摘要
文章以中国上市金融机构为研究样本,使用金融市场交易数据,运用多元GARCH模型,在控制金融机构风险状态的前提下研究金融机构股东和债权人之间是否存在利益冲突。实证分析表明,在高风险状态下,样本内21家金融机构股东和债权人之间能够同舟共济,尤其是当风险超过一个拐点时,金融机构股东和债权人有动机相互配合,最大化双方共同利益。但同时实证分析显示,样本内有24家金融机构股东和债权人在高风险状态下没有表现出"共苦"的精神。因此在高风险状态下,金融机构股东与债权人之间的关系表现具有异质性特征。在低风险状态下,股东会在风险上升缓冲地区内增加公司经营风险,导致债权人对未来风险的担忧,进而会增加债券折现率,降低债券价值,股东和债权人之间存在更为明显的冲突。总体上,本文实证结论表明股东和债权人之间存在利益冲突的可能性更大。
This paper takes China’s listed financial institutions as research samples,and uses financial market transaction data and the multi-GARCH model to study whether there is a conflict of interest between shareholders and creditors of financial institutions under the premise of controlling the risk status of financial institutions.The empirical analysis shows that in a high-risk state,most shareholders and creditors of financial institution can work together,especially when the risk exceeds a threshold,shareholders and creditors of financial institution have the motivation to cooperate with each other to overcome difficulties and maximize the common good.At the same time,the empirical analysis also indicates that shareholders and creditors of 24 financial institutions in sample do not show the spirit of"sharing suffering"in the high-risk state.Then,the relationship between shareholders and creditors of financial institutions are characteristic of heterogeneity in the high-risk state.While in a low-risk state,there is a buffer area for rising risks.Shareholders will use this space to increase the corporate operating risks,which will cause creditors to worry about future risks,and hence increase the bond discount rate,decrease the bond value,the conflict of interest between shareholders and creditors turns more significant.In general,the empirical conclusion shows that there is a greater possibility of conflicts of interest between shareholders and creditors of financial institution.
作者
刘志洋
胥子林
Zhiyang Liu;Zilin Xu(Business School,Northeast Normal University,Changchun Jilin 130117,China)
出处
《会计与经济研究》
CSSCI
北大核心
2020年第6期112-126,共15页
Accounting and Economics Research
基金
教育部人文社会科学研究青年基金项目(19YJC790088)
东北师范大学社会科学青年基金团队项目(20QT002)
关键词
金融机构股东
金融机构债权人
利益冲突
风险状态
shareholders of financial institutions
creditors of financial institutions
conflict of interest
risk states
