摘要
央行中期借贷便利(MLF)担保品范围扩大,除了对发行人融资成本带来直接影响之外,其间接效应,即对商业银行的流动性创造及其波动,进而对小微企业等经济主体贷款的影响也需要关注。基于2013—2020年银行财务数据,运用双重差分法对MLF担保品范围扩大的银行流动性创造效应进行研究,研究结果表明:一是MLF担保品范围扩大促进了中小银行流动性创造,经过平行趋势检验和安慰剂检验等一系列稳健性分析,结论依然成立。二是进一步分析发现,MLF担保品范围扩大的政策效果随时间推移而减弱,但能平滑流动性创造的波动;降准政策会干扰这种平滑作用。三是机制分析表明,一方面,MLF担保品范围扩大能通过资产端的“资产认可渠道”提高银行资产质量,从而影响银行流动性创造;另一方面,MLF担保品范围扩大也能通过负债端的“融资成本渠道”影响负债结构和成本,进而影响银行流动性创造。四是异质性分析发现,在货币政策相对紧缩时期以及客户集中度较低的银行,MLF担保品范围扩大的政策效果会更强。
The expansion of MLF collaterals scope from The People’s Bank of China not only has a direct impact on the financing cost, but is also effective in its indirect effect, which is the liquidity creation and fluctuation of commercial banks, and then works on the loans of economic entities such as small and micro enterprises.Based on the bank financial data from 2013 to 2020, this paper analyzes the bank liquidity creation effect of MLF collaterals expansion with a DID model. The results show that, firstly, MLF collaterals expansion promotes the liquidity creation of small and medium-sized banks. After a series of robustness analysis such as parallel trend test and placebo test, the conclusion is still valid. Secondly, further analysis proves that the policy effect of MLF collaterals expansion decreases with time, but it can smooth the fluctuation of liquidity creation. The targeted RRR cuts will interfere with this smoothing effect. Thirdly, mechanism analysis shows that, on the one hand, MLF collaterals expansion can improve the quality of bank assets through the asset recognition channel on the asset side, thus affecting the bank liquidity creation. On the other hand, MLF collaterals expansion can also affect the debt structure and cost through the financing cost channel on the liability side, thus influencing the bank liquidity creation. Fourthly, heterogeneity analysis found that the policy effect is stronger in the period with tight monetary policy and the banks with low customer concentration.
作者
周先平
陈明威
罗瑞丰
Zhou Xianping;Chen Mingwei;Luo Ruifeng(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China;School of Finance,University of International Business and Economics,Beijing 100029,China)
出处
《金融理论探索》
2022年第5期20-34,共15页
Exploration of Financial Theory
基金
2020年国家社科基金重点项目“全球价值链动态优化与金融稳定研究”(20AJY025)。
关键词
中期借贷便利
担保品
银行流动性创造
资产认可
融资成本
medium-term lending facility
collaterals
bank liquidity creation
asset recognition
financing cost
