金融监管效力与商业银行杠杆顺周期性--基于我国210家商业银行的实证研究  

The Effectiveness of Bank Regulation to Procyclical Leverage of Commercial Banks--An Empirical Study Based on 210 Commercial Banks in China

作　　者：陈荪 Chen Sun(School of Vehicles,Zhejiang Institute of Communications,Hangzhou 310000,China)

机构地区：[1]浙江交通职业技术学院汽车学院,浙江杭州311100

出　　处：《台州学院学报》2022年第1期42-49,共8页Journal of Taizhou University

基　　金：浙江省哲学社会科学规划青年课题项目(19NDQN316YB)。

摘　　要：《巴塞尔协议Ⅲ》将杠杆纳入主要监管指标以后,我国引入杠杆监管体系,并于2018年升级推出了《关于规范金融机构资产管理业务的指导意见》,进一步深化金融去杠杆,打破刚性兑付,对资管产品进行统一监管。为掌握金融创新的内在规律,厘清监管内容,加强风险防控和监管效力,需从资产价格的角度检验商业银行杠杆顺周期性,并考察杠杆率监管对其影响,实证金融法规的逆周期调节成效。研究结论表明:金融资产价格和商业银行杠杆的变动呈显著正相关,即商业银行杠杆具有顺周期性;在监管杠杆率阈值制约下,商业银行杠杆的顺周期性显著下降,即着力于杠杆波动的金融监管法规对商业银行杠杆的顺周期具有明显的缓释作用,逆周期调节效果显著。Following"BaselⅢ"brings leverage into supervised indicator,China sets up leverage monitoring system and publishes"Guidance on Standardizing the Asset Management Business of Financial Institutions"in 2018,which aims to deepen de-leverage reform,break rigid payment and monitor financial asset management uniformly.In order to find the internal pattern of financial innovation,clarify monitoring contents and strengthen the risk prevention,improve regulatory effectiveness,it is necessary to examine the procyclicality of commercial bank from the prospective of asset price.The results show that:there is a significant positive correlation between the asset price and the change of leverage of commercial banks,which means the leverage of commercial banks is procyclical;under the restriction of regulatory leverage threshold,the procyclicality of leverage decreased significantly,which indicates the financial regulations focusing on leverage fluctuation have an obvious slow-release effect on the pro cyclical leverage,and remarkable effect on counter-cyclical leverage.

关 键 词：金融监管 杠杆率 顺周期性 监管效力 逆周期调节 

分 类 号：F832[经济管理—金融学]