统计研究 ›› 2021, Vol. 38 ›› Issue (11): 87-100.doi: 10.19343/j.cnki.11-1302/c.2021.11.007

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市场竞争与银行流动性创造——基于分支机构的银行竞争指标构建

宋科 李振 尹李峰   

  • 出版日期:2021-11-25 发布日期:2021-11-25

Market Competition and Bank Liquidity Creation: Based on Branches to Construct a Bank Competition Index

Song Ke Li Zhen Yin Lifeng   

  • Online:2021-11-25 Published:2021-11-25

摘要: 市场竞争对于金融稳定是一把“双刃剑”,监管部门为维持银行业稳定需要考虑竞争政策的平衡性问题。充足的流动性创造有助于为经济活动提供资金,促进经济主体之间的交易,而过剩或 缺乏流动性均会迫使银行业陷入困境甚至引发流动性危机。本文使用2003—2017年我国176家商业银行数据,构建了一种新的基于分支机构和引力模型的银行竞争指标,来识别市场竞争与银行流动性创造之间的关系。结果发现,市场竞争对银行流动性创造具有促进作用,其中对银行资产端流动性创造的正向影响较大,对负债端流动性创造的影响较小,对资产负债表表外流动性创造没有影响。同时,受到正向影响的主体是城市商业银行、农村商业银行等地方性银行和外资银行,对国有大型银行、股份制银行等全国性银行则没有影响或具有负向影响。上市银行、系统重要性银行和处在危机时期、经济繁荣时期或货币政策宽松时期的银行,随着市场竞争加剧均会创造更多流动性。中介效应分析发现,市场竞争通过刺激金融创新、提高经营效率和扩大流动性信贷等中介机制促进了银行流动性创造。本文不仅丰富了银行竞争策略的经济效果分析,也为银行流动性创造研究提供了重要补充。

关键词: 市场竞争, 银行流动性创造, 商业银行, 金融稳定

Abstract: Market competition is a double-edged sword to financial stability. Regulators need to consider the balance of competition policies to maintain the stability of the banking industry. Sufficient liquidity creation helps to fund economic activities and facilitate transactions between economic entities, but excessive or lack of liquidity can force banks into trouble or even trigger liquidity crises. This paper uses the data of 176 commercial banks in China from 2003 to 2017 and constructs a new bank competition index based on bank branches and gravity model to analyze the impact and mechanism of market competition on bank liquidity creation. The results show that market competition can promote bank liquidity creation. This is mainly reflected in the great positive impact on bank asset-side liquidity creation, but market competition has a small impact on liability-side liquidity creation, and has no impact on off-balance sheet liquidity creation. Besides, the banks positively affected are city commercial banks, rural commercial banks, and foreign banks, while market competition has no or a negative impact on nationwide banks such as state-owned large banks, joint-stock banks. Listed banks,systemically important banks and banks in times of crisis, economic boom or easing monetary policy may create more liquidity as market competition intensifies. Based on the intermediary effect analysis, it is found that market competition promotes the creation of bank liquidity by stimulating financial innovation, improving operational efficiency and expanding liquidity credit. While enriching the analysis of the economic effects of bank competitive strategy, this paper also provides an important supplement to the research on bank liquidity creation.

Key words: Market Competition, Bank Liquidity Creation, Commercial Banks, Financial Stability