货币政策对银行风险承担的影响——基于中国51家商业银行的实证分析

The Impacts of Monetary Policy on the Risk Taking of Banks——An Empirical Analysis Based on Chinese 51 Commercial Banks

本文利用中国51家商业银行2011-2016年的面板数据,实证检验中国货币政策对于银行风险承担的影响,研究结果表明:(1)货币政策对银行风险承担具有显著影响,并且扩张性的货币政策会加大银行的风险承担;(2)货币政策对银行风险承担的影响取决于银行核心资本。因此,在宏观审慎监管的框架下,中央银行制定货币政策时应该考虑以银行为核心金融体系的风险承担状况。

The authors of this paper use the panel data of Chinese 51 commercial banks during 2011-2016 to empirically test the impacts of China＇s monetary policy on the risk taking of banks. The results of the paper show that,（1）monetary policy has a significant impact on the risk taking of banks, and the expansionary monetary policy increases the risk taking;（2） the impacts of monetary policy on the risk-taking depend on the core capitals of banks. Therefore, in the framework of macro-prudential supervision, the central bank should consider the risk-taking status of banks as core financial system when formulating monetary policy.