Should Banks Own Equity? A Corporate Finance Perspective
Should Banks Own Equity? A Corporate Finance Perspective
复制标题
银行应该拥有股权吗？
DOI：
10.2139/ssrn.242689
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发表时间：
2000
期刊：
影响因子：
--
通讯作者：
Jan Mahrt
中科院分区：
文献类型：
--
作者：
Jan Mahrt
本文探讨了银行是否应该持有借款公司股权的问题。银行的股权参与可以帮助克服一个有据可查的代理问题：如果没有股权参与，银行将利用其相对于其他融资来源（例如竞争银行）的信息优势，在客户公司需要额外投资时从客户公司获取利润资金。这反过来又降低了借款公司创造利润的动力。它表明，即使是一个小的，少数股权的银行持有显着降低了银行提取利润的倾向，从而提高了企业的激励。少量的股权就足够了，因为银行拥有的关于公司的私人信息使得银行的利润提取对银行索赔的性质非常敏感。银行参股的好处与公司的特点有关（如规模、增长、资本需求等），银行部门的特点（如竞争）以及信息问题（如现行会计做法的质量）。本文从企业融资的角度讨论了目前关于银行是否应该被允许拥有股权的争论，如果是的话，这些股权应该有多大。
This paper examines the question whether banks should hold a share of their borrowing firms' equity. A bank's equity participation can help overcome a well documented agency problem: without the equity participation, the bank would use its informational advantage over other sources of finance (e.g. competing banks) to extract profits from the client firm whenever the firm needs additional investment funds. This, in turn, reduces the incentives of the borrowing firm to generate profits. It is shown that even a small, minority equity stake held by the bank significantly reduces the propensity of the bank to extract profits, which then improves the incentives of the firm. A small equity stake suffices, because the private information that the bank has about the firm makes the bank's profit extraction extremely sensitive to the nature of the bank's claim. The benefit of bank equity participation is related to firm characteristics (e.g. size, growth, capital needs, etc.), characteristics of the banking sector (e.g. competition), as well as information issues (e.g. the quality of the prevailing accounting practices). The paper addresses, from a corporate finance perspective, the current debate about whether banks should be allowed to own equity stakes, and if yes how large these should be.