银行异质性、信贷决策与货币政策传导:基于城市商业银行的经验研究

Bank Heterogeneity,Credit Decisions and Monetary Policy Transmission: An Empirical Study Based on Urban Commercial Banks

构建动态面板模型,利用System-GMM方法,对2004-2010年28家主要城市商业银行的异质性、信贷决策与货币政策传导关系进行了实证研究。结果显示,盈利能力、资本水平和存款规模对城商行信贷增速起到了明显的支撑作用,但其信贷发放表现出强烈的惯性扩张,风险没有得到有效控制,流动性管理能力明显不足。在盈利能力、存款规模和风险控制上有优势的城商行,能更好地调整信贷发放,降低货币政策的负面冲击。

By constructing a dynamic panel data model, this paper conducts an empirical analysis of the relationship between heterogeneity, credit decision and monetary policy transmission of 28 major urban commercial banks in China over the period from 2004 to 2010 with the System-Generalized Method of Moments. The results show that profitability, capital level and deposit can play a significant supporting role in bank lending; however, a strong inertial expansion can be seen in their credit lend- ing, at the same time the risks are not efficiently under control and the management capabilities on liquidity are obviously insufficient. Those of them with advantages on profitability, deposit scale and risk control can better adjust their bank lending and reduce the negative shocks from monetary policy.