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以参与我国银行间债券市场的商业银行为研究对象,运用面板数据模型检验银行间债券市场的外部效率对于商业银行经营绩效的影响.实证结果表明:我国银行间债券市场的发展对于商业银行的盈利能力和流动性管理水平均有较强的外部正效率,而对于商业银行传统盈利模式和风险管理则具有负面影响.建议商业银行应利用银行间债券市场的外部正效率提高其资产负债管理水平,通过提升自身经营管理水平来降低银行间债券市场外部负效率对自身的影响;此外监管当局还应该降低小型金融机构进入银行间债券市场的门槛,以发挥该市场外部正效率对化解区域金融风险的作用.
Taking the commercial banks involved in China’s inter-bank bond market as the research object, the panel data model is used to test the impact of the external efficiency of the inter-bank bond market on the commercial banks’performing performance.The empirical results show that the development of China’s interbank bond market is of great significance to the profitability of commercial banks Ability and liquidity management have a strong external positive efficiency, while the commercial banks have a negative impact on the traditional profit model and risk management.It is suggested that commercial banks should use the external positive efficiency of the inter-bank bond market to improve their asset-liability management level, In addition, the regulatory authorities should also lower the threshold for small financial institutions to enter the inter-bank bond market in order to enhance the external operational efficiency of the inter-bank bond market so as to give play to the external positive efficiency of the market in mitigating the regional financial risks effect.