政府监管、市场约束与银行风险承担

Government Regulation,Market Discipline and Bank Risk-taking

如何权衡政府与市场的力量,将“看得见的手”和“看不见的手”相结合,提升审慎监管有效性是当下银行稳健经营的关键。基于2009—2020年186家商业银行的面板数据,实证研究政府监管与市场约束及其不同组合对银行风险承担的影响。研究发现,政府监管与市场约束均能有效抑制银行风险,且资本监管与市场约束构成替代效应,流动性监管与市场约束无明显的相互作用。政府监管与市场约束抑制银行风险的有效性表现在提高风险约束效率,促进银行信息披露。当银行盈利水平提升、政府监管与市场约束的压力增强时,政府监管与市场约束的有效性进一步增强,二者的替代效应更加显著;在大规模银行、全国性银行与高风险银行中政府监管与市场约束的替代效应更加明显。政府监管与市场约束的力度应根据现实需要相互协调,从而增强二者组合的风险约束效力,促进银行业健康平稳发展。

Balancing the power of government and market,combining the “visible hand” and “invisible hand”,and enhancing the effectiveness of prudential regulation are crucial to ensuring the prudent operation of banks.Based on the panel data of 186 commercial banks from 2009 to 2020,this study empirically investigates the impact of government regulation,market discipline and their various combinations on bank risk-taking.The findings indicate that both government regulation and market discipline effectively mitigate bank risk.Furthermore,capital regulation and market discipline exhibit a substitution effect,while liquidity regulation displays no significant interaction with market discipline.The impact of government regulation and market discipline on bank risk is driven by improving the risk constraint efficiency and bank information disclosure.When banks are more profitable and the pressure of regulation and market discipline intensifies,the effectiveness of both is further enhanced and the substitution effect between the two becomes more pronounced.Moreover,the impact of regulation and market discipline is more pronounced in large-scale,nationwide and high-risk banks.The intensity of government regulation and market discipline should be coordinated based on real situation,thereby enhancing the risk-constraining effectiveness of their combinations and promoting the healthy and steady development of the banking industry.