法定数字货币与银行风险承担——基于货币结构重塑视角

Central Bank Digital Currency and Bank Risk-Taking-From the Perspective of Monetary Structure Reconstruction

基于货币结构重塑视角,将法定数字货币引入DLM模型,理论证明法定数字货币会通过挤出银行存款引致货币结构重塑效应。进一步实证检验货币结构重塑对银行风险承担的影响,结果发现,货币结构重塑会抑制银行风险承担,且影响程度存在银行产权异质性。机制检验结果显示,货币结构重塑通过提高银行同业负债占比与竞争程度抑制银行风险承担,“货币结构重塑—负债结构/银行竞争—银行风险承担”的传导渠道均有效;金融数字化会增强货币结构重塑对银行风险承担的影响,银行收入多元化会减弱货币结构重塑对银行风险承担的影响。

Based on the perspective of monetary structure reconstructing,we introduce central bank digital currency into the DLM model and theoretically prove that central bank digital currency leads to monetary structure reconstructing effect by crowding out bank deposits.Further empirically investigating the impact of monetary structure reconstructing on bank risk-taking,we find that monetary structure reconstructing inhibits bank risk-taking and there is bank property rights heterogeneity in the extent of the impact.The results of the mechanism test show that monetary structure reconstructing inhibits bank risk-taking by increasing the share of interbank liabilities and competition,and the transmission channels of“monetary structure reconstructing-liability structure/bank competition-bank risk-taking”are effective.The financial digitization enhances the impact of monetary structure reconstructing on bank risk-taking,while bank income diversification weakens the impact of monetary structure reconstructing on bank risk-taking.