互联网金融如何影响银行流动性创造——银行风险承担中介效应的实证检验

How Internet Finance Affects Bank Liquidity Creation——An Empirical Study of the Intermediary Effect of Bank Risk-Taking in China

互联网金融的兴起和发展是近年金融业态变化的一个主要特征。本文研究了互联网金融发展如何影响商业银行流动性创造,结果发现,互联网金融发展总体上显著地促进了商业银行流动性创造,但这种影响因银行规模、资本充足率和盈利能力不同而存在显著差异。互联网金融在促进商业银行表内流动性创造的同时抑制了其表外流动性创造。进一步机制检验表明,银行风险承担在互联网金融影响商业银行流动性创造的过程中发挥重要的中间传导作用。考虑到互联网金融发展会影响银行风险承担和流动性创造,进而影响银行体系信用风险和流动性风险,建议监管部门对互联网金融进行全面的监测和监管。

The rapid development of internet finance has been the main characteristic of China’s financial industry in recent years, and it has transformed commercial banks profoundly.This paper takes the third-party payment and online lending as proxy indicators of China’s Internet finance. Meanwhile,this paper measures comprehensive development level of Chinese internet finance using text mining method based on the data of CNKI. Using a sample consisting of 5 state-owned banks, 12 joint-stock banks and 44 representative city commercial banks, this paper constructs a systematic generalized moment estimation model(GMM) to empirically test the impact of internet finance on the bank liquidity creation and the mediating role of bank risk-taking.The paper finds the following phenomena: firstly, internet finance development has significantly promoted China’s bank liquidity creation in general, but the influences are different due to bank scale, capital adequacy ratio and profitability.Secondly, external internet finance represented by third-party payment and online lending not only promotes the on-balance sheet liquidity creation of commercial banks, but also inhibits their off-balance sheet liquidity creation. Thirdly, bank risk-taking plays an important mediating role in the process of internet finance affecting the bank liquidity creation.This paper proposed the following policy implications: internet finance development affects bank risk-taking and liquidity creation, and further more affects the credit risk and liquidity risk of the banking system. Therefore, financial regulation and supervision departments should monitor internet financial activities. Internet financial activities, especially the non-bank internet financial activities, should be taken into account when formulating regulation policies. While giving full play to the benign economic function of internet finance, its destruction effect on financial stability should be avoided.