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利用我国34家非上市商业银行2000~2011年的面板数据,研究了投资者情绪对银行风险承担的影响以及银行管理者乐观在这一影响机制中所发挥的作用。结果发现,投资者情绪与银行风险承担显著负相关,与银行管理者乐观也显著负相关。同时,投资者情绪对银行风险承担的负向影响至少有一部分是以“管理者乐观渠道”为中介的。最后发现,银行管理者乐观程度越高,投资者情绪对银行风险承担的负向影响越小。
Using the panel data of 34 non-listed commercial banks in China from 2000 to 2011, this part studies the impact of investor sentiment on bank risk exposure and the role that bank managers are optimistic about in this impact mechanism. The results showed that investor sentiment was significantly negatively correlated with bank risk appetite and negatively correlated with bank manager optimism. At the same time, the negative impact of investor sentiment on bank risk appetite is mediated at least in part by the “optimistic channel of managers.” Finally found that the higher the optimism of bank managers, investors, the negative impact of bank sentiment on the smaller.