摘要作为一种新型的金融业态，近年来互联网金融在中国发展迅速，对传统商业银行的经营模式、盈利能力和其在经济活动中的地位产生深刻的影响，同时也在全方位地改变公众的生活方式和消费习惯。本文收集了2012-2020年31家上市商业银行的年报数据，将银行对同业资金等批发性融资的依赖程度作为银行负债端结构考察的变量，选取互联网金融的两种主流业态“第三方支付”和“P2P网络借贷”作为互联网金融的代理变量，采用系统GMM估计方法对互联网金融和商业银行负债结构的关系进行了实证研究。研究发现：（1）第三方支付使得商业银行的负债结构中批发型融资的占比上升，而P2P网贷使得这一比例下降，且前者的影响大于后者。（2）第三方支付对城农商行的负债结构影响最大，股份制银行次之，国有控股大型商业银行最小；P2P网贷对股份制银行的负债结构影响最大，而对国有控股大型银行和城农商银行的负债结构影响均不显著。关键词：互联网金融，商业银行，负债结构，批发性融资ABSTRACTAsanewtypeoffinancialindustry,therapiddevelopmentofInternetfinancehashadagreatimpactonbusinessmodelsinChinaintermsofprofitabilityandtheeconomicpositioningoftraditionalcommercialbanksinrecentyears.Atthesametime,itisalsochangingthepublic'slifestyleandconsumptionhabitsinanall-roundway.Thispapercollectstheannualreportdataof31listedcommercialbanksfrom2012to2020,takesthebank'srelianceonwholesalefinancingsuchasinterbankfundsasavariabletoexaminethebank'sliability-sidestructure,andselectstwomainstreamformsofInternetfinance"third-partypayment"And"P2Ponlinelending"astheproxyvariableofInternetfinance.Moreover,itusesthesystematicGMMestimationmethodtocarryoutanempiricalstudyontherelationshipbetweenInternetfinanceandcommercialbanks'liabilitystructure.Theresultsshowthat:(1)Third-partypaymentincreasestheproportionofwholesalefinancingintheliabilitystructureofcommercialbanks,whileP2Ponlinelendingreducesthisproportion,andtheimpactoftheformerisgreaterthanthatofthelatter.(2)Thethird-partypaymenthasthegreatestimpactonthedebtstructureofurbanandruralcommercialbanks,followedbyjoint-stockbanks,andthestate-controlledlargecommercialbanksarethesmallest;P2Pnetloanhasthegreatestimpactonthedebtstructureofjoint-stockbanks,whilethestructuraleffectsontheliabilitiesoflargestate-controlledbanksandurbanandruralcommercialbankswerenotsignificant.Keywords:Internetfinance,Commercialbanks,debtstructure,Wholesalesfinancing目录一、引言.............................................................................2二、文献综述.........................................................................3（一）当前国内关于互联网金融研究的主要方向.......................................3（二）当前国外关于互联网金融研究的主要方向.......................................4（三）本文研究及实证的立足点.....................................................4三、实证研究设计.....................................................................5（一）数据及其来源...............................................................5（二）变量的选择与分析...........................................................51.被解释变量................................................................52.解释变量..................................................................63.控制变量..................................................................64.变量分析..................................................................6（三）实证模型构建...............................................................7四、实证检验与结果分析.....................................
