向银行业投资的过度性甄别及动机分析

基于向银行业投资的资金总量与资金使用效率的关系,本文甄别了投资者投向银行业的资金是否存在过度投资现象,并提出金融业务特征假说来解释这一现象.研究结果表明,投向银行业的资金整体上存在明显的过度投资,且金融业务特征假说成立,即投资者正是因企图占有金融业务集聚的金融资源而过度投资.国有银行和城市商业银行的过度投资尤为突出,非上市银行也存在过度投资,并都证实了金融业务特征假说;从投资渠道来看,投向银行业的债权资金存在最为严重的过度投资,而金融业务特征假说在权益资金投资者上体现得最为明显.完善监管体制和提高信息透明度均有利于减轻过度投资并纠正不良的投资动机.

Discrimination and motive analysis of the over-investment in banks in China

Based on the relationship between financial capability and financial efficiency, over-investment behaviors are discriminated for 68 banks from 2007 to 2013 in China, and a hypothesis of Financial Service Feature is proposed to explain this phenomenon.Generally speaking, over-investment is very popular in all banks.The Hypothesis of Financial Service Feature is true really.Investors overly invested in banks in order to control those bank's financial resources which are accumulated in the financial services.The investments in the Nationalized banks and City banks are the most excessive.The investments in unlisted banks are more excessive than that in those listed banks.The hypothesis of Financial Service Feature is verified in the Nationalized banks and City banks, including in those unlisted banks.As for the different investment channels, the debt capitals are most extravagant.But equity investors have the strongest motivation to control the financial resources.It's useful to relieve the over investment and correct the harmful investment motivation by improving the regulation and information transparency.