Policy Effect Evaluation of Special Bonds of Local Small and Medium-Sized Banks——Analysis Based on the Perspective of Risk and Profitability of Small and Medium-Sized Banks
Based on the micro data of small and medium-sized banks in China,this paper uses the staggered difference-in-differences method to evaluate the policy effect of special bonds of small and medium-sized banks.The results show that the implementation of special bonds of small and medium-sized banks can significantly reduce the risks of the injected banks,and the main channels for the policy to play a risk resolution role are increasing the level of net interest income,increasing the loan provision rate and reducing the interbank fund ratio.However,the hematopoietic function of the special bonds of small and medium-sized banks is not obvious,which fails to effectively promote the profitability improvement of the injected banks,resulting in the lack of endogenous capital accumulation ability,resulting in the phenomenon that the common equity tier 1 ratio decreases after the special bonds are injected.This may endanger the ability of small and medium-sized banks to repay the principal and interest of the special bonds,resulting in the risk of the special bonds of small and medium-sized banks evolving into new local debts.In addition,the policy effect of special bonds of small and medium-sized banks is affected by the credit rating of banks,business diversification,capital injection mode and local debt pressure.This study has certain implications for improving the operation and governance of small and medium-sized banks,improving the policy effect of the special bonds of small and medium-sized banks,and preventing the new local debt risk caused by the special bonds of small and medium-sized banks due to the insufficient solvency.
Capital Injection of Special BondsSmall and Medium-Sized BanksRisk ResolutionProfitability
NETL
NSTL
万方数据
