The Research On The Optimization Of Capital Structure Of Chinese Listed Commercial Banks

With China's rejoining WTO and the financial sectors open up further to the outside world, it has been one of our important task to establish a modem commercial bank system and build up banks'competence of our country.It requires that commercial banks should promote their market competence ,improve corporation governance, and optimize capital structure to embrace the challenges of makret competition and foreign banks.The capital structure of commercial banks has both the fundamental characters of common company and the special characters of its own.This paper examines the capital sturcutre of the state-owned commercial bank and shared commercial bank in China under the background of Chinese economy transition and institutional change, and applying new- institutional economics, financial economics, game theory, information economics and risk cost theories of capital, the comprehensive use the historic and logic deduction, empirical analisis and normal analysis, quantitative research and qualitative analysis and technique means .Under the guidance of the capital structure theory,considering the special characters of commercial banks,the paper first commonly analyzes the characters of banking capital structure.Then will analyzes the present situation of China's commercial banks' capital structure indetail.With the development of nearly half of century, China's commercial banks have formed a system in which the wholly state一funded commercial banks take up the most important position and joint stock commercial banks represent the trend of China's commercial banks' future.So the paper analyzes China's commercial banks with the symbol of the above two kind of banks. Analyzes concrete factors that affect China's commercial banks and the effect degree on the basis of the practical analysis of five commercial banks using the recent five years' data;at last, with reference to the above analysis, put forwrard the suggestions to optimize China's commercial banks, capital structure by two ways, namely capital structure in the bank and governance environment out of the bank..The are two specialties in the paper.At first, it combines the theory of capital structure and based on the particularity of banks' capital structure to analyze the relationship between listed banks'capital structure and corporate governance's effects.Then, this paper use the standard deviation of the proportion of main shareholder's stock right as explanatory variable to analyze the relationship between listed banks' capital structure and corporate governance's effects.