同业业务发展、货币政策传导与银行风险承担

商业银行同业业务逐渐从传统信用拆借演变为类信贷业务,一些银行通过同业业务实施监管套利、风险资产出表,同业业务的快速发展对原有货币政策传导体系形成干扰,甚至改变了商业银行的风险承担渠道。使用25家A股上市银行2008-2018年数据,在理论和实证两个方面分析了同业业务发展对银行风险承担的影响。理论上,同业业务能够提高银行风险承担水平和强化货币政策风险承担渠道,上述影响并同时对于不同银行伴有异质性。实证结论验证了理论推演的假设:同业业务发展与银行风险承担水平正相关,并对货币政策银行风险承担渠道具有强化作用;同业业务对大型银行的风险承担水平影响有限,但对股份制银行和中小银行的风险承担水平表现了较强的正相关性。分析货币政策风险承担渠道,中小银行对货币宽松与否更为敏感,其同业业务发展程度与货币宽松情况表现出较强的相关性。根据上述研究结论,监管政策应当更加关注银行体系分层结构下的同业业务发展引导,尤其是对于股份制银行和中小银行,应当逐步引导同业业务占比较高银行压缩同业资产,鼓励商业银行业务回归本源,支持实体经济发展。

Interbank Business Development,Monetary Policy Transmission and Bank Risk-taking

The interbank business of commercial banks has gradually evolved from traditional credit lending to credit like business.Some banks carry out regulatory arbitrage and risk assets listing through interbank business.The rapid development of interbank business interferes with the original monetary policy transmission system,and even changes the risk-taking channels of commercial banks.Using the data of 25 A-share listed banks from 2008 to 2018,this paper analyzes the impact of interbank business development on bank risk-taking in both theoretical and empirical aspects.Theoretically,interbank business can improve the level of risk-taking of banks and strengthen the channels of risk-taking of monetary policy,and the above-mentioned effects are accompanied with heterogeneity for different banks.The empirical results verify the hypothesis of theoretical deduction:the development of interbank business is positively related to the level of risk-taking of banks,and has a strengthening effect on the channel of risk-taking of monetary policy banks;interbank business has a limited impact on the level of risk-taking of large banks,but has a strong positive correlation on the level of risk-taking of joint-stock banks and small and medium-sized banks.By analyzing the risk-taking channels of monetary policy,the small and medium-sized banks are more sensitive to monetary easing,and their inter-bank business development has a strong correlation with monetary easing.According to the above research conclusion,the regulatory policy should pay more attention to the guidance of interbank business development under the hierarchical structure of the banking system,especially for joint-stock banks and small and medium-sized banks,it should gradually guide the banks with high proportion of interbank business to compress interbank assets,encourage commercial banks to return to their original sources and support the development of the real economy.