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9145商业银行是中国社会融资的主要渠道，银行向社会提供流动性的效率直接决定了社会融资的效率。为弥补流动性创造研究在效率和中观层面的不足，文章采用中国商业银行2000−2015年微观数据，探讨了市场竞争、银行市场势力与流动性创造效率之间的关系，得到以下结论：（1）市场竞争与流动性创造效率之间存在倒U形关系，中国银行业存在最优的市场结构；（2）银行市场势力过强是中国商业银行流动性创造效率较低的重要原因，银行市场势力越强，其流动性创造效率越低；（3）市场竞争程度与市场势力的流动性创造效率系数之间存在不显著的负相关关系，寄希望于通过增强中国银行业竞争程度来改善银行市场势力过强所导致的流动性创造效率过低，作用可能非常有限。中国应沿着“增强商业银行流动性创造能力，扩大直接融资规模”的改革方向继续前进。文章的研究丰富了已有文献，而且为中国银行体系改革的顶层设计提供了重要参考。
市场竞争、银行市场势力与流动性创造效率——来自中国银行业的证据
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引用本文
李明辉, 黄叶苨, 刘莉亚. 市场竞争、银行市场势力与流动性创造效率——来自中国银行业的证据[J]. 财经研究, 2018, 44(2): 103–114.
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