资本缓冲对中国商业银行行为的影响——基于审慎监管视角

The Impact of Capital Buffer on Commercial Bank Behavior in China:Based on the Perspective of Prudential Regulation

国际金融危机的爆发引起了人们对资本缓冲如何影响银行行为更为广泛的关注。笔者构建动态面板数据模型估计目标资本充足率,在此基础上检验资本缓冲对银行资产和资本结构调整行为的影响。研究结果表明,2003—2012年,资本缓冲对中国商业银行资产配置和融资行为具有重要影响,资产缓冲较高的银行会发放更多贷款,持有更多高风险资产,但补充资本的激励不足;资本缓冲对银行行为的影响取决于监管惩罚措施的执行,资本监管的"硬约束"增强了银行调整风险偏好、采用股权融资补充核心资本以满足外部监管要求的动力。笔者的研究发现为后危机时代监管当局的逆周期资本监管政策提供了经验证据。

Lots of attention had been paid to how capital buffer affect bank behavior in the aftermath of the global financial crisis. By using a dynamic panel data model, this paper estimated target capital ra- tion and analyzed the effects of capital buffer on asset structure adjustment behavior and capital structure adjustment behavior. The results showed that capital buffer had important effect on the behavior of com- mercial bank＇s asset allocation and financing from 2003 to 2012, the higher the capital buffer, the greater the lending high risk asset, the lower the capital supplement. The impact of capital buffer on bank behavior depended on the implementation of regulatory punitive measures, in order to satisfy the regulatory capital requirement, banks tended to adjust risk preference and use more equity financing when facing the hard constraints of capital regulation. All these findings provided the evidence for countercyclical capital regulation in the post-financial crisis era.