商业银行设立理财子公司能够实现风险隔离吗?
Can the Establishment of Wealth Management Subsidiaries Isolate the Risks of Commercial Banks?
王年咏 1吴宛珂 1周先平1
作者信息
- 1. 中南财经政法大学 金融学院,湖北 武汉 430073
- 折叠
摘要
本文以中国商业银行设立理财子公司为准自然实验,基于 2018-2021 年 84 家银行的季度财务数据,采用渐进双重差分模型(DID)考察商业银行设立理财子公司的风险隔离效应.研究发现:设立理财子公司显著降低了母公司商业银行的风险承担,能够实现理财业务与其他业务的风险隔离,且设立时间越长,风险隔离效应越显著.异质性检验和机制分析表明,这种风险隔离效应在城商行与农商行中最弱;"去嵌套、降杠杆"和"去池化、缓错配"是实现风险隔离的主要机制.对母公司商业银行和理财子公司并表的进一步分析发现,设立理财子公司不能降低银行控股集团的整体风险承担,仅能实现风险隔离.这些研究发现对于完善商业银行内部控制和外部监管具有重要启示.
Abstract
This paper,by using the difference-in-difference model(DID),examines the impact of Wealth Management Subsidiary(WMS)establishment on the risk-isolation of commercial banks based on the 2018-2021 quarter data of 84 banks.The results show that the establishment of WMS significantly reduces the risk-taking level of parent commercial banks,this risk-isolation effect in-creases over time.Besides,heterogeneity analysis reveals that the risk-isolation effect is the weakest in the urban and rural commercial banks,and is transmitted primarily via de-nesting and fund-pool-removing channels.Further analysis by incorporating the parent bank's balance sheet with its WMS's indicates that establishing WMS is helpful for risk-isolation but doesn't reduce the overall risks taken by the banking holding group.These findings have important implications for improving internal risk control and external supervision of commercial banks.
关键词
商业银行/理财子公司/风险隔离/风险承担/外部监管Key words
Commercial Bank/Wealth Management Subsidiary(WMS)/Risk-isolation/Risk-taking/External Supervision引用本文复制引用
基金项目
国家社会科学基金重点项目(20AJY025)
中南财经政法大学中央高校基本科研业务费项目(202210547)
出版年
2024
NETL
NSTL
维普
万方数据