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论文编号：	8314
作者编号：	2120142483
上传时间：	2016/6/7 17:21:35
中文题目：	中国上市金融机构风险承担行为影响因素研究——基于公司治理视角
英文题目：	Research on the Risk-Taking Behaviors of Chinese Listed Financial Institutions: Based on the Persepective of Corporate Governance
指导老师：	郝臣
中文关键字：	上市金融机构；风险承担行为；公司治理；影响因素
英文关键字：	Listed Financial Institutions; Risk-taking Behaviors; Corporate Governace; Influencing Factors
中文摘要：	2008年爆发的金融危机使得金融机构发展的稳健性成为各方关注的焦点，对于金融危机爆发背后深层次的原因也有诸多学者进行详尽地诠释，具体来看这些解释可被划分为产品风险假说和制度动因假说。其中，制度动因假说认为金融机构治理出现了问题，进而导致金融危机的爆发，为了验证这一假说，本文聚焦于金融机构治理的视角，探究金融机构风险承担行为与公司治理间的关系。 本文对2003-2014年中国上市金融机构风险承担行为影响因素进行研究分析。根据相关的理论研究成果，提出了7个研究假设，从CSMAR、CCER和RESSET数据库中获得了本文的数据，构建了公司治理指数（CGI），经过对数据的处理，本文最终选择了2003-2014年总计410家金融机构的非平衡面板作为本文的研究样本。本文选用双因素模型的总风险、系统风险、利率风险和非系统风险作为被解释变量，来衡量上市金融机构的风险承担行为。本文还将从股东治理、董事会治理、监事会治理、经理层治理、信息披露和利益相关者治理六个方面对上市金融机构的公司治理水平进行测度。本文还选取了特许权价值、公司规模、公司年龄、总资产增长率和ROE作为控制变量。本文随后从公司治理指数、分指数和公司治理指标进行了面板数据的回归分析。 经过实证检验，本文得出如下结论：从总指数来看，上市金融机构的公司治理水平与风险承担行为呈负向关系，可见随着中国金融机构公司治理改革的深化，金融机构的公司治理水平得到了显著提升，从而有效减少了上市金融机构的风险承担行为；从分指数来看，董事会治理指数、监事会治理指数、经理层治理指数和利益相关者治理指数对抑制金融机构风险承担行为起到了一定作用；从公司治理的具体指标来看，董事持股、独董比例、与风险承担行为呈负相关系；监事持股、监事会会议次数监事会主席变更与风险承担行为呈负向关系；公司受到ST处理时，更愿意去承担风险。两职合一与风险承担行为呈正向关系；董事长、监事会主席、总经理的频繁变更使得金融机构更倾向于承担风险。
英文摘要：	Financial institutions risk-taking behavior determines the performance of financial institutions not only realizes, but also affects the interests of the financial institutions in the internal and external stakeholders, which makes the financial institutions explore the influential factors of risk-taking behavior, which gradually become the focus of academic research topic in recent years. In 2008, the outbreak of the financial crisis has made the development of the financial institutions robustness that has become the focus of the part, and the deep-seated reasons behind the financial crisis also have a lot of scholars to carry on the detailed explanation, specific to see these explanations can be divided into product risk hypothesis and system dynamics theory. Among them, the system dynamics hypothesis for financial institutions of governance issues led to the outbreak of the financial crisis. Therefore, this article focuses on the perspective of corporate governance to explore the relationship between financial institutions risk-taking behavior and corporate governance. In this study, this paper analyzes from 2003 to 2014 Chinese listed financial institutions’ risk-taking behavior. According to the related theory research, this paper put forward 7 research hypothesis. From CSMAR, CCER and RESSET database data, this paper constructs the corporate governance index (CGI), through the data processing, this paper finally chose the 2003 to 2014, a total of 410 financial institutions of the unbalanced panel as the research samples. This article selects the two-factor model of total risk, system risk, interest rate risk and unsystematic risk as explained variable, to measure the risk-taking behavior of listed financial institutions. The CGI is based on shareholder governance, board governance, supervisory board governance, manager government, information disclosure and stakeholder governance from six aspects to measure the level of corporate governance of listed financial institutions. This paper also selected the franchise value, company size, age and growth rate of total assets and ROE as control variables. Then from the corporate governance index, corporate governance mechanism carry on the panel data regression analysis. Through empirical test, this paper gets the conclusion that from the point of total index, the corporate governance of listed financial institutions and risk-taking behavior show negative relationship; From the view of mechanism, board governance index, supervisory board governance index, manager governance index and stakeholder governance index in financial institutions to curb risk-taking behavior played a role; From the perspective of the specific indicators of corporate governance, director of the proportion of shareholding, dong alone, and risk-taking behavior is inversely related; Supervisors holdings, the number of meetings of the board of supervisors, chairman of the supervisory board change and risk-taking behavior is negative relationship; Company ST treatment had a negative relationship with risk-taking behavior. The joining together of two position and risk-taking behaviors were positively associated with; Chairman of the board of directors, supervisory board chairman, general manager of frequent change makes financial institutions more inclined to take risks.
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