【摘要】：近幾年,互聯(lián)網(wǎng)金融這個詞在國內(nèi)越來越多地被提及,這一由搜索引擎、大數(shù)據(jù)、云計算和移動支付等信息技術(shù)催生的新型金融業(yè)態(tài),引起了學(xué)界、業(yè)界乃至全社會的廣泛關(guān)注。本文主要關(guān)注互聯(lián)網(wǎng)金融對我國貨幣政策銀行信貸渠道的影響,目前我國貨幣政策傳導(dǎo)仍以銀行信貸渠道為主,而互聯(lián)網(wǎng)金融憑借其金融服務(wù)效率高、交易成本低等優(yōu)勢對傳統(tǒng)銀行業(yè)帶來了一定的沖擊,研究互聯(lián)網(wǎng)金融會對貨幣政策銀行信貸效應(yīng)產(chǎn)生何種影響具有理論和現(xiàn)實意義。本文首先構(gòu)建總體效應(yīng)和影響機制的理論分析框架并提出相應(yīng)的假說,然后通過統(tǒng)計圖表分析得出初步的結(jié)論,最后建立計量模型進行規(guī)范化的實證分析來驗證假說的成立。研究結(jié)果表明,第一,互聯(lián)網(wǎng)金融確實會影響貨幣政策銀行信貸渠道的傳導(dǎo),具體的,互聯(lián)網(wǎng)金融是通過降低企業(yè)和銀行所面臨的外部金融摩擦從而弱化貨幣政策銀行信貸渠道效應(yīng),也即總體效應(yīng)存在。第二,互聯(lián)網(wǎng)金融的發(fā)展促使銀行負債結(jié)構(gòu)發(fā)生轉(zhuǎn)變,從傳統(tǒng)的吸收存款更多的轉(zhuǎn)向銷售理財產(chǎn)品,而這將弱化以存款準(zhǔn)備金率為工具的貨幣政策的傳導(dǎo)效應(yīng)。并且對于中小型商業(yè)銀行來說,這一銀行負債結(jié)構(gòu)替代效應(yīng)較為顯著。第三,成熟完善的證券市場將便利銀行在遇到流動性緊縮時進行資產(chǎn)轉(zhuǎn)換以應(yīng)對信貸供給的萎縮,互聯(lián)網(wǎng)金融的發(fā)展在一定程度上促進證券市場的發(fā)展與完善從而弱化貨幣政策銀行信貸渠道的傳導(dǎo)效應(yīng),即證券市場的流動性效應(yīng)也基本得到驗證。第四,總的來說,互聯(lián)網(wǎng)金融的發(fā)展改善了企業(yè)的融資約束,改變了企業(yè)投資對于銀行貸款供給的敏感度,也即企業(yè)融資結(jié)構(gòu)優(yōu)化效應(yīng)大于企業(yè)融資結(jié)構(gòu)錯配效應(yīng)。根據(jù)研究結(jié)論得出如下的政策含義:一是建立健全貨幣政策多渠道傳導(dǎo)機制,增強貨幣政策有效性;二是深化大型國有商業(yè)銀行改革,推進中小金融機構(gòu)發(fā)展,提高貨幣政策銀行信貸傳導(dǎo)主渠道的影響效應(yīng);三是規(guī)范發(fā)展互聯(lián)網(wǎng)金融,以期更加有效地解決由信息不對稱等引起的中小企業(yè)融資約束問題。
[Abstract]:In recent years, the term Internet finance has been more and more widely used in China. This new financial format, which is inspired by information technologies such as search engine, big data, cloud computing and mobile payment, has aroused academic circles. The wide concern of the industry and the whole society. This paper focuses on the impact of Internet finance on the banking credit channels of China's monetary policy. At present, the transmission of monetary policy in China is still dominated by bank credit channels, while Internet finance is highly efficient by virtue of its financial services. The advantages of low transaction cost have a certain impact on the traditional banking industry. It is of theoretical and practical significance to study the impact of Internet finance on the bank credit effect of monetary policy. This paper first constructs the theoretical analysis framework of the overall effect and the mechanism of influence and puts forward the corresponding hypothesis, then draws a preliminary conclusion through statistical chart analysis, and finally establishes the econometric model to carry on the standardized empirical analysis to verify the hypothesis. The results show that, first, Internet finance does affect the transmission of monetary policy, bank credit channels, specifically, Internet finance is to weaken the monetary policy bank credit channel effect, that is, the overall effect, by reducing the external financial friction faced by enterprises and banks. Second, the development of Internet finance makes the bank's debt structure change, from the traditional deposit absorption to the sale of financial products, which will weaken the transmission effect of monetary policy with deposit reserve ratio as the tool. And for small and medium-sized commercial banks, this bank debt structure substitution effect is more significant. Third, a mature securities market will facilitate banks to switch assets in the face of tight liquidity to cope with a shrinking credit supply. To a certain extent, the development of Internet finance promotes the development and perfection of securities market, which weakens the conduction effect of bank credit channel of monetary policy, that is, the liquidity effect of securities market is also verified. Fourth, in general, the development of Internet finance has improved the financing constraints of enterprises and changed the sensitivity of enterprise investment to the supply of bank loans, that is, the optimization effect of enterprise financing structure is greater than the mismatch effect of enterprise financing structure. According to the conclusions of the study, the following policy implications are obtained: first, to establish and improve the multi-channel transmission mechanism of monetary policy to enhance the effectiveness of monetary policy; Second, to deepen the reform of large state-owned commercial banks, to promote the development of small and medium-sized financial institutions, and to improve the influence of the main channels of credit transmission of monetary policy banks; The third is to standardize the development of Internet finance in order to solve the financing constraints of SMEs caused by asymmetric information more effectively.
【學(xué)位授予單位】：浙江理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F822.0;F832.4

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