Liquidity Creation Of Commercial Banks Impact On Real Economic Industrial Output And Channel In Analysis

With the reform of the financial system deepening,China's direct financing market has made initial development,but the trend lacks stability.As a result,commercial banks'indirect financing model still occupies a central position in the financial system.And in the case that the total credit amount occupies a large proportion of the total social financing,commercial banks' liquidity creation functions,which convert risk-free deposits into risky loans,not only provide society with the financial,but also serve as a bridge for the government to improve its economic efficiency.However,the implementation of the credit funds face the structural contradiction called as "major light and small",the situation seriously deviate from the original intention,which financial capital supports the real economic development.Therefore,it is of great practical significance to study the influence of liquidity creation of commercial banks on real economic industrial output and channel.This article is mainly divided into four parts.The first part summarizes the research results of domestic and foreign scholars on the liquidity creation of commercial banks,and analyzes the effects of commercial banks' liquidity creation,inflation rate,interbank lending rate,and bank capital adequacy ratio on the real economy,and provides a theoretical basis for the study of this article.In the second part,this paper measures the level of liquidity creation of 16 commercial banks in China from 2011 to 2016 according to "cat fat" model,and analyzes the measurement results.In the third part,this paper conducts an empirical analysis on the utility variable of the method of clustering robustness and standard error to empirically analyze the influence of liquidity creation of commercial banks on real economic industrial output and channel.Finally,based on the results of the research,this paper puts forward some suggestions on the regulatory policies of the regulatory agencies and the direction of the commercial bank's funds.The empirical results shows that:(1)the overall liquidity creation of ABC,CCB and BC shows a tendency of increasing year by year;(2)the on-balance sheet liquidity creation of ICBC,ABC,CCB,BC and BCM is greater than the off-balance sheet,while the level of other joint-stock commercial banks and regional commercial banks'on-balance sheet liquidity creation are generally below that of off-balance sheet liquidity creation.(3)There is a significant positive correlation between the overall liquidity creation of commercial banks and the real economic output;there is a significant positive correlation between the on-balance sheet liquidity creation and the real economic output,while the off-balance sheet liquidity ceration is negatively related to the real economic output.(4)There is a significant positive correlation between the overall liquidity creation and the actual economic output of agriculture,forestry,industry and real estate industry.That is,the liquidity creation of commercial banks impact real economic output through agriculture,forestry,industry and real estate.In summary,while the regulatory authorities are controlling financial risks,they should also appropriately "simplify the devolution of government power,"increase the flexibility of commercial banks,and activate their liquidity creation capabilities.And as a medium to guide the commercial bank credit funds to put in order to improve the efficiency of the real economy.