【作者】 孟婷；

【导师】 张雪兰；

【作者基本信息】 中南财经政法大学 ， 金融（专业学位）， 2021， 硕士

【摘要】 改革开放以后,我国金融业经历了“混业-分业-协同”的发展路径。随着全球金融机构综合化经营的逐渐发展,我国也已开始发展金融控股公司。在当前产融一体化背景下,金融股权集团需要改善公司治理能力,增强产融互补和协同效应。尽管治理协同理论早已为人所知,但是金融控股集团“治理而不协同”现象并不罕见。有鉴于此,本文以问题为导向,试图探讨金融控股集团公司治理对协同效应的影响机理。论文提出了金融控股集团公司治理与协同效应存在的问题,搭建了“公司治理-协同效应”的传导机制。基于经验证据,论文选取了2008-2019年在沪深两市整体上市的34家金融控股集团的面板数据作为样本,检验了公司治理对内部资本市场协同、资源协同、财权协同和激励约束协同的影响。进一步地,论文研究视角依据金融控股集团的实际控制人性质展开,比较分析了国有性质和非国有性质下金控集团的治理协同机制;依据公司治理结构的不同层次,论文还分别阐述了单一治理结构、多治理结构以及加入不同治理结构间交乘项的情况下公司治理对协同效应的作用效果。最后,本文剖析了央企、地方、民营、综合和互联网类代表金控的治理协同现状,借助典型金控的治理协同数据,试图为本文传导机制给予有力支撑。论文的研究结论为:第一,金融控股集团通过加强公司治理能力,能够促进内部资本市场协同、资源协同、财权协同和激励约束协同,其中对资源协同和财权协同的作用更显著。第二,在考虑制度背景的情况下,实际控制人为国有的金融控股集团通过改善公司治理水平,对资源协同的积极影响更显著。相较于实际控制人为非国有的金融控股集团,国有性质金控集团可以优化国有资产配置,加快国有资产的资本化,提升国有金融资产的规模集聚效应和资源利用率,有效发挥资源协同。第三,在分层面考虑公司治理结构时,董事会显著促进了资源和财权协同,监事会规模显著促进了激励约束协同,股权结构显著促进了资源协同,管理层结构显著促进了资源和激励约束协同。加入治理结构间的交乘项后,董事会与管理层的交互作用有助于管理层结构的治理协同,而股权结构的复杂性和管理层的委托代理问题制约了资源协同的实现。金控集团还需加强股权结构层面和管理层层面的治理能力和联动协同。目前对金融控股集团的治理协同大多集中于宏观和理论层面,而本文一方面系统梳理了金控集团公司治理对协同效应的微观传导机制,另一方面搜集了我国上市金控12年间数据开展实证分析。本文研究在理论与实证层面,对金融控股集团完善公司治理结构、充分发挥协同效应一定的参考价值和启示作用。更多还原

【Abstract】 After reforming and starting the financial industry,my country began building a financial holding company as the integrated operation of global financial institutions began to develop.Under the current foundation of financial industry integration,financial capital groups need to improve their corporate governance functions and improve financial integrity and industry collaboration.Although the theory of governance coordination has long been known.However,it is not uncommon for finance owners to do this.In light of this article,this article focuses on this problem by examining the mechanisms by which corporate governance of finance owners affects the outcome of collaboration.I guess.The dissertation presents the problems of corporate governance and synergy between financial holding groups and establishes a mechanism for the transfer of “corporate governance synergy”.Based on empirical data,the paper selected panel data from 34 financial holding groups listed on the Shanghai and Shenzhen stock exchanges from 2008 to 2019 as a model to test the impact of corporate governance on domestic market synergy,resource synergy,synergy with financial sustainability.as well as stimulating power and limiting synergistic effects.In addition,the research perspective of the dissertation is based on the nature of the de facto controller of a financial holding group and analyzes the comparative mechanisms for coordinating the management of a financial holding group of a state and non-state nature in accordance with different levels of corporate governance.governance structure tiered governance The structure and impact of corporate governance on synergy,provided that overarching products are added between the different governance structures.Finally,this article analyzes the state of coordination of financial portfolio management across key companies,local,private,complex and Internet categories,and attempts to convincingly support the transfer mechanism in this article using typical data on cooperation in the management of financial companies.The results of the paper are as follows.First,the Financial Equity Group can promote internal capital market synergies,resource synergies,financial synergies,and synergies of motivation and restraint by complementing them.Build a synergistic role of corporate governance functions and resources.And financial strength cooperation.Given the institutional background,the state financial regulatory group is the main regulator by improving the level of corporate governance,which has a more positive impact on resource adjustment.The state finance capital group can optimize the allocation of state-owned assets compared to the nongovernmental finance group where the nongovernmental financial holding group is the actual regulator.Accelerate the capital increase of state assets.Scaling of results,consolidation and resource use of government financial assets as well as efficient use of resource interoperability.Third,when looking at different levels of the corporate governance structure,the Board has made it much easier to coordinate resources and financial rights.The size of the Audit Committee makes it easy to coordinate incentives and restrictions.The equity structure of the shareholders was strongly promoted.The coordination of resources and management structures has made the coordination of resources as well as incentives and boundaries much easier.After participating in a crossover between governance structures,the interaction between the board of directors and management makes it easier to coordinate governance aspects of the management structure and the complexity of the equity structure and key agent issues.The Financial Holding Group must also strengthen governance,consistency and collaboration skills at the equity structure and management level.Currently,the regulatory interoperability of most financial institutions is focused on the macroeconomic and theoretical levels.This document,on the one hand,systematically integrates the corporate governance microtransmission mechanism of the financial group in order to generate synergies and,on the other hand,gathers information about its holdings.My country has registered funding for 12 years to conduct empirical research.This article examines theoretical and empirical reference levels,trains financial equity groups to improve their corporate governance structure,and continues to work fully together.更多还原