《保险研究》20220502-《存款保险制度、银行异质性与银行流动性创造》（邵俊尧、张吉光）

［摘   要］存款保险制度是深化金融体制改革、防范化解金融风险的重要举措。本文基于2011~2018年我国172家银行的数据，实证检验了存款保险制度对银行流动性创造的影响。研究表明:存款保险制度可以显著提升银行整体流动性创造水平；影响机制分析发现，存款保险制度通过存款竞争路径影响了银行流动性创造水平。以上结论在一系列稳健性检验后依然成立。进一步研究发现，存款保险制度将隐性担保显性化，对原有无担保或弱担保的中小银行作用更为显著，通过改善我国中小银行的存款竞争能力，提升了其流动性创造水平。本文研究在理论意义上对存款保险制度改革的经济后果作出补充，在现实意义上验证了我国存款保险制度改革的积极意义，并对如何引导银行开展良性竞争提供启发。

［关键词］存款保险制度；银行流动性创造；存款竞争；银行异质性

［作者简介］邵俊尧,上海财经大学金融学院博士研究生,研究方向:保险监管与风险管理；张吉光(通讯作者),上海财经大学金融学院博士研究生,高级会计师,上海银行总行计划财务部副总经理(主持工作),上海金融学会理事、国家金融与发展实验室特约研究员。

Deposit Insurance System,Bank Heterogeneity and Bank Liquidity Creation

SHAO Jun-yao,ZHANG Ji-guang

Abstract：The deposit insurance system (DIS) is an important measure to deepen the reform of the financial system,and to prevent and defuse financial risks.Based on the data of 179 banks in China from 2011 to 2018,this paper empirically tested the impact of the DIS on bank liquidity creation.The research shows that the DIS can significantly improve the level of bank liquidity creation.The influence mechanism analysis shows that the DIS influences the level of bank liquidity creation through deposit competition.These results hold true after a series of robustness tests.Further research shows that the DIS makes implicit guarantee explicit,which plays a more significant role to small and medium-sized banks with no guarantee or weak guarantee.By improving the deposit competitiveness,the DIS helps enhancing liquidity creation of small and medium-sized banks.In the theoretical sense this study supplements the economic consequences of the deposit insurance system reform.In the practical sense,this paper verifies the positive significance of China′s deposit insurance system reform,and provides inspiration on how to guide banks to carry out healthy competition.

Key words：deposit insurance system;bank liquidity creation;deposit competition;bank heterogeneity