经济金融化降低了银行风险承担水平吗?  

Has the Financialization Reduced Banks′Risk-Taking Levels

作　　者：吴书斌[1] 叶翠红 WU Shu-bin;YE Cui-hong(The People's Bank of China,Sanming Central Sub-branch;Sanming university)

机构地区：[1]中国人民银行三明市中心支行,福建365000 [2]三明学院,福建365000

出　　处：《当代金融研究》2020年第1期50-57,共8页Journal of Contemporary Financial Research

摘　　要：本文运用我国数据构建经济金融化指数,以此衡量我国经济金融化的态势及波动。研究表明,经济金融化指数能够较好反映我国经济金融化情况,1996年以来我国经济金融化稳步上升,兼具阶段性波动,这与经济全球化、金融自由化的趋势以及宏观政策紧密联系。本文还运用所构建的经济金融化指数、银行微观数据以及其他宏观数据,进一步研究了经济金融化对银行风险承担的影响。研究表明,经济金融化对银行风险承担存在U型影响机制,即经济金融化有助于降低银行风险承担水平,但过度经济金融化则会提高银行风险承担水平,同时经济金融化对全国性银行风险承担的负向影响比较显著。Based on China′s data,this study builds a Financialization index of China to measure the trend and the fluctuations of China′s financialization.The results show that the financialization index can better describe China′s financialization.From 1996to 2018,China′s financialization shows a steady upward trend and fluctuation,which is closely related to economic globalization,financial liberalization trends and macroeconomic policies.The study also employs financialization index,banks data and other macroeconomic data to study the impact of financialization on bank risk-taking.The results show that the financialization has a U-shaped impact on bank risk-taking that financialization can help reduce the level of bank risk-taking,but excessive financialization will increase the level of bank risk-taking.Meanwhile,the negative impact of financialization on risk-taking of nationwide banks will be more significant.

关 键 词：经济金融化 企业异质性 银行风险承担 

分 类 号：F830.33[经济管理—金融学]