公司治理与风险承担的行业差异——来自中国上市金融企业的证据

Corporate Governance and Industry Differences on Risk Taking:Evidence from China’s Listed Financial Institutions

以2006~2017年A股上市金融企业数据为样本,以ROA波动率、违约距离、边际预期损失和条件在险价值为风险测度指标,探讨公司治理对风险承担影响在金融细分行业间的差异。研究发现:个体风险方面,与证券和多元金融行业相比,银行和保险业的股东友好型公司治理水平更能促进公司进行风险承担;系统性风险方面,与银行和多元金融业相比,证券和保险行业的股东友好型公司治理水平更能促进公司进行风险承担。因此,监管部门在建立和完善金融监管体制时,应重视金融细分行业监管的差异性,避免"一刀切"的监管方式,并鼓励金融企业构建惠及各方利益相关者的治理机制。

This paper takes the panel data of A-share listed financial institutions from 2006 to 2017 as a sample,with ROA volatility,Distance to Default,Marginal Expected Shortfall and Conditional Value at Risk as risk indicators that explore the differences on the impact of corporate governance on standalone and systemic risk taking among the segments in financial industry.The empirical research shows that:In terms of standalone risks,shareholder-friendly corporate governance is associated with higher risk in banking and insurance industry than in securities and other financial industries;In terms of systemic risks,shareholder-friendly corporate governance is associated with higher risk in insurance and securities industries than in banking and other financial industries.Therefore,on establishment and improvement of financial supervision regulations,the supervisory authority should pay attention to the differences among the segments in financial industry and avoid a one-size-fits-all policy.Meanwhile,and encourage financial institutions to build a corporate governance system that benefits all stakeholders.