数字金融、银行竞争与流动性创造
Digital Finance,Bank Competition and Liquidity Creation
邵之晗 1赵胜民 1屠堃泰1
作者信息
摘要
数字金融的蓬勃发展对银行的流动性创造功能产生深远影响.本文运用2011-2020年我国200家银行数据进行实证分析.结果表明:第一,数字金融竞争会恶化银行负债质量,通过存贷协同效应抑制其流动性创造功能.在结构上,数字金融竞争压力会促使银行将传统存贷业务向同业和表外业务转移,加剧流动性创造分化.第二,在商业模式上,数字金融的"挤出效应"会抑制银行网点扩张,"创新效应"会促进手机银行发展,二者共同推进银行向数字化经营转型.在空间上,数字金融会促进银行分支机构布局调整,增加其对金融服务薄弱地区的金融供给.第三,"创新效应"能否发挥作用的关键取决于创新质量.银行的创新数量越多(广度)、技术更新越快(深度),"创新效应"对流动性创造的促进作用越强.从长期来看,高质量创新有助于抵消数字金融冲击的负向影响.
Abstract
The rapid development of digital finance has profoundly influenced the traditional banking sector,particularly in the realm of liquidity creation.This paper conducts an empirical analysis,utilizing data from 200 Chinese banks from 2011 to 2020.The study uncovers several critical insights that shed light on the evolving dynamics between digital finance and bank liquidity creation.Firstly,the findings reveal that the competitive landscape of digital finance adversely impacts the quality of bank liabili-ties.This deterioration in liability quality,in turn,suppresses the banks'ability to create liquidity through the synergistic inter-action between deposits and loans.Moreover,the structural pressures exerted by digital finance compel banks to redirect their focus from traditional deposit and loan services to interbank and off-balance sheet activities.This strategic shift exacerbates the differentiation in liquidity creation among banks,presenting new challenges for traditional banking models.Secondly,the analysis explores the implications of digital finance on bank business models.It highlights a"crowding-out effect"where the expansion of digital finance inhibits the growth of physical bank branches.Conversely,the"innovation ef-fect"of digital finance fosters the development of mobile banking platforms,driving a transformative shift in how banks operate and engage with their customers.Thirdly,the study emphasizes the importance of innovation quality in determining the effectiveness of the"innovation ef-fect".Banks that exhibit a higher breadth of innovations and a faster pace of technological upgrade are better positioned to le-verage the benefits of digital finance in enhancing their liquidity creation capabilities.In the long-term,high-quality innova-tion serves as a critical counterbalance to the disruptive shocks of digital finance,underscoring the strategic importance of con-tinuous investment in technological advancements and innovative practices.In conclusion,the paper highlights the complex interplay between digital finance and bank liquidity creation,underscor-ing the need for banks to navigate the challenges and opportunities presented by the digital revolution.By embracing innovation and adapting their business models,banks can enhance their resilience and continue to play a vital role in the financial ecosys-tem.
关键词
数字金融/流动性创造/银行商业模式/挤出效应/创新效应Key words
Digital Finance/Liquidity Creation/Bank Business Model/Crowding-Out Effect/Innovation Effect引用本文复制引用
基金项目
国家自然科学基金面上项目(72173144)
国家自然科学基金面上项目(71973162)
出版年
2024
NETL
NSTL
万方数据