互联网金融、存款竞争与银行流动性创造

Internet Finance,Deposit Competition and Bank Liquidity Creation

作为一种新兴的金融业态,互联网金融会通过存款竞争对商业银行流动性创造产生影响。存款竞争分为存款规模竞争与付息成本竞争两种。采用2007-2018年我国106家商业银行非平衡面板数据,运用多重中介效应模型检验“互联网金融→存款规模/付息成本→银行流动性创造”的内在传导机制,研究表明:互联网金融通过挤压存款规模、抬高付息成本两种存款竞争中介渠道削弱了商业银行流动性创造职能;相对于互联网渠道构筑业态,互联网支付结算业态、互联网资源配置业态、互联网财富管理业态挤压银行存款规模并抬高付息成本的存款竞争效应更为显著;在存款规模竞争方面,国有、较高资产规模和较高资本水平的商业银行被挤压的存款规模更大;在付息成本竞争方面,股份制及城市商业银行、较小资产规模和较低资本水平的商业银行付息成本被抬高得更多;互联网金融通过存款竞争影响商业银行流动性创造的途径分表内和表外途径两种,存款规模竞争和付息成本竞争机制在这两种途径中都显著存在。因此,政府部门应对互联网金融的扩张加以正确的引导和管控,商业银行要积极推进业务转型,并不断优化金融生态链。

As an emerging financial industry,Internet finance can produce influence on liquidity creation of commercial banks through deposit competition.Deposit competition is divided into deposit scale competition and interest payment cost competition.Based on the unbalanced panel data of 106 commercial banks in China from 2007 to 2018,this paper constructs a multiple intermediary effect model to empirically test the internal transmission mechanism of"Internet finance→deposit scale/interest payment cost→bank liquidity creation".Research shows that Internet finance has squeezed the scale of deposits and increased the cost of interest payment to weaken the liquidity creation of commercial banks.Compared with Internet channels,Internet payment and settlement formats,Internet resource allocation formats,Internet wealth management formats,and Internet financial segmentation have more significant deposit competition effect on squeezing the scale of deposit and increasing the cost of interest payment.In terms of deposit scale competition,state-owned and commercial banks with higher asset scales and high capital levels are currently squeezed more savings;and in terms of interest payment costs,stock and urban commercial banks as well as the commercial banks with smaller asset scale and lower capital level are increased more interest payment costs.Internet finance has played a very similar intermediary role in weakening banks’on and off-balance sheet liquidity creation process.And in these two ways,the deposit scale competition and the interest payment cost competition mechanism significantly exist.Therefore,government departments should correctly guide and control the expansion of internet finance,commercial banks should actively push forward the business transformation and continue to optimize financial ecological chain.