中国商业银行所有权结构、治理机制与风险行为
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摘要
银行风险行为在金融领域的研究受到广泛关注，但传统研究主要侧重于资本监管、市场约束等外部视角，较少考虑银行内部的委托代理问题。2007年美国金融危机的爆发，使得人们从公司治理视角反思银行冒险行为的内在动力，也使得银行治理与风险行为的关系成为亟待研究的重要命题之一。自2004年以来，我国正在着力深化商业银行的股份制改造与公司治理改革，在这样的背景下研究中国商业银行所有权结构、治理机制与风险行为的关系显得尤为重要。
本文基于股东与债权人共同治理的视角，研究转型制度背景下所有权结构、内外部治理机制对我国商业银行风险行为的影响。首先，从银行治理的特殊性出发分析了多重代理冲突下银行风险行为的决定，结合转型制度背景提出所有权结构、内外部治理机制影响银行风险行为的OGR分析框架，揭示银行所有权结构影响风险行为的传导路径及作用机理；然后，以我国商业银行为样本对所有权集中、境外战略引资影响银行风险行为的内部治理机制及所有权结构影响市场约束、资本监管进而影响银行风险行为的外部治理机制进行实证检验。
本文的主要贡献及创新如下：
①提出了所有权结构影响银行风险行为的OGR分析框架，揭示了多重代理冲突下银行所有权结构影响风险行为的传导路径和作用机理。现有银行治理文献主要集中于讨论内部治理对绩效的影响，不能揭示出银行价值创造背后所承担的风险水平；而金融学关于银行风险行为的研究主要基于资本监管、市场约束等外部视角，忽视了内部代理问题的存在，削弱了对银行风险行为的解释力度。本文将公司治理理论与金融学理论结合起来探讨了多重代理冲突下银行风险行为的决定，研究发现银行风险行为是股东资产替代问题与内部治理机制共同作用的结果，并在此基础上将以所有权结构为核心的内部治理机制与资本监管、市场约束等外部机制整合起来，结合我国转型制度背景，构建了所有权结构影响内外部治理机制进而影响银行风险行为的OGR分析框架，从而揭示出多重代理冲突下转型银行所有权结构影响风险行为的传导路径和作用机理。这一研究突出了股东资产替代问题与内部治理机制的共同作用，考虑了转型制度背景与银行治理的特殊性，有助于丰富转型国家银行治理与风险行为的理论研究。
②证实了境外战略投资者对银行风险行为的约束作用以及战略引资效应在不同类别银行中存在的差异。现有研究对于银行境外战略引资效应的分析侧重于讨论境外战略投资者对银行绩效的影响，无法反映出境外战略引资对银行经营活动的直接影响，且忽视了战略引资效果在不同类型银行之间存在的差异。本文结合我国商业银行境外战略引资背景，分析了境外战略投资者对银行风险行为的影响及其在国有控股银行、股份制商业银行、城市商业银行之间存在的差异。这一研究从从银行经营行为的角度验证了境外战略引资政策的有效性，与现有文献相比突出了战略引资效应的差异性，为制定差别化的战略引资监管政策提供了经验证据，且采用行为指标比绩效能更直接地反映外资股东对管理层经营活动的影响，从而更直接地反映了银行改制的效果。
③揭示了所有权集中度与市场约束共同影响银行风险行为的作用机理。现有关于市场约束效应的研究倾向于把银行视为“黑箱”，不考虑内部委托代理问题的影响，且不考虑股权集中条件下大股东的治理作用。本文基于股东与债权人共同治理的视角，结合中国转型经济条件下银行所有权结构的特征，构建委托代理模型分析了存款保险制度下银行额外风险补贴与债权人监督强度的关系，并以我国上市商业银行为样本对所有权结构、市场约束与银行风险行为的关系进行了实证检验，证实了所有权结构影响外部治理机制进而影响银行风险行为的作用机制。与现有文献相比，这一研究突出了大股东道德风险与债权人市场约束之间的相互作用，揭示了转型背景下政府股东既通过直接持股控制风险行为又通过强化隐性担保激励风险行为的两面性，有利于丰富银行治理与市场约束效应的研究。
While bank risk-taking behavior has been widely researched in the financial field,the traditional researches focus on it mainly from the external views, such as capitalregulation and market discipline. After2007American financial crisis, there has been arethinking of the internal dynamics from the perspective of bank governance, and therelationship between bank governance and risk-taking behavior are becoming one of themost important topics in banking researches. In China, it is quite important to study therelationship between ownership structure, governance mechanism and bankingrisk-taking behavior, as the reform of banking ownership and corporate governance isgradually deepened since2004.
