影子银行、监管压力与商业银行风险承担  

Shadow Banking,Regulatory Pressure and Commercial Bank Risk-taking

作　　者：左晓慧[1] 杨成志 ZUO Xiao-hui;YANG Cheng-zhi(School of Finance,Anhui University of Finance and Economics,Bengbu 233000,China)

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233000

出　　处：《经济问题》2022年第6期48-57,共10页On Economic Problems

基　　金：安徽财经大学研究生科研创新基金项目“系统性金融风险的测度与防范研究——基于商业银行面板数据的实证分析”(ACYC2020115)。

摘　　要：近年来,影子银行业务规模发展迅速。然而影子银行业务长期隐匿于监管体系之外,容易引起系统性金融风险。为充分发挥影子银行体系对社会经济的积极作用,基于2009—2020年沪深A股上市的36家商业银行数据,实证检验影子银行业务规模与不同性质及类别商业银行风险承担之间的关系,并引入资本监管压力作为调节效应,探析在引入资本监管压力作为调节变量情况下影子银行对商业银行风险的影响效应。研究结果表明:首先,在全样本下,影子银行买入返售金融资产和应收账款类投资业务规模扩张会提升商业银行风险。其次,异质性分析显示影子银行规模对于不同性质及不同规模商业银行的风险影响不同。最后,监管压力作为调节效应对于影子银行影响商业银行风险具有正向调节作用。研究结论对于强化影子银行有效监管,建立健全金融风险应对机制,防范化解系统性风险具有一定参考价值。In recent years,the scale of shadow banking business has developed rapidly.However,shadow banking business has long been hidden outside the regulatory system,which is easy to cause systemic financial risks.In order to make full use of the positive effect of shadow banking system to the social economy,this paper empirically tests the relationship between the scale of shadow banking business and the risk-taking of different types of commercial banks based on the data of 36 commercial banks listed in Shanghai and Shenzhen A shares from2009 to 2020.It also introduces capital regulatory pressure as a regulatory effect to explore the impact of shadow banking on bank risk when capital regulatory pressure is introduced as a regulatory variable.The results show that:firstly,in the whole sample,the expansion of the scale of shadow bank’s buying resale financial assets and accounts receivable investment business will increase the risk of commercial banks.Secondly,heterogeneity analysis shows that the scale of shadow banking business has different effects on commercial bank risks of different nature and scale.Finally,the introduction of regulatory pressure as a regulatory effect has a positive regulatory effect on the impact of shadow banking on commercial bank risk.This research conclusion has a certain reference value for strengthening the effective supervision of shadow banking,establishing and improving the financial risk response mechanism,preventing and resolving systemic risks.

关 键 词：影子银行 监管压力 银行风险 

分 类 号：F832.3[经济管理—金融学]