流动性创造对实体经济增长的影响及其调整空间分析——来自中国商业银行的经验证据

财经论丛 ›› 2018, Vol. 34 ›› Issue (11): 40-50.

流动性创造对实体经济增长的影响及其调整空间分析——来自中国商业银行的经验证据

韩扬^1,2, 何建敏¹

1.东南大学经济与管理学院,江苏南京 211189;
2.安徽财经大学金融学院,安徽蚌埠 233040

收稿日期:2018-04-03 出版日期:2018-11-10 发布日期:2018-11-12
作者简介:韩扬(1979-),男,安徽蚌埠人,东南大学经济与管理学院博士生,安徽财经大学金融学院讲师;何建敏(1956-),男,江苏无锡人,东南大学经济与管理学院教授。
基金资助:
国家自然科学基金资助项目(71371051)

The Impact of Liquidity Creation on Real Economic Growth and Adjustable Space——An Empirical Analysis Based on Chinese Banks

HAN Yang^1,2, HE Jianmin¹

1.School of Economics ＆ Management, Southeast University, Nanjing 211189, China;
2.School of Finance, Anhui University of Finance and Economics, Bengbu 233040, China

Received:2018-04-03 Online:2018-11-10 Published:2018-11-12

摘要/Abstract

摘要： 为了揭示流动性创造对实体经济增长的促进作用,基于我国商业银行的深度财务报告和面板回归模型验证了流动性创造与实体经济增长之间的关联性。实证结果显示:商业银行流动性创造对实体经济具有较为显著的促进作用;表内流动性创造对第二产业增长的促进作用较为显著,对第一产业的促进作用较小,并且对各层次产业增长的促进作用均大于表外;表外流动性创造对第一产业的促进作用不显著。最后,根据商业银行资产负债表科目和风险承担的变化特征讨论了流动性创造上调的可行性,并结合实证结果提出了相关对策建议。

关键词: 流动性创造, 动态面板回归, 资产负债表

Abstract: This paper aims to explore the relationship between the bank liquidity creation and the output growth of the whole industry as well as the industry at three different levels, and analyze the variation of bank liquidity creation per asset, the risk-taking level and the major assets or liabilities of the bank.The conclusions are as follows: (1) The bank liquidity creation, especially the liquidity creation of balance sheet, can significantly improve the output growth rate of the whole industry and the industry at three different levels;(2) The bank liquidity creation growth rate of balance sheet makes larger contribution to the output growth of the industry at three different levels than the bank liquidity creation of off-balance sheet which is not obviously helpful to the primary industry; (3)The bank liquidity creation can be adjusted upward. Finally, some countermeasures and suggestions are given.

Key words: Liquidity Creation, Dynamic Panel Regression, Balance Sheet

中图分类号:

F830

韩扬, 何建敏. 流动性创造对实体经济增长的影响及其调整空间分析——来自中国商业银行的经验证据[J]. 财经论丛, 2018, 34(11): 40-50.

HAN Yang, HE Jianmin. The Impact of Liquidity Creation on Real Economic Growth and Adjustable Space——An Empirical Analysis Based on Chinese Banks[J]. , 2018, 34(11): 40-50.

