银行伙伴关系加剧了流动性冲击对银行的不利影响吗——基于中国银团贷款数据的分析

当代财经 ›› 2021, Vol. 0 ›› Issue (11): 52-64.

银行伙伴关系加剧了流动性冲击对银行的不利影响吗——基于中国银团贷款数据的分析

黄飞鸣^a, 严涵^a, 魏琳^b

江西财经大学 a.金融学院; b.当代财经杂志社,江西南昌 330013

收稿日期:2021-06-16 修回日期:2021-09-18 出版日期:2021-11-15 发布日期:2021-11-23
通讯作者: 黄飞鸣,江西财经大学教授,博士生导师,经济学博士,主要从事货币经济学、公司金融、金融机构风险管理研究,联系方式huangfeiming@jxufe.edu.cn。
作者简介:严涵,江西财经大学金融学院博士研究生,主要从事银行管理、公司金融研究;魏琳,江西财经大学编审,主要从事金融理论研究。
基金资助:
国家自然科学基金项目“民营企业境外避税地投资与代理成本：作用机制与经济后果”（71962012）; 江西省研究生创新专项资金项目“基于银企间多层金融网络的风险传染及控制研究”（YC2020—B116）

Has Bank Partnership Aggravated the Adverse Effects of Liquidity Shocks on Banks?An Analysis Based on the Data of China's Syndicated Loans

HUANG Fei-ming, YAN Han, WEI Lin

Jiangxi University of Finance and Economics, Nanchang 330013, China

Received:2021-06-16 Revised:2021-09-18 Online:2021-11-15 Published:2021-11-23

摘要/Abstract

摘要： 基于中国银团贷款数据,实证检验了流动性冲击时银行伙伴关系对银行融资成本、流动性创造水平和信贷供应的影响。研究结果表明,拥有更多伙伴关系的银行会更倾向于外部“购买流动性”而不是内部“储存流动性”的流动性管理策略;在面临流动性冲击时,通过银团贷款建立更多伙伴关系的银行会面临更高的融资流动性风险,削弱流动性创造能力和减少信贷供应数量;银行伙伴关系会促使银行放松内部流动性管理,最终在面临流动性冲击时带来不利后果。因此,商业银行应持有充足、优质的高流动性资产,切勿陷入同业资金“依赖症”;监管当局需要强化对银行流动性风险的监管,避免过度依赖伙伴关系的短期同业资金而造成流动性危机。

关键词: 银行伙伴关系, 银团贷款, 流动性冲击, 流动性管理

Abstract: Based on the data of China's syndicated loans, this paper empirically examines the impact of the bank partnership on the bank financing cost, liquidity creation level and credit supply in the case of liquidity shock. The results show that banks with more partnerships will prefer the liquidity management strategy of external“purchased liquidity”rather than internal“stored liquidity”. In the face of liquidity shocks, banks that have established more partnerships through syndicated loans will face higher financing liquidity risks, which will weaken their liquidity creative ability and reduce the credit supply. The business partnership of banks will encourage banks to relax their internal liquidity management, and eventually bring adverse consequences in the face of liquidity shocks. Therefore, the commercial banks should hold adequate high-quality assets with high liquidity, never relying on the fund of other banks. The regulatory authorities also need to strengthen the supervision of bank liquidity risks, and to avoid the liquidity crisis caused by excessive reliance on the short-term interbank funds of partner banks.

Key words: bank partnership, syndicated loan, liquidity shock, liquidity management

中图分类号:

F832.33

黄飞鸣, 严涵, 魏琳. 银行伙伴关系加剧了流动性冲击对银行的不利影响吗——基于中国银团贷款数据的分析[J]. 当代财经, 2021, 0(11): 52-64.

HUANG Fei-ming, YAN Han, WEI Lin. Has Bank Partnership Aggravated the Adverse Effects of Liquidity Shocks on Banks?An Analysis Based on the Data of China's Syndicated Loans[J]. Contemporary Finance & Economics, 2021, 0(11): 52-64.

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