统计研究

本文研究了互联网金融发展如何影响货币政策对银行风险承担的调控机制。整体上互联网金融发展弱化了货币政策对银行风险的调控机制。基于GMM方法对2007—2019年我国194家银行面板数据进行检验发现：适度宽松的价格型、数量型货币政策都能扩大银行风险承担，进一步研究发现4种细分互联网金融业态——支付结算、资源配置、风险管理、信息处理也都一致弱化了货币政策对银行风险的调控机制。异质性检验与银行分样本检验结果表明，相比城商行、农商行、外资银行等中小银行，国有、股份制等大型银行更能缓释互联网金融对货币政策调控机制的影响。另外，互联网金融被纳入监管体系后，价格型货币政策对银行风险的调控作用仍然有效，但数量型货币政策调控银行风险会受到互联网金融的抑制。最后本文对商业银行、货币政策制定者等提出有关建议，这对宏观货币政策调控以及稳定金融风险具有一定启示意义。

This paper studies how the development of Internet finance affects the regulation mechanism of monetary policy on bank risk-taking. On the whole, Internet finance weakens the regulation mechanism of monetary policy on bank risk-taking. This paper uses the GMM method to test the panel data of 194 banks in China from 2007 to 2019 and finds that moderately loose price-based and quantitative monetary policies can increase bank risk-taking. Further research finds that the four types of segmented Internet financial formats, which are payment and settlement, resource allocation, risk management, and information processing, all weaken the regulation mechanism of monetary policy on bank risk-taking. The results of heterogeneity test and bank sub-sample test show that compared with small and medium banks such as city commercial banks, rural commercial banks, and foreign banks, large banks such as state-owned and joint-stock banks can mitigate the influence of Internet finance on the monetary policy regulation mechanism. In addition, after Internet finance is included in the regulatory system, the price-based monetary policy is still effective in regulating bank risk-taking, but quantitative monetary policy is restrained by Internet finance in regulating bank risk-taking. Finally, this paper puts forward relevant suggestions to commercial banks and monetary authorities, which have some implications for macro-monetary policy regulation and stabilizing financial risks.