【作者】 祝继高； 胡诗阳； 陆正飞；

【Author】 ZHU Jigao;HU Shiyang;LU Zhengfei;

【机构】 对外经济贸易大学国际财务与会计研究中心/国际商学院； 北京大学光华管理学院；

【摘要】 本文基于2006-2012年商业银行同业业务买入返售金融资产的数据,从影子银行体系资金融出方的角度,分析了商业银行从事影子银行业务的影响因素与经济后果。本文发现,四大国有商业银行、业绩好的银行、资产规模小的银行、贷款比率和存款比率高的银行以及位于地区金融发展水平高的省份的银行,其买入返售金融资产业务规模更小,说明银行业绩压力以及外部金融发展水平是影响商业银行开展同业业务的重要因素。而且,商业银行从事买入返售金融资产业务的规模越大,其潜在经营风险越高,具体表现为买入返售业务的低收益率降低了商业银行的总资产收益率,但是这种负效应在存贷比比率高的银行并不显著,说明商业银行向影子银行体系融出资金的一个重要动机就是规避贷款能力受监管限制而对业绩造成的负面影响。更多还原

【Abstract】 Using Redemptory Monetary Capital for Sale of commercial banks from 2006 to 2012, this paper investigates the causes and economic consequences of commercial banks’ engagement in shadow banking. We find that the Big-four state-owned commercial banks, banks with higher ROA, smaller size, higher loan ratio, higher deposit ratio and banks in more financially developed provinces have less Redemptory Monetary Capital for Sale, which indicates that pressure of financial performance and external financial development level are important factors for commercial banks to do the interbank business. Further study shows that the size of Redemptory Monetary Capital for Sale is positively related to the risk of commercial banks. Specifically, Redemptory Monetary Capital for Sale increases the risk of commercial banks through lowering ROA. But the negative effect of Redemptory Monetary Capital for Sale on ROA is not statistically significant when banks have a high Loan-to-Deposit ratio, indicating that one important motivation for commercial banks to engage in shadow banking is to avoid the negative effect of regulation’s restriction on their financial performance.更多还原