The Influence of Capital Structure Adjustments on Market Discipline: Evidence from Bank Depositors

銀行資本調整對存款者的市場紀律之影響：全球實證

林昆立(Kun-Li Lin) ； 黃玉麗(Yu-Li Huang) ； 王春熙(Chun-Hsi Wang) ； 童欣儀(Hsin-Yi Tung)

《財務金融學刊》 30卷2期 (2022/06) Pp. 69-116

https://doi.org/10.6545/JFS.202206_30(2).0003

摘要

This paper analyzes the effect of capital structure adjustments on the market discipline of depositors in an international sample of banks. The results suggest that banks' capital shortfall (below-target) generally strengthens market discipline, but banks' capital surplus (above-target) does not appear to change the extent of market discipline. We also find market discipline is enhanced most when below-target banks face default risk and credit risk in developing countries, but depositors exert more market discipline when below-target banks have higher default risk and liquidity risk in developed countries. Finally, market discipline is more pronounced in small banks than large banks.

關鍵字

Market discipline ； capital adjustments ； banking risk

並列摘要

本文分析銀行資本調整對存款者的市場紀律之影響。我們使用2005至2016年共52個國家2,351家商業銀行。本文發現資本不足的銀行相較資本盈餘的銀行，存在較強的存款者市場紀律。尤其在開發中國家或規模較小的銀行，存款者較關心資本不足銀行的倒閉及信用風險之市場紀律；相反地，在已開發國家，則較關心倒閉及流動性風險之市場紀律。

並列關鍵字

市場紀律 ； 銀行資本調整 ； 銀行風險

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