流动性囤积影响了中国商业银行盈利水平吗?

Does Liquidity Hoarding Affect the Profitability of China’s Commercial Banks

商业银行的流动性囤积行为会导致其高流动性资产增加,这种变化是否会对银行的盈利水平造成影响?对此,本文利用2012-2018年中国123家银行的面板数据,进行较为全面的理论分析和实证研究。研究结果表明:银行流动性囤积在总体上显著降低了其盈利水平,且主要通过信贷数量、拨备覆盖率两个渠道发挥作用;流动性囤积对盈利水平的影响是非线性关系,当流动性囤积水平较低时,有助于增加银行盈利,当囤积水平超过门槛后则效果相反;尽管银行囤积流动性时会损失一部分盈利,但考虑到可以减少信贷风险,银行大多还是会选择流动性囤积。据此,商业银行应根据自身实际,完善好风险管理,尝试解决为防范风险而过度囤积流动性的问题;货币政策当局应关注商业银行的流动性水平,要确保流动性传导通畅。

The liquidity hoarding behavior of commercial banks will lead to an increase in their high-liquidity assets. Will this change affect the profitability of banks? In this regard, this paper uses the panel data of123 banks in China from 2012 to 2018 to conduct a more comprehensive theoretical analysis and empirical research. The results show that the bank’s liquidity hoarding has significantly reduced its profitability in general, and it mainly plays a role through the two channels of credit quantity and provision coverage. The impact of liquidity hoarding on profitability is nonlinear. When the level of liquidity hoarding is low, it helps to increase bank profitability. When the level of hoarding exceeds the threshold, the effect is opposite. Although banks will lose some of their profits due to hoarding liquidity, most banks will still choose liquidity hoarding because they can reduce credit risk. Accordingly, Banks should improve their risk management according to their own reality, and try to solve the problem of excessive hoarding of liquidity to prevent risks;monetary authorities should pay attention to the liquidity level of commercial banks and ensure smooth transmission of liquidity.