市场势力、收入多元化与上市银行稳健性

Market Power,Income Diversification and the Stability of Listed Bank

市场势力的变化和收入多元化会对银行稳健性产生重要影响。基于1999-2015年沪、深股市16家上市商业银行的非平衡面板数据,以勒纳指数度量市场势力,赫芬达尔指数度量收入多元化,Z-SCORE数值度量银行稳健性,采用多元回归分析和中介效应检验程序,实证检验了市场势力通过收入多元化的中介作用影响银行稳健性的内在机理。研究结果发现：市场势力越大,银行稳健性越高;收入多元化程度越高,银行稳健性越好;收入多元化在市场势力影响银行稳健性的过程中发挥显著的部分中介作用。因此,提高银行的市场势力,能够增加银行的多元化收入,从而提高银行稳健性。

Market power and income diversification have important impacts on the stability of banks. Based on the unbalanced panel data of 16 listed commercial banks from 1999 to 2015 in Shanghai and Shenzhen stock exchanges, this paper uses Lerner index to measure market power, Herfindahl index to measure income diversification and Z- SCORE to measure bank stability. By using multiple regression analysis and the test procedure of mediating effect, the paper empirically tests the internal mechanism of how market power affect bank stability through income diversifica- tion. The authors find out that the greater the market power, the higher of the bank stability; the higher the degree of income diversification, the better of the bank stability; income diversification plays a prominent intermediary role in the impact of market power on bank stability. Therefore, in- creasing market power of banks can help to increase the income diversification of the banks, which further improves bank stability.