银行流动性创造效率的测度及全球时空特征与启示——来自全球72个国家的证据  

Bank Liquidity Creation Efficiency Measure and Global-Annual Dimension Evolution with Implications——Evidence from 72 Countries

作　　者：李明辉[1] 谭姝颖 刘莉亚[2] 方培杰 Li Minghui;Tan Shuying;Liu Liya;Fang Peijie(School of Economics,East China Normal University;School of Finance,Shanghai University of Finance and Economics)

机构地区：[1]华东师范大学经济学院 [2]上海财经大学金融学院

出　　处：《国际金融研究》2023年第4期50-61,共12页Studies of International Finance

基　　金：国家自然科学基金面上项目“中国银行业流动性创造效率提升研究:理论分析与实证检验”(72173045)资助。

摘　　要：提高银行流动性创造效率是增强银行服务实体经济和防范风险的关键。本文通过构建测度银行流动性创造效率的模型,从时间与空间两个维度刻画和比较了全球72个国家银行流动性创造的成本效率和利润效率,并对效率的影响因素进行了分析。研究发现:空间维度上,主要发达国家和部分发展中国家的银行流动性创造效率均较高;时间维度上,各国银行流动性创造成本效率逐渐下降,利润效率有所提升。影响因素方面,流动性创造成本效率主要受各国宏观因素影响,外资银行的引入与监管的放松都会提高银行流动性创造成本效率;流动性创造利润效率主要受银行自身微观因素影响,财务指标稳健的银行,利润效率更高。本文将银行流动性创造的研究视角拓展到效率层面,为比较我国与全球主要国家的银行流动性创造效率提供理论参考,为深化中国金融体系改革,特别是银行体系的开放与监管提供决策依据。Improvement of bank liquidity creation(LC)efficiency is an important channel for banks to balance serving the real economy and preventing financial risk.This study aims to measure global banks'LC efficiency and analyze the underlying influencing factors.Based on the theory of Stochastic Frontier Analysis,this article considers the bank's LC quantity as output.By comparing the cost and profit generated after banks produce the same amount of LC,the cost efficiency and profit efficiency of bank LC are measured.Since LC is a widely accepted and relatively standardized indicator to describe bank intermediary activities comprehensively,it allows this paper to evaluate the efficiency of sample banks from 72 countries and extend the perspective of bank LC research from quantity to quality.Upon the LC efficiency measure being established,some regressions were conducted to investigate the factors behind it.The evolution of measured bank LC efficiency shows that:along the global dimension,the LC efficiency of banks in major developed countries and some developing countries were relatively high.along the annual dimension,the LC cost efficiency of banks in various countries has gradually declined in recent years,while the profit efficiency has improved.Results of further analysis reveal that:cost efficiency is mainly affected by country-level factors,while profit efficiency is mainly affected by bank-level factors.The introduction of foreign capital and the relaxation of supervision improves the LC cost efficiency.A stable financial status benefits LC's profit efficiency.The degree of banking business concentration positively affects both kinds of efficiency.To achieve greater efficiency and prevent risk in China.This article proposes three suggestions:dynamically adjust the regulatory intensity to seek the appropriate balance point between bank efficiency and regulatory tightness;promote high-level financial market opening-up and attract high-quality foreign investment;closely monitor the financial status of banks to ensure

关 键 词：银行流动性创造效率 全球年度变化特征 随机前沿分析 

分 类 号：F832[经济管理—金融学]