| 大额实时支付系统中的日间流动性共享机制 |
| Intraday liquidity-sharing mechanism in large-value payment systems |
| 摘要点击 34 全文点击 0 投稿时间：2024-02-07 修订日期：2026-01-15 |
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| 中文关键词 大额支付系统; 日间流动性风险; 复杂网络; 流动性共享机制; 网络拓扑结构 |
| 英文关键词 intraday liquidity; liquidity-sharing mechanism; network topology; complex network; large-value payment system |
| 基金项目 国家自然科学基金项目（面上项目，重点项目，重大项目）：外部冲击、金融内生与系统性金融风险研究;基于复杂金融网络的日间流动性风险管理与监管研究;基于支付结构视角的支付工具成本收益与定价研究 |
| 投稿方向 支付结算；日间流动性风险；复杂金融网络 |
| 作者 | 单位 | 邮编 | | 童牧 | 西南财经大学 | 611130 | | 严钰童* | 西南财经大学 | 610101 | | 何奕 | 西南财经大学 | | | 苗雨莹 | 西南财经大学 | |
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| 中文摘要 |
| 基于参与者合作管理流动性的视角, 将复杂网络和仿真模拟相结合, 创新性提出日间流动性共享机制, 通过构建六类拓扑结构网络, 对比分析其在双/多边共享机制下的共享与拓扑结构效应. 研究发现: 该机制通常可有效节约参与者日间流动性, 其节约程度与节点对称效应、强度效应均相关, 且对称效应作用更显著; 不同网络中, 多边共享通常显著优于双边共享, 但存在最优共享规模; 多边共享揭示了支付结算网络层级结构的内在演化机理及无标度特征. 研究结论可为流动性风险的微观管理、宏观监管及制度设计提供理论依据与决策参考. |
| 英文摘要 |
| From the perspective of participants' cooperative liquidity management, this study combines complex network theory with simulation to innovatively propose an intraday liquidity sharing mechanism. By constructing six topological networks, it comparatively analyzes the sharing and topological effects under bilateral/multilateral sharing mechanisms. We find that: first, this mechanism can generally reduce participants’ intraday liquidity demand effectively, and the extent of such reduction is correlated with both the node symmetry effect and the node intensity effect, with the symmetry effect exerting a more prominent impact; second, across different network structures, multilateral sharing is generally superior to bilateral sharing by a significant margin, yet there exists an optimal scale for such sharing; third, multilateral sharing reveals the inherent evolutionary mechanism and scale-free characteristics of the hierarchical structure of payment and settlement networks. The research conclusions can provide theoretical foundations and decision-making references for the micro-level management, macro-level supervision, and institutional design of liquidity risks. |
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