金融市场化对商业银行绩效的影响——异质性与机制分析

The Impact of Financial Marketization on the Bank Performance-Heterogeneity and Mechanism Analysis

基于全球金融市场化改革愈演愈烈的研究背景,以1996~2017年全球175个国家(地区)为样本,考察金融市场化对商业银行绩效的异质性影响,检验银行信贷的传导机制,并结合双循环新格局战略背景总结未来中国金融市场化改革的策略启示。研究发现:全球范围内金融市场化阻碍了商业银行绩效的提升,发达经济体呈现先促进后抑制的特征,发展中经济体呈现持续抑制的特征;银行信贷是金融市场化影响商业银行绩效的中介变量,金融市场化主要通过私营信贷渠道影响商业银行绩效的提升;双循环发展背景下,中国应在加大金融市场化改革力度的同时,辅之必要的配套监管措施,方可发挥金融市场化的积极作用。

Based on the research background of global financial marketization reform,this paper takes 175 countries(regions)from 1996 to 2017 as samples to investigate the heterogeneous impact of financial marketization on bank performance,test the transmission mechanism of bank credit,and summarizes the strategic enlightenment of China’s financial reform in the future combined with the strategic background of the new pattern of dual circulation.The results show that:global financial marketization hinders the improvement of commercial banks’performance,developed economies show the characteristics of first promotion and then inhibition,while developing economies show the characteristics of continuous inhibition;bank credit is the intermediary variable of financial marketization affecting the performance of commercial banks,and financial marketization mainly affects the performance of commercial banks through private credit channels;under the background of dual cycle development,China should strengthen the financial marketization reform,and at the same time,it should be supplemented by necessary supporting regulatory measures to play a positive role in financial marketization.