银行间债券市场的外部效率:基于商业银行的视角

The External Efficiency of Interbank Bond Market from the Perspective of Commercial Bank

以参与我国银行间债券市场的商业银行为研究对象,运用面板数据模型检验银行间债券市场的外部效率对于商业银行经营绩效的影响.实证结果表明:我国银行间债券市场的发展对于商业银行的盈利能力和流动性管理水平均有较强的外部正效率,而对于商业银行传统盈利模式和风险管理则具有负面影响.建议商业银行应利用银行间债券市场的外部正效率提高其资产负债管理水平,通过提升自身经营管理水平来降低银行间债券市场外部负效率对自身的影响;此外监管当局还应该降低小型金融机构进入银行间债券市场的门槛,以发挥该市场外部正效率对化解区域金融风险的作用.

This paper focus on China＇s commercial banks,which participate in the interbank bond market, testing the external efficiency of interbank bond market impact on the commercial bank＇s business performance by panel data model. The empirical results show that： the development of the interbank bond market has a postive impact on the commercial bank＇s profitability and liquidity management, but has a negative impact on the commercial bank＇s traditional profit model and risk management. Therefore, this article recommends that commercial banks should use inter-bank bond market＇s the external efficiency to improve its asset-liability management level, while improving the level of self-management to reduce the inter-bank bond market efficiency of the external negative effects of their own; Moreover, the regulatory authorities should reduce the small financial institutions to enter the inter-bank bond market threshold, which would unleash the market external efficiency play an important role in the resolve region financial risks.