有效监管视角下的商业银行公司治理研究

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摘要

2007 年次贷危机以来，大规模的金融危机席卷全球，对全球经济尤是其是银

行业来讲无疑是一次重创，再次引发了人们对金融监管效果的反思。我们在反思

此次金融危机并结合历次银行倒闭成因的时候，不难发现造成银行破产的原因中

来自银行内部治理方面的因素越来越重要。这使银行业的治理问题成为关注焦点。

2002 年6月中国人民银行发布的《股份制商业银行公司治理指引》及《股份制商

业银行独立董事和外部监事制度指引》两个商业银行公司治理方面的指导性文件

将我国商业银行公司治理问题推到了从未有过的历史高度。

尽管当前监管理论相对完备，国内对于监管方面的研究非常深入，公司治理

理论的研究也日趋增多，但是对于二者之间互动关系的研究尚少。本文正是基于

以上关系，以 14 家上市商业银行为样本，选取 2001-2008 年发布的数据，通过线

性回归模型试图找出商业银行公司治理与有效监管之间的相关性并希望能对当前

的研究能有所探索。

全文共分五部分: 第一部分首先对本文的研究背景、课题来源及意义做了阐

述，在综合国内外文献的基础上提出了本文的研究思路，紧接着对本文的创新点

和难点进行了论述。第二部分对银行有效监管公司治理理论以及进行了界定，指

出两者之间的紧密的契合关系。第三部分介绍了我国商业银行监管的发展历程，

基于有效监管的界定对我国商业银行监管效果进行评价，指出了当前公司治理现

状下银行监管的困境。第四部分是本文的核心章节。本章构建了商业银行公司治

理指标体系以及监管有效指标体系。通过回归分析发现公司治理指标中的股权集

中度、高管持股比率和独立董事规模三个指标和监管有效性指标存在显著线性关

系，而监事会相关指标以及董事会规模指标、高管薪酬指标则没有呈现与监管指

标显著相关性。最后一部分，通过回归结果分析，对加强公司治理改进监管有效

性提出了从以下几个方面建议：首先，完善公司治理结构，优化有效监管内部环

境；比如从防控股权过度分散、建立运行机制健全的董事会与监事会、打造高效

高管薪酬激励方案以及营造良好的公司治理文化几个方面来实现。其次，应大力

推进银行法制环境建设，优化有效监管外部环境；再次，应科学推进金融生态环

境建设，实现“和谐监管”理念。这些建议对于完善我国商业银行公司治理现状，

实现银行的有效监管意义重大。

关键词：商业银行公司治理有效监管

ABSTRACT

Since the SMC of the 2007, a large-scale financial crisis has been sweeping across

the world. It has hit the global economy severely, especially for the banking. It has

induced people to think about the effects of the financial supervision again. As we

reflected on the present financial crisis combing with the bankrupt of the banking

previously, we can find the fact that the causes of the bankrupt are mostly from the

internal governance, it has been growing more and more important, which makes the

corporate governance to be the focus of the banking. In June 2002, the POC published

the “joint-stock commercial bank corporate governance guidelines” and “joint-stock

commercial bank, a system of independent directors and external supervisors

guidelines”. The two guiding documents in corporate governance will push the issues of

the corporate governance of the commercial bank in China to the peak of the history.

Although the present supervision theory is relatively perfect, the researches on

the supervision are in-depth, the study on the corporate governance is also increasing

day by day. However, there are few of the research on the interactive relationship

between the both. Base on the facts above, we choose fourteen samples of the listed

commercial bank, the data ranks from 2001 to 2008, with the purpose of exploring the

correlation between bank supervision and corporate governance by the linear

regression model. If possible, I hope this article will be some supplement to the

present research.

This article includes five parts altogether, the fist part tells about the background,

the source and the significance of the present research mainly, bring about the frame of

the article basing on the domestic and international research, then introduces the

innovation and difficulty of the article. The second part introduces the corporate

governance theory and effective supervision theory, then we talk about the correlation

of the both. In part three, we describe the development of China’s commercial bank

supervision process, basing on the definition of effective supervision of China's

commercial bank, we evaluate the regulatory effect of the current status of corporate

governance, point out the banking supervision difficulties. Part four, the core chapter,

in this part, we construct the corporate governance index system and effective

supervision index system of the commercial bank. The regression results show that the

indicators of concentration in equity, the ratio of the independent director and the ratio

of the management’s shareholding are significantly linear correlation. However, the

other indicators such as the board size and the related indicators of the board of

supervisors have not the significant linear correlation. At last, by analyzing the

regression results, we make suggestions to strength present corporate governance

regarding the situation of our country as follows: first, we should improve the

corporate governance structure, optimize the internal environment of the effective

supervision; Second, we should vigorously promote the building of Bank of the legal

environment, optimizing the external environment of the effective supervision; Third,

we should scientifically promote financial ecological environment, achieving a

"harmonious regulation" concept. These suggestions for improving corporate

governance of China's commercial banks, which will achieve the aims of the effective

supervision, are significant.

