Construction of the Social Credit System and Bank Liquidity Creation
Social credit is the cornerstone of modem market economy and a key factor affecting the quality and efficiency of finance serving real economy.This paper takes the construction of social credit system demonstration cities as a quasi-natural experiment,and uses the data of 177 commercial banks in China to investigate the impact of social credit system construction on bank liquidity creation.The estimation results based on the difference-difference method show that the construction of social credit system can significantly improve the level of bank liquidity creation.Moreover,the mechanism test shows that the construction of the social credit system improves the level of social credit,increases the scale of bank loans,and extends the term of bank loans,thus increasing the level of bank liquidity creation.Further heterogeneity analysis shows that the construction of social credit system has more obvious effect on the improvement of liquidity creation level of non-state-owned banks,small banks and conservative banks.This paper studies the impact of the construction of social credit system on the quality and efficiency of financial services to the real economy from the perspective of bank liquidity creation.The research shows that the construction of social credit system can help alleviate the problems of financial resource mismatch and maturity mismatch between banks and enterprises in China,so as to improve the quality and efficiency of financial services to the real economy.
Social credit systemLiquidity creationCommercial bankBank loans
万方数据
维普
