多个大股东并存对商业银行系统性风险的影响及其作用机制OACHSSCD

Chinese commercial banks from 2010 to 2023 were taken as research objects,and a two-way fixed effects model was employed to empirically examine the impact of the coexistence of multiple large shareholders on commercial banks' systemic risk and its underlying mechanism.It was found that the coexistence of multiple large shareholders significantly increased the systemic risk of commercial banks.Mechanism tests revealed that the coexistence of multiple large shareholders elevated systemic risk mainly through two channels:enhancing monitoring intensity by other large shareholders and reducing bank liquidity.Moderating effect tests indicated that a higher intensity of macroprudential policies weakened the positive impact of the coexistence of multiple large shareholders on commercial banks' systemic risk.Heterogeneity analysis showed that the positive effect of the coexistence of multiple large shareholders on commercial banks' systemic risk was more pronounced in non-systemically important banks,large-scale banks,and banks operating in less competitive markets.Based on these findings,recommendations were proposed,including strengthening internal governance and supervision of banks with diversified ownership structures,optimizing liquidity management and risk prevention and control,leveraging the moderating role of macroprudential policies,and promoting differentiated supervision and targeted policy implementation so as to prevent systemic risk in commercial banks and enhance the stability of the banking system.