同业业务与商业银行流动性创造——基于银行业微观数据的实证研究

Inter-bank Business and Commercial Bank Liquidity Creation:An Empirical Study Based on Microdata of Banking Industry

基于2012～2017年中国银行业的微观数据,实证检验了商业银行参与同业业务对其流动性创造的影响,研究结果表明,商业银行同业业务参与程度和流动性创造之间存在显著的负相关关系,无论是同业资产还是同业负债业务,随着银行对其参与度的提升,单位资产的流动性创造均会下降;这一负向关系在国有大型银行和股份制商业银行中并不显著,然而对于城市商业银行和农村商业银行,同业业务参与程度的提高会显著降低流动性创造规模。其次,不同财务特征的商业银行在同业业务对流动性创造的影响上存在显著差异。资产规模较大并且盈利能力较强的银行,同业业务对流动性创造的负向效应较弱。

Based on the microdata of China’s banking industry from 2012 to 2017,this paper empirically examines the impact of commercial banks’ inter-bank business on liquidity creation.The results show that there is a significant negative correlation between the participation of commercial banks in the inter-bank business and the creation of liquidity.Whether they are inter-bank assets or inter-bank liabilities,as long as banks increase their participation,the liquidity of unit assets will decrease,but this negative relationship is not significant in large state-owned banks and joint-stock commercial banks.For urban commercial banks and rural commercial banks,the increase in the level of inter-bank business participation will significantly reduce the scale of liquidity creation.Secondly,commercial banks with different financial characteristics have significant differences in the impact of interbank business on liquidity creation.Banks with large assets and strong profitability have a weak negative effect on liquidity creation.