利率市场化、股权结构与银行风险承担行为

Interest Rate Liberalization,Ownership Structure and Bank Risk Taking

股权结构会改变银行风险承担行为,而利率市场化则会影响二者关联的强度。本文基于2006—2015年我国上市商业银行面板数据,运用GMM估计方法,从股权集中度、股权属性、股权制衡度三个维度考察了股权结构对商业银行风险承担行为的影响,并在此基础上分析了利率市场化对二者关系的调节作用。结果表明,股权集中度与银行风险承担呈显著正向关系。股权集中度越高,其承担的风险越高;股权制衡度与银行风险承担水平呈显著负相关。中小股东对大股东的制衡能够削弱银行风险承担;国家控股和具有政府背景的银行与其他银行相比,风险承担意愿更强;利率市场化有助于弱化股权集中度和股权性质对商业银行风险承担行为的正向作用,同时强化了股权制衡能力对商业银行风险承担行为的负向作用。基于此,本文建议不断优化银行股权结构、进一步推进利率市场化,以更合理地管理商业银行风险承担行为。

The ownership structure can change the banks' risk-taking behavior, while interest rate liberalization can affect the correlation of the two sides. Based on the data of Chinese listed commercial banks from 2006 to 2015,this paper uses the GMM method to analyze the impact of ownership structure on the risk-taking behavior of commercial banks from equity concentration, equity property and equity restriction, and also analyzes the effect of interest rate liberalization on the correlation between the two sides. The results show that there is a significantly positive relationship between equity concentration and the banks' risk-taking behavior,which means that banks with higher equity concentration have higher principal-agent problem and then higher risk levels. Equity restriction and bank risk taking are negatively correlated, and the restriction between small-medium shareholders and large shareholders can weaken the banks' risk-taking behavior. Meanwhile,state-owned and government-backed banks are more motivated to increase the risk of banks than other banks. Last,interest rate liberalization helps to weaken the positive effect of equity concentration and equity property on commercial banks' risk-taking behavior,and to strengthen the negative effect of equity restriction on commercial banks' risk-taking behavior. Based on these results,this paper proposes to optimize the equity structure of banks and further promote interest rate liberalization in order to manage banks' risk-taking behavior more rationally.