存款市场竞争、负债结构调整与商业银行持续经营能力——美国银行业的经验与启示

Deposit Market Competition,Liability Structure and Sustainability of Commercial Bank—— Experience and Enlightenment of the US Banking Industry

回顾存款利率上限的存废对美国银行业竞争强度和风险的影响,理清存款市场竞争加剧、批发性融资依赖与银行抵御风险能力下降之间的动因与逻辑,以期对处于利率市场化改革尾声的我国银行业提供经验参考。研究表明,在市场利率与存款利率"法定"上限价差扩大时,利率管制带来资金"脱媒"提速,银行需更多从批发性市场融资以支撑资产端的持续扩张,其结果是资金期限错配程度的不断提高与负债稳定性的显著下降。如何打破金融产品刚性兑付、建立差异化约束机制、培育风险管理能力以营造有序的市场竞争环境应成为我国市场的监管与参与主体着力研究、尽快落地的重要课题。

This paper reviews interest deregulating process and the following effects on the U.S.banking industry.The logic and the motivation between the intensified completion,the dependence of wholesale financing and the decline of the bank＇s ability to resist risks are clarified.Research shows that,together with the enlarging gap between market interest rate and deposit price cap,disintermediation accelerated and banks needs more and more funds from wholesale market to support the urge of asset expansion.As a result,the degree of fund maturity mismatch between asset and liability is significantly raised and a significant decline in the stability of liability.For regulators and market participants,related issues,such as How to break the rigid payment of financial products,establish differential constraint mechanism,foster risk management capabilities,and create an orderly market competition environment,should be studied and implemented.