互联网金融对我国货币政策银行信贷渠道的影响研究
发布时间：2018-11-10 14:48
【摘要】：近几年,互联网金融这个词在国内越来越多地被提及,这一由搜索引擎、大数据、云计算和移动支付等信息技术催生的新型金融业态,引起了学界、业界乃至全社会的广泛关注。本文主要关注互联网金融对我国货币政策银行信贷渠道的影响,目前我国货币政策传导仍以银行信贷渠道为主,而互联网金融凭借其金融服务效率高、交易成本低等优势对传统银行业带来了一定的冲击,研究互联网金融会对货币政策银行信贷效应产生何种影响具有理论和现实意义。本文首先构建总体效应和影响机制的理论分析框架并提出相应的假说,然后通过统计图表分析得出初步的结论,最后建立计量模型进行规范化的实证分析来验证假说的成立。研究结果表明,第一,互联网金融确实会影响货币政策银行信贷渠道的传导,具体的,互联网金融是通过降低企业和银行所面临的外部金融摩擦从而弱化货币政策银行信贷渠道效应,也即总体效应存在。第二,互联网金融的发展促使银行负债结构发生转变,从传统的吸收存款更多的转向销售理财产品,而这将弱化以存款准备金率为工具的货币政策的传导效应。并且对于中小型商业银行来说,这一银行负债结构替代效应较为显著。第三,成熟完善的证券市场将便利银行在遇到流动性紧缩时进行资产转换以应对信贷供给的萎缩,互联网金融的发展在一定程度上促进证券市场的发展与完善从而弱化货币政策银行信贷渠道的传导效应,即证券市场的流动性效应也基本得到验证。第四,总的来说,互联网金融的发展改善了企业的融资约束,改变了企业投资对于银行贷款供给的敏感度,也即企业融资结构优化效应大于企业融资结构错配效应。根据研究结论得出如下的政策含义:一是建立健全货币政策多渠道传导机制,增强货币政策有效性;二是深化大型国有商业银行改革,推进中小金融机构发展,提高货币政策银行信贷传导主渠道的影响效应;三是规范发展互联网金融,以期更加有效地解决由信息不对称等引起的中小企业融资约束问题。
[Abstract]:In recent years, the term Internet finance has been more and more widely used in China. This new financial format, which is inspired by information technologies such as search engine, big data, cloud computing and mobile payment, has aroused academic circles. The wide concern of the industry and the whole society. This paper focuses on the impact of Internet finance on the banking credit channels of China's monetary policy. At present, the transmission of monetary policy in China is still dominated by bank credit channels, while Internet finance is highly efficient by virtue of its financial services. The advantages of low transaction cost have a certain impact on the traditional banking industry. It is of theoretical and practical significance to study the impact of Internet finance on the bank credit effect of monetary policy. This paper first constructs the theoretical analysis framework of the overall effect and the mechanism of influence and puts forward the corresponding hypothesis, then draws a preliminary conclusion through statistical chart analysis, and finally establishes the econometric model to carry on the standardized empirical analysis to verify the hypothesis. The results show that, first, Internet finance does affect the transmission of monetary policy, bank credit channels, specifically, Internet finance is to weaken the monetary policy bank credit channel effect, that is, the overall effect, by reducing the external financial friction faced by enterprises and banks. Second, the development of Internet finance makes the bank's debt structure change, from the traditional deposit absorption to the sale of financial products, which will weaken the transmission effect of monetary policy with deposit reserve ratio as the tool. And for small and medium-sized commercial banks, this bank debt structure substitution effect is more significant. Third, a mature securities market will facilitate banks to switch assets in the face of tight liquidity to cope with a shrinking credit supply. To a certain extent, the development of Internet finance promotes the development and perfection of securities market, which weakens the conduction effect of bank credit channel of monetary policy, that is, the liquidity effect of securities market is also verified. Fourth, in general, the development of Internet finance has improved the financing constraints of enterprises and changed the sensitivity of enterprise investment to the supply of bank loans, that is, the optimization effect of enterprise financing structure is greater than the mismatch effect of enterprise financing structure. According to the conclusions of the study, the following policy implications are obtained: first, to establish and improve the multi-channel transmission mechanism of monetary policy to enhance the effectiveness of monetary policy; Second, to deepen the reform of large state-owned commercial banks, to promote the development of small and medium-sized financial institutions, and to improve the influence of the main channels of credit transmission of monetary policy banks; The third is to standardize the development of Internet finance in order to solve the financing constraints of SMEs caused by asymmetric information more effectively.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F822.0;F832.4
[Abstract]:In recent years, the term Internet finance has been more and more widely used in China. This new financial format, which is inspired by information technologies such as search engine, big data, cloud computing and mobile payment, has aroused academic circles. The wide concern of the industry and the whole society. This paper focuses on the impact of Internet finance on the banking credit channels of China's monetary policy. At present, the transmission of monetary policy in China is still dominated by bank credit channels, while Internet finance is highly efficient by virtue of its financial services. The advantages of low transaction cost have a certain impact on the traditional banking industry. It is of theoretical and practical significance to study the impact of Internet finance on the bank credit effect of monetary policy. This paper first constructs the theoretical analysis framework of the overall effect and the mechanism of influence and puts forward the corresponding hypothesis, then draws a preliminary conclusion through statistical chart analysis, and finally establishes the econometric model to carry on the standardized empirical analysis to verify the hypothesis. The results show that, first, Internet finance does affect the transmission of monetary policy, bank credit channels, specifically, Internet finance is to weaken the monetary policy bank credit channel effect, that is, the overall effect, by reducing the external financial friction faced by enterprises and banks. Second, the development of Internet finance makes the bank's debt structure change, from the traditional deposit absorption to the sale of financial products, which will weaken the transmission effect of monetary policy with deposit reserve ratio as the tool. And for small and medium-sized commercial banks, this bank debt structure substitution effect is more significant. Third, a mature securities market will facilitate banks to switch assets in the face of tight liquidity to cope with a shrinking credit supply. To a certain extent, the development of Internet finance promotes the development and perfection of securities market, which weakens the conduction effect of bank credit channel of monetary policy, that is, the liquidity effect of securities market is also verified. Fourth, in general, the development of Internet finance has improved the financing constraints of enterprises and changed the sensitivity of enterprise investment to the supply of bank loans, that is, the optimization effect of enterprise financing structure is greater than the mismatch effect of enterprise financing structure. According to the conclusions of the study, the following policy implications are obtained: first, to establish and improve the multi-channel transmission mechanism of monetary policy to enhance the effectiveness of monetary policy; Second, to deepen the reform of large state-owned commercial banks, to promote the development of small and medium-sized financial institutions, and to improve the influence of the main channels of credit transmission of monetary policy banks; The third is to standardize the development of Internet finance in order to solve the financing constraints of SMEs caused by asymmetric information more effectively.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F822.0;F832.4
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