竞争、资本监管与商业银行效率优化——兼论货币政策环境的影响

Competition, Capital Supervision and Efficiency Optimization of Commercial Banks——Regard to the Impact of Monetary Policy Environment

当前宏观经济有序发展强调要平衡好稳增长和防风险的关系,增强金融服务实体经济的效率成为平衡两者关系的重要解决途径。在间接融资主导的融资环境下,商业银行是金融服务实体经济的重要通道。如何适应外部环境变化、提高商业银行效率,是深化商业银行改革以增强金融服务实体经济效率的重要现实问题。基于此,本文创新性地建立理论模型,分析货币政策环境下利用竞争与资本监管来优化商业银行效率的机制,并选取2007—2016年中国商业银行的数据进行经验验证。研究结果表明:改变商业银行的市场竞争程度与资本监管水平能优化商业银行效率或者控制商业银行风险,且货币政策环境会影响这一优化过程;市场竞争程度通过作用于商业银行的风险承担水平来影响商业银行的效率或风险,即竞争能抑制高风险承担水平的商业银行的风险行为,但会提高低风险承担水平的商业银行效率;风险承担水平不同的商业银行效率基于资本监管影响的优化路径因货币政策变化而有所差异。本文的结论对商业银行风险管理与监管层制定监管政策具有一定的参考价值。

At present, the orderly development of macro-economy needs to make a balance between “steady growth” and“risk prevention”, and enhancing the efficiency of the real economy of financial services has become an important way to achieve this goal. Under the environment dominated by indirect financing, commercial banks are an important channel for the real economy of financial services. At present, the market competition environment, monetary policy environment and regulatory environment of commercial banks have undergone tremendous changes. How to adapt to the changes in the external environment and how to improve the efficiency of commercial banks are crucial for deepening the reform of commercial banks to enhance the finance service efficiency. To address these problems, we first propose a theoretical model to analyze the mechanism of optimizing the efficiency of commercial banks by using competition and capital regulation under the monetary policy environment. Secondly. we select the micro-data of Chinese commercial banks from 2007 to 2016 and draw the following conclusions. We can optimize the efficiency of commercial banks or control the risks of commercial banks by changing the level of market competition and capital supervision of commercial banks, and the monetary policy environment has an impact on this optimization mode. Competition affects the efficiency or risk of commercial banks by affecting their risk-taking level, that is, competition can reduce the risk of commercial banks with high risk-taking level while can improve the efficiency of commercial banks with low risk-taking level. Under different monetary policy environments, capital regulation has different ways to optimize the efficiency of commercial banks with different risk-taking levels. These conclusions will be helpful for risk management of commercial banks and regulatory authorities to formulate regulatory policies.