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论文编号：	5442
作者编号：	2120112408
上传时间：	2013/6/8 0:08:24
中文题目：	公司治理对我国上市金融机构风险承担影响的实证研究
英文题目：	An Empirical Study on Risk-taking Influenced by Corporate Governance of listed Financial Institutions in China
指导老师：	郝臣
中文关键字：	金融机构，公司治理，股东治理，监事会治理，风险承担
英文关键字：	Financial Firms，Corporate Governance，Ownership Governance，Supervisory Board Governance，Risk-taking
中文摘要：	公司治理是现代企业制度最重要的组织结构，金融机构治理是公司治理研究的重要领域。1998年亚洲金融危机、2001年美国安然公司和世界通讯公司丑闻，以及次贷危机、雷曼公司倒闭、“两房”和AIG被美国政府接管等等，使得金融系统的脆弱性以及金融危机的破坏力大面积暴露，而公司治理被视为危机爆发的深层次原因，由此金融体系的稳健性以及金融业自身的治理问题成为全球关注的热点。从国内看，自1991年深圳发展银行在深交所上市以来，我国已有42家金融机构上市，随着我国金融领域对外开放程度的提高，国内金融业发展面临着竞争加剧、不确定因素增多的内外部经营环境。如何防范和化解各种金融风险、实现稳健经营已成为我国金融业治理改革的重中之重。本文借鉴相关的经典和前沿理论，从公司治理视角研究金融机构风险承担问题。以来源于我国16家上市银行、3家金融信托公司、18家证券期货公司和4家上市保险公司2007－2011年157条数据为样本，以证券市场总风险、系统风险和特殊风险刻画金融机构风险承担水平，以南开大学中国公司治理研究院每年发布的公司治理总指数、股东权利与控股股东、董事与董事会、监事与监事会、经理层、利益相关者和信息披露六个治理维度分指数以及具体公司治理因素三个层次的治理指标刻画金融机构治理水平，运用OLS方法，检验了公司治理是否以及如何影响我国上市金融机构的风险承担水平。研究发现：第一，以公司治理指数反映的公司治理整体上与我国上市金融机构风险承担水平显著负相关，公司治理水平越高，风险承担越低，公司治理确实是影响上市金融机构风险承担的重要因素。第二，股东治理和监事会治理分指数与我国上市金融机构风险承担水平显著正相关，说明股东治理和监事治理是影响我国上市金融机构风险承担水平的主要治理机制。第三，股东治理方面，流通股比例和以第一大股东持股比例、前五大股东持股比例和反映的股权集中度与风险承担负相关；监事会治理方面，监事会开会次数、监事会规模与风险承担显著负相关。最后提出了完善公司治理机制进而防范金融机构过度风险承担的政策建议。
英文摘要：	Corporate Governance is the most important organization structure under modern enterprise system. The Asian financial crisis of 1997,the subprime mortgage crisis of 2008 in United States has caused great losses to the international finance market and world economy, exposing the frangibility of financial system and the destruction of financial crisis. Corporate Governance is regarded as the hidden reason of the financial crisis. Therefore, the steadiness and governance of the financial system has become a hot-spot globally. The relation between corporate governance and the exposure to risk of the financial institutes has become the focus of the global market. Regarding the domestic situation in China, there have been forty-two financial instituitions listed. As the domestci financial system has become more and more open, the financial sector is facing increasing competition and uncertain elements domestically and internationally. Under the background of global financial crisis, the ability to prevent or solve different financial risk has become very important during the path to reform the financial sector. We use classic and frontier theory for reference, and study the issue of risk-taking of financial firms from the perspective of corporate governance. Our data comes from 16 listed banks, 3 financial trust companies, 18 trust, futures companies and four listed insurance company in China during the period of five years from 2007 to 2011. We use total stock market risk, system risk and special risk to measure the risk-taking level of financial firms. We use the corporate governance index and its six components computed by the Chinese academy of governance of Nankai university and corporate governance factors to measure the level of corporate governance factors. Using mixed OLS model, we check whether and how the corporate governance influence the risk-taking level of listed financial institutions in China. The research has found: Firstly, the overall level of Corporate Governance reflected by the Coporate Governance index is highly negative related to the risk-taking ability of the domestic financial instituitions listed. The higher the level of Corporate Governance, the lower risk it takes. Secondly, the Corporate Governance sub-index representing the shareholder governance and the board of advisor governance is highly positive related to the risk-taking ability of the domestic financial institutions listed. It explains that the shareholder governance and board of advisor governance are the main governance mechanism that influence the risk-taking ability of financial institions listed.
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