| After the continuing high level growth for more than 30 years,Chinese economy has turned to a new stage of pursuing growth quality and optimizing economic structure.The transformation of the economic structure objectively promotes the adjustment of the credit structure of commercial banks.At the same time,with the advancement of interest rate liberalization and the intensification of banking competition,commercial banks need to seek differentiated development and enhance their core competitiveness.Since commercial banks are different from ordinary companies that pursue the goal of maximizing profits,how does the credit industry's allocation structure takes account of the "three-principles"profitability,liquidity,and security,and toward commercial banks' utility maximization goals,is the key to a commercial bank to achieve sustainable development.This paper first theoretically uses the "three-principles principle" of commercial banks as the basis,with profitability sensitivity as the profitability index,liquidity retention as the liquidity index,and the amount of deposits,annual profit as an indicator of safety,constructs the utility function of commercial banks,and analyzes the industrial structure of commercial bank credit placement from the perspective of utility maximization.According to the results of theoretical analysis,commercial banks' credit to traditional industries increased with the rise of profit sensitivity,capital adequacy ratio and liquidity retention,decreased with the increase of savings of residents and profits in the previous year.Commercial banks' credit to emerging technology industries decreased as profit sensitivity,capital adequacy ratio and liquidity retention increased,while it was likely to increase as residents' savings and profit of the previous year increased.To verify the above theoretical inference,this paper chooses the financial data of 14 listed commercial banks from 2008 to 2017.According to the level of non-performing loan rate of credit,commercial bank credit industry is divided into high credit risk industry and low credit risk industry,and a panel data model is used to empirically analyze the commercial bank credit placement industry structure selection behavior.Empirical results show that the credit placement of commercial banks basically follows the conditions for maximizing utility.Commercial banks that focus on enhancing profitability have increased credit for low-credit-risk industries,commercial banks that focus on enhancing security have reduced credit for high-credit-risk industries,and commercial banks that focus on enhancing liquidity have decreased credit for low-credit-risk industries.According to the research results,this paper believes that the formulation and implementation of macroeconomic policies should pay attention to the guiding role of industry development and credit policies on the credit supply of commercial banks,fully consider the ownership and scale factors of commercial banks,consider the development of commercial banks,adopt differentiated supervision methods,and target for the guidance of different types of commercial bank credit supply,each commercial bank should also formulate a differentiated credit delivery strategy according to its own development characteristics and business objectives.Commercial banks with a preference for profitability should increase credit to the industries of manufacturing,wholesale and retail,accommodation and catering.,commercial finance,transportation,warehousing,postal services,information transmission,computer services and software industry;commercial banks with emphasis on safety should increase credit to the industries of mining,electric heating gas and water production and supply,construction,reduce the credit supply to the industries of real estate,agriculture,forestry,animal husbandry,and fishery;commercial banks that prefer liquidity should increase credit to the science,education,culture,public utilities,and geological and water management industries. |
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