This paper has studied the influences of ownership structure on risk-takingbehavior in China’s banking from the views of co-governance of shareholders andcreditors under the background of economic transition. At first, the OGR frameworkbased on the specificity of banking governance, the multiple agency conflicts in bankingand the transition background is proposed to reveal the transmission way of ownershipstructure, governance mechanism and bank risk-taking behavior. Then, the paper hasexamined the internal governance mechanism how ownership concentration and foreignstrategic investors have influences on bank risk-taking and the external governancemechanism how ownership structure interacts with capital regulation and marketdiscipline.
The main innovations points of this paper are as follows:
①It puts forward the OGR framework and reveals the transmission mechanism ofownership structure influencing on risk-taking behavior in China’s banking. The currentliteratures of corporate governance mainly focus on the relationship between bankgovernance and performance and pay little attention to the risk-taking behavior underthe performance, and the traditional researches on bank risk-taking are mainly based oncapital regulation and market discipline, which has neglected the internal agent problemand weaken the explanation of the bank risk behavior. This paper has studied bankrisk-taking under the multiple agency conflicts and and constructed OGR framework toreveal the transmission mechanism how ownership structure influences on bankrisk-taking behaviour which highlights the interacts of asset substitution problem andinternal governance mechanism, the transition background and the particularity of the bank governance to enrich the study of the theory of bank governance and bankrisk-taking behavior.
②It confirms that foreign strategic investors are helpful to restraining the riskybehavior of banks and the effects are quite different in banks with different ownershiptype. The current researches on foreign strategic investors pay close attention to theeffect on bank performance and often get the inconsistent conclusion, but take littleconcern about the effect on risk-taking behavior and the differences in different types ofbanks. This paper empirically explores the effects of foreign strategic investors on bankrisk-taking and the significant differences among state-owned banks, joint stockcommercial banks and urban commercial banks, which has proved the validity of thepolicy on foreign strategic investors from the view of risk-taking behavior, highlightingthe differences effects among different banks, providing some references for thesupervision policy and enriching the researches of foreign strategic investors to someextent.
③It reveals the interacts of bank’s ownership structure and market discipline onbank risk-taking. The current researches on market discipline tend to take the bank as ablack box, without considering the internal principal-agent problems and ownershipconcentration. Based on the views of co-governance of shareholders and creditors, thispaper has put the ownership structure and market discipline into the same framework,constructed the principal-agent model to analyze the relationship between bank risksubsidies and the creditor supervision power in the deposit insurance system, examinedthe effects of ownership concentration, state ownership, and market discipline on therisk-taking. Compared with the current literature, this study highlights the largeshareholder’s role on market discipline, confirmes the mechanism of ownershipstructure influencing bank risk behavior by the external mechanism, and reveals the twoside of state shareholder under the background of the transition by controlling riskbehavior through direct shares and encouraging the incentives to take risk with theimplicit deposit insurance system.
本文基于股东与债权人共同治理的视角，研究转型制度背景下所有权结构、内外部治理机制对我国商业银行风险行为的影响。首先，从银行治理的特殊性出发分析了多重代理冲突下银行风险行为的决定，结合转型制度背景提出所有权结构、内外部治理机制影响银行风险行为的OGR分析框架，揭示银行所有权结构影响风险行为的传导路径及作用机理；然后，以我国商业银行为样本对所有权集中、境外战略引资影响银行风险行为的内部治理机制及所有权结构影响市场约束、资本监管进而影响银行风险行为的外部治理机制进行实证检验。
本文的主要贡献及创新如下：
①提出了所有权结构影响银行风险行为的OGR分析框架，揭示了多重代理冲突下银行所有权结构影响风险行为的传导路径和作用机理。现有银行治理文献主要集中于讨论内部治理对绩效的影响，不能揭示出银行价值创造背后所承担的风险水平；而金融学关于银行风险行为的研究主要基于资本监管、市场约束等外部视角，忽视了内部代理问题的存在，削弱了对银行风险行为的解释力度。本文将公司治理理论与金融学理论结合起来探讨了多重代理冲突下银行风险行为的决定，研究发现银行风险行为是股东资产替代问题与内部治理机制共同作用的结果，并在此基础上将以所有权结构为核心的内部治理机制与资本监管、市场约束等外部机制整合起来，结合我国转型制度背景，构建了所有权结构影响内外部治理机制进而影响银行风险行为的OGR分析框架，从而揭示出多重代理冲突下转型银行所有权结构影响风险行为的传导路径和作用机理。这一研究突出了股东资产替代问题与内部治理机制的共同作用，考虑了转型制度背景与银行治理的特殊性，有助于丰富转型国家银行治理与风险行为的理论研究。
②证实了境外战略投资者对银行风险行为的约束作用以及战略引资效应在不同类别银行中存在的差异。现有研究对于银行境外战略引资效应的分析侧重于讨论境外战略投资者对银行绩效的影响，无法反映出境外战略引资对银行经营活动的直接影响，且忽视了战略引资效果在不同类型银行之间存在的差异。本文结合我国商业银行境外战略引资背景，分析了境外战略投资者对银行风险行为的影响及其在国有控股银行、股份制商业银行、城市商业银行之间存在的差异。这一研究从从银行经营行为的角度验证了境外战略引资政策的有效性，与现有文献相比突出了战略引资效应的差异性，为制定差别化的战略引资监管政策提供了经验证据，且采用行为指标比绩效能更直接地反映外资股东对管理层经营活动的影响，从而更直接地反映了银行改制的效果。
