The Dynamic Optimizational Model Of Capital Structure In Comercial Banks

Subprime mortgage crisis in the United States shows the importance of capital structure dynamic optimization in the commercial banks. Because of the external environment and policy changes, the dynamic structure optimization brought about enormous adjustment costs to the commercial bank capital. How to guard against adverse adjustment costs, and avoid the intense volatility, which dynamic optimization mode of commercial banks brings to the whole industry, and even the national economy,is the importance of the research.Dynamic Optimization of Capital Structure of Commercial Banks in theory can deepen the existing capital structure research, meanwhile, which gives the specific industry, specific features and specific importance of commercial banks to provide dynamic optimization of capital structure theory, which is designed better path selection for optimal capital structure.Commercial bank's capital structure is dynamic optimization equilibrium, the reason why is the growing uncertainty in the economy:uncertainty in in their own element of commercial banks; uncertain in the industry or competition in the market; an uncertain state in macro-economic factors; liquidity position is also facing uncertainty, which is theoretical and empirical evidences find this is the main factors of dynamic optimization in the commercial bank's capital structure. Dynamic optimization model of commercial bank's capital structure have shown that there is panel cointegration relationship among internal factors, such as commercial banks, profitability, firm size, tangible assets and dynamic optimization of capital structure and there was a significant positive correlation among them, while it is significant negative correlation between fluctuations in revenue and dynamic optimization of capital structure. Compared with non-binding business, adverse macroeconomic conditions give more shocks to businesses that is a greater financial distress, Because in the same state it can not make full use of favorable conditions. The study has confirmed the financial difficulties significantly affect the capital structure decision. R&D and the produce ability of market competition determine the speed of adjustment of enterprises.Liquidity shocks, particularly non-voluntary nature of liquidity shocks, weakened the dynamic optimization speed of commercial bank's capital structure.Compared to traditional and static model in the commercial banks,more results can be found:(1) The influence of own factors of Commercial banks on the capital structure optimization is instability, and the model is fail to significance test; (2) it improve the explain of the owner factor in the commercial banks optimization model,after thinking about the factors,such as macroeconomic factors, market competition and liquidity, although the effects become more small in the dynamic optimization model, which indicate that ignoring factors,such as macroeconomic factors, market competition and liquidity, weakens the explain ability of the commercial bank capital structure'factors. (3) Dynamic optimization of commercial banks increases the market value of commercial banks in the capital market. Empirical evidence shows that high leverage reduces agency costs of external equity, and by limiting human action or encouraging managers to take more in line with shareholder interests, it ultimately increase the. efficiency of commercial banks, but it shows market value has no significant impact on capital sturctrue of commercial banks.bank dynamic optimization models of Commercial focus mainly focus on the following aspects:First, the commercial banks build themselves optimization model,according to the owner factor,but the model is unstable.Commercial bank's capital structure optimization starting point is the dynamic factor of its own, but can not say that this is far from the end. Second, commercial banks have introduced dynamic optimization model of the macro factors, liquidity shocks and market competition, which stabilizes the model.For dynamic optimization model,All commercial bank need to obtain initial capital structure based on their own factor,and then according to liquidity conditions,commercial banks dynamically adjust the capital structure in the favorable macroeconomic background,which helps commercial banks obtain a favorable competitive position...