| The 19th National Congress of the Communist Party of China proposed that Finance should service the real economy.The realization of credit creation of commercial banks directly reflects their ability to service the real economy.The commercial banks meets the transfer of funds from savers to the demanders through deposit and loan.And then to realize the rational allocation of financial resources.Therefore,the research on how to improve the liquidity creation ability of commercial banks is of great practical significance to realize the financial assistance to the real economy.This paper takes 38 listed commercial banks in China from 2011 to 2020 as the sample and uses the text mining and principal component analysis method to design the digital transformation indicators of commercial banks from the aspects of cognition,organizational structure and product innovation.And this paper explore the impact of digital transformation on the liquidity creation of commercial banks and its transmission mechanism based on the fixed effect model.This paper also uses the samples of large banks and small banks for regression respectively.In addition,this paper also considers the impact of the establishment of fintech subsidiaries and monetary policy on the relationship between digital transformation and liquidity creation of commercial banks and then to provides some advices.The empirical results show that: First,the digital transformation of commercial banks improves their liquidity creation ability,and the impact of digitization at different aspects on commercial bank liquidity creation is different;Second,the digital transformation of commercial banks improves the creation of on-balance sheet liquidity and inhibits the creation of off-balance sheet liquidity;Third,in terms of the intermediary mechanism,digital transformation improves the asset-side liquidity creation through smooth information transmission and ease the information asymmetry.Meanwhile digital transformation improves the liability-side liquidity creation by increasing the proportion of customer deposits,optimizing interest payment costs;Fourth,it is further found that,in general,the effect of digital transformation in promoting liquidity creation of small commercial banks are more obvious.The sub index regression found that at the organizational and product aspects the effect of digital transformation on liquidity creation are more obvious for big-sized commercial banks,while at the cognition and product aspects the effect of digital transformation of small commercial banks had more obvious effect on liquidity creation;Fifth,the establishment of fintech subsidiaries will strengthen the effect of digital transformation in improving the creation of bank liquidity;Loose monetary policy strengthen the effect of digital transformation in improving the liquidity creation of commercial banks,while tight monetary policy will weaken this positive effect.This paper explores the impact of commercial bank digital transformation on liquidity creation from different aspects,and explores its transmission mechanism and influencing factors.The conclusion fully confirms the "Inclusive effect" and "Cost reduction effect" in the process of commercial bank’s digital transformation.So it provides some reference for the further promotion of the digital transformation strategy of commercial banks and can help the commercial banks better service the real economy. |
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