金融学院知识库

2008年国际金融危机爆发后，商业银行通过加杠杆的方式来应对危机，在此过程中商业银行的流动性囤积问题也逐渐凸显；但随着经济形势的好转，流动性囤积问题却依然频现银行体系。严重的流动性囤积不仅降低了银行流动性资产运转效率，而且导致银行体系之外各部门流动性缺口增加，甚至影响到整个经济体系的正常运行。本文对我国商业银行杠杆率与流动性囤积的关系进行研究，试图为监管政策的制定和完善提供理论参考，对商业银行的稳健运行提出建议。

首先，本文对银行杠杆率和银行流动性囤积的概念进行界定，并在相关理论的基础上，分析了商业银行流动性囤积的形成机理以及银行杠杆率对流动性囤积影响的传导机理。其次，利用选取60家商业银行2011-2020年的数据通过非平衡面板回归模型，实证检验了我国商业银行杠杆率对流动性囤积的影响，发现：第一，商业银行杠杆率降低（加杠杆）会增加流动性囤积，商业银行杠杆率提高（降杠杆）能减少流动性囤积。第二，我国银行杠杆率对流动性囤积的影响存在异质性。大型国有银行的杠杆率对流动性囤积的影响不显著，股份制及城市商业银行杠杆率对流动性囤积的影响较为显著，而农村商业银行的杠杆率对流动性囤积的影响最为显著。最后，本文提出如下对策建议：第一，调整商业银行杠杆水平和结构；第二，推行差异化的流动性囤积应对策略；第三，完善杠杆率监管体系；第四，发挥资本充足率对杠杆率的补充作用。

After the outbreak of the international financial crisis in 2008, commercial banks responded to the crisis by increasing leverage. During this process, the liquidity hoarding problem of commercial banks gradually became prominent; however, as the economic situation improved, the liquidity hoarding problem still occurred frequently. banking system. Serious liquidity hoarding not only reduces the operational efficiency of banks' liquid assets, but also leads to an increase in the liquidity gap of various sectors outside the banking system, and even affects the normal operation of the entire economic system. This paper studies the relationship between the leverage ratio and liquidity hoarding of commercial banks in my country, attempts to provide theoretical reference for the formulation and improvement of regulatory policies, and puts forward suggestions for the stable operation of commercial banks.

First of all, this paper defines the concepts of bank leverage ratio and bank liquidity hoarding, and on the basis of relevant theories, it analyzes the formation mechanism of commercial bank liquidity hoarding and the transmission mechanism of the influence of bank leverage ratio on liquidity hoarding. Secondly, using the data of 60 commercial banks from 2011 to 2020, through an unbalanced panel regression model, we empirically test the impact of the leverage ratio of my country's commercial banks on liquidity hoarding, and find that: first, a reduction in the leverage ratio (increase leverage) of commercial banks will increase liquidity hoarding, and an increase in the leverage ratio (deleveraging) of commercial banks can reduce liquidity hoarding. Second, there is heterogeneity in the impact of my country's bank leverage ratio on liquidity hoarding. The leverage ratio of large state-owned banks has no significant impact on liquidity hoarding, the leverage ratio of joint-stock and city commercial banks has a more significant impact on liquidity hoarding, and the leverage ratio of rural commercial banks has the most significant impact on liquidity hoarding. Finally, this paper puts forward the following countermeasures and suggestions: first, adjust the leverage level and structure of commercial banks; second, implement differentiated liquidity hoarding strategies; third, improve the leverage ratio supervision system; fourth, give full play to the capital adequacy ratio to leverage leverage rate supplementation.