​存款保险制度变革与银行流动性创造

《财经研究》 2021年47卷第1期 页码：94 - 108  online：2020年12月30日

存款保险制度变革与银行流动性创造

Reform of the Deposit Insurance System and Bank Liquidity Creation

作者（中）：刘莉亚, 杜通*, 陈瑞华

作者（英）：Liu Liya, Du Tong*, Chen Ruihua

作者单位：1.上海财经大学 金融学院，上海 200433

摘要：我国于2015年实施存款保险制度，旨在保护储户利益，防范系统性金融风险。不同于早期建立存款保险的国家，我国银行经历的是从隐性存款保险转为显性存款保险的制度变革。文章基于2006−2018年166家国内商业银行微观数据，采用双重差分等实证方法考察了存款保险制度变革对银行流动性创造的影响。研究发现，隐性存款保险转为显性存款保险后，银行风险承担下降，资产流动性、融资成本和非利息业务水平均有所上升，存款保险在提高银行稳定性的同时增加了银行的经营难度。进一步研究发现，存款保险制度变革通过上述银行微观变量对其流动性创造产生了抑制作用，不利于银行发挥金融中介作用，而且这种抑制作用随政策实施的时间而减弱。结合防范化解金融风险和鼓励金融支持实体经济发展的现实要求，文章的研究为当前存款保险制度提供了改进建议。

关键词：隐性存款保险; 显性存款保险; 流动性创造

Summary: Deposit insurance is an important part of modern financial safety net. It has been five years since China formally implemented the deposit insurance system in 2015. The research on whether the current deposit insurance system can effectively reduce the bank’s risk-taking, whether it has other micro impacts on bank assets and liabilities, and the impact on liquidity creation has important reference value for the improvement of financial supervision and deposit insurance system.This paper selects the micro data of 166 commercial banks in China from 2006 to 2018 to investigate the micro changes in risk, assets and liabilities of China’s commercial banks after the transformation of implicit deposit insurance into explicit deposit insurance, and explores whether these micro changes of banks will have an adverse effect on bank liquidity creation from the perspective of liquidity creation.The results show that the implementation of deposit insurance leads to the decrease of banks’ risk-taking, and the increase of asset liquidity, financing cost and non-interest operation level. Furthermore, this paper finds that these micro changes inhibit the creation of bank liquidity, which is not conducive to the exertion of bank intermediary function. From the perspective of dynamic effect, the inhibitory effect of deposit insurance system reform on liquidity creation decreases with time.Based on the above results, this paper suggests that we should implement differentiated policies for some banks on the basis of the existing deposit insurance system design, and encourage them to play the role of liquidity creators to support the real economy; for commercial banks, especially small and medium-sized banks, we should improve the ability of debt management to ensure the stable growth of debt side.The theoretical and practical contributions of this paper are as follows: First, it expands the micro impact of deposit insurance on banks from risk-taking to micro variables such as asset liquidity, financing cost and non-interest business, so as to enrich the research on the micro impact of deposit insurance. Second, it expands the relevant research on the impact mechanism of deposit insurance on liquidity creation. Third, it has important reference value for further optimizing the deposit insurance system design, preventing financial risks and creating a good policy environment for commercial banks to serve the real economy.

Key words: implicit deposit insurance; explicit deposit insurance; liquidity creation

DOI：10.16538/j.cnki.jfe.20201115.101

收稿日期：2020-7-25

基金项目：国家社科基金重大项目“新型金融风险冲击下的现代中央银行制度研究”（20ZDA035）

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