The Empirical Study on the Market Discipline,the Commercial Bank Governance and Insolvency Risk
用上市银行股价的非系统性波动衡量信息释放程度，发现市场交易产生的约束能降低银行破产风险，且银行治理越好，市场约束越有效。
This paper uses unsystematic fluctuation of listed bank's share price to stand for bank's information release degree.The study shows that investors caused fluctuations would be to the bank internal feedback to push them adjust operational policy,so that the insolvency risk will decrease,that is to say,market transactions produce market constraint.Meanwhile,the authors use banks' financial data to measure their insolvency risk and find that there is a significant negative relationship between the unsystematic fluctuation of listed bank's share price and bank's insolvency risk,in other words,the better the commercial bank governance,the more effective the market discipline.Further researches show that foreign strategic investor will not improve the bank's governance significantly,but the different ownership structures of banks will do.