垄断竞争与货币政策信贷渠道传导有效性——基于15家上市商业银行的实证研究

Monopoly Competition and Transmission of Credit Channels of Monetary Policy—— Based on 15 Listed Commercial Banks

以Baglioni(2007)模型为分析框架,将商业银行存款准备金率、资本金监管双重约束条件引入模型分析,研究了商业银行垄断竞争结构下货币政策对银行信贷渠道的传导效应,并利用15家上市商业银行的微观数据,实证检验商业银行的资产组合调整行为,发现央行货币政策能够对商业银行信贷扩张能力产生实质性影响,但银行规避政策干预的能力正在上升。在资本充足率达标、不良贷款信贷风险、贷款成本与收益等多种因素权衡作用下,不同产权控制方式下的上市银行产生不同的放贷能力,从而影响央行货币政策传导效果。

Taking dual constraints of deposit reserve ratio and capital adequacy ratio into the model, this paper mainly expands Baglioni （2007） model and analyzes the conduct effect of monetary policy transmission of credit channel under monopolistic competition structure. By using the micro data of 15 listed banks, the paper examines commercial bank＇s capital portfolio adjustment behavior, and draws the following conclusions： the Central Bank＇s monetary policy has substantive influence on the commercial bank credit expansion ability, but banks＇ ability of circumventing policy intervention is strengthening. Under the influence of capital adequacy standards, NPL credit risk, costs and benefits of loan and so on, different property control methods of listed banks have different lending capacity, thus exerts an influence on Central Bank monetary policy transmission.