董事会文化多样性对银行风险承担的
影响研究
重庆大学硕士学位论文
（学术学位）
学生姓名：任子跃
指导教师：陆静教授
学科门类：经济学
学科名称：应用经济学
研究方向：金融学
答辩委员会主席：陈其安
授位时间：2023年6月
Study on the Influence of the Cultural
Diversity of the Board on the Bank
Risk-taking
A thesis submitted to Chongqing University
in partial fulfillment of the requirement
for the degree of
Master of Science
in
applied economics
by
Ren Ziyue
Supervised by
Lu Jing
June ,2023
重庆大学硕士学位论文摘要防范化解金融风险，是金融工作的永恒主题。2008年金融危机后，金融风险
成为学术界和实业界关注的重点，银行作为金融市场上主要的资金融通机构，其
风险承担成为金融从业者和监管机构重点监控的对象。随着资本市场的发展和金
融学研究的深入，学术界逐渐意识到决策行为对经济后果的影响在金融领域普遍
存在。董事会作为商业银行的最高决策者，其主观因素会很大程度影响商业银行
决策的倾向性，董事会文化多样性所涵盖的信息同样对决策行为起到举足轻重的
作用。Hofstede[1]提出的一套具有影响力的文化维度理论，从六个维度来定量地描
述不同文化差距的分析框架，能够较好地用于研究董事会文化多样性背后所蕴含
的决策信息。为此，本文探讨董事会文化多样性对银行风险承担的影响具有现实
意义。
本文以2010-2021年我国240家商业银行为研究样本，分别对董事会六个维
度进行定量分析，进而构建衡量银行董事会文化多样性的综合动态指标，为实证
研究奠定变量基础。本文首先考察了董事会文化多样性对银行风险承担的影响方
向和程度，并进一步探讨各个维度的影响结果；随后为深入研究外部监管是否对
董事会内部的监督机制起到补充加强的作用，研究选用法制化水平和监管处罚作
为外部监管的代理变量，继续探索外部监管对董事会文化多样性发挥的调节作用。
本文的研究结果表明：（1）董事会文化多样性对银行风险承担具有显著的抑
制作用，文化多样性越丰富的董事会，该银行承担的风险越低。（2）至于
Hofstede 文化框架所涉及的各维度而言，董事会不确定性规避、长期导向和放纵
程度三个维度均会对银行风险产生显著影响，其中董事会不确定性规避越高，长
期导向倾向越明显，放纵程度越低，银行的风险承担越低。（3）外部监管在董事
会文化多样性发挥作用时能够起到调节作用，如法制化水平和监管处罚力度均会
强化董事会文化多样性对银行风险承担的抑制作用。
关键词：董事会文化多样性；银行风险承担；霍夫斯泰德文化理论；外部监管
I
重庆大学硕士学位论文Abstract
Abstract
Preventing and resolving financial risks is the constant theme of financial work.
Since the 2008global crash,financial risk has become the focus of academic and
industrial circles.As the main financing institution in the financial market,banks'risk-
bearing has been the key monitoring targets of financial practitioners and regulators.With
the development of capital market and the study of finance,academics are becoming
aware that the impact of decision-making behavior on economic consequences is
widespread in the financial field.As the top decision maker in commercial banks,the
subjective factors of the board of directors can greatly affect the tendency of commercial
banks to make decisions.The information covered by the cultural diversity of the board
also plays a decisive role in decision-making.Hofstede’s cultural dimensions theory,an
analytical framework which is combined of six dimensions for quantitaively decribing
cultural differences,can be better used to better study the decision-making under the
cultural diversity of the board of directors.Therefore,it is of practical significance to
explore the impact of the cultural diversity of the board of directors on risk-taking in
banks.
Taking 240commercial banks in China from 2010to 2021as research samples,this
study makes quantitative analysis on the six dimensions of the board of directors,and
then constructs a comprehensive dynamic indicator to measure the cultural diversity of
the board of banks,laying a variable foundation for the empirical research.This paper
first examines the direction and extent of the impact of the board’s cultural diversity on
bank’s risk-taking,and further explores the impact of each dimension;subsequently,in
order to further study whether the external supervision plays a supplementary and
strengthening role in the internal supervision mechanism of the board of directors,the
research selects the level of legalization and regulatory penalties as the proxy variables
of external supervision,and continues to explore the moderating effect of external
supervision on the cultural diversity of the board.
The results of this study show that:(1)The cultural diversity of the board of directors
has a significant inhibitory effect on the bank's risk-taking.The richer the cultural
diversity of the board of directors,the lower the risk borne by the corresponding bank.(2)
In terms of each dimension in Hofstede’s cultural framework,the three dimensions of
board uncertainty avoidance,long-term orientation and degree of indulgence all have a
III
重庆大学硕士学位论文Abstract
significant impact on bank risk.The higher the uncertainty avoidance of the board of
directors is,the more obvious the long-term orientation tendency is;the lower the degree
of indulgence is,the lower the risk-bearing of the bank is.(3)External supervision plays
a moderating role in the cultural diversity of the board of directors,such as the level of
legalization and the degree of supervision and punishment,which can strengthen the
inhibition effect of the board of directors on bank’s risk taking.
Keywords:Cultural Diversity of the Board;Bank Risk-taking;Hofstede’s Cultural
Dimenions Theory;External Supervision
IV