商业银行债券融资与货币政策传导  

Commercial Bank Bond Financing and Monetary Policy Transmission

作　　者：郭杰[1,2] 饶含 GUO Jie;RAO Han(School of Economics,Renmin University of China;School of Economics and Finance,University of International Relations)

机构地区：[1]中国人民大学经济学院,北京100872 [2]国际关系学院经济金融学院,北京100091

出　　处：《金融研究》2023年第5期38-57,共20页Journal of Financial Research

摘　　要：本文基于我国监管政策和金融机构异质性特征,通过构建理论模型论证了银行债券融资能力提升将产生以下效果:第一,使中小银行能够通过同业交易渠道,向大型银行借取更多低成本资金。第二,提高了银行向非银行部门主动融资的能力,从而降低银行的流动性管理需求,并向非银行金融机构供应更多抵押资产。第三,提高单个银行利用整个银行系统的信贷资产价值来补充资本的能力。这些效应共同降低了中小银行的资金成本、准备金抵押品成本和资本成本,以及整个银行系统的流动性监管引致成本,同时还向市场提供了更多优质抵押品,最终会提高货币政策影响各类信贷规模的能力,并降低银行异质性和资本消耗率对信贷结构的扭曲程度。但同时,这些效应也会因改变银行的信贷偏好而产生新的扭曲效应,并且还会提高金融机构间的债务互联性,因此会增加一些新的宏观金融风险问题。Since 2014,Chinese commercial banks have been increasingly active in issuing bonds(including interbank certificates of deposit)for financing,which is reflected,first,in a considerable increase in the proportion of bank bond liabilities to total liabilities and,second,in the considerable share of bank bonds and interbank certificates of deposit in China's asset market.In this context,we focus on two important issues.First,we examine why there are large-scale commercial bank bond financing transactions in China,examining the structural characteristics of the Chinese financial market and the financing motivations of financial institutions underlying these transactions.Second,we analyze the impact that improving banks'bond financing capabilities has on policy effectiveness,especially the effects of monetary policy(encompassing both scale and structural effects),which are closely related to the banking system.The literature mainly explores the active financing behavior of banks from the perspective of credit asset securitization,and does not accurately depict the characteristics of bond financing.Furthermore,it does not provide a detailed description of China's financial market and regulatory policy characteristics,and is thus unable to provide complete answers to the above issues.The research in this article begins with the structure of China's financial market,financial regulatory policies,and the characteristics of bond liabilities,analyzing the motivation of bond financing transactions of Chinese commercial banks,and the impact of bank bond financing capacity on the transmission effect of monetary policy.Specifically,the core setting of the theoretical model in this article reflects the following characteristics of and facts regarding China.First,the setting reflects the heterogeneity of financial institutions in China.China's small and medium-sized banks have higher deposit costs and require more high-quality collateral assets to obtain reserves than large banks,whereas the fund sector can use both sovereign bond

关 键 词：商业银行融资 抵押资产 金融监管 货币政策传导 

分 类 号：F832[经济管理—金融学] F822.0