貨幣政策對中國銀行業流動性創造之影響

近年來中國政府積極執行貨幣政策，無非希望拉動中國經濟導向正向發展。銀行業作為金融中介機構，在中央銀行的貨幣政策傳遞上具有特殊的定位和作用，銀行業是否能良好的反應貨幣政策，執行其「流動性創造」功能，成為當今中國總體環境下重要的影響因素之一。然而，流動性創造雖增加市場流動性，但同時造成銀行資產負債期限錯配問題更為嚴重，政府為控管銀行風險，導致銀行流動性創造功能的發揮受到影響，反而更積極的採取繞道方式，透過中國式的影子銀行像是資產負債表外項目及信託資產等方式進行流動性創造。因此，本文結合三大元素：(1)銀行業流動性創造功能、(2)中國人民銀行貨幣政策、(3)影子銀行因素，透過實證研究探討中央銀行所實施的貨幣政策，對中國銀行業流動性創造功能是否造成影響，進而最終反應在實體經濟。同時，也會探討加入影子銀行因素後，是否會使影響效果有所變化。研究結果發現，不論是否考慮影子銀行因素，銀行的流動性創造功能將受到中央銀行的貨幣政策變化而產生改變，且兩者間呈現顯著負相關，表示中央銀行執行緊縮貨幣政策時，將使銀行流動性創造效果下降，且不論對五大商業銀行、全國股份制商業銀行及城市商業銀行皆存在同樣效果，表示貨幣政策與銀行的流動性創造能夠彼此相輔相成改變市場流動性；反之，本文也證實中央銀行的貨幣政策的確會考量商業銀行的流動性創造情形，尤其是重貼現率及一年期貸款利率，與流動性創造呈現顯著正相關，表示銀行的流動性創造越大，會使中央銀行以緊縮貨幣政策，預防流動性過於氾濫。

關鍵字

流動性創造；貨幣政策；商業銀行；影子銀行；中央銀行

並列摘要

In recent years, Chinese government actively implement monetary policy, is nothing more than hope to pull forward the development of China's economic orientation. The banking sector as a financial intermediary, has a special position and role in the central bank's monetary policy is passed, the banking industry if a good response of monetary policy, the implementation of its "liquidity creation" function, an important overall environmental impact of today's China one of the factors. However, although the increase in market liquidity and create liquidity, but also causing bank debt maturity mismatch of assets is more serious, the government for the regulatory bank risk, bank liquidity creation leads to exert the function affected, but to take a more active bypass mode through Chinese-style shadow banking balance sheet items such as trust assets and other ways to create liquidity. Therefore, this combination of three elements: (1) banking sector liquidity creation function, (2) People's Bank of China monetary policy, (3) the shadow banking factors discussed monetary policy implemented by the central bank through empirical research on China's banking sector liquidity creation functions are affected, and then the final reaction in the real economy. At the same time, also after joining the shadow banking factors, whether the change will affect the results. Study found that regardless of whether the factors to consider shadow banking, bank liquidity creation functions will be subject to changes in monetary policy arising from changes in the central bank and presented significant negative correlation between the two, the implementation of the central bank to tighten monetary policy, said the bank will liquidity creation effect is reduced, and regardless of the five commercial banks, the national joint-stock commercial banks and city commercial banks are the presence of the same effect, indicating that monetary policy and bank liquidity creation can complement each other to change the market liquidity; the other hand, the paper also confirmed that the central bank the monetary policy will indeed consider the case of commercial banks liquidity creation, especially heavy discount rate and the one-year lending interest rate, and liquidity creation presents significant positive correlation, the greater bank liquidity creation, will make the central bank to tighten monetary policy to prevent the spread of liquidity too.

並列關鍵字

Liquidity Creation ； Monetary Policy ； Commercial Bank ； Shadow Bank ； Central Bank

參考文獻

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貨幣政策對中國銀行業流動性創造之影響

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