摘要
2023年中央金融工作会议明确指出,要严格中小金融机构准入标准和监管要求,拓宽银行资本金补充渠道。近年来,金融管理部门在中小银行资本风险监管和资本补充渠道方面进行了不少尝试,并取得一定成效。但从包商银行风险等实例看,不少机构由于治理缺陷存在资本质量不高的问题,即使账面资本水平较高也无法在风险环境下有效吸收损失,实际风险隐患可能被低估。在梳理近期研究及理论分析的基础上,本文利用红利分配和盈利相关性(“明股实债”程度)以及关联方授信规模(“股本掏空”程度)两个指标来衡量银行资本质量,并基于2010—2021年我国1586家城商行和农商行的数据,实证检验了资本质量与中小银行风险偏好的关联性,深入分析了外部经济环境和公司治理效率对这种关系的可能影响。结果表明,资本质量较低的银行有较强的风险偏好,会选择低资本缓冲规模,且在下行周期中更为明显,即资本质量不高会放大资本缓冲的顺周期性;另一方面,受外部政策干预相对严重、公司治理效率偏低的中西部地区中小银行,资本质量下降对其风险偏好的影响也强于其他区域,且这一结构性特征在下行周期会更加明显。基于实证研究的结果及已出台的部分监管政策,本文提出了下一阶段可进一步关注和完善的政策思路。
The Central Financial Work Conference in 2023 clearly pointed out that the access standards and regulatory requirements of small and medium-sized financial institutions should be strict,and the channels for bank capital replenishment should be broadened.In recent years,Chinese financial management departments have made many attempts in the capital risk regulation of small and medium-sized banks and the improvement of capital replenishment channels,and have achieved certain results.However,from the perspective of risk examples such as Baoshang Bank,many small and medium-sized banks have insufficient capital quality due to governance defects,which makes them unable to effectively absorb losses in a risk environment even if they have a high level of book capital adequacy,potentially leading to an underestimation of actual risks.On the basis of recent research and theoretical analysis,this paper uses two indicators to measure the quality of bank capital,which include dividend distribution and profit correlation(degree of“fake equity,real debt”)and credit scale of related parties(degree of“equity tunneling”).Based on the financial data of 1,586 urban commercial banks and rural commercial banks from 2010 to 2021,this paper empirically tests the correlation between capital quality indicators and risk preference of small and medium-sized banks,and deeply analyzes the possible impact of external economic environment and governance efficiency on this relationship.The results show that banks with lower capital quality will have a strong risk preference and choose lower capital buffer scale,which is more obvious in the downward economic environment,that is,insufficient capital quality will amplify the pro-cyclicality of bank’s capital buffer.On the other hand,for small and medium-sized banks in the central and western regions with more severe external policy intervention and lower governance efficiency,the impact of declining capital quality on their risk preference is more significant compared to those in other re
出处
《金融监管研究》
北大核心
2023年第10期22-41,共20页
Financial Regulation Research
关键词
中小银行
资本质量
公司治理
风险偏好
Small and Medium-sized Banks
Capital Quality
Corporate Governance
Risk Preference
