产权结构与商业银行贷款中的风险行为

产权结构是集中反映当前中国银行业公司治理特征的重要变量.基于我国14家代表性商业银行1994～2004年的面板数据,本文实证检验了产权结构差异对银行贷款中风险行为的影响.分析结果表明:在放贷过程中,非国有银行比国有银行更加谨慎,上市银行比非上市股份制银行更为谨慎.此外,国民经济的持续增长显著增加了商业银行贷款中的风险行为.银行贷款风险对存贷利差的变化并不敏感,对此尚未完成的利率市场化进程可作为部分解释.     

Bank governance,regulation and risk-taking in Ghana

ABSTRACT

Excessive risk-taking could spell doom for the financial market and the economy as a whole as evidenced by the recent global financial crisis of 2007/08. In this study, we document the impact of corporate governance on bank risk-taking behaviour whilst accommodating the moderating effect of forms of ownership on the relationship in a regulated environment as banks do not operate in a vacuum. A panel study with data spanning from 2000 to 2013 under the fixed effects model after several model diagnostics and performance of the Hausman specification test was used. We find reserve requirement regulation to significantly influence risk-taking positively. We advocate the reversal of the recent increase in the reserve requirement from 9% to 11% and rather recommend an increase in the regulatory capital adequacy ratio from the current 10%.     

管理层网络、关系治理与银行风险承担

管理层是各种社会关系的集合。蕴含社会资本的管理层关系网络必然影响银行风险。本文首次从社会网络视角考察了管理层网络与银行风险的关系,证实了管理层网络能够抑制银行风险。此外,本文推进了社会网络理论与银行治理理论的融合,并为监管当局对管理层行为尤其是董事兼任现象的监督和银行决策层是否建立网络联结提供了理论借鉴。     

经济政策不确定性、董事高管责任险和公司投资不足

基于A股上市公司2007-2018年的数据样本,考察在经济政策不确定背景下,董事高管责任险对企业投资不足的影响作用和路径.研究发现:经济政策不确定会导致公司的投资不足,公司购买董责险能缓解经济政策不确定对投资不足的负面影响.路径分析表明,在经济政策不确定情境下,董事高管责任险通过提高管理层的风险承担水平来改善公司投资不足.进一步研究发现,经济下行时期,董事高管责任险改善公司投资不足的积极作用更加显著;产权性质异质性检验发现,董事高管责任险对国有企业投资不足的改善效果更好.     

ESG 表现与企业风险承担——基于A 股的实证研究

本文以2012-2022 年沪深A 股公司为样本,实证研究ESG 表现与企业风险承担的关系。研究发现,良好的ESG 表现提升了企业的风险承担水平,且分项的检验结果表明,E（环境）、S（社会）与G（治理）因素均对风险承担水平的提升具有促进作用。进一步研究发现,ESG 提升企业风险承担水平的效应主要在资源获取较为困难的企业主体中更为显著,具体表现为当企业处于弱竞争地位、高竞争强度的市场中,且受融资约束的水平较高,产权性质为非国有时,ESG 表现的积极反馈提升了其风险承担水平。本文研究结论对监管机构进一步完善ESG 披露框架、规范披露要求、通过政策引导充分激发企业履行ESG 责任的积极性与主动性提供了一定的启示。     

次级债能发挥对银行风险承担行为的市场约束作用吗

关于次级债的既有文献基本都在实证研究其市场约束的存在性,而没有揭示次级债作为一种市场约束激励机制的有效程度或内在机理。本文则基于或有权估值理论,研究了次级债对银行风险承担行为的市场约束机理。我们的研究发现:当银行的资产负债水平处于一定的安全边界之内时,随着银行风险承担行为的提高,次级债债权人会在某种程度上补偿高级债债权人。在银行的负债结构中引入次级债,不一定能起到约束银行风险承担行为的目的,它取决于银行既有的资本充足水平。监管当局在允许或强制商业银行发行次级债时,应考虑到次级债市场约束与银行风险承担行为之间的内在关系。为增强市场对银行风险承担行为的约束作用,监管当局应强制资本相对充足的银行发行一定规模的次级债,但这种强制性要求不应覆盖到资本不足的银行。     

Monetary policy,ownership structure,and risk-taking at financial intermediaries

This paper examines how ownership structure interacts with monetary policy in shaping financial intermediaries' appetite for risk. By constructing a large panel of banks across Western Europe, we provide evidence that differences in bank ownership influence the transmission of monetary policy via the risk-taking channel. While shareholder banks actively adjust the riskiness of their portfolios to changes in interest rates, stakeholder banks appear to be less responsive to such changes. These findings call for greater attention to the nature of bank ownership when setting monetary policy.     

Fleeing entrepreneurs: Foreign residency right and corporate risk-taking

We use a unique sample of Chinese firms to investigate the impact of the foreign residency right (FRR) of a firm’s controlling person on corporate risk-taking. Our findings suggest that the controlling person’s FRR is negatively associated with corporate risk-taking, and the effect of FRR on risk-taking is significantly reduced by Operation Fox Hunt (a program for actively pursuing fled criminals) or when the foreign country has an extradition treaty with China. Our results are robust to tests for endogeneity, alternative metrics of FRR, and risk-taking. We also find that severe financial constraints and a decline in R&D activities are the channels through which FRR reduces corporate risk-taking. Additional analyses show that the effect of FRR on corporate risk-taking is more pronounced when (a) controlling persons hold foreign nationality, (b) controlling persons are powerful or older, or (c) the investors of the firm face greater information asymmetry.     

It's ok to think in a bad way: How state optimism and pessimism influence risk-taking

Government and public policy makers are facing an important issue on how to balance between economics and consumers' well-being. Thus, the current research proposes an important factor to help understand more on consumers risk-taking in investment. Trait optimists typically expect bright outcomes, whereas trait pessimists usually expect gloomy ones. However, the present research qualifies these generalizations. This current research proposes that optimism and pessimism can also be temporarily changed and cause different impact comparing to trait optimism and pessimism. Four studies showed that state optimists and pessimists differ in their expectations of success in a situation in which outcomes are purely a matter of chance or skills. Specifically, state optimists invest more in risky options when they believe that the investments are chance-based, whereas state pessimists invest more when they believe the investments are skill-based. These effects were due to their beliefs that the outcome is due to chance or skills. Additionally, we found that the effect will be moderated by individuals' locus of control.     

Does Competition Affect Bank Risk?

Although policymakers often discuss trade-offs between bank competition and stability, past research provides differing theoretical perspectives and empirical results on the impact of competition on risk. We employ a new approach for identifying exogenous changes in the competitive pressures facing individual banks and discover that an intensification of competition materially boosts bank risk. With respect to the mechanisms, we find that competition reduces banks’ profits, pricing power, and charter values and increases banks’ provision of nontraditional, riskier banking services and lending to riskier firms.