“脱虚向实”是否缓解了中国商业银行同业业务资金空转的风险?

Does “the Credit Funds from the Virtual to the Real” Alleviate the Risk of Funds Idling on the Interbank Business of China’s Commercial Banks?

本文采用动态面板系统GMM模型实证检验"脱虚向实"政策是否缓解了商业银行同业业务资金空转的风险,进一步分析不同银行"脱虚向实"效果出现差异的原因。结论表明:同业业务资金空转显著加剧银行风险,"脱虚向实"政策的实施通过缩减同业业务空转资金规模有效抑制了风险的形成,且短期影响显著,长期来看,该项政策效果减弱,需要信贷政策的配合。另外,相较于四大国有银行,"脱虚向实"政策主要对其他银行降低风险作用明显。

The paper mainly focuses on the bank risks that result from the funds idling on the interbank businesses based on the policies of"the credit funds from the virtual to the real"by way of the dynamic panel system GMM model in order to test if the risks can be alleviated. Furthermore, it analyzes the effects of the policies by considering the heterogeneity of banks. The conclusions show that the funds idling of interbank business significantly aggravates the bank’s risks on the one hands, the policies have effectively curbed the formation of risks by reducing the funds idling of the interbank business, and it is particularly significant in short-term on the other hands. However, the effect of this policy will slow down and it needs to be coordinated with the implementation of the credit policy in the long run. In addition, the policies play a much more significant role on the other types of banks than those of the big four banks.