市场竞争、银行市场势力与流动性创造效率——来自中国银行业的证据  

Market Competition,Banking Market Power and Liquidity Creation Efficiency:Evidence from Chinese Banking Industry

作　　者：李明辉 黄叶苨[3] 刘莉亚[3] 

机构地区：[1]华东师范大学经济与管理学部,上海200241 [2]华东师范大学上海并购金融研究院,上海200241 [3]上海财经大学金融学院,上海200433

出　　处：《财经研究》2018年第2期103-114,共12页Journal of Finance and Economics

基　　金：国家自然科学基金青年项目(71603085);中国博士后科学基金面上一等项目(2016M600292);中国博士后科学基金特别资助项目(2017T100280);上海并购金融研究院决策咨询课题;上海财经大学研究生创新基金项目(CXJJ-2016-307)

摘　　要：商业银行是中国社会融资的主要渠道,银行向社会提供流动性的效率直接决定了社会融资的效率。为弥补流动性创造研究在效率和中观层面的不足,文章采用中国商业银行2000-2015年微观数据,探讨了市场竞争、银行市场势力与流动性创造效率之间的关系,得到以下结论:(1)市场竞争与流动性创造效率之间存在倒U形关系,中国银行业存在最优的市场结构;(2)银行市场势力过强是中国商业银行流动性创造效率较低的重要原因,银行市场势力越强,其流动性创造效率越低;(3)市场竞争程度与市场势力的流动性创造效率系数之间存在不显著的负相关关系,寄希望于通过增强中国银行业竞争程度来改善银行市场势力过强所导致的流动性创造效率过低,作用可能非常有限。中国应沿着"增强商业银行流动性创造能力,扩大直接融资规模"的改革方向继续前进。文章的研究丰富了已有文献,而且为中国银行体系改革的顶层设计提供了重要参考。Liquidity creation efficiency means the ability of transforming liquid liabilities to illiquid assets through on-balance sheet or off-balance-sheet activities like loan commitments and lines of credit.The research field belongs to the theory of financial intermediaries.Through the literature review,after the definition of liquidity creation was raised by Bryant（1980）,Diamond and Dybvig（1983） and Kashyap et al（2002）,this research field has been greatly developed.Berger and Bouman（2009） investigated the measurement based on categories of assets,liabilities,equity,and offbalance-sheet issues.This measurement describes the absolute level of bank liquidity creation,indicating the liquidity creation level for the economy provided by banks.Berger and Bouman（2009）＇s contribution of quantifying the liquidity creation induces the research field from theory to empirical study.From the realistic view,although China＇s direct funding market has made a great progress,it is still undeveloped as 80% of the liquidity is provided by bank system,owing to imperfect capital market construction.Therefore,the liquidity creation efficiency somehow directly determines the efficiency of the whole Chinese financial system.It seems that the governments intend to increase banking competition or reduce banking market power to enhance the liquidity creation efficiency by state-owned banks,joint-stock system reform,interest rate liberalization as well as the revision of Deposit Insurance Act and Law of Commercial Bank.However,the fact is that,although the market is expanding and the number of financial intermediaries is continuously increasing as well as the deposit and loan balance,the liquidity creation efficiency is not as good as expected.A large number of bank funds self-circulate within the financial system in the form of interbank deposits,loans and other financial innovations,and do not enter the real economy,making the development of the most innovative small-and-medium-sized enterprises in the economy greatly ha

关 键 词：商业银行 市场竞争 市场势力 流动性创造效率 

分 类 号：F822.1[经济管理—财政学]