监管处罚与银行高质量发展:基于银行效率的视角  

Regulatory Penalties and High-Quality Development of the Banking Sector:An Efficiency Analysis

作　　者：明雷[1,2] 黄远标 吴一凡 Ming Lei;Huang Yuanbiao;Wu Yifan

机构地区：[1]湖南大学金融与统计学院 [2]湖南大学金融发展与信用管理研究中心 [3]南开大学金融学院,300350 [4]天津市津南区海河教育园区 [5]湖南大学经济管理研究中心

出　　处：《世界经济》2025年第3期146-179,共34页The Journal of World Economy

基　　金：教育部人文社科基金青年项目(24YJC790134);国家社科基金重大项目(24&ZD095)的资助。

摘　　要：作为微观审慎监管的重要工具,监管处罚对商业银行高质量发展具有重要影响。利用手工收集的行政处罚公告数据,本文采用面板固定效应模型分析了监管处罚对中国商业银行效率的影响,以此理解其与银行高质量发展的关系。研究发现,监管处罚会在短期内降低违规银行的效率,主要通过降低银行营业收入和市场势力以及提高银行经营成本来发挥作用。异质性分析表明,监管处罚主要作用于低效率、高风险、非国有和低公司治理银行群体;对机构进行经济类处罚、对个人进行非经济类处罚以及贷款或票据业务处罚的效果更为明显。进一步研究发现,监管处罚不仅降低了银行风险,还引导银行资金脱虚向实,增强了银行服务实体经济的能力。本文为监管部门如何更好兼顾风险和效率、提升监管有效性进而增强金融服务实体能力提供了有益的借鉴。Regulatory penalties,as critical tools and mechanisms of microprudential regulation,significantly impact the quality development of commercial banks.The ultimate goal of financial regulation is to ensure that banks achieve sustainable growth with controllable risks while enhancing their capacity to serve the real economy.Within this framework,this study employs manually collected and organised data from administrative penalty announcements issued by the former China Banking and Insurance Regulatory Commission(CBIRC)to evaluate the short-and long-term effects,transmission mechanisms and heterogeneous impacts of regulatory penalties on the efficiency of the Chinese banking sector between 2007 and 2022,thereby shedding light on their role in the sustainable development of banks.The results indicate that regulatory penalties reduce the efficiency of non-compliant commercial banks in the short term,a finding that remains robust even after rigorous multi-method verification.Potential mechanisms suppressing efficiency include declines in bank operating revenues,reduced market power and increased operational costs.The heterogeneity analysis reveals that the efficiency-suppressing effects of regulatory penalties are most pronounced in inefficient,high-risk,non-state-owned and low-governance commercial banks.Penalties in the form of economic sanctions on institutions,non-economic sanctions on individuals and those related to loan or bill businesses also exhibit more substantial efficiency-suppressing effects.The study further concludes that regulatory penalties not only significantly reduce bank risk but also effectively channel bank funds towards the real economy.Overall,while regulatory penalties aimed at curbing violations suppress the efficiency of non-compliant banks in the short term,they enhance the stability of banking operations and their capacity to serve the real economy,which,in the long run,benefits banks’quality development.The marginal contribution of this work is reflected in three key areas.First,it prov

关 键 词：审慎监管 监管处罚 银行效率 异质性 

分 类 号：F832.2[经济管理—金融学]