商业银行资本结构对流动性创造的影响  

The Influence of Capital Structure on the Liquidity Creation of Commercial Banks

作　　者：何青青[1] 陈艺璇[1] 曹前进[1] 

机构地区：[1]浙江工商大学金融学院

出　　处：《金融论坛》2015年第3期50-61,共12页Finance Forum

基　　金：浙江工商大学校级创新项目(3080XJ2514013)

摘　　要：本文基于2006~2013年中国43家商业银行的相关数据,实证分析中国商业银行资本结构对流动性创造的影响。结果显示:(1)在涵盖表外业务的测度指标时,国有控股银行、股份制银行、城市商业银行的单位资产流动性创造分别为0.413、0.567和0.452。(2)中国商业银行资本结构与流动性创造总体上呈显著负相关,并主要由城市商业银行推动,表现出'金融脆弱挤出效应';两者关系显著依赖于风险水平,且风险水平越高的银行抵消'金融脆弱挤出效应'的能力越强。因此,金融监管部门应针对银行的异质性实行差别资本监管,以充分发挥其流动性创造能力。Based on data of 43 Chinese commercial banks during 2006-2013, this paper analyzes the influence of capital structure on the liquidity creation of commercial banks. The results of the paper show that,(1) if the measuring indicators for off-balance sheet business are considered, the liquidity creation per unit asset of state-holding banks, joint-stock banks and city commercial banks is respectively 0.413, 0.567 and 0.452;(2) the capital structure of Chinese commercial banks and the liquidity creation are significantly and negatively correlated on the whole, which is mainly driven by city commercial banks and shows a'financial fragility crowding out effect'; the relationship between the two depends on risk level, and the banks in higher-risk regions have a greater ability to offset the 'financial fragility crowding out effect'.Therefore, financial regulators should implement differential capital supervision according to bank heterogeneity so as to make use of the function of capital to create liquidity.

关 键 词：商业银行 资本结构 流动性创造 风险水平 资本监管 

分 类 号：F832.33[经济管理—金融学]