关键词: 资本要求 , 多而不倒 , 系统性风险 , 救助

Abstract: Systemic risk is defined as the correlation of returns on assets held by banks in this paper. Based on a theoretical model, this paper analyzes the relationship between capital requirement and banking systemic risk in the presence of “toomanytofail” bailout. Then this paper makes an empirical test using an unbalanced panel data from 2006 to 2012 of 11 different countries and regions listed commercial banks. The results show that, under certain circumstance,“toomanytofail”bailout is the regulators optimal choice. However, in the presence of this expost optimal policy, an increased capital requirement may induce more systemic risk by affecting banks exante investment decisions. This effect is more significant in counties with low level of financial freedom. Chinas capital regulation reform should coordinate closely with financial marketization reform.

Key words: capital requirement , too many to fail , systemic risk , bailout