流动性创造水平是衡量商业银行能否发挥金融中介职能的重要参考。本文以我国商业银行初次入选系统重要性银行作为准自然实验,研究系统重要性银行制度对银行流动性创造水平的影响。研究结果表明,入选系统重要性银行显著提升了其流动性创造水平,并且主要增加了资产端的流动性。异质性分析表明,系统重要性程度更高、规模更大、经营绩效更好的银行受到的促进作用更显著。进一步研究发现,入选系统重要性银行主要扩大了系统重要性银行的贷款、活期存款和资本债券规模。本文不仅丰富了关于系统重要性银行的研究,也为银行流动性创造理论研究提供了补充。
Abstract
Systemically important banks have the characteristics of large scale, high complexity, and strong correlation, exerting significant influence on the financial system. Liquidity creation is a means for commercial banks to serve the real economy, as well as an important reference for measuring whether commercial banks play the role of financial intermediation. Therefore, it is of great significance to study the impact of the systemically important banking system on liquidity creation.
This article collects unbalanced panel data from 174 commercial banks in China from 2015 to 2022 as the research sample, with the systemically important banking system in China as the research object. A quasi-natural experiment is established to comprehensively examine the impact of the systemically important banking system on bank liquidity creation. The research results indicate that the systemically important banking system significantly improves the liquidity creation of domestic systemically important banks（D-SIBs）, and mainly increases the liquidity on the asset side of banks. The liquidity creation promotion effect brought about by the systemically important banking system is heterogeneous, with banks with higher systemically important levels, larger asset scales, and better operational performance receiving a greater promotion effect. Further analysis has found that the systemically important banking system leads to an increase in the loan size on the asset side, demand deposits and capital bond size on the liability side of D-SIBs. In addition, the degree to which the systemically important banking system promotes the liquidity creation of D-SIBs decreases as their market competitiveness increases.
The research findings of this article have important policy implications. Firstly, regulatory authorities must pay attention to the impacts of systemically important banking system on bank liquidity creation, and handle the relationship between maintaining financial stability and serving the real economy of D-SIBs. Secondly, while improving the capital adequacy level of D-SIBs, it is necessary to effectively guide banks to balance current and long-term relationships. Finally, it is necessary to pay attention to the tolerance of different D-SIBs to regulatory requirements and orderly improve the safety level of D-SIBs.
关键词
系统重要性银行制度 /
流动性创造 /
银行竞争
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Key words
Systemically Important Banking System /
Liquidity Creation /
Bank Competition
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中图分类号：
F832
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基金
*本文获中国博士后科学基金特别资助项目“监管处罚对银行风险承担与银行效率的影响研究”（2023T160707）、中央财经大学青年科研创新团队支持计划（中央高校基本科研业务费专项资金）资助
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