摘要
金融衍生品具有高度的复杂性。商业银行作为金融衍生产品市场的主要参与者,近年来交易量不断增大。本文通过对中国16家上市银行2013年至2018年的年度经营数据进行研究,检验金融衍生品的使用对商业银行经营绩效和信贷扩张的影响。结果表明:商业银行交易金融衍生品可以提升经营绩效,但效果相对较小。而交易金融衍生品可以促进信贷扩张,这和国内外不少研究结果一致,但交易金融衍生产品促进信贷扩张是通过提升经营绩效发生作用。同时,存在所有制差异,国有银行交易金融衍生品并不影响经营绩效和信贷扩张。基于此,本文提出鼓励参与者金融创新,丰富金融衍生品的种类,推进利率期权和外汇期权等金融衍生品试点;结合我国特殊情况,针对金融衍生品市场建立一个各部门协同的监管机制,兼顾名义价值与公允价值的监管;在银行中区别于信贷业务的风险控制部门新设专司金融衍生品交易的风险管理部门。
Financial derivatives have a high degree of complexity,and commercial banks,as the main participants in the financial derivatives market,have increased their trading volume in recent years.This paper examines the impact of the use of financial derivatives on the business performance and credit expansion of 16 listed banks in China from 2013 to 2018.The results show that the use of financial derivatives by commercial banks can improve business performance,but the effect is relatively small.At the same time,the use of financial derivatives can promote credit expansion,which is consistent with many research results at home and abroad.However,trading financial derivatives to promote credit expansion is through improving business performance.At the same time,there are differences in ownership.The transaction of financial derivatives by state-owned banks does not affect the operation performance and credit expansion.Based on this,this paper proposes to encourage financial innovation of participants,enrich the types of financial derivatives,and promote interest rate options,foreign exchange options and other financial derivatives pilot.At the same time,combined with the special situation of our country,we should establish a coordinated regulatory mechanism for the financial derivatives market.They need to monitor both nominal and fair values.Finally,a new risk management department specialized in financial derivatives trading is set up in the risk control department which is different from the credit business in the bank.
作者
王程广
Wang Chengguang(Xinjiang University of Finance and Economics)
出处
《金融发展评论》
2020年第1期127-145,共19页
Financial Development Review
关键词
金融衍生品
经营绩效
信贷扩张
中介效应
Financial Derivatives
Operating Performance
Credit Expansion
Mediation Effect
作者简介
王程广,新疆财经大学。Email:1054834208@qq.com。
