高水平对外开放下的外资持股与银行流动性创造

FOREIGN OWNERSHIP AND BANK LIQUIDITY CREATION UNDER HIGH-LEVEL OPENING

本文利用2007年第一季度-2020年第二季度中国36家A股上市银行数据,考察外资持股对银行流动性创造的影响。研究发现:第一,外资持股增加会降低银行总体流动性创造,主要表现在对银行资产端和负债权益端流动性创造的抑制作用,以及对银行表外流动性创造的促进作用。第二,外资持股增加通过补充资本的“资金”渠道,改善内部治理的“治理”渠道,提高金融创新的“知识”渠道,以及增强数字化水平的“技术”渠道,对银行流动性创造产生抑制作用。第三,随着外资持股增加,国有商业银行和股份制银行均会提高流动性创造,城市商业银行则会降低流动性创造,农村商业银行对流动性创造不产生显著影响。第四,在经济政策不确定性上升时期和高水平对外开放时期,外资持股增加会促进银行流动性创造。

This paper uses the data of 36 Chinese listed banks from 2007Q1 to 2020Q2 to examine the impact of foreign ownership on bank liquidity creation.The result shows that:First,foreign ownership reduces bank liquidity creation,which is mainly reflected in the inhibiting effect on the asset-side and liability-equity-side bank liquidity creation,and in the promoting effect on the off-balance sheet bank liquidity creation.Second,foreign ownership reduces bank liquidity creation mainly through the funding channel that replenishes bank capital,the governance channel that improves bank internal governance,the knowledge channel that enhances bank financial innovation,and the technology channel that improves bank digitalization.Third,with the increase of foreign ownership,state-owned commercial banks and joint-stock commercial banks increase liquidity creation,urban commercial banks reduce liquidity creation,while rural commercial banks show no significant changes on liquidity creation.Fourth,foreign ownership promotes bank liquidity creation when economic policy uncertainty rises and during high-level opening period.