摘要
利用系统广义矩估计法,对中国2003年-2014年14家上市银行微观数据货币政策银行风险承担渠道及不同银行风险对货币政策反应的异质性问题进行考察,结果显示:无论是数量型还是价格型货币政策工具,均对银行的风险承担均有负向影响,后者的影响大于前者;同时,不同银行类型及微观特征下银行风险承担存在异质性。这说明中国货币政策并非中性的,货币当局应关注银行等金融机构的风险承担问题,尤其要根据银行类型及微观特征,实行差异化管理,维护金融体系和宏观经济的稳定。
This paper utilizes the system of GMM to examine the risk-taking channel of monetary policy and heterogeneity on the risk-taking ability of the commercial banks on the basis of the data from China＇s 14 listed banks in the year of 2003-2014. It shows that Monetary Policy Tools, whether quantitative or pricing, exert a negative influence on the risk-taking ability of the banking industry. With other factors being constant, banks are liable to take more risks under the loose monetary policy. In addition,Heterogeneity in the aspect of different banking risk-taking abilities exists in banks of different types and with microscopic characteristics. It also indicates that China＇s monetary policy is far from neutral and monetary authorities should keep alert to the problems of risk-taking abilities facing the banks and other financial institutions, especially the microscopic characteristics hereof,execute different managing strategies and promote the stability of financial system and macro-economy.
