本文選題：商業(yè)銀行 + 經(jīng)營杠桿��； 參考：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：隨著我國市場經(jīng)濟(jì)改革的深入推進(jìn)和世界經(jīng)濟(jì)的日益全球化,企業(yè)之間的競爭日趨激烈。企業(yè)的持續(xù)盈利能力決定著企業(yè)的競爭力,而企業(yè)的利潤最終是通過財(cái)務(wù)管理的各個(gè)環(huán)節(jié)來實(shí)現(xiàn)的。經(jīng)營杠桿和財(cái)務(wù)杠桿作為重要的財(cái)務(wù)管理工具,越來越多地被應(yīng)用于各種財(cái)務(wù)管理與決策當(dāng)中。 近十年來,我國的商業(yè)銀行改革不斷推進(jìn)并呈現(xiàn)出不斷加速的趨勢。2010年中國農(nóng)業(yè)銀行完成“A+H”兩地上市,至此,大型商業(yè)銀行全部完成股份制改革；與此同時(shí),大批城市商業(yè)銀行紛紛尋求融資渠道突破,緊鑼密鼓奔赴股市,掀起了城市銀行業(yè)發(fā)展的新浪潮；農(nóng)村信用合作社體制改革也在穩(wěn)步推進(jìn),一大批農(nóng)村商業(yè)銀行已經(jīng)成立或在籌建當(dāng)中,中國銀行業(yè)監(jiān)督管理委員會2010年報(bào)顯示,截至2010年,我國的城市商業(yè)銀行達(dá)到147家,農(nóng)村商業(yè)銀行有85家,農(nóng)村合作銀行223家,農(nóng)村信用合作社2646家,中國的商業(yè)銀行發(fā)展呈現(xiàn)出前所未有的發(fā)展態(tài)勢。 目前,國內(nèi)有關(guān)企業(yè)經(jīng)營杠桿財(cái)務(wù)杠桿的相關(guān)研究,大多著眼于從所有行業(yè)的整體角度來研究經(jīng)營杠桿和財(cái)務(wù)杠桿的分布、影響因素以及合理值域的確定,針對某一個(gè)具體行業(yè)進(jìn)行研究的還不多見。商業(yè)銀行以其獨(dú)特的資本結(jié)構(gòu)和經(jīng)營模式區(qū)別于其他行業(yè),而以商業(yè)銀行作為研究對象來研究經(jīng)營杠桿和財(cái)務(wù)杠桿的文獻(xiàn)還很少。本文試圖以我國的商業(yè)銀行作為研究對象,通過對收集的所有商業(yè)銀行樣本數(shù)據(jù)的整理分析,主要研究如下問題：樣本中商業(yè)銀行的經(jīng)營杠桿和財(cái)務(wù)杠桿的總體范圍和水平以及它們在不同類別商業(yè)銀行之間的分布情況;經(jīng)營杠桿系數(shù)和財(cái)務(wù)杠桿系數(shù)在樣本所選時(shí)間區(qū)間的趨勢變動情況；財(cái)務(wù)杠桿系數(shù)與商業(yè)銀行總體財(cái)務(wù)狀況之間的相關(guān)關(guān)系；不同類別商業(yè)銀行的財(cái)務(wù)杠桿系數(shù)是否因?yàn)檫@種分類而存在顯著性差異；經(jīng)營杠桿與財(cái)務(wù)杠桿是否存在相互平衡關(guān)系。通過實(shí)證分析,本文得到如下結(jié)論：樣本中商業(yè)銀行的經(jīng)營杠桿系數(shù)普遍較低,經(jīng)營杠桿效應(yīng)不明顯,但財(cái)務(wù)杠桿系數(shù)普遍較高,財(cái)務(wù)杠桿效應(yīng)十分明顯,財(cái)務(wù)風(fēng)險(xiǎn)程度比較大；2006年到2010年間,樣本中商業(yè)銀行的財(cái)務(wù)杠桿系數(shù)在趨勢上呈現(xiàn)明顯的倒V字形狀,總體上有比較明顯的下降趨勢,經(jīng)營杠桿系數(shù)沒有大的變動,略微呈現(xiàn)上升趨勢；樣本中商業(yè)銀行的經(jīng)營杠桿系數(shù)和財(cái)務(wù)杠桿系數(shù)都與其總體財(cái)務(wù)狀況呈現(xiàn)比較明顯的負(fù)相關(guān)關(guān)系,而且財(cái)務(wù)杠桿系數(shù)比經(jīng)營杠桿系數(shù)表現(xiàn)的更為顯著,其意義是,商業(yè)銀行可以通過開拓中間業(yè)務(wù),提高非利息收入比重來降低財(cái)務(wù)風(fēng)險(xiǎn),改善財(cái)務(wù)狀況；不同類別商業(yè)銀行的財(cái)務(wù)杠桿系數(shù)沒有因?yàn)檫@種分類而在統(tǒng)計(jì)上呈現(xiàn)出顯著性差異,說明這些商業(yè)銀行的風(fēng)險(xiǎn)水平和收入結(jié)構(gòu)的同質(zhì)性；經(jīng)營杠桿和財(cái)務(wù)杠桿之間有顯著的負(fù)相關(guān)關(guān)系,二者之間存在相互平衡的關(guān)系,其意義在于,商業(yè)銀行可以在二者之間實(shí)現(xiàn)權(quán)衡,在將總體風(fēng)險(xiǎn)水平保持在一定水平的情況下,實(shí)現(xiàn)經(jīng)營風(fēng)險(xiǎn)和財(cái)務(wù)風(fēng)險(xiǎn)權(quán)重的重新配置。 本文研究的對象是我國境內(nèi)的34家商業(yè)銀行,包括大型商業(yè)銀行、股份制商業(yè)銀行、城市商業(yè)銀行、農(nóng)村商業(yè)銀行以及政策性銀行；主要使用描述統(tǒng)計(jì)和線性回歸模型的研究方法；所有數(shù)據(jù)全部來源于其公開發(fā)布的年報(bào)或金融年鑒。 本文內(nèi)容結(jié)構(gòu)大體如下：第一章是緒論,概括性的介紹了本文的選題背景、研究方法、研究內(nèi)容以及論文的整體框架；第二章是文獻(xiàn)綜述,從國內(nèi)和國外兩個(gè)方面介紹了一些相關(guān)學(xué)者對經(jīng)營杠桿和財(cái)務(wù)杠桿的研究成果和觀點(diǎn),重點(diǎn)介紹了國內(nèi)關(guān)于經(jīng)營杠桿和財(cái)務(wù)杠桿理論的相關(guān)研究文獻(xiàn)和研究動態(tài);第三章是經(jīng)營杠桿和財(cái)務(wù)杠桿相關(guān)理論分析,把與經(jīng)營杠桿和財(cái)務(wù)杠桿相關(guān)的基礎(chǔ)理和風(fēng)險(xiǎn)理論做了比較詳細(xì)的闡釋,以便為本文第四章的實(shí)證分析做好相關(guān)理論準(zhǔn)備；第四章是實(shí)證分析,這是本文的核心部分；第五章是研究結(jié)論與局限,對本文的實(shí)證分析部分的研究結(jié)果做了總結(jié),并對本文研究的局限和不足以及存在的問題做了說明。
[Abstract]:With the deepening of the reform of market economy and the globalization of the world economy , the competition between enterprises is increasingly fierce . The continuous profitability of enterprises determines the competitiveness of enterprises , and the profits of enterprises are realized through various links of financial management . The operating levers and financial levers are used as important financial management tools and are increasingly being applied to various financial management and decision - making .

