An Empirical Study Of The Impact Of Ipo On Commercial Bank's Performance

According to the statistical information of China Banking Regulatory Commission,by the end of 2016,the total assets of commercial banks in China had reached 181 trillion and 700 billion.In terms of total amount,the five major state-owned enterprises accounted for nearly half of the total,and the proportion of urban and Agro commercial banks was close to 1/3;in terms of small and micro enterprise loans,cities and Agro commercial banks totaled 9 trillion and 400 billion,nearly half of the total loans of small and micro enterprises,and the cities and Agro businesses supported nearly half of the small and micro enterprises with less than 1/3 of the assets regulations.In addition,the quality of the assets was the most important.The rate of bad loans is only 1.48%,which is lower than the average value of 1.74% of China's banking industry.However,the capital adequacy ratio of the commercial banks is the lowest in all types of commercial banks,and it is urgent to supplement the capital.The quality of the assets of the agricultural commercial banks is the worst,the rate of non-performing loans is up to 2.49%,the capital adequacy ratio is only slightly higher than that of the city commercial banks,and the capital fund and the internal management structure of the enterprises are urgently needed to improve the bad loan rate and the ability to increase the risk resistance.Based on a number of financial and non-financial data between 102 commercial banks of China in bankscope between 2006-2016 years,this paper explores the specific impact of IPO on financial performance,social performance and bankruptcy ability of commercial banks.First,taking the bank capital adequacy ratio as the dependent variable,the listed virtual variables are independent variables and control the related variables.It is found that the double differential regression coefficient of the listed virtual variables is significantly positive,which shows that the IPO can improve the capital adequacy ratio of the commercial banks.Secondly,on the performance,this paper selects the net asset return(ROE)and the total asset return rate(ROA)as the dependent variable,taking the IPO as the virtual variable,adding the corresponding control variables,applying the double difference model to return the above two variables,and using the leveraged relationship between the two to analyze the mechanism of the impact of the IPO on commercial banks' performance further.The IPO can cause the financial performance of commercial banks to deteriorate;and in the process of return,the equity multiplier control variable is added to show that the net profit of the commercial banks decline in the year of the commercial banks,and further infer that the bank has made positive earnings management before the bank is listed,that is,the explanation of the IPO effect of the bank is the theory of earnings management.Besides,this paper adds "tax capacity" index to measure the social performance of commercial banks in order to reflect the performance of commercial banks more comprehensively.The cause of the study is that IPO can improve the "tax capacity" of commercial banks.The reason may be that when commercial banks are listed on the market,after weighing the revenue and the corresponding cost,they find that the cost is higher than the income,thus reducing the tax planning behavior after the IPO;the control variable,the TA regression coefficient of the total asset scale,is obviously positive,indicating the tax burden of the bank.At the same time,the return coefficient of virtual variables of the five big banks and listed companies is not significant.It is clear that the tax burden no longer increases with its scale when the scale of commercial banks reaches five big banks.This is the new discovery in this paper.Finally,we introduce the reciprocal of Z-score to study the anti-bankruptcy capability of commercial banks,and find that IPO can improve the ability of commercial banks to resist bankruptcy.This study supplements the empirical content of the impact of domestic listing on bank performance,provides empirical data for China's follow-up plan or the upcoming commercial banks,and provides some reference for China's financial industry supervision and financial industry governance,which is of great practical significance.