参考文献

[1] Diamond D. W., Dybvig P. H. Bank Runs, Deposit Insurance, and Liquidity[J]. Journal of Political Economy,1983,91(3): 401-419.
[2] Berger A. N., Sedunov J. Bank Liquidity Creation and Real Economic Output[J]. Journal of Banking & Finance, 2017, 81(9): 1-19.
[3] Horváth R., Seidler J., Weill L. Bank Capital and Liquidity Creation: Granger-causality Evidence[J]. Journal of Financial Services Research, 2014, 45(3): 341-361.
[4] Fungácˇová Z., Weill L., Zhou M. Bank Capital, Liquidity Creation and Deposit Insurance[J]. Journal of Financial Services Research, 2017, 51(1): 97-123.
[5] Tran V. T., Lin C. T., Nguyen H. Liquidity Creation, Regulatory Capital, and Bank Profitability[J]. International Review of Financial Analysis, 2016, 48(3): 98-109.
[6] Baradwaj B. G., Shao Y., Dewally M. Institutions, Capital Control, and Liquidity Creation[J]. Journal of Financial Economic Policy, 2016, 8(3): 396-422.
[7] Umar M., Sun G., Shahzad K., et al. Bank Regulatory Capital and Liquidity Creation: Evidence from BRICS Countries[J]. International Journal of Emerging Markets, 2018, 13(1): 218-230.
[8] 王露璐, 代军勋. 资本约束对不同类型商业银行流动性创造能力的非对称影响研究[J]. 财经论丛, 2011, (5): 65-71.
[9] 周爱民, 陈远. 中国商业银行资本结构与其流动性创造关系的实证研究[J]. 金融经济学研究, 2013, (3): 68-77.
[10] 何青青, 陈艺璇, 曹前进. 商业银行资本结构对流动性创造的影响[J]. 金融论坛, 2015, (3): 50-61.
[11] 孔小伟. 银行流动性创造功能的影响因素研究——基于中国银行业的实证分析[J]. 南京财经大学学报, 2016, (4): 55-63.
[12] 周凡, 齐天翔. 资本约束会降低商业银行流动性创造吗?——基于双重差分法的分析[J]. 上海金融, 2017, (5): 19-27.
[13] Rauch C., Steffen S., Hackethal A., et al. Savings Banks, Liquidity Creation and Monetary Policy[Z]. Goethe University Working Paper, 2009.
[14] Berger A. N., Guedhami O., Kim H. H., et al. Economic Policy Uncertainty and Bank Liquidity Creation[Z]. Working Paper,2017.
[15] 李明辉, 孙莎, 刘莉亚. 货币政策对商业银行流动性创造的影响——来自中国银行业的经验证据[J]. 财贸经济, 2014, (10): 50-60.
[16] 巴曙松, 何雅婷, 曾智. 货币政策、银行竞争力与流动性创造[J]. 经济与管理研究, 2016, (12): 45-56.
[17] 王周伟, 王衡. 货币政策、银行异质性与流动性创造——基于中国银行业的动态面板数据分析[J]. 国际金融研究, 2016, (2): 52-65.
[18] 邓向荣, 张嘉明. 货币政策, 银行风险承担与银行流动性创造[J]. 世界经济, 2018 ,(4): 28-52.
[19] Fidrmuc J., Fungácˇová Z., Weill L. Does Bank Liquidity Creation Contribute to Economic Growth? Evidence from Russia[J]. Open Economies Review, 2015, 26(3): 479-496.
[20] Toh M. Y. Examining the Impacts of Bank Competition and Stock Market Liquidity on Bank Liquidity Creation: Evidence from Malaysia[D]. Lincoln University, 2017.
[21] 李明辉, 黄叶苨, 刘莉亚. 市场竞争、银行市场势力与流动性创造效率——来自中国银行业的证据[J]. 财经研究, 2018, (2): 103-114.
[22] Andreou P. C., Philip D., Robejsek P. Bank Liquidity Creation and Risk-taking: Does Managerial Ability Matter?[J]. Journal of Business Finance & Accounting, 2016, 43(1-2): 226-259.
[23] Hou X., Li S., Li W., et al. Bank Diversification and Liquidity Creation: Panel Granger Causality Evidence from China[J]. Economic Modelling, 2018, (71): 87-98.
[24] Berger A. N., Bouwman C. H. S. Bank Liquidity Creation[J]. The Review of Financial Studies, 2009, 22(9): 3779-3837.
[25] Deep A., Schaefer G. Are Banks Liquidity Transformers?[R]. Harvard University, John F. Kennedy School of Government, 2004.
[26] 杨龙, 胡晓珍. 金融发展规模、效率改善与经济增长[J]. 经济科学, 2015, (1): 38-48.
[27] 王萍. 中国人口年龄结构变动的经济影响研究[J]. 财经问题研究, 2016, (2): 91-96.