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Li Ma, Xian Huang, Junxun Dai: Effect of capital constraints on risk preference behavior of commercial banks

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 This study aims to analyze how the financial supervision authority utilize the strong restrictions of capital constraints imposing on the commercial banks to lead the macro economy develop in a stable and harmonious way. This paper first uses multilateral game to deduce that big banks have a loan preference for big enterprises and small banks have a preference for establishing a bank syndicate to pursue large projects, and find the conditions which should be satisfied when the heterology banks carry out loans across the border. Second, it discusses the effect of capital constraint on the credit structure of the commercial banks. By introducing vector and void coordinate, this paper proves that changes of capital adequacy requirements will force the credit structure of the commercial banks adjust along efficient frontier broken line or efficient frontier plane under the condition of interest rate regulation and interest rate marketization respectively. Then, it constructs a credit behavioral preference index to describe the risk preference of the commercial banks, and introduces the implementation and softening of capital constraints into the econometric model. And it uses 522 data points of 29 commercial banks from 2002 to 2006 to do the empirical tests, and finally gives some policy implications to the problem that how Chinese financial supervision authority can regulate effectively. It is the first time to find the conditions of banks beyond the loan border, and to analyze the behaviour adjustment of banks using the vector and void coordinate.

《China Finance Review International》 2011(01)

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