影子银行业务对商业银行稳健性的影响效应研究

A Study on the Impact of Shadow Banking Business to the Soundness of Commercial Banks

商业银行的稳定运营是中国金融体系健康成长的关键。以中国式影子银行业务为切入点,重点关注监管政策和商业银行竞争环境变化,利用“买入返售金融资产”“应收款项类投资”和“债权投资”科目之和测算中国式影子银行业务规模;应用固定效应模型,对38家上市商业银行2009年到2019年的季度数据样本进行面板回归,实证研究影子银行业务对商业银行稳健性的影响,并对同业竞争程度和资本监管压力的调节效应进行进一步研究。结果表明,同业竞争程度会通过风险发生机制,促进商业银行开展影子银行业务;而资本监管压力导致了商业银行的利润缺口,致使银行稳健性水平下降;基于我国的影子银行监管政策和宏观经济发展目标,进一步讨论如何利用好资本监管压力和同业竞争程度在影子银行风险传导路径中的调节效应,提出完善金融系统建设的相关结论与差异化的监管政策建议。

The stable operation of commercial banks is a key to the healthy growth of China’s financial system.This paper focus on he Chinese shadow banking business,and reseach their the changes in regulatory policies and the competitive environment of commercial banks,uses the three key indicators to calculate the scale of Chinese shadow banking business;and use the fixed effect model,panel regression is conducted on the quarterly data sam-ples of 38 listed commercial banks from 2009 to 2019 to empirically study the impact of shadow banking on the soundness of commercial banks,and further study the regulatory effect of horizontal competition and capital regulatory pressure.The results show that the level of horizontal competition promote commercial banks to carry out shad-ow banking business through the risk generation mechanism;the pressure of capital supervision has led to the profit gap of commercial banks,leading to a decline in the level of bank robustness;Based on China’s shadow banking regulatory policies and macroeconomic development goals,further discuss how to make good use of the regulatory effect of capital regulatory pressure and horizontal competition in the shadow banking risk transmission path,and propose relevant conclusions and differentiated regulatory policy recommendations to improve the construction of the financial system.