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银行流动性囤积会降低金融服务实体经济效率，由此影响实体经济发展质量。本文将原银行保险监督管理委员会公布的金融许可证信息与我国341家城市商业银行和农村商业银行的面板数据相匹配，考察跨区经营对区域性银行流动性囤积的影响及传导机制。研究发现，跨区经营显著降低了区域性银行的流动性囤积水平。机制分析发现，跨区经营基于市场开拓效应、吸储效应和内部资金联动效应，通过促进信贷投放、降低同业业务参与深度以及提高银行竞争水平渠道对区域性银行流动性囤积产生负向影响，以此提升金融流动性向实体流动性的转化效率。进一步研究发现，利率市场化和经济政策不确定性分别加强和削弱了跨区经营的影响效应；银行业务所在城市更高的数字金融发展水平与更为充足的有效金融需求均有助于强化跨区经营的影响效应。本研究成果为优化商业银行网点空间布局及提升金融服务实体经济效率提供理论参考。
Abstract：Bank liquidity hoarding will reduce the financial efficiency in serving the real economy and thus affects the development quality of the real economy. By merging the panel data of 341 urban and rural commercial banks and the financial permit data disclosed by China Banking and Insurance Regulatory Commission, we investigate the impact of bank geographic diversification on bank liquidity hoarding as well as the transmission mechanisms. The results suggest that bank geographic diversification inflicts a negative impact on bank liquidity hoarding. By exploring the mechanisms, we show that based on the market expansion, deposit attraction, and internal fund linking effects, geographic diversification boosts bank credit expansion, reduces interbank business, and improves the level of bank competition thereby exerting a negative effect on bank liquidity hoarding. Geographic diversification is exerted, improving the efficiency of financial liquidity turning to real economy liquidity. Further analysis shows that interest market liberalization and economic policy uncertainty respectively amplifies and attenuates the effect of geographic diversification, while a higher level of digital finance development and effective financial demand both magnify the effect of geographic diversification. Our findings have important theoretical implications in terms of improving regional bank geographic distribution, and increasing the efficiency of finance in serving the real economy.
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(1)党的十九届五中全会通过的《中共中央关于制定国民经济和社会发展第十四个五年规划和二〇三五年远景目标的建议》指出，要“支持中小银行和农村信用社持续健康发展”“构建金融有效支持实体经济的体制机制”。
(1)因篇幅所限，对区域性银行跨区经营及其信贷投放状况的基本事实描述和现状分析以附录1展示，见《统计研究》网站所列附件。下同。
(1)因篇幅所限，主要变量名称及定义以附表1展示。
(1)因篇幅所限，银行资产负债表科目流动性划分方式、变量代码及赋权以附表2展示。
(1)因篇幅所限，数据来源及处理步骤以附录2展示，描述性统计结果以附表3展示，组间差异检验以附录3说明。国泰安数据库网址为https://data.csmar.com；金融许可证信息网址为https://xkz.nfra.gov.cn/jr/。
(2)计算公式为LHM=(1/2)×(流动资产+非主营类非流动资产)–(1/2)×(非流动资产–非主营类非流动资产)。
(1)因篇幅所限，内生性问题相关回归结果及详细说明以附录4展示。
(2)因篇幅所限，其他稳健性检验结果及详细说明以附录5展示。
(1)虽然存款利率浮动限制已于2015年放开，但全国性及各省级银行业自律机制仍通过制定存款利率指导区间对银行存款定价行为进行间接管制。
(2)因篇幅所限，辅助性检验变量bcl2d、Lnpn、Lpnng的构造方法以附录6展示。
(3)Lerner指数（Lerner）以贷款价格偏离边际成本的百分比度量银行垄断势力，采用面板随机前沿模型基于三投入单产出超越对数成本函数估计边际成本。Lerner指数取值介于0~1之间，是银行参与竞争水平的反向指标，为便于分析，以llrn rit=1-Lernerit刻画银行参与竞争水平。
(1)因篇幅所限，该部分说明以及回归结果以附录7展示。
基本信息:
DOI：10.19343/j.cnki.11-1302/c.2025.09.005
中图分类号:F832.3;F272.3
引用信息:
[1]顾海峰,于家珺.跨区经营是否降低了区域性银行流动性囤积？——基于区域性银行金融许可证信息的证据[J].统计研究,2025,42(09):56-69.DOI:10.19343/j.cnki.11-1302/c.2025.09.005.
基金信息:
国家社会科学基金一般项目“银保协作模式下商业银行信用风险的生成、监测与防控研究”（13BGL041）; 教育部人文社会科学研究规划基金项目“跨境资本流动对商业银行信贷风险的影响机理及政策研究”（20YJA790014）; 上海市哲学社会科学规划课题“新发展格局下双支柱调控框架对银行风险的影响机制及政策研究”（2023BJB013）
2025-06-16
2025
2025-06-18
2025
1
2025-09-25
2025-09-25