资管新规与银行流动性囤积  

The New Asset Management Regulations and Bank Liquidity Hoarding

作　　者：王胜[1] 李简 姚佳睿 邓力行 Wang Sheng;Li Jian;Yao Jiarui;Deng Lixing(School of Economics and Management,Wuhan University)

机构地区：[1]武汉大学经济与管理学院,430072

出　　处：《经济评论》2025年第1期53-69,共17页Economic Review

基　　金：国家自然科学基金重点项目“环境治理目标下的公司财务、会计和审计行为研究”(72332003);国家社会科学基金重大研究专项项目(19VMG022)的资助。

摘　　要：防范化解影子银行风险、深化金融供给侧结构性改革、推升金融服务实体经济质效是当前实务界和理论界的关注重点。本文基于银行流动性囤积现象,以资管新规的出台作为准自然实验,深入分析金融强监管政策对银行流动性囤积的作用效果。研究发现,资管新规实施后,银行流动性囤积水平显著下降。机制检验表明,资管新规主要通过减少银行流动性资产、降低银行主观风险偏好、增加银行信贷供给三个渠道降低银行流动性囤积水平,且这种负向影响在金融结构市场化程度较高的地区、数字化转型程度较大的银行中更显著。本文结论为进一步推进释放监管红利、创新银行负债工具、提升银行服务实体质效提供了启示。Preventing and resolving shadow banking risks and deepening financial supply-side structural reform are of great importance to China's current economic development. At the same time, promoting the quality and efficiency of financial services for the real economy is the focus of the present practical and theoretical sector. Based on bank liquidity hoarding, this paper takes the implementation of the New Asset Management Regulation as a quasi-natural experiment to analyze in depth the effect of the strong financial regulatory policy on bank liquidity hoarding. It is found that the level of bank liquidity hoarding declines significantly after the implementation of the New Asset Management Regulation. Mechanism tests show that the New Asset Management Regulation reduces bank liquidity hoarding mainly through three channels: reducing banks' liquid assets, lowering banks' subjective risk appetite, and increasing banks' credit supply. Meanwhile, the negative impact of the New Asset Management Regulation on banks' liquidity hoarding is more pronounced in regions with more marketized financial structures and among banks with greater digital transformation. To further promote the release of regulatory dividends, this paper provides three suggestions: guide banks to invest more liquidity in the real economy and prevent excessive liquidity from stagnating in the banking system;continue to push forward the reform of financial regulation;push forward the construction of banks' digitalized infrastructure to create an environment in which digital technology empowers the real economy.

关 键 词：资管新规 流动性囤积 主观风险偏好 信贷供给 

分 类 号：F832[经济管理—金融学]