数字金融、银行信贷渠道与货币政策传导  

Digital Finance,Bank Credit Channels and Monetary Policy Transmission

作　　者：何剑[1] 魏涛 刘炳荣 He Jian;Wei Tao;Liu Bingrong(School of Economics and Management,Shihezi University,Shihezi 832000,Xinjiang,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000

出　　处：《金融发展研究》2021年第2期3-13,共11页Journal Of Financial Development Research

基　　金：国家自然科学基金项目“宏观审慎政策与货币政策协同向实效应研究”(71863031);新疆维吾尔自治区研究生科研创新项目“数字金融发展与货币政策渠道效应”(XJ2020G092);新疆维吾尔自治区普通高等学校人文社会科学重点研究基地资助项目“丝绸之路经济带大数据金融体系建设与应用研究”(XJEDU2017RS056)。

摘　　要：作为新兴金融业态,数字金融发展会对既有金融体系带来怎样的冲击和影响?聚焦于货币政策传导机制这一宏观命题,立足于我国以银行信贷渠道为主导的数量型中介,运用我国商业银行、A股上市公司的微观面板数据,本文深度剖析了数字金融发展与货币政策银行信贷渠道传导之间的内在联系和影响机理。研究发现:(1)数字金融发展显著弱化了货币政策银行信贷渠道的传导效应,采用工具变量法克服内生性和控制影子银行变量等一系列稳健性检验后的结果依然支持该结论。(2)具体而言,数字金融削弱银行信贷渠道传导效果是通过改变银行资产负债结构和弱化实体企业对银行贷款的依赖而实现的。(3)上述弱化效应在以城市和农村商业银行为主的中小型金融机构以及低资本、低流动性和低报酬的银行中尤为突出。As an emerging financial situation,what impact and influence will the development of digital finance have on the existing financial system?Focusing on the macro-proposition of the monetary policy transmission mechanism,based on the quantitative intermediary dominated by bank credit channels in China,this article deeply analyzes the internal connection and influence mechanism between the development of digital finance and monetary policy banks and the transmission of credit channels by using the micro-panel data of Chinese commercial banks and A-share listed companies.The study finds:(1)the development of digital finance has significantly weakened the transmission effect of monetary policy bank credit channels.The results of a series of robustness tests that use instrumental variable methods to overcome endogenous and control shadow bank variables still support this conclusion.(2)Specifically,the effect of digital finance to weaken the transmission of bank credit channels is achieved by changing the structure of bank assets and liabilities and weakening the dependence of physical enterprises on bank loans.(3)And this weakening effect is particularly prominent in small and medium-sized financial institutions dominated by urban and rural commercial banks,and banks with low capital,low liquidity and low returns.

关 键 词：数字金融 银行信贷渠道 货币政策传导 银行资产负债结构 银行贷款依赖 

分 类 号：F832.7[经济管理—金融学]