金融服务实体经济的效率及影响因素研究——基于商业银行资产负债的实证分析

The Efficiency and Influencing Factors of Financial Service for Real Economy——Empirical Analysis Based on Assets and Liabilities of Commercial Banks

本文首先深入分析了商业银行的资产负债管理行为,构建商业银行追求利润的资产负债管理模型,从理论上分析出商业银行将资产配置到实体经济领域的影响因素。在此基础上,从金融监管的角度出发,将商业银行的资产负债项目进一步分类为杠杆类、通道类,利用25家商业银行2009到2018年的面板数据,实证分析针对商业银行的杠杆类、通道类资产负债的监管,对金融支持实体经济力度、价格的影响效果。结果显示:银行支持实体经济力度方面,银行的杠杆率对银行支持实体经济力度有显著正向效果,但是资金通道长度对银行支持实体经济力度的影响并不显著;银行支持实体经济的资金价格方面,杠杆率对银行资金价格的影响并不显著,但是通道长度则会显著增加资金成本;商业银行的国有、股份制、城商行性质对银行支持实体经济力度的影响也不显著,但是同等条件下,商业银行的国有性质会显著降低资金价格水平。

This paper firstly analyzes the asset-liability management behavior of commercial banks,constructs the asset-liability management model of commercial banks in pursuit of profits,and theoretically analyzes the influencing factors of commercial banks’allocation of assets to the real economy.On this basis,from the perspective of financial supervision,the commercial banks’assets and liabilities are further classified into leverage and channel.Using the panel data of 25 commercial banks from 2009 to 2018,empirically analyzing the regulation impact on the leverage and channel-type assets and liabilities of commercial banks,as well as the effect of financial support strength on the economic entity and price of the fund.The results show that the bank’s leverage ratio has a significant positive effect on its support for the real economy,but the length of the capital channel has no such impact,as for the capital price,the impact of leverage is not significant,but the length of the channel will significantly increase the cost of capital;the nature of state-owned,shareholding,and city commercial banks has no significant impact on the strength of banks supporting the real economy,but under the same conditions,the state-owned nature of commercial banks can significantly reduce the level of capital prices.