Abstract: In the context of foreign strategic investors increasing first and then decreasing stock shares, research on whether the introduction of foreign strategic investors can help financial stability has important practical value. By using a dynamic panel data model, this paper analyzes how foreign strategic investments affect bank risk taking based on the perspective of heterogeneity. The results show that foreign strategic investments can discourage Chinese banks’ risk-taking behavior by introducing advanced concepts and risk control technology, and improving banks’ governance mechanism. The distributional effects of foreign strategic investments on bank risk-taking due to individual bank characteristics reveals that the impact of foreign strategic investments on risk assets is strengthened for banks with higher capital adequacy. Therefore, how to accelerate implementation of deeper cooperation with foreign strategic investors became a key issue of Chinese commercial banks in the post-financial crisis era.

摘要： 在外资入股中国商业银行经历显著加速而后大幅减持的背景下，回答引入境外战略投资者是否有助于金融稳定具有重要的实践价值。本文基于异质性视角构建动态面板数据模型对战略引资与银行风险承担行为之间的关系进行估计，研究结果表明，2002-2012年期间，战略引资有利于中资银行引进先进的理念和风险控制技术，完善公司治理机制，对银行风险承担具有显著抑制作用，不同银行对战略引资会做出异质反应，随着资本充足率的提高，战略引资对银行风险承担行为的抑制效果增强。因此，加快落实与境外战略投资者的长期深层次合作是后金融危机时代中国商业银行的重要议题。