股权结构会影响商业银行信贷行为的周期性特征吗——来自中国银行业的经验证据

Dose Ownership Structure Affect the Cyclical Lending Behaviors of Commercial Banks:Evidence from China's Banking Industry

基于我国32家商业银行2003～2011年的年度非平衡面板数据,本文实证检验了银行信贷行为对宏观经济周期变化的反应,并考察了股权结构变化对其所产生的影响。结果显示,我国商业银行的信贷总量增速和中长期贷款占比变化呈现出显著的逆周期特征,短期贷款占比则与之相反;第一大股东持股比例和国有股占比的提高均会强化银行信贷总量增速的逆周期性,外资持股比例的增加则会弱化该特征;在经济下行周期中,国有持股比例较高的银行会加大中长期贷款投放力度,外资股占比较高的银行则会削减短期贷款投放规模。

Using an unbalanced panel data of China＇s banking industry from 2003 to 2011, this paper examines the relationship between banks＇ lending behaviors and business cycles, and whether there are substantial differ- ences across banks with different ownership structures. It shows that, the lending behaviors of China＇s banks are significantly counter- cyclical, the growth rate of loan of banks decreases （increases） during economic upturn （downturn） cycle, the lending behaviors of banks with higher ratio of state - owned shares or the largest share- holder ownership are more counter - cyclical, and banks with higher ratio of foreign - owned shares are less counter - cyclical in lending behaviors. Furthermore, the changes of loan term structure are also counter - cy- clical. During the economic downturn cycle, banks with higher percentage of state - owned shares increase the long - term loan supply, and the banks with more foreign - owned shares decrease the short - term loan supply sharply.