互联网金融影响了商业银行流动性创造吗?
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引用本文:顾海峰,谢疏影.互联网金融影响了商业银行流动性创造吗?[J].财经理论与实践,2021,(6):10-18
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作者单位
顾海峰,谢疏影 (东华大学 旭日工商管理学院上海 200051) 
中文摘要:选取2010-2019年中国98家商业银行年度数据就互联网金融对银行流动性创造的影响及其作用机制进行实证分析。研究发现:互联网金融通过分流银行存款及理财资金对银行盈利形成冲击,由此引发的“鲶鱼效应”会倒逼银行加大存贷期限错配来缓解盈利下降压力,从而促进银行流动性创造。相对于国有银行与城农商行,互联网金融对股份制银行流动性创造的促进力度更大。金融脱媒仅在P2P网络借贷对银行流动性创造的影响中承担着中介作用,但“第三方支付-金融脱媒-银行流动性创造”的传导渠道无效。银行业景气度提高会加剧互联网金融对流动性创造的促进作用,银行流动性创造存在顺周期倾向。
中文关键词:互联网金融  商业银行  流动性创造  银行业景气度  金融脱媒
 
Does Internet Finance Affect the Liquidity Creation of Commercial Banks?
Abstract:This paper gives an empirical analysis of the influence of internet finance on bank liquidity creation and its mechanism by selecting the annual data of 98 commercial banks in China from 2010 to 2019. This research shows that: Internet finance has an impact on bank profitability by diverting bank deposits and wealth management funds. The resulting "catfish effect" will force banks to increase the mismatch of deposit and loan maturity to ease the downward pressure on their earnings, thereby promoting the creation of bank liquidity. Compared with state-owned banks and urban and rural commercial banks, Internet finance has a greater role in promoting the liquidity creation of joint-stock banks. Financial disintermediation only plays an asymmetrical intermediary role in the relationship between Internet finance and liquidity creation, but the transmission channel of "third-party payment-financial disintermediation-bank liquidity creation" is invalid. The improvement of the prosperity of the banking industry will intensify the promotion of Internet finance to the creation of liquidity, and the creation of bank liquidity has a procyclical tendency.
keywords:internet finance  commercial bank  liquidity creation  bank industry boom  financial disintermediation
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