An Empirical Study On The Comprehensive Liquidity Management Of China's Listed Commercial Banks

Since 2007,China's banking industry has been fully opened to the outside world and started to accept global challenges.The risk of liquidity has been a heated issue.However,the reality is that in the case of generally good liquidity risk indicators,the bank's overall market performance is less than satisfactory.Based on principal-agent theory,Modigliani-Miller theorem,and the analysis of the realistic contradiction,this paper found that,as for the liquidity management problem,the current traditional risk measurements may reveal the appearance of bankers' administration only.Behind,there should be other goals such as the general management motivation for liquidity.Liquidity risk management characterized by traditional indicators of commercial banks is called explicit liquidity risk management,and liquidity management based on comprehensive objectives of bankers can be called liquidity integrated management.Based on the liquidity(supply/demand)contribution,term structure,liquidity difficulty,required cost and stability characteristics of the balance sheet accounting accounts of commercial Banks,from the perspective of the operating practice of commercial banks,this paper analyzed and classified the business in depth and constructed the structural liquidity indicators.By selecting the balance sheet data of 28 commercial banks listed in A-share,On the Base of panel model and the testing of five propositions,the article used methods of mutual evidence.to test the existence of comprehensive liquidity management behavior of bankers.It was found that because of the existence of comprehensive goal of bankers,and in order to meet the needs of explicit liquidity risk management,bankers were forced to implement integrated liquidity management.This kind of comprehensive liquidity management leads to the bank's assets and liabilities structure may not be in the optimal state,thus affecting the long-term income or value stability of commercial banks.Banking liquidity regulation should take into account the comprehensive objectives of bankers,and bankers should be assessed with a reduced weight for explicit liquidity risk indicators,and then adopt the comprehensive assessment of liquidity structural indicators.