| Facing the overlapping influence of the economic cycle,industry cycle,and tech cycle,the banking industry is based on a new turning point of rebalance,relocation,and reintegration.In terms of the macro-economic situation,the deep impact of the global economic crisis has not yet been removed,and sustained low growth has become the norm.On this basis,the slow economic recovery is also facing the impact of the "Black Swan" incidents such as the Brexit and United States elections.At the same time,China's economy has stepped into a new period of growth shifts and structural transformation.As pro-cyclical industry,the growth rate of the banking industry has slowed down obviously.At the industrial level,the dividend effect of the bank stock system reform is attenuating,as the result,the development ideas of the scale is efficiency are unable to adapt to the development needs of the new period.Since the People's Bank of China liberalized the interest rate regulation of financial institutions in July 2013,the era of "spread-benefit protection" that relies on deposit-loan interest spreads to earn high profits is gone forever.The traditional profit model is difficult to sustain.Interest rate liberalization has significantly accelerated the optimization of the income structure in the banking financial institutions,and has also spawned the commercial bank innovate and transform business model.Under the dual pressure of continuous economic downturn and industrial reform and upgrading,how can the banking achieve the goal of reform and transformation beyond the period of 13 th Five-Year Plan? This issue will be inevitably implemented in innovation-driven development strategy.Faced with changes and challenges in the new era,commercial banks should follow the policy guidance,seize the opportunities for reform,and fully integrate innovation resources,and create a platform strategy as the traction,differentiated product and service innovations as breakthroughs,and interact online and offline.The bank innovation model is characterized by channel innovation and supported by financial technology innovation.However,how to promote thetransformation,innovation and development of the banking industry on the basis of economies of scale and traditional business advantages? The most important step is to tap the equity system arrangement that drives bank innovation.This article empirically analyzes the influence of shareholding structure on the innovation ability of banks from the micro perspective,which is conducive to grasping the main direction of the mixed ownership reform of the banking industry,improving the institutional environment for bank innovation through the optimization of equity structure,and providing new innovations for the transformation of commercial banks in China.Perspective and experience basis.The study of this article takes the equity structure as the entry point,firstly reasonably defining the ownership structure and the concept of commercial bank innovation and innovation capabilities,and then analyzing the influence of the ownership structure on the bank's innovation ability based on the principal-agent theory,property rights theory,and financial innovation theory.The mechanism of action;second,a descriptive analysis of the current state of ownership concentration,the level of checks and balances,and the mixed ownership of equity in listed banks,and a comparative analysis of the development status of China's listed banks' innovation capabilities through the comparison between China and foreign countries;again,empirical analysis based on the fixed effect model.Starting from the three dimensions of equity concentration,shareholding balance and equity nature,the impact of equity structure on banks' innovative ability was examined.Finally,the conclusions were drawn from regression estimation results,and the bank's shareholding structure was optimized and innovation was promoted based on the actual development at the current stage.Capacity policy recommendations.This study finds that the correlation between equity concentration and listed banks' innovation ability shows an "inverted U-shaped" feature that rises first and then falls,and there is a threshold effect;the increase in the proportion of non-controlling East holdings is conducive to the formation of an equity balance mechanism.Inspire banks' innovation capabilities.There is a significant positive correlation between the degree of ownership of equity ownership and the innovative capacity of banks,which shows that the heterogeneity of equity is conducive to stimulate the innovation and enthusiasm of state-owned capital,while at the same time releasing the innovation vitality of social capital and overseas capital and forming a complementary effect of resources.As far as the ownership of shareholders is concerned,state-owned equity,private equity andforeign equity all play a positive role in promoting the innovation of listed banks in different degrees.Among them,the introduction of foreign investors to the bank's innovation "induction of foreign investment + introduction of intelligence + guidance" is a stimulating effect.The most obvious.Based on the empirical research findings and in light of the realities of China's banking industry,the following policy recommendations are proposed to optimize the ownership structure and enhance the bank's innovation capability:(1)Optimize the ownership structure and maintain a reasonable degree of ownership concentration;(2)Improve non-controlling Shareholders' shareholding ratio forms an effective system of checks and balances in equity;(3)Encourage and guide private capital and overseas capital into commercial banks,and continue to promote the reform of the mixed ownership system of the banking industry;(4)Give play to the capital advantages of state stocks and release the innovation vitality of state-owned legal person shares(5)Gradually liberalize the restrictions on the proportion of shares held by foreign shareholders and focus on promoting the opening up of the banking industry. |
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