零售存款竞争、批发资金融资与风险行为——基于存款利率市场化前期的经验研究

Competition in Retail Deposits, Wholesale Fund Financing and Risk Behaviors——An Empirical Study Based on the Prophase of the Liberalization of Deposit Interest Rate

本文采用2000～2010年中国银行业“管住上限”的存款利率市场化前期14家主要全国性商业银行的面板数据，在全面考察该时期银行资金竞争行为的基础上，将批发资金融资条件引入研究框架。实证检验银行业零售存款竞争、批发资金融资与银行风险之间的互动关系。研究结果表明：“管住上限”并未避免非价格及变相价格竞争环境下银行风险动机的形成；银行间批发资金市场成功发挥了独立资金配置体系的功用，成为调节银行竞争压力的重要渠道；批发资金融资压力促成了银行整体风险的缓解。为此，监管当局应协力实现竞争与银行稳定的有效相容。

Based on the panel data of the 14 major nationwide commercial banks during 2000-2010, a period of ＂regulate the cap＂, i.e. the prophase of the liberalization of deposit interest rate, this paper comprehensively researches the competitive be- haviors of the banks in the period, and introduces the financing conditions of wholesale fund, ignored by the traditional theory, into the analytic framework to examine the relationship between competition in retail deposits, wholesale fund financing and the risks of banks. The results of the paper show that the ＂regulate the cap＂ has not yet avoided the formation of the risk motivation of the banks in circumstance of non-price or disguised price competition; the inter-bank wholesale fund market successfully plays the role of an independent system to allocate funds, and becomes an important channel to adjust competitive pressures of the banks; the pressure of the wholesale fund financing helps relieve the overall risks of the banks. Therefore, the regulators should make efforts to realize the effective compatibility between competition and bank stability.