摘要
现有理论研究普遍认为过度竞争会鼓励商业银行增加风险承担,但实证文献并未发现两者之间稳定的正向关系。现有理论模型假设商业银行仅在存款市场上竞争是导致理论和实证研究结论出现背离的重要原因。通过构建一个考虑银行在贷款市场上竞争的扩展模型,本文揭示了一种完全不同于现有理论的传导机制,即贷款市场竞争的增强使得商业银行降低贷款利率,从而相应减轻了企业贷款成本和从事冒险投资项目的动机,间接降低了商业银行的信用风险承担。基于我国115家商业银行1996-2014年的面板数据,实证检验了市场竞争与银行风险承担之间的关系。结果显示,银行业市场越垄断,商业银行的风险承担水平越高;相反,市场越竞争,商业银行的风险承担水平则越低。本文的政策含义十分明确,应进一步深化金融领域的市场经济体制改革,充分发挥市场在金融资源配置中的决定性作用。
The theoretical research generally believes that over-competition will encourage commercial banks to increase risk-taking, but the empirical literature has not found a stable positive relationship between them. The existing theoretical model assumes that commercial banks compete only in the deposit market, which is an important reason for the divergence of theoretical and empirical conclusions. By constructing an extended model considering the bank＇s competition in the loan market,this paper reveals a transmission mechanism which is completely different from the existing theories. That is, the enhancement of the loan market competition makes the commercial banks reduce the loan interest rate, thus reducing the enterprise loan cost and the motivation to engage in the venture investment projects, and indirectly reducing the motivation of the venture investment project. We then empirically tested the relationship between market competition and bank risk-taking Based on the panel data of 115 commercial banks in China from 1996 to 2014. The results show that the more monopolistic in the banking market, the higher the risk taking of commercial banks; on the contrary, the more competitive the market is, the lower the risk taking of the commercial banks. The policy meaning of this article is very clear. We should further deepen the reform of the market economic system in the financial field and let market play the fundamental role in the allocation of financial resources.
作者
韩雍
刘生福
Han Yong;Liu Fusheng
出处
《投资研究》
CSSCI
北大核心
2018年第5期34-47,共14页
Review of Investment Studies
关键词
商业银行
市场结构
存款竞争
贷款竞争
风险承担
Commercial banks
Market structure
Deposit competition
Loan competition
Risk taking
