货币政策传导的银行贷款渠道——基于中国商业银行特征的证据

Bank Lending Channel of Monetary Policy Transmission——Evidence from the Characteristics of Chinese Commercial Banks

基于1986—2009年中国商业银行数据,从中国商业银行特征出发考察货币政策传导的银行贷款渠道。研究发现:中国商业银行特征在银行贷款渠道中发挥着重要作用,规模大、资本充足的商业银行受到货币政策影响较弱,资产流动性高、盈利能力高的商业银行受到货币政策影响较强;与国有商业银行相比,股份制商业银行受到货币政策冲击时,规模、资本、流动性与盈利能力发挥着更重要的作用。

We investigate the bank lending channel of monetary policy transmission basing on the data of Chi- nese commercial banks from 1986 to 2009. Its results show that the characteristics of Chinese commercial banks play an important role in bank lending channel. The impact of monetary policy is weaker for large-scale banks and banks with abundant capital, but it is stronger for the banks with more liquid assets and high profitability. When shocked by monetary policy, the characteristics of joint-stock commercial banks, including size, capital, liquidity and profitability, play a more significant role than those of state owned commercial banks.