股票市场看好入选“全球系统重要性银行”吗?

Does Stock Market Show a Positive View on Being Global Systemically Important Banks?

股票市场能够反映金融市场参与者的观点和判断。与国际研究结论类似,中国股票市场对"全球系统重要性金融机构"概念的反应整体不显著,中国股票市场并不"看好"中国上市商业银行入选全球系统重要性金融机构。本文认为这是由于"全球系统重要性"的声誉增加值的利好信息与监管负担增加的利空信息综合作用的结果。在股票市场能够反映所有市场参与者观点的假设条件下,本文的实证结果表明,对系统重要性金融机构监管不会给金融机构带来额外的负面影响。

Stock market can reflect financial market participants'view on certain events.Similar to international studies,Chinese stock market does not show any significant react to being global systemically important financial institutions.This paper argues that this phenomenon is driven by two counter interactive factors: the positive reputation value of being global systemically important financial institutions and the negative value of additional regulation costs.Under the hypothesis that stock market can reflects financial market participants' views,this paper supports that strengthening regulation on systemically important financial institutions cannot bring additional negative impacts on these institutions.