this issue.The topics of this paper is to analyze the phenomenon of the present controlmarket transaction of Chinese commercial banks being increasingly active from aholistic view, and to discuss the effects and influences of bank control market inChinese commercial bank governance. On the base of summary of the theories ofcontrol market and commercial bank governance, this paper will take a comparativestudy about the situations of control markets of commercial bank in world majorcountries, and sums up the problems existing in control markets of Chinese banks andthe future possible developing directions. Besides, this paper will also offer somecountermeasures and recommendations against the problem of institutionalbottlenecks, to make the regime of control market play a more important role inChinese governance practice of commercial bank.In the main structure, there are four parts which are expanded actually, includingthe particularity of the commercial bank governance and the value of the controlmarket mechanism, the basic mode of commercial bank governance and the evolutionpath of the control market mechanism in variable countries, and empirical studies ofthe mechanism of the governance tool. In fact, a meticulous internal logic existsbetween the various parts above.The first part defines the explicit object of study, and provides the theoreticalbasis for further research. The second part furtherly clarifies the factors andmotivation which is closely correlated with the development of bank control market, through the country comparison analysis. Through the analysis of this part, the twofollowing conclusions are cleared. First, during the bank governance practices indifferent counrtries, the control market is conducive to the improvement ofgovernance performance of banks and industry as a whole; Second, in differentcountries, although there are some differences about the motivation and the focus ofthe bank control market development, the following three aspects are stillconcentrated overall, including the structure of competition in the industry, the banks’internal governancestructure, and the changes of the external institutionalenvironment. Undertaking the above, the third part combinly uses the short-andlong-term performance evaluation method to analyze and validate the control marketperformance of the Chinese banking sector. The fourth part implements a in-depthanalysis to disclose the relationship between the performance improvement and theinner governance mechanism in commeracial banks.The conclusions indicate that the control market mechanisms over commercialbanks governance in China does exist a significant performance boost effect. And theeffect above in joint-stock banks is overall superior to the four state-owned banks. Inaddition, the multiple regression analysis shows that the effect of the control marketmechanism depends on the necessary adjustments of internal governance structure inthe target banks, such as, management of the bureaucracy, the board of supervisors,and the fundamental ownership structure. And only through the conduction of themechanism above, the corresponding effect of the control market mechanism can berealized. Therefore, the weak governance performance of the four state-owned banks,reflects the rigid factors exist in the process of the internal governance structure更多还原