银行间市场结构与中小银行流动性--基于信息不对称的研究  

Interbank Market Structure and Small and Medium Sized Banks’Liquidity--A Study from the Perspective of Information Asymmetry

作　　者：夏聪 祝博 XIA Cong;ZHU Bo(School of Finance,Central University of Finance and Economics,Beijing 100081.China)

机构地区：[1]中央财经大学金融学院

出　　处：《金融评论》2022年第3期62-80,125,共20页Chinese Review of Financial Studies

基　　金：国家自然科学基金面上项目“金融文本大数据与银行业系统性风险:指标构建、应用与评估整合”,(项目批准号:72173144);“金融周期视角下的中国银行业系统性风险防范与化解研究”,(项目批准号:71973162);“全球金融网络视角下跨境资本流动管理与金融风险防范研究”(项目批准号:72073150);中央高校基本科研业务费专项资金、中央财经大学科研创新团队支持计划的资助。

摘　　要：我国银行间市场存在资金由大银行向中小银行的单向流动结构。在信息不对称的条件下,这种结构对中小银行的流动性水平有着重要影响。本文通过理论模型说明了资金供给者的市场力量下降会与信息不对称共同影响中小银行的流动性水平,而这种影响同时具有总量效应和结构效应,在这种机制下单纯限制同业杠杆率的政策效果可能有限。此外,本文还利用进入同业存单市场作为准自然实验,采用双重差分方法验证了银行间市场结构变化对中小银行流动性的负向影响。Fund flow from large banks to small and medium-sized banks SMBs()in China’s interbank market.This one-way fund flow pattern has important effects on SMBs’liquidity condition in an asymmetric information environment.This article builds a theoretic model with information asymmetry in inter-bank market to show that the dropping of market power of fund suppliers has both aggregate and structural effects on SMBs’financing in the market and the regulation focusing on interbank leverage ratio doesn’t work in this case.Taking the accessing to the interbank certificate of deposit market as quasi-natural experiments,this article uses a difference-in-differences specification to verify the relationship between changes in interbank market structure and SMBs’liquidity.The result indicates that decreasing in market power of fund supplier has negative effect on SMBs’liquidity.

关 键 词：市场结构 中小银行 流动性 双重差分 

分 类 号：F832.5[经济管理—金融学] F832.3F830.42