Research On The Impact Of Internet-based Third-party Payment On Commercial Bank Liquidity And Currency Liquidity

Since the beginning of the 21st century,innovations in internet finance have emerged in an endless stream.Internet-based third-party payment and payment gateway innovations and financing channel innovations have had varying degrees of impact on people's daily lives,corporate finance,and the development of financial institutions,and on commercial banks' operations and commerce.The impact of bank asset liquidity is particularly significant.Since 2013,the off-balance-sheet business of commercial banks has been developing rapidly.By the end of 2017,the scale of generalized outsourcing assets has basically been comparable to that of commercial banks.The rapid development of the general outsourcing business has triggered the PBOC's concerns about the growth of financial risks.Since 2016,the People's Bank of China has tried to limit the liquidity level of commercial banks by various means to reduce the scale of off-balance-sheet and non-standard funds of commercial banks.However,it has not achieved ideal policy results,and the reason for this is the growing number of third-party payment channels.There is a direct and indirect relationship.As a result,academic circles have gradually begun to pay attention to the relationship between third-party payment and commercial bank liquidity and macro-currency liquidity,and there have been more research results,and there have been no impacts on third-party payment,commercial banks and macro-currency liquidity.Less research results,but there are still some problems.First,the theoretical analysis of the information superiority caused by third-party payment is not enough;Second,the mechanism of the third-party payment development on the liquidity of commercial banks is not enough;the third is the third-party payment and macro-currency Research on the relationship between liquidity is not deep enough.This article begins with a comparative study of third-party payment and commercial banks,systematically studies the competing relationship between third-party payment and commercial banks,and discusses the interaction mechanism between third-party payment,commercial bank liquidity,and macro-currency liquidity.First of all,taking the development status and business structure of third-party payment as the entry point,this paper analyzes the effects of the three modes of third-party payment on the liquidity of commercial banks,and discusses the credit creation,business structure,and information collection of third-party payment relative to commercial banks.The advantage of this model is to construct a game model to analyze the sustainability of third-party payment innovation activities.Secondly,from the perspective of commercial bank asset spillovers and liquidity liquidity,the third party payment mechanism for the liquidity of commercial banks was studied.By constructing a multi-period liquidity liquidity model,the impact of liquidity and asymmetric information improvement on the liquidity and business structure of commercial banks was explored.The VAR model is used to demonstrate the effect of third-party payment on the liquidity of commercial banks.Third,because third-party payment will not only directly affect the liquidity management of commercial banks,but will also affect macro liquidity,it further explores the mechanism of third-party payment's impact on macro liquidity,and conducts empirical analysis.The relationship between macro liquidity and commercial bank liquidity.Through the above analysis,the following conclusions are drawn:First,third-party payment affects the entire commercial bank mainly by affecting liquidity.The changes of third-party payment to bank liquidity are mainly two parts.One is the influence of third-party payment on the liquidity of bank debt.One is to influence the bank's asset-side behavioral strategy through changes in the liabilities.Second,the improvement of the completeness of information is that the third party payment affects the endogenous driving force of commercial banks.The third-party payment online financing platform and investment and financing channels are a manifestation of the society's asymmetry and symmetry in the information collection and processing of commercial banks.This form of expression continues to grow with the deepening of third-party payment application scenarios and begins to provide information advantages to banks.Regardless of how third-party payment affects the change of liquidity,it is essentially due to the reduction of information asymmetry.With the continuous development of third-party payment,the impact on commercial banks will persist for a long time.This impact process will not disappear or decrease with the improvement of bank efficiency or the change of internal business,but will change the bank's Business architecture makes banks start to focus on higher-risk products.With the gradual evolution of this process,the core competitive advantage of commercial banks will gradually change from the collection of information integrity to information processing and analysis.Third,in the short term,the development of third-party payment will promote the improvement of the profitability of commercial banks and improve the liquidity environment of commercial banks.Fourth,in the long run,the reduction of information asymmetry will have a negative impact on commercial banks,and the central bank's focus will shift from currency to information.