中国银行间市场的运行逻辑

发布时间：2018-04-01 21:32

本文选题：银行间市场　切入点：同业业务　出处：《财经科学》2017年11期

【摘要】：本文利用2007—2014年中国商业银行同业借贷数据,实证分析了中国银行间市场的运行逻辑。研究发现,各类银行的同业借贷行为存在显著差异,以国有银行和股份制银行为代表的大银行流动性水平较低,但它们是银行间市场上主要的资金提供方。以城市商业银行和农村商业银行为代表的小银行流动性水平更高,它们更倾向通过回购市场融入资金,较少参与同业拆借市场。本文还验证了商业银行进行同业借贷的三个主要动机,即正常的流动性管理需求、为影子银行提供流动性的监管套利需求和跨区域配置资金需求。本文的研究有助于理解我国银行间市场的运行逻辑以及银行间市场与实体经济之间的关系。
[Abstract]:Based on the data of interbank lending in China from 2007 to 2014, this paper empirically analyzes the logic of interbank lending in China. The liquidity level of large banks, represented by state-owned banks and joint-stock banks, is relatively low, but they are the main providers of funds in the interbank market. The liquidity level of small banks, represented by urban commercial banks and rural commercial banks, is even higher. They tend to integrate funds through the repo market and participate less in the interbank lending market. This paper also verifies that commercial banks have three main motives for interbank lending, that is, normal liquidity management needs. This study is helpful to understand the operational logic of the interbank market and the relationship between the interbank market and the real economy.
【作者单位】：西南财经大学金融学院、博士后流动站;西南财经大学中国金融研究中心;
【基金】：教育部人文社科重点研究基地重大项目“我国城市商业银行公司治理优化研究——基于民间资本进入和银行公司治理特殊性的双重视角”(14JJD790026) 国家社会科学基金重点项目“基于金融分权视角的地方金融控股集团研究”(17AJY029)
【分类号】：F832.5

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