跨境资本流动与中国商业银行信贷投放——基于银行竞争视角的实证研究  

International Capital Flows and Bank Credit in China——Based on Bank Competition

作　　者：施建淮[1] 杨雨晴 SHI Jian-huai;YANG Yu-qing(School of Economics,Peking University,100871)

机构地区：[1]北京大学经济学院,100871

出　　处：《上海经济研究》2022年第10期82-98,共17页Shanghai Journal of Economics

摘　　要：跨境资本流动对中国银行系统的冲击是外部因素传导至国内金融稳定和经济运行的重要渠道。本文基于我国商业银行微观数据,深入考察了跨境资本流动对商业银行信贷规模、风险和结构的影响,并通过构建个体层面的银行竞争指数,探讨了银行竞争对资本流动与银行信贷间的作用关系的影响。实证研究表明,跨境资本流入会带来银行信贷规模扩张和信贷风险积累;在机制分析中,本文创新性地引入了银行竞争这一调节因素,实证结果表明银行竞争会强化资本流入对银行信贷规模和信贷风险的影响;对信贷结构的进一步研究发现,资本流入会使投向企业部门尤其是制造业的信贷规模显著增加,对居民部门贷款则存在挤出效应;外资背景、是否上市、是否为系统重要性银行等银行个体层面的异质性会作用于商业银行信贷对资本流动冲击的反应。The impact of cross-border capital flows on China’s banking system is an important channel through which external factors are transmitted to domestic financial stability and economic operation.Based on the micro-data of commercial banks in China,this paper examines the impacts of cross-border capital flows on commercial banks’credit scale,risk and structure,and discusses the effect of bank competition on the relationship between capital flows and bank credit by constructing the individual-level bank competition index.This study finds that cross-border capital inflows will lead to the expansion of credit scale and the accumulation of credit risk.In terms of the transmission mechanism,this paper innovatively introduces bank competition as the moderating factor.The empirical results show that bank competition will strengthen and amplify the impacts of capital flow changes on bank credit.Further research on the credit structure finds that capital inflows will cause a significant increase in credit to the corporate sector,especially to the manufacturing industry,and have a crowding out effect on household sector loans.The heterogeneity of banks will affect the response of commercial bank credit to capital flow shocks.

关 键 词：跨境资本流动 银行竞争 信贷规模 信贷结构 信贷风险 

分 类 号：F832[经济管理—金融学]