銀行所有權對其放款謹慎行為之影響─以中國為例

Abstract

中國的國有商業銀行於2003年後開始實施股份制改革，內容涵蓋引入機構投資人、戰略投資人及社會公眾投資人，以及對公司治理結構進行改革，國有商業銀行改革完成後成為大型商業銀行，截至2014年底中國共有5家大型商業銀行，與12家股份制商業銀行組成了中國主要的銀行業。 回顧了許多開發中國家銀行私有化的成果，實證顯示私有化後的獲利或成本等績效表現有好壞不一的情形，因此本論文不以績效表現衡量私有化效果，而以放款謹慎程度作為衡量標準，得出了大型商業銀行在2008-2014年間，放款的謹慎程度比股份制商業銀行及城市商業銀行差的結論。以中國A股上市的16家銀行作為樣本，包含5家大型商業銀行、8家股份制商業銀行及3家城市商業銀行，探討在金融海嘯時期，中國政府為了支撐經濟，於2008年11月推出了四萬億經濟刺激計畫，針對特定產業及地區經濟要求銀行放款，故雖然原有的國有商業銀行已轉型成為非政府100%持有的大型商業銀行，但放款行為仍受到政策強烈的影響，使其較為不謹慎，而股份制商業銀行與城市商業銀行的大股東雖仍多為國有企業，但實證結果顯示較不會受到政府政策的影響。

State-owned commercial banks in China underwent shareholder reform after 2003. The process included inviting institutional investors, strategic investors and public investors and reforming company’s governance. After that, state-owned commercial banks became large commercial banks. At the end of 2014, there were 5 large commercial banks and 12 joint-equity banks in China which consist the main banking system. Reviewing the results of bank privatization in developing countries, banks didn’t always perform well. Because of that, this thesis use bank prudential behavior as a measurement to observe the effect of privatization, and the conclusion is, from 2008 to 2014, large commercial banks’ level of prudence is poorer than joint-equity banks’. Using 16 banks listed in A-stock, including 5 large commercial banks, 8 joint-equity banks and 3 urban commercial banks, to examine whether large commercial banks would be affected by government policies or not during financial crisis. In order to boosting economy growth, Chinese government asked banks to lend to assigned industries. Although 5 large commercial banks wasn’t 100% owned by the Chinese government, their lending behavior has been deeply controlled by the government. Surprisingly, joint-equity banks, which most of the shareholders were national enterprises, weren’t affected by the policy seriously.