银行间市场流动性与金融风险救助机制研究

文章从我国银行间市场结构特征出发,分析了近年来银行间市场利率和流动性大 幅波动的内在机理与原因。研究认为,塔形市场交易结构下,银行间市场存在流动性风险易聚 集不易分散的缺陷,且难以依靠“有形之手”得到弥补。文章结合塔形市场结构的特点建立矩 阵分析法,对40家金融机构资产负债表进行实证分析。结论印证了理论分析,即塔形市场交易 结构下风险冲击影响时间更长,且央行流动性救助效果降低,但流动性救助机制能降低风险对 中小型地方法人金融机构的冲击。因此,有必要建立流动性风险救助机制,弥补银行间市场客 观存在的缺陷,增强中小型地方法人金融机构抵御银行间市场流动性风险冲击的能力。

A Study on the Liquidity of Interbank Market and Financial Risk Relief Mechanism

Based on the characteristics of China''s interbank market structure, this paper analyzes the internal mechanism and reasons of the interest rate and liquidity fluctuations in the interbank market in recent years. The research has concluded that, the interbank trading market has the defect that liquidity risk is easy to gather but not easy to disperse, and it is difficult to rely on the "Visible Hand" to make up for it. This paper analyzses the balance sheets of forty financial institutions with the method of matrix . The conclusion proves that risk shocks last longer under the tower market trading structure, central bank liquidity support effect is reduced, however, liquidity assistance mechanism weaken the risk impact on small and medium-sized local legal institutions. It is necessary to establish a liquidity risk assistance mechanism to make up for the interbank market defects, and improve the ability to deal with risks for medium-sized local corporate financial institutions.