③揭示了所有权集中度与市场约束共同影响银行风险行为的作用机理。现有关于市场约束效应的研究倾向于把银行视为“黑箱”，不考虑内部委托代理问题的影响，且不考虑股权集中条件下大股东的治理作用。本文基于股东与债权人共同治理的视角，结合中国转型经济条件下银行所有权结构的特征，构建委托代理模型分析了存款保险制度下银行额外风险补贴与债权人监督强度的关系，并以我国上市商业银行为样本对所有权结构、市场约束与银行风险行为的关系进行了实证检验，证实了所有权结构影响外部治理机制进而影响银行风险行为的作用机制。与现有文献相比，这一研究突出了大股东道德风险与债权人市场约束之间的相互作用，揭示了转型背景下政府股东既通过直接持股控制风险行为又通过强化隐性担保激励风险行为的两面性，有利于丰富银行治理与市场约束效应的研究。
While bank risk-taking behavior has been widely researched in the financial field,the traditional researches focus on it mainly from the external views, such as capitalregulation and market discipline. After2007American financial crisis, there has been arethinking of the internal dynamics from the perspective of bank governance, and therelationship between bank governance and risk-taking behavior are becoming one of themost important topics in banking researches. In China, it is quite important to study therelationship between ownership structure, governance mechanism and bankingrisk-taking behavior, as the reform of banking ownership and corporate governance isgradually deepened since2004.
This paper has studied the influences of ownership structure on risk-takingbehavior in China’s banking from the views of co-governance of shareholders andcreditors under the background of economic transition. At first, the OGR frameworkbased on the specificity of banking governance, the multiple agency conflicts in bankingand the transition background is proposed to reveal the transmission way of ownershipstructure, governance mechanism and bank risk-taking behavior. Then, the paper hasexamined the internal governance mechanism how ownership concentration and foreignstrategic investors have influences on bank risk-taking and the external governancemechanism how ownership structure interacts with capital regulation and marketdiscipline.
The main innovations points of this paper are as follows:
①It puts forward the OGR framework and reveals the transmission mechanism ofownership structure influencing on risk-taking behavior in China’s banking. The currentliteratures of corporate governance mainly focus on the relationship between bankgovernance and performance and pay little attention to the risk-taking behavior underthe performance, and the traditional researches on bank risk-taking are mainly based oncapital regulation and market discipline, which has neglected the internal agent problemand weaken the explanation of the bank risk behavior. This paper has studied bankrisk-taking under the multiple agency conflicts and and constructed OGR framework toreveal the transmission mechanism how ownership structure influences on bankrisk-taking behaviour which highlights the interacts of asset substitution problem andinternal governance mechanism, the transition background and the particularity of the bank governance to enrich the study of the theory of bank governance and bankrisk-taking behavior.
②It confirms that foreign strategic investors are helpful to restraining the riskybehavior of banks and the effects are quite different in banks with different ownershiptype. The current researches on foreign strategic investors pay close attention to theeffect on bank performance and often get the inconsistent conclusion, but take littleconcern about the effect on risk-taking behavior and the differences in different types ofbanks. This paper empirically explores the effects of foreign strategic investors on bankrisk-taking and the significant differences among state-owned banks, joint stockcommercial banks and urban commercial banks, which has proved the validity of thepolicy on foreign strategic investors from the view of risk-taking behavior, highlightingthe differences effects among different banks, providing some references for thesupervision policy and enriching the researches of foreign strategic investors to someextent.
③It reveals the interacts of bank’s ownership structure and market discipline onbank risk-taking. The current researches on market discipline tend to take the bank as ablack box, without considering the internal principal-agent problems and ownershipconcentration. Based on the views of co-governance of shareholders and creditors, thispaper has put the ownership structure and market discipline into the same framework,constructed the principal-agent model to analyze the relationship between bank risksubsidies and the creditor supervision power in the deposit insurance system, examinedthe effects of ownership concentration, state ownership, and market discipline on therisk-taking. Compared with the current literature, this study highlights the largeshareholder’s role on market discipline, confirmes the mechanism of ownershipstructure influencing bank risk behavior by the external mechanism, and reveals the twoside of state shareholder under the background of the transition by controlling riskbehavior through direct shares and encouraging the incentives to take risk with theimplicit deposit insurance system.
引文
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