银行权力与银行流动性创造——理论与实证  

Bank Power and Bank Liquidity Creation: Theoretical and Empirical Analysis

作　　者：张云[1] 蒋子衿 李宝伟[1] 张嘉明 Zhang Yun;Jiang Zijin;Li Baowei;Zhang Jiaming(School of Economics,Nankai University,Tianjin 300071,China;Institue of Finance,Development Research Center of the State Council,Beijing 100010,China)

机构地区：[1]南开大学经济学院,300071 [2]国务院发展研究中心金融研究所,100010

出　　处：《南开经济研究》2022年第11期42-58,共17页Nankai Economic Studies

基　　金：南开大学文科发展基金青年项目(ZB22BZ0317);南开大学亚洲研究中心项目(AS2202)的资助。

摘　　要：本文聚焦于银行权力对银行流动性创造的影响,首先构建了涵盖银行权力、银行风险承担以及银行流动性创造的理论模型,在理论上研究了银行权力对银行流动性创造的直接和间接影响机制;进而在理论模型基础上采用2005—2020年银行层面面板数据进行实证检验。实证结果表明,银行权力能显著提高银行流动性创造,且该结果具有稳健性。进一步细分样本分析发现,银行权力对银行流动性创造的影响具有明显的异质性特征,城商行、农商行的流动性创造较国有银行或股份制商业银行更易受到银行权力的影响。此外,本文还发现,银行风险承担在银行权力与银行流动性创造之间存在显著的中介效应,银行权力即银行参与非传统业务的程度提升能够促进银行风险承担,进而提升银行的流动性创造。因而本文认为,应鼓励银行合理和适度参与资产管理、投资银行和保险代理等非传统业务,进一步促进银行的流动性创造,从而保障中国经济的平稳运行。This paper focuses on the impact of bank power on bank liquidity creation. First of all, we construct a theoretical model covering bank power, bank risk-taking and bank liquidity creation, which shows the direct and indirect impact mechanism of bank power on bank liquidity creation. On the basis of the theoretical model, we use panel data at the bank level from 2005 to 2020 for empirical testing. The empirical results show that bank power can significantly improve the creation of bank liquidity and further tests proves the results to be robust. Further through the analysis of subdivided samples, it is found that the impact of bank power on bank liquidity creation has obvious heterogeneity. The liquidity creation of urban and rural commercial banks is more susceptible to the impact of bank power than that of state-owned banks and joint-stock commercial banks. In addition, we find out that bank risk-taking has a significant intermediary effect between bank power and bank liquidity creation. Bank power improves bank risk-taking by promoting the diversity of banking business,and then improves bank liquidity creation. Therefore banks should be encouraged to participate in non-traditional businesses such as real estate, securities and insurance in a reasonable and appropriate manner to further promote the liquidity creation of banks so as to keep the economy on an even keel.

关 键 词：银行权力 流动性创造 银行风险承担 中介效应 

分 类 号：F832.3[经济管理—金融学]