商业银行行为对货币政策传导效果的影响

The Impact of Commercial Bank's Behavior on Conducting Effect of Monetary Policy

本文基于货币政策传导模式,对商业银行的经营行为及其货币政策传导效果进行分析,发现商业银行的一些结构特征,如行业集中度较高、组织行政化明显、盈利模式较单一等,导致货币政策信号漏损,传导效果下降。为了提高货币政策传导的有效性,必须加强国有商业银行体制改革,具体的优化路径包括:发展民营银行,优化市场结构;建立现代金融企业制度,优化产权和治理结构;推进综合化经营,优化盈利结构。这样,不仅可以增强商业银行对于货币政策信号的理解能力,还能够促使其制定符合市场经济规律的信贷政策,从整体上提高国有商业银行行为与货币政策信号的匹配程度。

On the basis of the conducting mode of monetary policy, the paper analyzes the operational behavior of commercial banks and the conducting effect of monetary policy. The results show that some structural characteristics of commercial banks, such as high industry concentration, administrative organization and sole profit-making pattern, result in omissions and losses of the signals of monetary policy and weaken the conducting effect. To improve the effectiveness of monetary policy conduction, system reform of state-owned commercial banks must be strengthened. Detailed optimizing paths are as follows： developing pri- vate banks to optimize market structure; establishing modern financial enterprise system to optimize property and governance structure; advancing integrated operation to enrich profit-making structure. Above-mentioned approaches can not only raise commercial banks＇ understanding of monetary policy signals, but also contribute to formulating credit policies that match the rules of market economy.