金融创新与商业银行风险承担能力关系的研究

The Relationship Between Financial Innovation and Commercial Bank’s Risk-taking Ability

基于我国32家A股上市商业银行2011—2018年的动态面板数据,采用系统GMM估计方法研究了金融创新对商业银行风险承担能力的影响.实证结果显示:金融创新程度和商业银行风险承担能力之间存在显著的“倒U型”关系,即随着金融创新程度的提高,商业银行风险承担能力会先增强后减弱,存在一个可使商业银行风险承担能力达到最强的最优金融创新程度;金融创新程度相同时,不同规模商业银行的风险承担能力具有异质性,截至2018年底,大型商业银行的风险承担能力比中小型商业银行更强;自2019年开始,中国商业银行的金融创新程度已经越过“拐点”,中国商业银行进入以“低速高风险”为发展特征的“拐点后时代”.因此,建议中国商业银行应立足于“稳中求进”的发展战略,以实现经济增长和金融稳定的双重平衡.

Based on the dynamic panel data of 32 A-share listed commercial banks in China from 2011 to 2018,the system GMM estimation method is used to study the impact of financial innovation on commercial banks’risk-taking ability.The empirical results show that there is a significant“inverted U-shaped”relationship between the degree of financial innovation and the risk-taking ability of commercial bank,that is,as the degree of financial innovation increases,commercial banks’risk-bearing capacity will first enhance and then weaken,and there is an optimal degree of financial innovation that can make the risk-bearing capacity of commercial banks reach the strongest.Facing the same degree of financial innovation,commercial banks of different scales have heterogeneity in riskbearing capability.As of the end of 2018,the risk-bearing capacity of large-sized commercial banks is stronger than that of small-sized and medium-sized commercial banks.Since 2019,the degree of financial innovation of China’s commercial banks have crossed the“inflection point”and China’s commercial banks have entered the“post-inflection point era”with the development characteristics of“low speed and high risk”.Therefore,it is recommended that China’s commercial banks should maintain the development strategy of“seeking progress while maintaining stability”in order to achieve a double balance between economic growth and financial stability.