银行高管薪酬支付方式与影子银行——基于中国银行业的实证研究  

Bank Executive Compensation Payment Methods and Shadow Banking: An Empirical Study Based on the Chinese Banking Industry

作　　者：范科才 郑建峡 喻微锋 Fan Kecai;Zheng Jianxia;Yu Weifeng

机构地区：[1]贵州财经大学大数据应用与经济学院(贵阳大数据金融学院)

出　　处：《宏观经济研究》2022年第1期27-42,共16页Macroeconomics

基　　金：贵州财经大学引进人才科研启动项目(项目编号:2019YJ026)的资助。

摘　　要：基于2007—2019年中国170家银行非平衡面板数据,本文研究了不同银行高管薪酬支付方式对中国影子银行规模的影响。研究表明:(1)短期现金薪酬引发了银行高管的短视行为,使影子银行规模提高。中长期薪酬方面,管理层持股有效降低了影子银行规模,但高管薪酬实施延期支付却增加了影子银行规模。(2)现金薪酬、管理层持股对影子银行的影响存在显著的表外风险作用机制。(3)在相对宽松货币政策背景,或者在大型、高资产规模、低资本充足率等银行微观特征中,高管开展影子银行业务更为激进,因此会放大现金薪酬对影子银行的扩张作用,削弱管理层持股对影子银行的约束作用。(4)延付高管薪酬提高影子银行规模的结论仅在中小银行中成立,但仍没有证据表明大型银行实施高管薪酬延付能降低影子银行规模。Based on unbalanced panel data of 170 banks in China from 2007-2019, this paper investigates the impact of different bank executive compensation payment methods on the size of shadow banking in China. The study shows that(1) short-term cash compensation triggers short-sighted behavior of bank executives, which raises the size of shadow banking. For medium-and long-term compensation, management shareholding effectively reduces the size of shadow banking, but the implementation of deferred payment of executive compensation increases the size of shadow banking.(2) There is a significant off-balance sheet risk effect mechanism for the impact of cash compensation and management shareholding on shadow banking.(3) In the context of relatively loose monetary policy, or in the micro characteristics of banks such as large, high asset size and low capital adequacy, executives conduct shadow banking more aggressively, thus amplifying the expansionary effect of cash compensation on shadow banking and weakening the restraining effect of management shareholding on shadow banking.(4) The finding that deferred executive compensation increases the size of shadow banking holds only among small-and medium-sized banks, but there is still no evidence that the implementation of executive compensation deferral by large banks reduces the size of shadow banking.

关 键 词：高管现金薪酬 管理层持股 高管薪酬延付 影子银行 

分 类 号：F272.92[经济管理—企业管理] F832.3[经济管理—国民经济]