杠杆率监管政策对银行系统性风险的影响研究

The Impact of Leverage Regulation Policy on Banking Systemic Risk

深入探究杠杆率监管政策对银行系统性风险的影响,对于加强银行资本监管、维护金融体系稳定都具有一定的积极意义。本文基于2011-2021年我国16家上市商业银行的季度面板数据,以MES方法测度银行系统性风险,并将2015年实施的《商业银行杠杆率管理办法》视为一项准自然实验,采用PSM-DID方法探究杠杆率监管政策对银行系统性风险的影响,实证结果表明:《商业银行杠杆率管理办法》的实施能够有效地降低银行系统性风险承担,并且通过了稳健性检验。基于此,监管机构应充分发挥杠杆率监管的作用,积极防范银行系统性风险,维护金融稳定。

It is of certain positive significance for strengthening bank capital supervision and maintaining the stability of financial system to explore the influence of leverage ratio regulation policy on the systemic risk of banks.Based on the quarterly panel data of 16 listed commercial banks in China from 2011 to 2021,this paper uses MES method to measure the systemic risk of banks,and considers the Leverage Ratio Management Measures of Commercial Banks implemented in 2015 as a quasi-natural experiment,PSM-DID method was used to explore the impact of leverage ratio regulatory policies on the systemic risk of banks.The empirical results show that:The implementation of the Measures for Managing the Leverage Ratio of Commercial Banks can effectively reduce the systemic risk bearing of banks,and has passed the robustness test.Based on this,regulators should give full play to the role of leverage ratio regulation,actively guard against systemic risks of banks,and maintain financial stability.