银行部门薪酬与经济金融系统的稳定性:中美比较——资产值波动冲击下基于SFC的研究  

Research on the Bank Pay and Stability in Macroeconomic and Financial System:Comparison between China and the United States——Analysis Based on the SFC Model under the Asset Fluctuation

作　　者：温博慧 

机构地区：[1]天津财经大学金融系

出　　处：《国际金融研究》2015年第11期47-57,共11页Studies of International Finance

基　　金：国家自然科学基金青年项目(71103126)的阶段性成果;天津市"131创新型人才"计划;天津财经大学优秀青年学者培育计划(YQ1204)支持;中国博士后科学基金第58批面上资助

摘　　要：本文结合资产值和银行薪酬的存量流量属性以及货币量值在中国宏观经济发展中的重要地位,基于SFC研究框架,从核算等式和行为方程角度进行拓展从而建立理论模型,对资产值双向波动过程中银行部门薪酬水平变动对经济金融体系稳定性的影响机制和影响效果进行研究,并比较中美两国数据动态变化过程中的中国特性。本文进一步考虑了作为银行部门薪酬中特殊部分的高管薪酬变化导致银行风险承担改变后从微观行为到宏观效果的回馈路径。结果发现,我国银行部门薪酬水平总体上发挥了促进系统回稳的有利作用,并不需要类比美国大幅降薪;而理论与经验分析两方面均验证了限制国内银行高管薪酬的必要性,特别是系统重要性股份制商业银行。The asset fluctuation and the banking sector＇s high pay coexisted in the financial crisis. According to this, we combine the stock-flow properties of asset value and bank pay as well as the important position of monetary value in China＇s macroeconomic development, expand and construct a theoretical model from the perspective of accounting equation and behavior equation based on the existing SFC research framework to study the mechanism and effect of how the change of banking sector pay level affects the financial stability in the process of two-way fluctuation of asset value. This paper conducts the comparative analysis of Chinese characteristics during the period featuring the dynamic change of data in China and the U.S, and considers the feedback path from micro-behavior to macro-effect after the change of risk taking behaviors caused by bank executive compensation change. The result shows that, in general, the existing pay level of China＇s banking sector can affect systemic stability in the positive way, and there is no need to take the sharp cutting measures like the United States.However, there are strong theoretical and empirical supports to restrict bank executive compensation, especially for those joint-stock commercial banks of systematic importance.

关 键 词：金融稳定 资产值波动 银行部门薪酬 存量流量模型 

分 类 号：F831[经济管理—金融学]