次级债对商业银行盈余管理与风险承担的影响研究:来自中国银行业的经验证据  

The Effects of Subordinated Debt on Banks' Earnings Management and Risk-Taking: Evidence from China's Banking Industry

作　　者：潘敏[1,2] 徐琛卓 Pan Min;Xu Chenzhuo(Center for Economic Development Research,Wuhan University;Economics and Management School,Wuhan University)

机构地区：[1]武汉大学经济发展研究中心 [2]武汉大学经济与管理学院

出　　处：《国际金融研究》2020年第11期66-76,共11页Studies of International Finance

基　　金：教育部哲学社会科学研究重大课题攻关项目“经济发展新常态下我国货币政策体系建设研究”(15JZD013);国家自然科学基金重大研发计划重点支持项目“基于知识关联的金融大数据价值分析、发现及协同创造机制”(91646206);山东省资本市场创新发展协同创新中心课题“商业银行金融创新与风险管理研究”(LJKZ20181)资助。

摘　　要：次级债具有资本补充工具和债务融资工具的双重属性。发行次级债会对商业银行盈余管理和风险承担行为产生影响。本文以2009—2017年我国发行次级债的商业银行为样本,在理论分析的基础上,实证检验了次级债对商业银行盈余管理和主动、被动风险承担的影响及作用机制,进一步考察了这种影响在上市和非上市银行、不同国有股占比银行间的异质性。结果显示,次级债抑制了商业银行盈余管理行为,提高了商业银行主动和被动风险承担,这种影响在上市银行中更为明显。商业银行国有股占比的上升会弱化次级债对商业银行盈余管理和风险承担的影响。In the past few years, subordinated debts played an important role in supplementing banks' regulatory capital in China. As instrument of capital supplement and debt financing, subordinated debts may potentially affect banks' earning management and risk-taking. This paper analyzes theoretically and examines the effects and mechanisms of subordinated debts on banks' earnings management and risk-taking, using unbalanced panel data of China's banks from 2009 to 2017. In addition, this paper studies whether the effects differed between listed and unlisted banks, and whether state-owned shares could lead to heterogeneous effects. The results show that subordinated debts alleviate banks' earnings management, and increase banks' proactive and reactive risk-taking, while the effects are much stronger in listed banks. Moreover, the effects of subordinated debt on banks' earnings management and risk-taking are constrained when state-owned share ratios increase. Subordinated debts influence banks' earning management and risk-taking mainly through increasing regulatory capital. This paper makes the following contributions to the research. Firstly, it expands the research of bank capital management theory by focusing on the potential effects of subordinated debts on banks' earning management and risk-taking. Secondly, it analyzes subordinated debts' effects on banks' proactive and reactive risk-taking. Thirdly, this paper studies the different effects of subordinated debts on earning management and risk-taking between listed and unlisted banks, and whether state-owned shares could lead to its heterogeneous effects.

关 键 词：次级债 商业银行 盈余管理 风险承担 

分 类 号：F832.3[经济管理—金融学]