金融脱媒与影子银行:来自微观层面的经验证据

Financial Disintermediation and the Shadow Banking:Based on the Micro-level Empirical Research

本文基于2005-2017年中国145家商业银行的非平衡面板数据对金融脱媒与影子银行规模之间的关系进行了实证研究。研究结果表明:金融脱媒与影子银行之间呈现倒U形关系,随着金融脱媒程度的深化,影子银行规模先增大后减小。同时,金融脱媒与影子银行规模之间的关系对于不同种类的商业银行也表现出一定的异质性。具体而言,金融脱媒与全国性股份制商业银行、城市商业银行和农村商业银行的影子规模之间呈倒U形关系,而与大型国有商业银行的影子银行规模呈U形关系。本文的研究结论对中国下一步金融改革与金融监管的推进具有重要的政策启示。

Based on the unbalanced panel data of 145 commercial banks in China during 2005-2017,this paper makes an empirical study on the relationship between financial disintermediation and the scale of the shadow banking.The results show that the relationship between financial disintermediation and shadow banking is inverted U shaped.With the deepening of the financial disintermediation,the scale of the shadow banking increases first and then decreases.In addition,for different types of commercial banks,the relationship between financial disintermediation and the scale of shadow banking also shows some heterogeneity.In particular,financial disintermediation has an inverted U shaped relationship with the shadow banking of the national joint-stock commercial banks,urban commercial banks and rural commercial banks,and has a U shaped relationship with that of large state-owned commercial banks.The conclusion of this paper has important policy implications for China's next step in financial reform and financial regulation.