摘要
本文基于2009—2019年中国194家商业银行数据,考察银行竞争对风险承担的直接和间接作用机制。研究发现,一方面,银行竞争会直接影响银行风险承担,且两者之间存在非线性关系,当前我国已经步入"竞争-脆弱"区域;另一方面,中介效应检验结果表明,银行竞争可以通过改变流动性水平间接作用于银行的风险承担,即流动性发挥非线性的部分中介作用,采用多种检验方法均可证实回归结果的稳健性。异质性分析表明,流动性的中介作用对于城商行和农商行,资本充足、贷款质量高的银行更为显著,且在经济增速较快时期更为显著。本文研究结论对于监管部门衡量银行业竞争程度具有重要启示意义。
With the continuous promotion of financial openness,the number of domestic banks continues to increase,and the subjects of bank are becoming more and more diversified.The market structure of China’s banking industry has changed significantly,with continuously decreased concentration and constantly increased competition.The change in the lev el of competition will inevitably be transmitted to the deposit and loan market through the banking system,triggering changes in commercial banks’liquidity as well as risk-taking behavior.Using annual data of 194 commercial banks in China from 2009 to 2019,the paper investigates the impact of bank competition on risk-taking and its mechanisms of action at the micro level of banks.The paper finds that,firstly,the relationship between bank competition and risk-taking is not a simple linear relationship,but an inverted U-shaped nonlinear relationship.The Chinese banking industry has now entered a“competition-fragility”area.Secondly,bank competition does affect the liquidity of bank assets,and the two factors show a nonlinear relationship.Finally,the intermediary test shows that market competition can indirectly affect bank risk-taking through liquidity,and liquidity plays a nonlinear intermediary role.The main policy implications are as follows.Firstly,regulators should aim at targeting in the process of promoting banking access and grasp the“degree”of liberalization in the process of policy adjustment.Secondly,banks should pay attention to the correlation between market competition and liquidity risk while encouraging reasonable competition and preventing the increase of risk caused by excessive competition.Finally,international regulatory rules should take into account the differences in banking market environment of each country and consider the linkage influence between competition and liquidity changes.
作者
周晔
王亚梅
Zhou Ye;Wang Yamei(School of Finance,Capital University of Economics and Business)
出处
《国际金融研究》
CSSCI
北大核心
2022年第1期62-71,共10页
Studies of International Finance
基金
国家社会科学基金一般项目“经济新常态下我国商业银行流动性风险的防控及监管效果研究”(15BJY171)资助。
