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1、摘 要亚洲金融危机以来，商业银行公司治理问题在国际上引起了广泛关注。目前中国内地商业银行体系主要由4家国有商业银行、12家股份制商业银行、112家城市商业银行、211家外资商业银行以及为数较多的农村和城市信用社组成。截止2007年年底，我国共有13家商业银行先后上市。本文借鉴国内外关于公司治理的研究，从产权制度入手研究上市商业银行治理结构，通过国内上市商业银行与外资银行绩效的比较，进而选取七家上市商业银行作为样本，分析了股权结构、公司治理和经营绩效的关系。分析认为，股权结构是公司治理结构的产权基础，股权结构、公司治理、经营绩效三者之间存在着顺次的、不可逆的关系，公司治理是联结股权结构和经营绩效
2、的中间环节。在寻找合理的股权结构，进而完善公司治理结构时，公司经营绩效可以作为衡量股权结构是否合理、公司治理结构是否完善的一个指标。公司治理直接影响到公司的经营绩效，只有股权结构合理才可能形成完善的公司治理结构，进而才能保证公司取得良好的经营业绩。我国上市银行的经营绩效相对于外资银行较低，而股权集中度相对于外资银行较高，这相对于英美国家商业银行股权比较分散的结构大有不同，分散的股权结构有利于股东之间的权力制衡,在某种程度上更有利于银行经营绩效的提高。针对上述情况，并通过对国外商业银行公司治理模式的分析，本文认为，我国要完善上市银行公司治理，必须通过在股权结构的调整、内部治理结构的完善以及公司治
3、理外部环境建设的加强等方面采取措施，在产权理论的基础上，构建上市银行共同治理模式，形成由股东、债权人以及公司内部的人力资本为治理主体的，包括外部市场和监管机构在内的内外部共同治理的体系。在当前继续深化金融业改革和发展成果的背景下，本文的研究对于完善我国上市银行自身的公司治理，而且对于我国国有商业银行以及其他商业银行的公司治理改革也有一定的借鉴作用，具有重要的理论和现实意义。关键词 产权制度，商业银行，上市银行，公司治理ABSTRACTSince the Asian financial crisis, the issue of the governance of commercial banks
4、 in the international arena caused widespread concern. Chinas mainland commercial banking system consists of four state-owned commercial banks, 12 joint-stock commercial banks, 112 city commercial banks, 211 foreign-funded commercial banks, as well as quite a few rural or urban credit cooperatives.
5、At the end of 2007, Chinas 13 commercial banks have to be listed.In this paper, drawing on domestic and international research on corporate governance as well as the property rights, we can study the management structure of listed commercial banks. Comparing the performance of the domestic listed co
6、mmercial banks and the foreign-funded commercial banks, further more, selecting seven listed commercial banks as a sample for analyzing the relationship of the ownership structure, the corporate governance and the performance, the analysis shows that the ownership structure is the basis of property
7、rights of the corporate governance structure. There is an orderly and nonreversible relationship among the ownership structure, the corporate governance and the performance. The corporate governance is the intermediate link between the ownership structure and the performance. In the research of a re
8、asonable ownership structure for improving the corporate governance structure, the corporate performance can serve as a measure of a reasonable ownership structure and a perfect corporate governance structure. The corporate governance is a direct impact on the corporate performance. Only a reasonabl
9、e ownership structure could lead to a perfect corporate governance structure, which can ensure the company to make a good performance. The performance of Chinas listed banks is lower than that of the foreign banks. But the concentration of ownership is higher than that of the foreign banks. The Chin
10、ese banks structure is quite different from the dispersed shareholding structure of the United Kingdom or the United States. The dispersed ownership structure is in favor of the checks and balances between the shareholders. To some extent, it is more conducive to the improvement of the performance o
11、f banks.In response to the above circumstances and by analyzing the governance model of the foreign commercial banks, this paper argues that perfecting Chinas listed banks governance, it is necessary to adjust the shareholding structure, to improve the internal governance structure and strengthen th
12、e construction of the external environment of the corporate governance. On the basis of the theory of property rights, we should build a common governance model of the listed banks. To form an internal and external co-governance system, whose governance body consists of the shareholders, the credito
13、rs and the companys internal human capital, and which includes the external market and the regulatory bodies. In the backgrounds of the current continuing deepening of the reformation and the developing outcome of the financial circles, this study is in favor of the perfection of the corporate gover
14、nance of Chinas listed banks. Furthermore, there is a reference function to Chinas state-owned commercial banks as well as the other commercial banks in corporate governance and reformation, which has an important theoretical and practical significance.Yang Qinghua (international trade)Directed by P
15、rofessor Gan AipingKEYWORDS property rights system, commercial banks, listed banks, corporate governance目 录绪论1 第一节 研究背景及意义1 第二节 国内外研究的现状2 第三节 本文的创新点.3 第一章产权制度及商业银行公司治理结构4 第一节 产权理论4 第二节 公司治理结构涵义的界定5 第三节 商业银行公司治理的特殊性及内涵界定.7 第四节 公司治理的理论基础.9 一、两权分离理论9 二、委托代理理论10 三、契约理论.10 四、利益相关者理论11 第二章我国上市商业银行公司治理存在的问
16、题及原因.12 第一节 我国上市商业银行简介.12 第二节 国内上市商业银行与外资银行绩效比较.12 第三节 我国上市商业银行公司治理缺陷的原因.15 一、产权过于集中，缺乏明确的委托人.15 二、激励机制不合理16 三、风险管理机制不完善16 四、外部治理环境不佳.17 第三章国外商业银行公司治理结构的模式分析.18 第一节 商业银行公司治理的两种模式.18 一、英美市场导向模式.18 二、德日银行导向模式.21 三、英美模式和德日模式的有效性分析.25 第二节 两家典型商业银行的公司治理结构及其启示30 一、花旗银行治理结构及其启示.30 二、德意志银行治理结构及其启示31 第四章对我国上市商业银行公司治理结构优化的建议.34 第一节 优化产权结构,明确产权关系.34 第二节 建立和完善有效的激励机制35 第三节 改善银行风险管理机制.36 第四节 改革外部环境,提高外部治理效率37 结论39 致谢40 参考文献411绪论第一节 研究背景及意义在金融全球化和金融自由化的背景下，对金融机构尤其是商业银行公司治理结构
