互联网金融及其监管对传统银行的溢出效应  

Spillover Effect of Internet Finance and Its Regulation on Traditional Banks

作　　者：张小茜[1] 任莉莉 朱佳雪 ZHANG Xiaoqian;ZHU Jiaxue;REN Lili(Zhejiang University,310058;Zhejiang Jikrypton Intelligent Technology Co.,Ltd.,310051)

机构地区：[1]浙江大学经济学院,310058 [2]浙江极氪智能科技有限公司,310051

出　　处：《财贸经济》2023年第8期74-90,共17页Finance & Trade Economics

基　　金：国家社会科学基金一般项目“基于机器学习的债务风险传染及其政府纾困路径研究”(21BJY015)。

摘　　要：本文基于2007—2020年334家商业银行的数据,考察互联网金融及其监管对银行理财产品发行的影响。研究发现:第一,互联网金融发展导致传统银行理财产品发行量显著扩张,存在扭曲负债结构和加剧存款竞争两种间接附加效应;第二,互联网金融监管能够有效抑制传统银行发行理财业务揽储、追逐超额收益的动机,并且对更具监管套利属性的非保本型理财产品作用更强;第三,支付结算、资源配置、财富管理和网络渠道四种互联网金融典型业态的发展均导致银行理财产品发行量显著增加,在互联网金融冲击下,小规模、高资本充足率、非系统重要性银行以及农商行、城商行更倾向于增加发行理财产品。对此,本文认为互联网金融发展会导致传统银行的影子银行业务上升,小规模、非系统重要性的城商行、农商行的理财产品发行行为尤其值得关注。The wide application of digital technology in finance has greatly altered the financial market's structure and the nature of financial transactions.As Internet finance continues to rapidly develop,with thirdparty payments,P2P lending,online banking as its primary business models,there is much attention from the academia and government officials to how to properly advance financial technology.A large number of studies have shown that Internet finance enhances financial inclusivity and convenience,while posing challenges to traditional institutions such as loan substitution and deposit diversion.In response,traditional banks issue financial products with loose regulations and market-oriented interest rates to attract deposits and chase returns in disguise,resulting in the rapid expansion of Chinese-style shadow banking.In March and November 2022,there were two rounds of withdrawals from the net value of bank-issued WMPs,resulting in widespread"net breaking".We analyze the spillover effects of Internet finance and its supervision on traditional banks'issuance of WMPs,providing factual references and theoretical foundations for micro-prudential regulation.Based on data from 2007 to 2020 on banks'WMP issuance and an Internet finance index constructed using text mining,this paper empirically tests the spillover effects of Internet finance and its regulatory oversight on banks'WMP issuance,as well as their underlying mechanisms.Empirical evidence shows that Internet finance has led to a significant increase in banks'issuance of WMPs,with two additional indirect effects:A distorted debt structure and intensified deposit competition.Under the 2016 special regulation,traditional banks are less motivated to issue WMPs with excess returns and reserves,especially nonguaranteed ones with regulatory arbitrage attributes due to effective Internet-based financial regulation.Further research indicates that Internet finance has significantly boosted the issuance of WMPs in payment settlement,resource allocation,wealth management an

关 键 词：互联网金融 银行理财产品 负债结构 存款竞争 

分 类 号：F832.33[经济管理—金融学]