互联网金融与银行风险承担:基于中国银行业的证据  

Internet Finance and Bank Risk-Taking:Evidence from the Chinese Banking Sector

作　　者：顾海峰[1] 杨立翔[1] Gu Haifeng;Yang Lixiang

机构地区：[1]东华大学旭日工商管理学院,上海市延安西路1882号200051

出　　处：《世界经济》2018年第10期75-100,共26页The Journal of World Economy

基　　金：国家自然科学基金重点项目"面向互联网金融服务平台的结构性理财产品风险测度与集成"(71631008);国家社会科学基金一般项目"银保协作模式下商业银行信用风险的生成;监测与防控研究"(13BGL041)的资助

摘　　要：本文选取2007-2016年107家中资银行年度面板数据,研究了互联网金融与银行风险承担的关系。结果表明:互联网金融对银行风险承担的影响表现为边际递增的单门限效应,银行资本充足率越高,其风险承担对互联网金融冲击的反应越敏感;互联网金融对银行风险承担的影响程度存在功能性差异,信息处理、资源配置与支付清算功能的影响程度依次递减,风险管理与资源配置功能的影响程度没有显著差异;不同类型货币政策对银行风险承担的调控差异显著,同为从紧的货币政策调控,数量型工具产生加剧效应,价格型工具发挥抑制作用,且数量型工具调控力度更强;银行风险承担的顺周期特征显著,在支付清算功能主导下更易受经济增长驱动,在资源配置功能主导下更易受货币政策影响。This paper addresses the relationship between internet finance and bank risk-taking using annual panel data from 107 national banks from 2007 to 2016.The results show that the impact of internet finance on bank risk-taking has a single-threshold effect with a marginal increase,and that the higher the capital adequacy ratio(CAR)of banks,the more sensitive their risk-taking behaviours are to the impact of financial shocks on the internet.There are functional differences in this impact,which progressively decrease from information processing to payment compensation,passing through resource allocation,while there are no such significant differences between risk management and resource allocation.On the other hand,there are significant differences in the control and regulation of different types of monetary policies on bank risk-taking.Quantitative instruments play a strongly aggravating role as monetary tightening elements,while price instruments exert a weaker inhibitory effect.In addition,bank risk-taking has significantly pro-cyclical characteristics,which are more likely to be driven by economic growth under the payment clearing function,and more vulnerable to monetary policy influence under the resource allocation function.

关 键 词：互联网金融 银行风险承担 银行异质性 门限面板回归模型 

分 类 号：G18[文化科学] G24