银行竞争程度对其稳定性的影响研究——来自FDIC公布的美国4631家银行的经验证据

A Study on the Impact of Bank Competition on Stability--Empirical Evidence from 4,631 Banks of US from 2002 to 2017 Released by the FDIC

在金融供给侧改革的背景下,研究如何减少银行间的无序竞争,增加有效供给以及保障银行体系稳定,具有重要意义。本文首先系统分析了银行面临的竞争程度对稳定性的影响机制,然后选取2002—2017年间美国4631家银行的平衡面板数据为样本,采用固定效应二阶段最小二乘法,检验了银行竞争程度对稳定性的影响。研究表明:第一,银行竞争程度主要通过特许经营权价值、信贷成本和经营行为三种途径影响银行稳定性,银行竞争程度与其稳定性之间呈"倒U型"关系,且拐点处Lerner指数位于0.35左右;第二,美国银行业在观测期内一直存在过度竞争现象,但2008年金融危机之后这种现象有所缓和,且行业稳定性逐步提高。鉴此,本文认为,金融监管部门和商业银行应考虑竞争程度对稳定性的非线性影响,并制定差异化的监管政策和经营策略,以促使银行个体在不同的竞争环境中更好地控制风险,提高自身的稳定性。

In the context of financial supply-side reform,it is of great significance to reduce the disorderly competition among banks and increase effective supply to ensure the stability of the banking system.This paper firstly analyzes the mechanism of bank competition affecting stability of the single bank firstly.Then,based on the balance panel data of 4,631 American banks from 2002 to 2017 as a sample,we use the two-stage least squares method with fixed effect to test the impact of bank competition on its stability.Our results suggest that:First,bank competition mainly affects its stability through franchise value,lending costs and operating behavior.And there is an“inverted U”relationship between bank competition and its stability with an inflection point where the Lerner index is stable at about 0.35.Second,the US banking industry has always been in a state of excessive competition during the whole observation period.However,competition has been eased since the 2008 financial crisis and the industrial stability has gradually been improved.Third,keeping a lower level of competition under the intensified horizontal competition is conducive to maintaining stability,while keeping an appropriate competition level is beneficial to optimize operation and management.Based on these,we think that financial regulators and commercial banks themselves should consider the non-linear effects of bank competition on its stability and formulate differentiated supervision policies and operating strategies,so that banks can better control risks and improve their stability.