The Regional Difference of the Loan-to-Deposit Ratio:A Study with Branch Data of the Chinese Commercial Banks
利用中国商业银行分支机构数据，研究发现贷存比由区域经济发展内生决定，反映发展阶段特征，不应作为金融支持实体经济的效率指标，地方政府应减少干预。
This paper studies the factors that affect the loan-to-deposit ratio across regions using a unique data set that covers various branches of Chinese commercial banks.We find that the loan-to-deposit ratio is endogenously determined by the economic development of a region and it reflects certain characteristics of the development stage of the region including economic indicators,political factors,legal features,policies and etc.It should not be used as an indicator of how effective the financial system supports the local economic development. Therefore,Local government should reduce the intervention about the loan-to-deposit ratio when trying to improve the effectiveness of using financial policy to support real economy.Alternatively,we should focus more on the economic characteristics of regional development and the ability of risk-taking by the commercial banks. The policy target of low inflation and the stability of financial system can only be achieved if the loan resources have been allocated efficiently.Our conclusions also have significant implications on the relation between the fiscal system and the financial system and the construction of a financial ecological environment.