金融市场化改革是否弱化了银行的金融中介功能?

oes the Financial Marketization Reform Weaken the Financial Intermediary Function of Banks?

基于金融市场化改革对商业银行金融中介功能的影响存在不确定性的理论分析,本文利用事件分析门限回归法考察银行贷款公告对公司股票累计异常收益率(CAR)的影响。主要的结论为:一是银行贷款公告对公司股票CAR有显著影响,说明银行的信息发现优势明显;二是金融市场化改革显著弱化了银行的信息发现功能,且弱化过程具有非线性门限特征;三是虽然我国证券市场规模巨大,但限于其金融功能暂未充分发挥,对银行金融中介功能的替代作用不明显;四是银行金融中介功能在经济周期的不同阶段发挥不同程度的影响,且金融市场化改革强化了这种影响。基于研究结果,本文提出政策建议:金融市场化改革的深化依赖金融和实体经济市场化改革协调推进,构建多层次金融市场体系应更注重法治等能够促进金融发展的基础环境建设,而非单一的证券市场扩容。基于当前金融市场摩擦的背景,应更重视银行体系在金融资源配置中的作用。

Based on the fact that the impact of financial marketization reform on the intermediary function of commercial banks is theoretically uncertain,this paper uses A-share listed companies that issued bank loan announcements on the Shanghai and Shenzhen stock markets from 1996 to 2019 as samples and uses event analysis threshold regression method to examine the impact of bank loan announcements on the cumulative abnormal return(CAR)of company stocks.The main conclusions are as follows:firstly,the announcement of bank loans has always had a significant impact on CAR,indicating that the reform of financial marketization has not made the advantages of bank financial intermediary function disappear,and banks have always been in a special position in solving the problem of information asymmetry in the financial market.Secondly,the reform of financial marketization has significantly weakened the functional advantages of bank intermediary information discovery,but the weakening process has the characteristics of nonlinear threshold.Thirdly,despite the huge scale of the securities market,it is limited to the insufficient financial function,so the substitution effect on the intermediary function of banks is not obvious.Fourthly,the intermediary function of banks is asymmetric about the fluctuation of economic cycle,and the reform of financial marketization has strengthened this asymmetry.The policy implication of this paper is that the effective realization of the goal of financial marketization reform depends on the coordinated promotion of financial and real economy marketization reform,and the establishment of a multi-level financial market system should pay more attention to the construction of social infrastructure to promote financial development,such as law,rather than just the expansion of the securities market.Compared with the securities market,under the current financial market friction conditions,the role of banks should pay more attention in the allocation of financial resources.