中资银行国际化的价值效应:源于市场机会还是监管套利?——来自中国资本市场的证据

The Value Effects of Commercial Banks Internationalization:from Market Forces or Regulation Arbitrage?Evidence from Capital Market in China

关于银行跨国经营的价值效应来源,现有理论存在着"市场机会"与"监管套利"两种解释。本文运用事件研究法,以中资银行2006年以来的全部国际化事件为样本考察了国际化的价值效应。结果显示,中国资本市场对监管套利机会做出显著正向反应,但并未对市场机会做出反应。研究结论在考虑目标市场债权人保护水平的影响后依然成立。本文提供的监管套利的价值效应证据既为未来的中国金融机构实施"走出去"战略的目标选择提供了参考,也有助于更好地理解金融机构国际化的动因。

Market forces and regulation arbitrage are two explanations for the value effects of bank international- ization in global financial markets. We use event study method to examine these two explanations respectively, based on all bank internationalization events since 2006. The result shows Chinese capital market gives high abnormal returns for capital arbitrage opportunity, but doesn＇t respond to market forces. The finding remains robust when considering the value effect of creditor protection in target country. This research indicates that how banks choose their target area matters and also helps to understand the motivation of why financial institutions choose internationalization.