银行的影子:风险分担还是风险传染

Banks' Shadow: Risk-sharing or Risk Contagion?

银行的影子业务作为中国影子银行的一部分,主要指银行近年来所主导的存在监管不足或规避监管的业务,银行通过银银、银信、银证、银保等之间的合作而形成同业资产或负债,这将使银行之间及银行与其他非银行金融机构之间的关联性发生改变,从而进一步影响银行的系统性风险。本文以2009-2014年16家内地上市银行为样本,研究银行的影子业务规模与系统性风险之间的关系。实证研究发现,银行的影子业务与银行系统性风险之间呈显著的U型关系,在银行的影子业务发展初期,银行间通过风险共担(risk-sharing)确实能降低系统性风险,但随着银行的影子业务进一步发展,银行间通过风险传染(risk-contagion)的金融加速作用而增大银行的系统性风险。

Banks' shadow business,as part of Chinese shadow banking,mainly refers to as the business of the banks in recent years led by insufficient supervision or circumventing regulations,the interbank asset or liability formed by the cooperation between the banks and banks,banks and trust companies,banks and securities companies and banks and insurance companies. This makes the relativity between banks and banks and banks and non-bank financial institutions change,which further affects the systematic risks of banks. This paper takes 16 inland listed banks from 2009 to 2014 as an example and studies the relationship between the scale of banks' shadow business and systematic risk. Empirical research finds that a significant U-shaped relationship exists between banks' shadow business and their systematic risks. In the beginning of banks' shadow business development,banks can reduce systematic risks by risk-sharing. But with the further development of banks' shadow business,the banks' systematic risks are enlarged by the financial acceleration role of banks' riskcontagion.