中国上市商业银行资本结构的决定因素研究.pdf

中国上市商业银行资本结构的决定因素研究 李喜梅 广东金融学院 摘要：由于商业银行的特殊性，最低资本充足率要求通常被认为是影响商 业银行资本结构选择的主要因素。然而，必威体育精装版的证据（(Gropp 和 Heider, 2007 ， Monica Octavia 和Rayna Brown ，2008 ）显示国外商业银行的实际情况可能并非 如此。在本文中，我们首次结合资本结构标准的影响因素与最低资本充足率要求 两方面来实证了中国上市商业银行的资本结构影响因素。初步结果表明：资本结 构标准的决定因素对上市银行账面和市场杠杆也有着强大的解释功能。最低资本 充足率要求对中国上市银行资本结构影响非常显著，另外，我们还考察了宏观经 济因素的影响，却发现它的影响甚微。因此，论文建议国家要审慎制定资本监管 政策，以实现对银行资本的逆周期监管。而论文对市场杠杆与账面杠杆的区分， 能够使我们更为清晰地分析金融市场对中国上市银行资本结构的影响。 关键词：银行，资本结构，资本管制 Study on the Determinants of Listed Bank Capital Structure in china Ximei li Guangdong university of finance Abstract: Due to the particularity of the commercial Banks, regulatory capital requirements have typically been considered the main factor influencing the choice of capital structure by banks. However, the latest evidence (Gropp and Heider, 2007, Monica Octavia and Rayna Brown, 2008) shows the actual situation of foreign commercial Banks may be the case. In this paper, we research further whether the standard determinants of capital structure apply to the listed bank in china 。The results show that: the standard determinants of capital structure have powerful explanation on both book leverage and market leverage of Chinese listed banks. Regulatory capital requirements are very significant factors influencing Chinese listed bank capital structure, but the Growth of GDP and CPI are not. Therefore, the national capital regulatory policies must be formulated prudently, in order to realize the regulation reverse economic circle. Distinction between book and market leverage for banks will make people analyze the influence of financial markets to the capital structure of Chinese listed Banks clearly. Keywords: Banks, capital structure, capital controls 一．引言 2008年，全球遭遇了百年不遇的金融危机，为顺利应对危机，美国、英国、 法国、德国、日本