金融监管制度、机构成本效率与机会主义中介效应  

Financial Supervision Systems,Organizational Cost Efficiency and the Mediating Effect of Opportunism

作　　者：徐辉[1] 李健[1] 

机构地区：[1]北京理工大学管理与经济学院,北京100081

出　　处：《财经研究》2013年第4期26-37,共12页Journal of Finance and Economics

基　　金：国家自然科学基金项目(71172171);北京理工大学博士论文基金项目(20100103)

摘　　要：文章通过引入金融机会主义行为这一转轨时期典型特征变量,建立中介效应分析模型,对监管制度与机构效率的关系机理进行了理论与实证研究。结果表明:机会主义对金融监管与机构效率具有显著的中介效应,且不同类型机会主义行为的中介作用路径和程度存在差异,进而对效率产生不同影响;监管制度供给和不同制度的交互影响会对机会主义及效率产生显著影响。此外,经验研究也揭示了扩大金融机构业务自主权、强化市场监督、推动国有股减持和深化公司治理改革等措施有利于改善机构效率;监管制度供给既应重视对机构效率的直接影响效应,又应注重对机会主义行为的治理作用。By the introduction of financial opportunistic behavior as a typical characteristic variable during transition period, this paper constructs an analytical model of mediating effect and makes a theoretical and empirical study of the relationship between supervision systems and organizational efficiency. It comes to the following conclusions： firstly, opportunism has the significant mediating effect on the relationship between financial supervision and organizational efficiency and the routs and levels of this mediating effect of opportunistic behavior with various types differ, thereby leading to differ- ent efficiency performance; secondly, the supply of supervision systems and the interaction among different systems have significant effects on opportun- ism and efficiency. In addition, empirical study also shows that measures such as expanding the autonomy of financial institutions, strengthening mar- ket supervision, promoting state-owned shares reduction and deepening the reform of corporate governance are conducive to the improvement of organi- zational efficiency; the supply of supervision systems should pay attention to not only the direct effect on organizational efficiency, but also the govern- ance role in organizational opportunistic behavior.

关 键 词：监管制度 成本效率 机会主义 中介效应 

分 类 号：F832[经济管理—金融学]