| Since the reform of rural commercial banks for many years,the ability of financial services in rural areas has not been significantly improved.This problem has aroused widespread concern of many scholars.Some scholars believe that the reasons for restricting the improvement of the financial service ability of rural commercial banks are related to their dual objectives.On the one hand,rural commercial banks have to maintain profitability and sustainable development in order to be able to support agriculture and support small;on the other hand,the main responsibility of rural commercial banks is to serve "agriculture,rural areas and farmers".However,the weak quality and high risk of "agriculture,rural areas and farmers" will make the profitability of rural commercial banks difficult to maintain,and then affect the quality of service for "agriculture,rural areas and farmers".It has been confirmed that the contradiction between the commercial sustainability goal and the agricultural support service goal of rural commercial banks is an important factor that restricts the improvement of their financial service ability,and most scholars agree that the equity allocation can have a significant impact on the dual goal performance of rural commercial banks.Specifically speaking,the efficiency of different shareholders' participation in business decision-making is different,which affects the financial performance of rural commercial banks;different shareholders pursue different business objectives,which further affects the social performance of rural commercial banks.But this point of view only stays in the theoretical analysis.This paper attempts to explore the mechanism of the impact of equity allocation on the performance of rural commercial banks with dual objectives from an empirical perspective,in order to provide scientific basis and Countermeasures for reconciling the dual objectives of rural commercial banks and improving their financial service capacity.First of all,this paper measures and evaluates the performance of commercial sustainability and agricultural support of rural commercial banks,and finds that there is a negative relationship between the performance of commercial sustainability and agricultural support.Secondly,based on the theoretical basis and the actual situation of rural commercial banks,this paper analyzes the impact mechanism of equity allocation on the dual target performance of rural commercial banks,adjustment mechanism of equity concentration and Marketization,And put forward research hypothesis.Thirdly,taking the data of 43 rural commercial banks from 2012 to 2018 as samples,using the econometric analysis software to conduct empirical test.The results show that: manager and other enterprises have a positive impact on the sustainability performance,because manager stockholder can alleviate the principal-agent problem,and other enterprises stockholder can supervise the behavior of large shareholders.However,the pressure of holding shares of government enterprise to undertake social responsibility is not good for sustainable performance.Natural person shareholders and finance enterprise shareholders oppose the decision of supporting agriculture with high risk and low income in consideration of their own dividend benefit,other enterprises seeks related loans for themselves to squeeze out agricultural loans,which is not good for the performance of supporting agriculture.Ownership concentration negatively adjusts the relationship between the equity allocation and the double goal performance of rural commercial banks,marketization degree positively adjusts the relationship between the equity allocation and the double goal performance of rural commercial banks.Finally,on the basis of empirical results,this paper puts forward countermeasures and suggestions from three sides: adjusting the equity allocation of rural commercial banks,improving the level of internal governance,and promoting the construction of external environment. |
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