银行间市场交易机制改革如何影响同业融资结构  

How Does Trading Mechanism Reform in Interbank Market Affect Interbank Financing Structure?

作　　者：祝博 夏聪 孙开斯 ZHU Bo;XIA Cong;SUN Kai-si(Inner Mongolia Normal University,Hohhot 010020;Central University of Finance and Economics,Beijing 102206;Chongqing Yufu Holding Group Co.,Ltd.,Chongqing 401121,China)

机构地区：[1]内蒙古师范大学国际交流学院,内蒙古呼和浩特010020 [2]中央财经大学金融学院,北京102206 [3]重庆渝富控股集团有限公司,重庆401121

出　　处：《当代财经》2023年第11期67-79,共13页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目“金融文本大数据与银行业系统性风险:指标构建、应用与评估整合”(72173144);国家自然科学基金面上项目“金融周期视角下的中国银行业系统性风险防范与化解研究”(71973162);内蒙古社会科学基金一般项目“内蒙古中小银行流动性风险成因、防范与对策研究”(2023AY30)。

摘　　要：同业融资结构影响着商业银行的融资成本和流动性转换,是商业银行稳定经营的重要因素。2015年,全国银行间同业拆借中心在质押式回购市场上平行推出了匿名订单指令簿交易机制,改变了银行间市场长期使用的单一询价交易机制。那么,交易机制改革对商业银行同业融资结构将产生什么影响呢?包含担保和无担保资金市场、搜索摩擦的理论模型及双重差分实证检验表明,银行间市场交易机制改革能够降低担保融资成本,提升同业融资中的担保融资占比。进一步分析发现,初始同业融资占比高、初始资产增速快、初始影子银行业务规模大的银行,以及准备金充足率不高、非上市、中小规模的银行同业融资结构受交易机制改革的影响更显著;银行间市场交易机制改革能够促进商业银行的流动性创造。因此,应继续扩大匿名点击交易机制的覆盖范围,积极关注交易机制变化的外溢效应,进一步完善同业融资市场交易机制改革。The structure of interbank financing affects the financing cost and liquidity conversion of commercial banks and is an important factor for the stable operation of commercial banks.In 2015,the National Interbank Funding Center launched the anonymous order instruction book trading mechanism in parallel in the pledge repo market,which changed the single inquiry trading mechanism that has long been used in the interbank market.Then,what impact will the reform of the trading mechanism have on the interbank financing structure of commercial banks?The theoretical model including the guaranteed and non-guaranteed funding markets and search frictions and the double difference empirical testshow that the reform of the interbank market trading mechanism can reduce the cost of guaranteed financing and increase the proportion of guaranteed financing in interbank financing.Further analysis reveals that in the banks with a high proportion of initial interbank financing,fast initial asset growth,and a large scale of initial shadow banking business,as well as the banks with lower reserve adequacy,the non listed banks,and the small and medium-sized banks,their interbank financing structures are more significantly affected by the reform of trading mechanisms.The reform of the interbank market transaction mechanism can promote the liquidity creation of commercial banks.Therefore,we should continue to expand the coverage of anonymous click trading mechanisms,actively pay attention to the spillover effects of the changes in trading mechanisms,and further improve the reform of trading mechanisms in interbank financing markets.

关 键 词：银行间市场 交易机制 商业银行 同业融资结构 

分 类 号：F832[经济管理—金融学]