互联网金融、银行竞争与流动性创造

Internet Finance,Bank Competition and Liquidity Creation

利用2006—2015年中国银行业数据,采用系统GMM方法研究互联网金融、银行竞争与流动性创造的关系,研究结果表明:P2P等互联网金融对中小商业银行业务冲击较大,对其流动性创造具有挤出效应,但同时也倒逼国有控股银行更加重视长尾市场,增加流动性创造。提高国有控股银行的核心资本充足率,能够增加流动性创造,具有"风险吸收效应"。我国银行的流动性创造具有顺周期的特征。中小商业银行应加快改革步伐,积极应对互联网金融的挑战。政策制定者在鼓励竞争时,要在流动性创造降低与消费者福利增加之间进行一定的权衡,并有针对性地进行流动性风险监管。

Based on the data of China＇s banking industry from 2006 to 2015,the paper using SYS-GMM method studies the relationship between internet finance,bank competition and liquidity creation. The results show that internet finance,such as P2 P,has a large impact on small and medium-sized commercial banks,and has squeeze effect on liquidity creation.But it also forces state-owned banks to pay more attention to the long tail market and increase liquidity creation. Improving the core capital adequacy ratio of state-owned banks can increase the liquidity creation,with a ＂risk absorption effect＂. The liquidity creation of banks in our country is characterized by procyclicality. Small and medium-sized commercial banks should speed up the pace of reform,and actively respond to the challenges of internet finance. In encouraging competition,policy-makers have to balance between reduced liquidity creation and increased consumer welfare,and targeted liquidity risk regulation.