由于我国资本市场发展相对缓慢，在我国的融资结构中，企业融资方式仍以商业 银行的间接融资为主。目前，我国商业银行正处于快速发展的轨道上，但乱象丛生， 其中，股权问题便是乱象中的一种。银行业监管部门的严监管强监管的趋势日益明显， 并将股权管理放在了突出的位置。对商业银行股权问题进行研究具有现实意义。国内 外专家学者针对股权问题进行了研究，形成了股权集中度理论、股权制衡理论、公司 所有权路径依赖理论等股权结构的相关理论。本文以T银行为例，对其股权问题进行 分析，明确T银行股权管理更加科学与规范的思路与方法。 本文首先从不同的角度对股权进行了界定，说明了股权的本质，介绍了股权结构 的相关理论。然后从历史发展的角度对我国商业银行和T银行股权结构的演进进行了 分阶段阐述，根据不同阶段股权结构的不同，将T银行股权结构分为金融危机前和危 机后两个阶段进行剖析。重点分析了T银行股权结构的现状、存在问题及原因分析， 并在此基础上提出相关解决方案和政策建议。总体上看，T银行股权结构呈现出三个 特点：一是后危机时代，国有企业法人股骤增，并迅速占据主导。二是财政股和民营 企业股占比呈现先增后减的趋势。三是股权趋于分散，单个股东持股比例较小且较平 均。同时发现，该银行股权结构存在四方面问题：一是政府隐性控股问题突出；二是 股权集中度高；三是股东关系错综复杂；四是中小投资者等其他利益相关者的利益保 障难。随后探究了问题产生的原因及对公司治理的影响。针对发现的问题，本文从规 范股权管理、加强股东管理和建立现代公司治理结构等三方面提出了相关的解决方 案。另外，本文还从完善股权管理相关制度和重视监管机构的作用角度提出了政策建 议。 本文的最后描述了对T银行股权问题进行分析得出的结论，并将该结论延伸至同 类同质商业银行，明确了相关管理启示。 关键词：T银行；股权问题；解决方案 III Abstract Due to the relatively slow development of China’s capital market, in the aspect of China’s funding structure, corporates mainly adopt indirect funding method. Currently, China is witnessing rapid development of commercial banks, while various chaos emerged, among which shareholding structure issue stands out. Banking regulators demonstrate an increasingly obvious trend of strengthening and reinforcing supervision, setting shareholding structure management as priority. Studies on commercial bank shareholding, with essential practical sense, have been conducted by both domestic and international scholars, forming shareholding concentration theory, shareholding balancing theory, corporate ownership path reliance theory and other shareholding structure related theories. This thesis, taking Bank T as an example, analyzes their shareholding issues and casts a light on a more scientific and standardized method on their shareholding management. The thesis firstly defines shareholding from difference angles, illustrated the nature of shareholding and introduced relevant theories on shareholding structure. It then elaborated phase by phase on the historical evolution of China’s commercial banks and Bank T, dividing the shareholding structure of Bank T as pre-financial crisis and post-crisis by changes over time. The current status, issues and root cause analysis of Bank T’s shareholding structure are analyzed as focus, upon which relevant solutions and policy suggestions are made. In general, the shareholding structure of Bank T shows 3 features: First, in post-crisis era, state-owned enterprise legal person shares surged and has taken dominance quickly; second, finance shares and private enterprise shares increased before decreasing; third, shareholding is too dispersed, with single shareholders taking relatively small and average portion. Our study also found 4 issues in the bank’s shareholding structure: First, government invisible holding issue is salient; second, shareholding concentration rate is high; third, relationship among shareholders is complicated; fourth, it is difficult to protect benefits of other stakeholders, such as medium and small investors. Root cause of the issues and the influence on corporate governance are also discussed, followed by solutions provided for standardizing shareholding management, enhancing shareholder management and establishing modern corporate governance structure. Meanwhile, the thesis also brings up policy suggestions on improving shareholding management policies and emphasizing the roles of regulators. IV In the last part, the thesis summarizes conclusions on the analysis on Bank T’s shareholding issues and extends the conclusions to similar commercial banks to enlighten management. Key words：T bank；shareholding issues；solution V 目 录 第一章 绪论 ...................................................................................................................... - 1 - 1.1 研究背景 ..................................................................................................................... - 1 - 1.2 研究目的和意义 ......................................................................................................... - 2 - 1.2.1 研究目的 .......................................................................................................... - 2 - 1.2.2 研究意义 .......................................................................................................... - 2 - 1.3 国内外研究现状 ......................................................................................................... - 3 - 1.3.1 国外研究现状 .................................................................................................. - 3 - 1.3.2 国内研究现状 .................................................................................................. - 5 - 1.4 研究方法与内容 ......................................................................................................... - 6 - 1.4.1 研究方法 .......................................................................................................... - 6 - 1.4.2 研究内容 .......................................................................................................... - 6 - 第二章 股权结构的相关理论 .......................................................................................... - 7 - 2.1 股权的一般原理 ......................................................................................................... - 7 - 2.1.1 股权的内涵和属性 .......................................................................................... - 7 - 2.1.2 股权的本质 ...................................................................................................... - 8 - 2.2 股权结构相关理论 ..................................................................................................... - 8 - 2.2.1 股权集中度 ...................................................................................................... - 8 - 2.2.2 股权制衡理论 .................................................................................................. - 9 - 2.2.3 公司所有权路径依赖理论 ............................................................................ - 10 - 第三章 商业银行及其股权结构的历史演进 ................................................................ - 11 - 3.1 我国商业银行及股权结构的演进 ........................................................................... - 11 - 3.1.1 现代银行业初步发展时期 ............................................................................ - 11 - 3.1.2 改革之前的“大一统”时期 ............................................................................ - 11 - 3.1.3 改革之后的多层次时期 ................................................................................ - 12 - 3.2 T银行及其股权结构的历史演进 ............................................................................. - 13 - 3.2.1 T银行的历史演进 .......................................................................................... - 13 - 3.2.2 T银行股权结构的历史演进 .......................................................................... - 14 - 第四章 T银行股权结构存在的问题及影响 ................................................................. - 17 - 4.1 T银行股权结构的现状 ............................................................................................. - 17 - VI 4.1.1 T银行股权结构的基本情况 ..............