权益融资、债务融资与银行资产配置“脱虚向实”

Equity Financing,Debt Financing,and “Shift from Virtual Economy to Real Economy” in Asset Allocation among Banks

基于2008~2017年间中国银行业数据,实证检验不同类型资本补充行为对银行资产配置"脱虚向实"的影响,研究发现:权益融资补充资本后,银行会继续进行风险资产调整,减少总贷款并增持金融资产和同业资产,在企业贷款内部分配中,银行减持实体行业贷款;债务融资补充资本后,银行总贷款和实体行业贷款显著增加,债务融资有助于实现银行资产配置的"脱虚向实";资本补充可以通过资本增量和缓解资本约束两种路径影响银行的资产配置;经济周期因素在资本补充影响银行资产配置的过程中发挥了调节作用。因此,建议加强银行资本补充能力,完善银行债券类资本工具发行机制,并鼓励银行逆周期补充资本。

Based on the data of the banking industry in China from 2008 to 2017,this study empirically tested the effects of different types of capital replenishment on the"shift from virtual economy to real economy"in asset allocation among banks.The results showed that after capital replenishment through equity financing,banks continued to adjust risk assets,reduce total debts,and increase holdings of financial assets and interbank assets,while in the internal distribution of corporate loans,banks continued to reduce holdings of real businesses.After capital replenishment through debt financing,the total bank loans and real business loans increased significantly as debt financing could help realize the"shift from virtual economy to real economy"in asset allocation among banks.Capital replenishment could influence asset allocation among banks via two paths:namely,capital increase and capital constraint alleviation.Economic cycle played a moderating role in the effect of capital replenishment on asset allocation among banks.Therefore,the government should strengthen the capital replenishment capabilities of banks,improve their bond issuance,and encourage them to engage in countercyclical capital replenishment.