贷款跨行业多元化是否降低了银行系统性风险?——基于中国上市银行的证据

Does Cross-industry Loan Diversification Reduce Bank Systemic Risk?Evidence from Listed Banks in China

银行作为我国金融体系中最重要的金融中介机构,其采取的旨在降低个体银行系统性风险的多元化战略成效如何,在理论和实践上都是一个重要话题。本文首次研究了银行贷款业务跨行业投放策略对银行系统性风险的影响。基于上市银行数据的研究发现,贷款跨行业多元化与银行系统性风险显著呈正相关关系,即存在明显的“多元化系统性风险”效应。进一步研究发现,贷款跨行业多元化对银行系统性风险的影响主要通过银行间资产相似性渠道展开。此外,本文发现,“多元化系统性风险”效应主要存在于股份制银行、高同业存款和高房地产贷款的银行中。上述研究发现对目前正在如火如荼开展的控制和防范银行系统性风险的改革和实践具有重要的参考价值。

Banking plays a crucial role as the most significant financial intermediary in China's financial system,and the effectiveness of its diversification strategy is a significant topic in both theory and practice.Our research findings reveal a significant positive correlation between cross-industry loan diversification and bank systemic risk,indicating a clear“diversification systemic risk”effect.Further research indicates the influence of cross-industry loan diversification on bank systemic risk operates primarily through the channel of interbank asset similarity.Additionally,we find the“diversification systemic risk”effect is particularly prominent among joint-stock banks,banks with high interbank deposits and high real estate loans.This study holds important reference value for the ongoing reforms and practices in China aimed at controlling and preventing bank systemic risk.