In recent ten years , China ' s commercial bank reform has been pushing forward and has been accelerating . In 2010 , the Bank of China completed the listing of " A + H " , so far , the large commercial banks have completed the joint - stock reform ;
At the same time , a large number of commercial banks have sought to break through the financing channel , and go to the stock market and lift the new wave of urban banking development .
The reform of the rural credit cooperative system has also been steadily advancing , a large number of rural commercial banks have been established or in preparation , the 2010 annual report of the China Banking Regulatory Commission showed that as of 2010 , China ' s urban commercial banks had reached 147 , rural commercial banks had more than 85 , rural cooperative banks 223 , rural credit cooperatives 2646 , and China ' s commercial bank developed an unprecedented development situation .

At present , the relevant researches on the financial lever of the management lever of the domestic enterprises mainly focus on the study of the distribution of the operating lever and the financial lever , the influencing factors and the determination of the reasonable value domain from the whole angle of all industries .
The relationship between the financial leverage coefficient and the overall financial position of commercial banks ;
Whether the financial leverage coefficient of different kinds of commercial banks has significant difference because of this classification ;
There is a balance between the operating lever and the financial leverage . Through the empirical analysis , this paper obtains the conclusion that the operating lever coefficient of the commercial bank in the sample is generally lower , the operating lever effect is not obvious , but the financial leverage coefficient is generally higher , the financial leverage effect is very obvious , and the financial risk degree is relatively large ;
In the period from 2006 to 2010 , the financial leverage coefficient of commercial banks in the samples showed obvious reverse V - shape in the trend , and there was a clear trend of downward trend . There was no big change in the operating lever coefficient , and the upward trend was slightly presented .
Both the operating lever coefficient and the financial leverage coefficient of the commercial banks in the sample show a significant negative correlation with their overall financial position , and the financial leverage coefficient is more significant than the performance of the operating leverage coefficient , and the significance is that the commercial banks can reduce the financial risks and improve the financial position by exploiting the intermediary business , increasing the proportion of non - interest income ;
The financial leverage coefficient of different kinds of commercial banks is not statistically significant because of the classification , which indicates the homogeneity of the risk level and the income structure of these commercial banks ;
There is a significant negative correlation between the operating lever and the financial lever , and there is a balance between them . The significance lies in that the commercial banks can realize the trade - off between the two , and realize the reconfiguration of the operational risk and financial risk weight when the overall risk level is kept at a certain level .

The object of this paper is 34 commercial banks in China , including large commercial banks , joint stock commercial banks , city commercial banks , rural commercial banks and policy banks .
The research methods of descriptive statistics and linear regression models are mainly used .
All data are derived from their published annual or financial statements .

The content structure of this paper is as follows : The first chapter is the introduction , the general introduction of the background , the research method , the research content and the whole frame of the thesis .
The second chapter is a review of the literature review , from both domestic and foreign research results and perspectives on the operating lever and financial leverage , focusing on the relevant research literature and research developments on the theory of operating leverage and financial leverage . Chapter three is a detailed explanation of the basic theory and risk theory related to the operating lever and the financial leverage , so as to prepare the relevant theories for the empirical analysis of the fourth chapter of this article .
The fourth chapter is the empirical analysis , this is the core part of this paper ;
The fifth chapter is the research conclusion and limitation , summarizes the research results of the empirical analysis part of this paper , and explains the limitations and shortcomings of the study and the existing problems .
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.33;F830.42;F224

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