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Research on Listed Banks Refinancing Based on the Perspective of Optimal Capital Structure

Author: AnXinJie
Tutor: LiuXiHe
School: Tianjin University of Finance and Economics
Course: Finance
Keywords: Refinancing Optimal Capital Structure Economic Capital
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 203
Quote: 0
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Abstract


After 2008 financial crisis, our country carried out expansionary monetary policy to recover economy, it needs the cooperation of banking system, banks issue loans actively, it is inevitable to make their capital ratios dropping fast, so the listed banks need to refinancing. It’s very important for the listed banks to choose the refinancing channel and scale, what standard should they obey to maximize their value is worthy of our discussion. Different ways of refinancing leads to different capital structure. The capital structure is the key step when making financial decisions. An appropriate capital structure enables banks minimize their cost and maximize their profit when financing. By relaxing the main assumptions in classic MM theorem and introducing regulatory capital, agency costs and government guarantee, we can obtain the optimal capital structure of banks, which we rely on to make refinancing decision.Firstly, this paper define the optimal capital structure, and point out the special character of bank’s optimal capital. Secondly, on the basis of existing research and add taxation to establish optimal capital structure model that fit for listed banks. After analyzing the data of 14 listed banks, this paper concludes that the optimal capital structure has a close relationship with their last capital lever and the regulatory capital requirements, but no significant relation with’ the variance of net profit, the asset size, the uncertainty of market and policy, taxation etc. Thirdly, this paper analyze the refinancing status and refinancing reasons of listed banks, and give some advices on how to improve capital adequacy ratio fundamentally. The Fourth, apply the optimal structure model to estimate listed banks’optimal capital structure, then compare it with their actual capital structure, founding that it more or less deviate from optimal capital structure, then elaborate problems they are facing from banks’inside and outside perspective.At last, this paper give some countermeasures to improve the listed banks’current situation: improve the corporate governance structure; establish diversified capital supplementary channels; increase the proportion of direct financing; speed up economic capital management system, change the operation mode.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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