强监管下金融错配风险趋于收敛了吗?——基于互联网金融发展的视角

Does Financial Mismatch Risks Converge under Strong Regulation? From the Perspective of Internet Finance Development

基于强监管下金融错配风险的局部均衡模型,剖析了互联网金融影响金融错配风险的主要机理,并实证检验了互联网金融发展对金融错配风险收敛性的影响。研究表明:一是互联网金融发展对金融错配风险的形成具有显著性影响。虽采取严格监管措施,互联网金融及其具有的利率优势正依靠'虹吸'效应不断从金融系统和实体企业抽走资金,使得大量金融资源游离在实体经济和传统金融体系之外,因而金融错配风险无法实现收敛。二是不同渠道对金融错配风险的影响具有差异性,其中实体经济资金'脱实入虚'所形成的金融错配风险是最值得关注的。因此,防控金融错配风险和守住不发生系统性金融风险底线的核心和关键依然在于促进实体经济的健康发展,同时切实将振兴实体经济作为中国经济发展的支点和经济政策制定的基点。

Based on the partial equilibrium model of financial mismatch risk under strong supervision,the paper analyzes the main mechanism of internet finance affecting financial mismatch risk.The paper empirically examines the impact of internet financial development on financial mismatch risk:Internet finance and the difference of return on investment have significant impacts on the formation of financial mismatch risk.Although strict financial supervision measures have been adopted,the rapid development of internet finance and its interest rate advantage are constantly drawing funds from financial system and entity enterprises relying on the siphon effect.Thus a large number of financial resources are freed from the real economy and traditional financial system.The impact of different channels on financial mismatch risk are different,and the risk of financial mismatch caused by the disintegration of real economic funds is the most noteworthy one.Therefore,in the context of the rapid development of internet finance,the core and key of preventing and controlling financial mismatch risk and keeping the bottom line of non-occurrence of systemic financial risk lies in promoting the healthy development of real economy,and taking the revitalization of the real economy as the fulcrum of China’s economic development and the basis of economic policy making is needed.