存款准备金率调整对商业银行流动性创造的影响研究——基于互联网金融冲击的情境  

Research on the Impact of Deposit Reserve Rate on Commercial Banks’Liquidity Creation under the Impact of Internet Finance

作　　者：王千红[1] 郭曦 Wang Qianhong;Guo Xi(Donghua University,Shanghai 200051)

机构地区：[1]东华大学旭日工商管理学院,上海200051 [2]东华大学旭日工商管理学院金融系,上海200051

出　　处：《上海经济》2021年第1期71-87,共17页Shanghai Economy

基　　金：国家自然科学基金项目的阶段成果。国家自然科学基金面上项目“宏观经济波动下的动态复杂银行网络系统稳定性及宏观审慎监管研究”(项目批准号71971054)。

摘　　要：商业银行的超额准备金与法定存款准备金都存放在中央银行的特定账户上。二者之间此消彼长的关系,决定了中央银行可以依托调节存款准备金率来影响商业银行的流动性创造行为。本文着眼于存款准备金率政策实施的动态过程,通过整理2011—2018年20家商业银行的非平衡面板数据,采用系统广义矩估计(System-GMM)方法进行动态面板回归模型估计,考察以P2P为代表的互联网金融快速发展对大型国有银行与中小银行流动性创造的冲击与影响,实证研究证实存款准备金率对我国商业银行的流动性创造行为会产生显著影响。互联网金融的发展虽然对不同银行流动性创造水平的抑制存在一定的异质性差异,但是对银行总体流动性创造能力具有一定的抑制作用,因此会在一定程度上削弱存款准备金率政策作用效果。The liquidity creation level of commercial banks is affected by the economic downturn,and the central bank adopts monetary policy tools such as the required reserve ratio to regulate the liquidity creation of banks.However,the rapid development of Internet finance has an impact on commercial banks and the implementation of the required reserve ratio policy recently.Based on the panel data of 20 commercial banks in 2011-2018,this paper uses the systematic GMM method to make an empirical study on the impact of the deposit reserve ratio on the liquidity creation of commercial banks under the impact of Internet finance.The results show that the liquidity creation of Chinese commercial Banks is significantly affected by the deposit reserve ratio,and the development of Internet Finance represented by P2P will inhibit the overall liquidity creation of banks and weaken the effect of the deposit reserve ratio policy.Based on this,this paper puts forward some suggestions.

关 键 词：互联网金融 银行流动性创造 存款准备金率 系统广义矩估计方法 

分 类 号：F061.2[经济管理—政治经济学]