贵州财经大学学报

贵州财经大学学报 ›› 2023 ›› Issue (05): 52-63.

• 数字经济 • 上一篇    下一篇

法定数字货币与银行风险承担——基于货币结构重塑视角

陈天鑫1, 刘孟鑫2   

  1. 1. 南开大学 经济学院, 天津 300071;
    2. 中国人民大学 财政金融学院, 北京 100872
  • 收稿日期:2022-09-16 出版日期:2023-09-15 发布日期:2023-09-21
  • 作者简介:陈天鑫(1994-),男,河南焦作人,南开大学经济学院博士研究生,研究方向为货币金融;刘孟鑫(1994-),男,河南许昌人,中国人民大学财政金融学院博士研究生,研究方向为货币金融。

Central Bank Digital Currency and Bank Risk-Taking—From the Perspective of Monetary Structure Reconstruction

CHEN Tianxin1, LIU Mengxin2   

  1. 1. School of Economics, Nankai University, Tianjin 300071, China;
    2. School of Finance, Renmin University of China, Beijing 100872, China
  • Received:2022-09-16 Online:2023-09-15 Published:2023-09-21

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摘要： 基于货币结构重塑视角,将法定数字货币引入DLM模型,理论证明法定数字货币会通过挤出银行存款引致货币结构重塑效应。进一步实证检验货币结构重塑对银行风险承担的影响,结果发现,货币结构重塑会抑制银行风险承担,且影响程度存在银行产权异质性。机制检验结果显示,货币结构重塑通过提高银行同业负债占比与竞争程度抑制银行风险承担,"货币结构重塑—负债结构/银行竞争—银行风险承担"的传导渠道均有效;金融数字化会增强货币结构重塑对银行风险承担的影响,银行收入多元化会减弱货币结构重塑对银行风险承担的影响。

关键词: 法定数字货币, 银行竞争, 负债结构, 金融数字化, 收入多元化

Abstract: Based on the perspective of monetary structure reconstructing, we introduce central bank digital currency into the DLM model and theoretically prove that central bank digital currency leads to monetary structure reconstructing effect by crowding out bank deposits. Further empirically investigating the impact of monetary structure reconstructing on bank risk-taking, we find that monetary structure reconstructing inhibits bank risk-taking and there is bank property rights heterogeneity in the extent of the impact. The results of the mechanism test show that monetary structure reconstructing inhibits bank risk-taking by increasing the share of interbank liabilities and competition, and the transmission channels of "monetary structure reconstructing-liability structure/bank competition-bank risk-taking" are effective. The financial digitization enhances the impact of monetary structure reconstructing on bank risk-taking, while bank income diversification weakens the impact of monetary structure reconstructing on bank risk-taking.

Key words: central bank digital currency, bank competition, liability structure, financial digitalization, income diversification

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