| Many capital demand subjects,such as the real estate industry,are difficult to obtain funds through traditional credit channels under credit constraints such as restrictions on the loan industry;while the traditional credit business of commercial banks is subject to a series of credit constraints such as the loan-to-deposit ratio,casuing huge influence on asset allocation.In this context,Non-standard debt investment business came into being.In recent years,Non-standard debt investment business of commercial banks has experienced a tortuous development process.The Non-standard debt investment business of commercial banks is an innovative product of commercial banks under financial supervision.As a financing method,Non-standard financing fills the financing gap of part of the real economy.It has a certain positive effect under a certain historical background,but the risks it brings to commercial banks can’t be ignored either.Studying the impact of commercial banks’ Non-standard debt investment business on their risks and the motivation of commercial banks’ Non-standard debt investment business has certain guiding significance for the steady operation of commercial banks and the enhancement of the bank’s ability to serve the real economy.Using the unbalanced panel data of 80 banks between 2008 and 2017,this paper studies the influence of commercial banks’ Non-standard debt investment on risks,and studies the mechanism of this influence,and then further explore the motivation of commercial banks’ Non-standard debt investment business through empirical analysis.The empirical results show that,on the whole,commercial banks engaging in nonstandard investment business will increase their risks.Both commercial banks use Receivables investment and Buying back the sale of financial assets engaging in Nonstandard debt investment will increase its risks.Different types of banks engaging in Non-standard debt investment business will have a heterogeneous impact on their risks.Among them,joint-stock banks and city commercial banks engaging in Non-standard debt investment business will significantly increase their risks,while the influence on state-controlled and rural commercial banks is not remarkable.The more credit constraints commercial banks are subject to,the more motivated they are to make disguised loans through Non-standard debt investment.This is mainly because Non-standard debt investment of banks with large credit constraints can improve the return on total assets and will not significantly reduce capital adequacy ratio.Therefore,an important reason for commercial banks to engage in Non-standard debt investment business is to break through the impact of regulatory credit constraints on its operation,optimize asset allocation and prevent ROA from declining. |
