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本文基于12家上市商业银行年报,分别从贷款量和贷款利率的角度检验了股权结构对上市银行信贷周期性的影响。经验证据表明,中国上市商业银行的信贷总量增速和中长期贷款占比变化呈现出显著的逆周期特征,贷款利率则表现出较为显著的顺周期特征;股权结构从总体上对上市商业银行信贷量增速和中长期贷款占比周期性的影响并不显著,但从方向上大股东或者国有股权份额的上升会增强上市银行信贷量的逆周期性,外资股权份额的上升则会减弱上市银行信贷的逆周期性,大股东持股比例的上升会倾向弱化贷款利率的周期性,其他股权结构对利率周期性的影响并不显著。
Based on the annual reports of 12 listed commercial banks, this paper examines the impact of ownership structure on the cyclicality of listed banks from the perspective of loan volume and loan interest rates. Empirical evidence shows that the changes in total credit growth and the proportion of long-term loans in China’s listed commercial banks show significant counter-cyclical characteristics while lending rates show more significant pro-cyclical characteristics. The ownership structure of the listed commercial banks The growth of credit volume and the proportion of medium- and long-term loans accounted for no significant effect on the cyclical market. However, the increase of the shareholding of large shareholders or state-owned shares in the direction will increase the countercyclicality of listed banks’ credit volume and the increase of foreign equity share will weaken the listing The countercyclicality of bank credit and the increase of the shareholding ratio of large shareholders tend to weaken the cyclicality of lending rates, and the impact of other equity structures on the cyclicality of interest rates is not significant.