影响我国商业银行稳定的微观因素分析：信息披露的视角.pdfVIP

摘 要 2007 年全球次贷危机爆发，金融业中隐晦的信息披露是弱化市场约束的重要诱因，而 次贷危机引起银行的大规模倒闭也昭示着人们，监管不力和道德风险是导致银行危机的重 要因素。因此，在法规之内引入适度的信息披露制度，为市场投资者提供一个适当的投资 环境，能鼓励更多的市场投资者对银行的风险承担行为进行有效的市场约束，能够及时调 整银行的风险暴露成本，降低银行的道德风险，最终有利于维护商业银行的经营稳定性。 本文运用 14 家上市商业银行 2003~2010 年的数据，实证研究了银行稳定与信息披露 的关系。我国商业银行的稳定性在逐渐增强，信息披露在一定程度上促进了银行稳定性； 但进一步发挥信息披露的市场约束作用，需要完善相应的制度环境和市场基础。银行资产 规模以及利润的增长，均有效地促进了商业银行的稳定性。我国国有银行得到国家信用的 担保，而股份制银行具备相对完善的治理制度，两者的稳定性并不存在显著性的差别。为 进一步发挥信息披露对银行稳定的促进作用，还需要完善相应的制度环境和市场基础。 关键词：信息披露；银行稳定性；面板回归模型；银行治理； I Abstract With the outbreak of the worldwide subprime mortgage crisis in 2007, the vague information disclosure in the the finance industry is an important incentive to weaken market discipline. And the sub-prime crisis caused large-scale collapse of the banks also makes us clear that the lack of supervision and moral hazard is an important factor of leading to banking crises. Therefore, introducing an appropriate degree of information disclosure system among the law regulations and providing a proper investment environment could encourage more market investors to conduct effective market constraints on the risk of the banks. It is able to adjust the banks risk exposure to reduce the banks moral hazard, and ultimately conducive to maintaining the stability of commercial banks. Using of 14 commercial banks’ data from 2003 to 2010 ，we make an empirical study of the relationship between information disclosure and the stability of bank. The stability of china’s commercial banks gradually increased. The disclosure of information improves the commercial banking system of governance, and promotes the stability of the bank. However, in order to enhance the role of market constraints of disclosure of information, we n