跨国银行内部资本市场的金融风险传导

Financial Risk Transmission in Internal Capital Markets of Multinational Banks

本文利用1999～2012年的47家跨国银行分布于五大洲的54个发展中国家或新兴经济体的235家分支机构的数据,验证跨国银行内部资本市场风险传递的作用。研究表明:在经济平稳期,分支机构更依赖母银行的内部资本市场以支持其贷款增长,欧洲地区分支机构的表现尤为明显,而且一定程度上受总部与分支机构是否在同一地域的限制;新设立的或贷存比高的银行更容易依靠母银行的支持而不是根据自身积累的资金来支持贷款增长,同时金融开放程度高或银行业集中度低的环境下,内部资本市场金融风险传导的作用更强。

Based on the data of the 235 foreign branches of 47 multinational banks in 54 developing countries during 1999～2012, this paper tests the role of internal capital markets of multinational banks in risk transmission. It is found that, in the period of economic stability, the branches depend more on the internal capital markets of parent banks to maintain loan growth,which is particularly evident in Europe and dependent on whether headquarter and branch offices are in same region; newly-established banks or banks that have a high ratio of loan to deposit rely more on the supports of parent banks rather than their own accumulated funds to maintain loan growth; in an environment with high-degree financial openness or low-degree banking concentration, the internal capital markets have greater effects on financial risk transmission.