银行股息应该受到监管吗?什么是长期的历史证据?

A. Saunders, Berry K. Wilson
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引用次数: 2

摘要

2008年金融危机和新型冠状病毒感染症(covid - 19)疫情对银行资本造成的压力,引发了加强对银行股息支付的监管和限制的需求,因此银行股息监管问题备受争议。本文从历史的角度考察了这一问题,通过分析大萧条时期和1973年之后中央储备城市银行样本的股息决策,特别是股息政策对研究银行可能发挥的积极风险管理作用。股息政策是用来平衡股东和存款人的利益,并保持银行的长期偿付能力。总体而言,我们的研究结果表明,尽管最初不愿削减股息,但银行在1932年和1933年分别削减了24%和12.7%的股息水平(按中位数计算)。在20世纪30年代和40年代的大部分时间里,大萧条后的股息一直处于低迷水平。我们的研究结果表明,这一时期的低迷和相对稳定的股息使银行能够重建资本水平,这一水平在大萧条时期急剧下降。大萧条后的资本重建意味着风险向有利于储户的方向转移,可能有助于后萧条时期美国银行体系的稳定。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Should Bank Dividends Be Regulated? What Is the Long-Term Historical Evidence?
The issue of bank dividend regulation has become highly controversial as the stress induced on bank capital during the 2008 financial crisis and the covid pandemic created a demand for enhanced regulation and restrictions on bank dividend payments. This paper examines this issue from a historical perspective by analyzing the dividend decisions of a sample of central-reserve-city banks during the Great Depression and its aftermath to 1973, and in particular the active risk management role that dividend policy may have played for study banks. Dividend policy was used to balance the interests of stockholders and depositors, and to preserve the long-term solvency of the bank. Overall our study results show that despite an initial reluctance to cut dividends, banks cut dividend levels by 24% in 1932 and by 12.7% in 1933 (in median terms). Post-Great Depression dividends remained at depressed levels through most of the 1930s and 1940s. Our study results indicate that this period of depressed and relatively constant dividends allowed banks to rebuild capital levels, which had fallen sharply with the Great Depression. Capital rebuilding post-depression represented risk-shifting in favor of depositors and likely contributed to the stability of the U.S. banking system in the post-depression era.
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