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资本是商业银行经营的基础和抵御风险的保证，合理的资本结构
对于实现商业银行的财务目标和稳健经营有至关重要的作用。从1987
年的《巴塞尔协议》到 2010 年的《巴塞尔协议 III》的演进可以看出
监管层对银行经营过程中的资本的重视程度，对资本的监管也越来越
严格。随着金融市场化改革快速推进，市场竞争日趋激烈，挑战日益
加剧，在复杂多变的经济环境下，商业银行的资本结构又具有自身的
特点，分析我国商业银行的资本结构，研究商业银行资本结构对经营
绩效的营销，对优化我国商业银行资本结构和提高商业银行经营绩效
有重要意义
本文首先介绍国内外学者对资本结构与经营绩效关系研究的现
状，界定商业银行资本结构的定义，介绍资本结构的相关理论。借鉴
了早期的资本结构理论（包括净收益理论、净营运收入理论和传统折
衷理论）、现代资本结构理论（包括最初的 MM 理论、修正后有税的
MM 理论、破产成本理论和权衡理论）、新资本结构理论（包括信息
传递理论、优序融资理论、代理成本理论和控制权理论）。其次介绍
了经营绩效的相关理论和衡量经营绩效的方法。结合两者理论分析我
国上市商业银行的资本结构和经营绩效现状。最后刷选取 16 家上市
商业银行 2011 年至 2015 年年报数据作为基础，通过实证分析得出我
国上市商业银行与经营绩效之间的关系
综上所述，本文认为，我国商业银行从改革开放至今经过了 30
多年的改革和发展已经取得巨大的成就，但我国商业银行的资本结构II
仍需要进一步完善，经营绩效仍有待进一步提高。本文在实证分析结
果的基础上，结合了理论方面的研究，从优化我国商业银行资本结构
的角度提出几点建议，以提高我国商业银行的经营绩效
关键词：上市商业银行；资本结构；经营绩效III
Abstract
Finance is a barometer of Chinese economy, is the core of modern economy, the
financial sector is mainly composed of banking, insurance and securities industry of
the three pillar industries, and the banking industry in the important position in the
financial system, the banking system of China to the people&39;s Bank of Chinese as the
core, commercial bank is the main business of banking the direct influence to the
entire financial industry is stable and rapid development. Therefore, this paper selects
the listed commercial banks in China as the representative of commercial banks.
Capital is the foundation of commercial banks and the guarantee of resisting
risks. The reasonable capital structure is very important for the realization of the
commercial bank s financial target and steady operation. From the 1987 Basel
agreement to the Basel agreement III in the evolution of the banking sector can be
seen in the regulatory level of capital in the process of the importance of the capital,
the regulation of capital is also more and more strict on the. With the rapid
development of financial market reform, the market competition is becoming
increasingly fierce, challenges in the complex economic environment, the capital
structure of commercial banks also has its own characteristics, analysis of China&39;s
commercial banks&39; capital structure, capital structure of commercial banks marketing
on business performance, has important significance for the optimization of capital
structure China&39;s commercial banks and improve the performance of commercial
banks.
This paper first introduces the domestic and foreign scholars on the relationship
between capital structure and operating performance of the current situation, defines
the definition of the capital structure of commercial banks, introduces the theory of
capital structure. From the early capital structure theory (including the theory of net
income, net operating income theory and traditional theory), the theory of modern
capital structure (including MM theory, revised after the initial tax MM theory,
bankruptcy theory and balance theory), the new capital structure theory (including
information theory, pecking order theory agency cost theory and control theory).
Secondly, it introduces the theory of business performance and the method to measure
the performance. Combining the two theories, the paper analyzes the present situation
of capital structure and operating performance of listed commercial banks in China.
Finally, the paper selects 16 listed commercial banks from 2011 to 2015 as the basis
of the annual report, through empirical analysis of the relationship between China&39;s
listed commercial banks and operating performance.
In summary, this paper argues that China&39;s commercial banks from the reformIV
and opening up after 30 years of reform and development has made great
achievements, but the capital structure of China&39;s commercial banks still need to
further improve the business performance remains to be further improved. In this
paper, based on the empirical analysis results, combined with the theoretical research,
from the perspective of optimizing the capital structure of China&39;s commercial banks,
this paper puts forward some suggestions to improve the performance of China&39;s
commercial banks.
Key words: listed commercial banks; capital structure; operating performance浙江工业大学硕士学位论文 我国上市商业银行资本结构与经营绩效的关系研究
V
目 录
1 引言 ..........1
1.1 研究背景和研究意义..1
1.2 国内外文献综述......1
1.2.1 国外理论文献..2
1.2.2 国内理论文献..3
1.2.3 国内外实证研究成果文献....3
1.3 研究的内容和方法....6
1.3.1 研究内容......6
1.3.2 研究方法......6
1.4 论文的创新和不足....7
1.4.1 论文的创新....7
1.4.2 论文的不足....7
2 银行资本结构与经营绩效的相关理论 .......8
2.1 资本结构的相关理论..8
2.1.1 早期资本结构理论..........8
2.1.2 现代资本结构理论..........9
2.1.3 新资本结构理论...........10
2.2 经营绩效的相关理论.11
2.2.1 经营绩效单一指标的衡量法.12
2.2.2 综合指标衡量法...........13
3 我国上市商业银行资本结构与经营绩效的现状分析 ......14
3.1 我国上市商业银行资本结构现状...14
3.1.1 商业银行资本结构的特殊性.14
3.1.2 我国上市商业银行核心资本现状.........14
3.1.3 我国商业银行资本充足率现状...........15
3.2 我国上市商业银行的经营绩效现状.16
3.2.1 盈利性分析...17
3.2.2 成长性分析...18
3.2.3 安全性分析...18
4 我国上银行资本结构对经营绩效影响的实证分析 ........19
4.1 样本选取和数据来源.19
4.2 研究假设...........19
4.3 变量的选取与定义...19浙江工业大学硕士学位论文 我国上市商业银行资本结构与经营绩效的关系研究
VI
4.3.1 解释变量.....19
4.3.2 被解释变量...20
4.3.3 控制变量.....20
4.3.4 变量定义.....20
4.4 实证分析及结论分析.21
4.4.1 因子分析：...21
4.4.2 相关性分析...23
4.4.3 相关系数模型.24
4.4.4 结论分析.....25
5 研究结论及政策建议........ 27
5.1 研究结论...........27
5.2 政策建议...........27
5.2.1 适当分散股权资本结构，引进战略投资伙伴，促进投资主体
的多元化...27
5.2.2 加强商业银行不良贷款率管理...........29
5.2.3 优化债务结构.29
5.2.4 加强对银行资本充足率监管.30
5.2.5 寻求新的利润增长点.......31
附 录 ..........32
参考文献 .......36
致 谢 ....
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