硅谷银行破产、声誉风险跨国传染与股价异动——来自中国A股上市银行的证据  

Bankruptcy of Silicon Valley Banks,Reputation Risk Cross border Transmission,and Abnormal Stock Price Fluctuations——Evidence from Chinese A-share Listed Banks

作　　者：邵磊 巴曙松[2] Shao Lei;Ba Shusong

机构地区：[1]天津财经大学金融学院 [2]北京大学汇丰金融研究院

出　　处：《投资研究》2024年第6期4-21,共18页Review of Investment Studies

摘　　要：本文在对硅谷银行破产事件前因后果进行梳理的基础上,首次运用事件研究法将硅谷银行破产所引发声誉风险对A股上市银行的影响及其异质性进行识别和检验。研究发现,该影响确实存在且异质性明显。具体而言:中国国有大型银行所受到声誉风险竞争效应的影响远高于传染效应,投资者对其信心增强。与之相反,区域性农商行与城商行受到的负面冲击幅度最大也最为严重,呈现出显著的声誉风险传染效应。全国性股份制银行的表现介于二者之间。On the basis of sorting out the causes and consequences of Silicon Valley Bank's bankruptcy,this paper uses the Event study method for the first time to identify and test the impact and heterogeneity of reputation risk caused by Silicon Valley Bank's bankruptcy on A-share listed banks.This study found that this impact does indeed exist and has significant heterogeneity.Specifically,China's large state-owned banks are far more affected by the competitive effect of reputation risk than the contagion effect,and investors'confidence in them has increased.On the contrary,regional agricultural commercial banks and urban commercial banks have suffered the largest and most severe negative impact,showing a significant contagion effect of reputation risk.The performance of national joint-stock banks is between the two.

关 键 词：银行破产 声誉风险 股票市场 事件研究法 

分 类 号：F831.2[经济管理—金融学] F832.33F832.51