希腊国债危机对欧洲银行业信息披露的动态影响

本文探讨了希腊国债危机对银行信息披露的动态影响。经过对173家欧洲银行2009和2011年年度报告的数据统计,分析显示:自危机爆发以来,欧洲银行增加了其年度报告的长度,尤其是年度报告中的风险管理部分的长度。经过实证分析还发现,不管是银行的年度报告还是其风险管理报告长度的增加都与银行的资本成本所受到的外源性冲击相联系。而这种对资本成本的外源性冲击主要是希腊危机引起的。最后研究还发现,2011年风险管理报告部分的增加在一定程度上缓解了之前银行资本成本所收到的冲击,而年度报告的增加与此没有明显的关联。

Dynamic Effect of Greek Government-debt Crisis on the Information Disclosure of European Banks

This paper discusses the dynamic effect of Greek government-debt crisis on the information disclosure of European banks.The analysis of data statistics of annual reports of 173 European banks in 2009 and 2010 show that, since the outburst of the crisis, the length of the annual reports in European banks is increased, especially the length of risk management. The empirical analysis is also shows that the increase of the length of annual reports and risk management reports is related to the exogenous shocks of the cost of capital in banks. The exogenous shocks of the cost of capital are caused by Greek government-debt crisis. At the end, the study shows that, the increase of the length of the risk management reports in 2011 alleviates the shocks of the cost of capital in a certain extent, but the increase of the length of annual reports doesn＇t have a clear connection with the cost of capital.