【摘要】：近幾年,互聯(lián)網金融這個詞在國內越來越多地被提及,這一由搜索引擎、大數據、云計算和移動支付等信息技術催生的新型金融業(yè)態(tài),引起了學界、業(yè)界乃至全社會的廣泛關注。本文主要關注互聯(lián)網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仍以銀行信貸渠道為主,而互聯(lián)網金融憑借其金融服務效率高、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)網金融會對貨幣政策銀行信貸效應產生何種影響具有理論和現(xiàn)實意義。本文首先構建總體效應和影響機制的理論分析框架并提出相應的假說,然后通過統(tǒng)計圖表分析得出初步的結論,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。研究結果表明,第一,互聯(lián)網金融確實會影響貨幣政策銀行信貸渠道的傳導,具體的,互聯(lián)網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,也即總體效應存在。第二,互聯(lián)網金融的發(fā)展促使銀行負債結構發(fā)生轉變,從傳統(tǒng)的吸收存款更多的轉向銷售理財產品,而這將弱化以存款準備金率為工具的貨幣政策的傳導效應。并且對于中小型商業(yè)銀行來說,這一銀行負債結構替代效應較為顯著。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轉換以應對信貸供給的萎縮,互聯(lián)網金融的發(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效應,即證券市場的流動性效應也基本得到驗證。第四,總的來說,互聯(lián)網金融的發(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)融資結構優(yōu)化效應大于企業(yè)融資結構錯配效應。根據研究結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,推進中小金融機構發(fā)展,提高貨幣政策銀行信貸傳導主渠道的影響效應;三是規(guī)范發(fā)展互聯(lián)網金融,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.
【學位授予單位】：浙江理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F822.0;F832.4

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