CAJ | 학술논문

外资大股东的引入是我国商业银行改革的重要举措之一。鉴于现有研究主要集中于证明这一措施能否有效提升商业银行短期绩效，而长期绩效或价值对于商业银行更为重要，本文首次同时研究其对商业银行短期和长期绩效产生了怎样的影响。基于我国A股市场2006～2011年度的16家银行116个样本的面板数据，我们的实证结果表明：（1）外资股权比例高的银行，其短期绩效会高于同样条件下外资股权比例低的银行；（2）外资进入既有效促进了我国银行短期绩效提升，同时也抑制了各商业银行长期价值的提升；（3）在效率方面，外资进入对银行x效率的提升不存在显著的影响。综合来看，外资进入对我国商业银行的短期绩效虽然存在着一定正面影响，但对长期绩效却存在显著的负面作用。本文结论的政策意义是明显的：外资持股对商业银行的长期经营安全问题可能存在一定负面作用，应予以特别关注。
외자대고동적인입시아국상업은행개혁적중요거조지일。감우현유연구주요집중우증명저일조시능부유효제승상업은행단기적효，이장기적효혹개치대우상업은행경위중요，본문수차동시연구기대상업은행단기화장기적효산생료즘양적영향。기우아국A고시장2006～2011년도적16가은행116개양본적면판수거，아문적실증결과표명：（1）외자고권비례고적은행，기단기적효회고우동양조건하외자고권비례저적은행；（2）외자진입기유효촉진료아국은행단기적효제승，동시야억제료각상업은행장기개치적제승；（3）재효솔방면，외자진입대은행x효솔적제승불존재현저적영향。종합래간，외자진입대아국상업은행적단기적효수연존재착일정정면영향，단대장기적효각존재현저적부면작용。본문결론적정책의의시명현적：외자지고대상업은행적장기경영안전문제가능존재일정부면작용，응여이특별관주。
The introduction of foreign big shareholders is one of the most important moves in the reform process of Chinese commercial banks. For the reasons most scholars mainly focused on the short-term influences in the past studies and it is even more important to know the long-term effect. We studied the influence of foreign equity on both the short-term and long-term performance in this paper. Based on the 116 panel data of 16 listed banks during 2006-2011, we find that： 1） Banks with more foreign shares perform better than those with fewer. 2） Foreign equities have negative effects in the long run even though do improve the short-term performance. 3） Foreign equities have no significant improvement to the X-efficiency of banks. The results lead to the policy conclusion that foreign equity may have negative effects on the long term business security of commercial banks and it should be paid great attention.