Key word: effective supervision, commercial bank, corporate

governance

中文摘要

ABSTRACT

第一章绪论 .......................................................... 1

§1.1 课题来源、研究背景及意义...........................................................................1

§1.1.1 课题来源...............................................................................................1

§1.1.2 课题研究背景.......................................................................................1

§1.1.3 研究意义...............................................................................................2

§1.2 国内外文献综述...............................................................................................3

§1.2.1 国外文献综述.......................................................................................3

§1.2.2 国内文献综述.......................................................................................5

§1.3 研究内容与研究方法........................................................................................6

§1.3.1 本文的层次脉络及框架结构...............................................................7

§1.3.2 研究方法...............................................................................................8

§1.3.3 研究的创新点与难点...........................................................................8

第二章商业银行有效监管与公司治理理论 ...............................11

§2.1 金融监管的理论依据.....................................................................................11

§2.1.1“金融不稳定假说”与金融脆弱性问题...........................................11

§2.1.2 商业银行监管有效性的界定.............................................................12

§2.1.3 银行有效监管的法制基础.................................................................14

§2.2 公司治理的内涵及相关理论.........................................................................16

§2.2.1 公司治理定义.....................................................................................16

§2.2.2 两权分离理论.....................................................................................17

§2.2.3“委托——代理”理论.......................................................................18

§2.2.4 利益相关者理论.................................................................................18

§2.3 商业银行有效监管与现代企业公司治理的契合.........................................20

§2.3.1 商业银行公司治理的特殊性.............................................................20

§2.3.2 商业银行监管目标与公司治理制度的契合.....................................21

第三章我国金融监管发展的路径及银行治理监管的契合困境 ...............25

§3.1 我国银行监管发展的历程..............................................................................25

§3.1.1 从行政管制到公司治理监管的三个阶段.........................................26

§3.1.2 我国商业银行监管效果评析.............................................................28

§3.2 现行公司治理结构下我国商业银行监管困境.............................................30

§3.2.1 中国商业银行与巴塞尔银行公司治理准则的差异.........................30

§3.2.2 商业银行管理中的“内部人控制”问题.........................................31

§3.2.3 对利益相关者的“责任缺失”行为.................................................32

§3.2.4 银行监管的法律法规尚不规范.........................................................32

第四章商业银行公司治理与监管有效性实证分析 .........................35

§4.1 商业银行公司治理与监管有效性关系模型构建.........................................35

§4.1.1 商业银行公司治理与监管指标的设置原则.....................................35

§4.1.2 银行公司治理结构与有效监管指标体系构建.................................36

§4.1.3 模型的设立.........................................................................................39

§4.2 总体描述性指标分析.....................................................................................41

§4.2.1 银行监管指标分析.............................................................................41

§4.2.2 银行公司治理指标分析.....................................................................44

§4.3 监管指标与公司治理指标间的回归分析.....................................................47

§4.3.1 盈利性指标与公司治理指标间的回归分析.....................................47

§4.3.2 安全性指标与公司治理指标间的回归分析.....................................49

§4.3.3 流动性指标与公司治理指标间的相关性分析.................................50

§4.4 模型结论.........................................................................................................51

§4.4.1 股权集中度对提升商业银行的监管效果显著.................................51

§4.4.2 董事会规模过大监管效率低.............................................................52

§4.4.3 监事会的规模变化对提升银行有效监管效果不显著.....................53

§4.4.4 高管薪酬激励效果有限.....................................................................53

§4.5 模型存在的缺陷.............................................................................................54

第五章契合有效监管完善商业银行公司治理的建议 .......................55

§5.1 完善商业银行公司治理结构，优化银行监管的内部环境..........................55

§5.1.1 保持适度规模的股权集中.................................................................55

§5.1.2 形成实质有效的董事会、监事会运行机制.....................................55

§5.1.3 确立管理层贡献与收益匹配的分配方式.........................................57

§5.1.4 营造良好的金融监管文化.................................................................57

§5.2 建设金融法律法规，优化有效监管外部环境..............................................58

§5.2.1 健全基本民商事法律制度.................................................................58

§5.2.2 建立金融机构市场化退出法律机制.................................................58

§5.2.3 加快金融创新方面的立法监管.........................................................59

§5.3 科学推进金融生态环境建设，实现“和谐监管”理念.............................60

III

§5.3.1 努力完善社会信用体系.....................................................................61

§5.3.2 增强信息披露的透明度，提升市场有效监管功能.........................61

§5.3.3 加强金融风险宣传，营造金融生态环境建设氛围.........................62

参考文献 ............................................................ 63

附录 ...............................................................65

在读期间公开发表的论文和承担科研项目及取得成果 ......................73

致谢 ...............................................................75

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摘要：

摘要2007年次贷危机以来，大规模的金融危机席卷全球，对全球经济尤是其是银行业来讲无疑是一次重创，再次引发了人们对金融监管效果的反思。我们在反思此次金融危机并结合历次银行倒闭成因的时候，不难发现造成银行破产的原因中来自银行内部治理方面的因素越来越重要。这使银行业的治理问题成为关注焦点。2002年6月中国人民银行发布的《股份制商业银行公司治理指引》及《股份制商业银行独立董事和外部监事制度指引》两个商业银行公司治理方面的指导性文件将我国商业银行公司治理问题推到了从未有过的历史高度。尽管当前监管理论相对完备，国内对于监管方面的研究非常深入，公司治理理论的研究也日趋增多，但是对于二者之间互动关系的研究...

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