业务自由化与商业银行的风险承担——来自中国银行业的经验证据

Business Liberalization and Commercial Bank Risk-Taking——Empirical Evidence from Chinese Banking Industry

基于我国103家商业银行2003年至2015年的数据，系统考察了业务自由化对银行风险承担的影响。研究表明：从整体效果看，业务自由化对银行风险承担的影响呈现先抑后扬的u型趋势，适度业务自由化有助于减弱银行风险承担，过度业务自由化反而会加重银行风险承担；从作用机制看，业务自由化通过对银行资产收益率和经营风险的非线性影响，以及对资本充足率和杠杠风险的不利冲击，对银行破产风险产生影响；部分商业银行非利息业务尤其是交易投资性业务发展过快，已加重了自身的风险承担，存在业务过度自由化的迹象。

Based on the data of 103 commercial banks from 2003 to 2015, this paper investigates the impact of business liberal- ization on bank risk-taking. The results show that, the impact of business liberalization on bank risk-taking presents an U-shaped trend, which reflects the weakening effect of moderate business liberalization on bank risk-taking and the strengthening effect of ex- cessive business liberalization. Moreover, business liberation exerts influence on bank bankrupt risk through the nonlinear impact on bank assets return and operational risk, as well as the adverse impact on capital adequacy and leverage risk. The final point concerns the excessive growth of the uon-interest business in some commercial banks, especially its transaction investment business, which reflects the phenomenon of excessive business liberalization and has actually increased the burden of risk-taking.