互联网金融、存贷净利差与银行资本配置效率--数量型与价格型货币政策的调节作用

Internet Finance,Loan-Deposit Interest Rate Spread and Efficiency of Bank Capital Allocation-Regulatory Effect of Quantitative and Price-Based Monetary Policy

本文基于2009-2019年中国48家商业银行年度数据,实证分析互联网金融对银行资本配置效率的影响及其作用机制。研究表明:(1)互联网金融对银行资本配置效率具有抑制作用。相对于国有控股与股份制银行,互联网金融对城商行资本配置效率的影响力度更大。(2)互联网金融对银行资本配置效率的影响存在功能性差异,其中信息渠道功能的影响力度最大,资源配置功能的影响力度最小。(3)互联网金融通过影响存贷净利差来影响银行资本配置效率。(4)紧缩与高利率货币政策均会加剧互联网金融对银行资本配置效率的抑制作用。

Based on the annual data of 48 commereial banks in China during 2009-2019,this paper empirically analyzes the impact of internet finance on the effieiency of bank capital alocation and its mechanism.The research shows that:(1)intermet finance has an inhibitory efeet on the ffcieney of bank capital alloeation.Compared with state-contolled and joint-stock banks,intemet finance has a greater impact on the capital alocation efficiency of urban commercial banks;(2)there are functional differences in the impact of internet finance on the efficiency of bank eapital alocation,among which the impact of information channel function is the largest and the impact of resource alocation function is the smallest;(3)intemnet finance afcts the fficiency of bank capital alocation by afecting the net interest rate spread between deposits and loans;(4)both tightening and high interest rate monetary policies intensify the inhibitory effet of intermet finance on the fficency of bank ceapital alocation.