【作者】 杨智；

【导师】 孙圣民；

【作者基本信息】 山东大学 ， 金融（专业学位）， 2018， 硕士

【摘要】 当前普惠金融观念日益深入人心,为了改善农村地区金融服务供给不足的现状,我国适时推出了村镇银行这种安排。经过十年发展,村镇银行遇到了不少问题,其原因主要在于主发起行制度所导致的股权结构异化。本文首先借鉴公司金融中关于大股东持股的研究,构建了适用于村镇银行股权结构的两个数学模型,用来分析主发起行制度下作为第一大股东的主发起行的行为。在模型中,有别于一般公司金融的研究,将主发起行持股所带来无形资产纳入,将村镇银行的实际价值看做无形资产与有形资产之和。基于数学模型的推导过程和结果,发现:一方面,主发起行的指导和帮助行为随着持股比例的提高而增加,这也侧面论证了主发起行制度存在的必要性;另一方面,主发起行作为大股东有掏空村镇银行的可能,而且随着持股比例的提高,这种掏空行为的程度会更高,论证了调整主发起行制度的必要性。随后,本文基于经济现实中所面临的实际问题,梳理主发起行制度所导致的问题及其对村镇银行发展的影响,从宏微观两个角度就五个方面的问题进行了总结。主发起行制度及其导致的股权结构异化,不利于村镇银行的空间合理布局,限制了金融资源的均等化配置。此外,这一制度还可能打击民间资本参与村镇银行建设的积极性,阻碍村镇银行公司治理水平的提高,抑制村镇银行优势和潜力的发挥。这也就进一步说明无论是理论分析,还是经济运行中的证据都说明了调整主发起行制度的必要性。为此需要对主发起行制度进行改革和创新。在此基础上,本文提出了目前调整主发起行制度可行的两条路径:改革现有的主发起行制度,或者制度创新、用特许经营制取代主发起行制度。进一步地,本文对改革主发起行制度应该注意的四个方面进行了分别讨论,尤其其中是关于建立动态有效的退出和替换机制的思考。而且,本文对于采用特许经营替代主发起行制度,可能面临的制度抑制、隐性担保和风险防控三方面问题提出了独到的思考。主发起行并讨论了这两条举措的具体内容,期望有助于推进我国村镇银行和普惠金融的发展。更多还原

【Abstract】 Currently,inclusive finance has been sinking deep into the hearts of people.In order to improve the level of financial services in rural areas,Chinese government has timely implemented the policy of village bank.During the past ten years,the village bank has encountered many problems,which is mainly due to the alienation of the ownership structure caused by the main initiated bank institution.To begin with,this paper draw lessons from the research of corporate finance,and established two mathematical models to analysis the ownership structure of village bank.According to the derivation and result of those mathematical models,we found that:on the one hand,the guidance and assistance behavior of the main initiated bank will increase with the increase of shares hold by the main initiated bank,which demonstrates that the necessity of the main initiated bank institution;on the other hand,the main initiated bank institution entitle the capacity to the main initiated bank that undermining the asset of the village bank that sponsored by the main initiated bank.Those finding had demonstrated the necessity of the adjustment the main initiated bank institution.Then,based on the economic reality and exist documents,this paper hackles problems of development of the village bank caused by the main initiated bank institution,especially sum up the five problem from perspective of macroscopic and microcosmic.Therefore,it is necessary to reform and innovate the main initiated bank institution.Finally,this paper propose two feasible paths:reforming the main initiated bank institution,or innovating institution,that is,replacing the main initiated bank institution with commercial franchise institution.Moreover,this paper discusses the specific content of the two paths,and wishes it can help village bank out of development dilemma.更多还原