储蓄存款理财化与金融错配

Savings Deposit Financialization and Financial Misallocation

商业银行储蓄存款理财化趋势对我国银行存贷款业务产生重要影响,本文利用我国上市商业银行面板数据考察储蓄存款理财化对信贷成本和金融错配的作用。研究发现:储蓄存款理财化对商业银行传统存贷款业务产生了显著的替代效应,也推高了信贷成本;储蓄存款理财化对金融错配的影响存在阈值转换效应,储蓄存款理财化作为门限变量存在双重门限值,在储蓄存款理财化水平较低时,储蓄存款理财化变量不会显著引致金融错配加剧;但是,随着储蓄存款理财化水平的提升,储蓄存款理财化变量对金融错配产生了显著的正效应,且逐渐增强。储蓄存款理财化变量通过融资成本途径,产生挤出效应,从而引起金融错配增加。

The trend of savings deposit financialization of commercial banks in China has an important impact on bank′s deposit and loan business.This paper uses the panel data of listed commercial banks in China to study the role of savings deposit financialization in credit cost and financial misallocation.The results show that savings deposit financialization has a significant substitution effect on the traditional deposit and loan business of commercial banks,and also drives up the cost of credit;there is a threshold conversion effect on the financial misallocation of savings deposits,and there is a double threshold value for the financial misallocation of savings deposits as a threshold variable.When the financial misallocation level of savings deposits is low,the financial misallocation of savings deposits will not be significantly exacerbated.However,with the improvement of the level of deposit financing,the variable of deposit financing has a significant positive effect on the financial misallocation,which gradually increases.Through the financing cost approach,the variable of savings deposit financing generates crowding out effect,thus causing the increase of financial misallocation.