银行竞争对货币政策的贷款渠道的影响——基于中国银行业的实证研究

The Impacts of Banking Competition on the Lending Channels of Monetary Policy——An Empirical Study Based on Chinese Banking Sector

本文基于1998～2014年中国银行业非平衡面板数据,建立银行资产配置的两阶段模型,运用系统GMM估计方法实证分析了以Lerner指数衡量的银行竞争程度对货币政策银行贷款渠道的影响。结果表明：（1）在银行贷款渠道中,货币政策工具存款准备金率和一年期贷款基准利率发挥主要作用;（2）货币政策对银行贷款规模的作用受银行竞争程度影响,并且银行竞争程度的增加削弱银行贷款渠道的作用,这一效应主要通过城市商业银行和农村商业银行等中小型银行传导。

Based on the unbalanced panel data of Chinese banking sector during 1998-2014, the author of the paper es- tablishes a two-stage model of bank asset allocation and uses the system GMM method in the empirical analysis of the influence of banking competition degree measured by Lerner index on the bank lending channels of monetary policy. The results of the paper show that, （1） among the bank lending channels, the monetary policy tools, i.e. the deposit reserve ra- tio and the one-year loan benchmark interest rate, play a major role; （2） the influence of monetary policy on the scale of bank loan is impacted by banking competition degree, and the increase in the degree weakens the influence of bank lend- ing channels, which is mainly conducted by city commercial banks and rural commercial banks and other small ＆ medi- um-sized banks.