摘要
文章利用16家上市银行2007—2016年的数据,对中国货币政策银行风险承担渠道的存在性及其作用机理进行实证研究。研究表明:货币政策工具能够对中国商业银行风险承担产生显著影响,且商业银行风险承担的变化对信贷投放总量以及社会总产出也会造成影响。同时,风险定价效应、追逐利益效应、习惯效应、杠杆效应作为中国货币政策银行风险承担渠道的重要作用机制,在货币政策传导中发挥着重要作用。文章对商业银行更有效地使用货币政策工具进行风险管理提出相应的建议。
Although people do not understand the risk-bearing channels of monetary policy transmission comprehensively and thoroughly,more and more empirical researches begin to analyze the relationship between low interest rates and bank risk-taking behaviors and try to portray risk-bearing channels The specific characteristics.Empirical analysis of the article uses the annual data of16listed banks and uses a dynamic panel model to test how banks respond to the shift in monetary policy stance and adjust the degree to which they assume the risk.This study shows that monetary policy tools can have a significant impact on the risk appetite of commercial banks in China based on the development trend of bank risk initiative and individual risk systematization in China's banking system and the changes in risk exposure of commercial banks have a negative impact on the total amount of credit loans and social total Output also has an impact.At the same time,risk pricing,chasing profit,customary effect and leverage are important mechanisms for China's monetary policy banks to assume risk-taking channels and play an important role in the conduction of monetary policy.
作者
黄旭
HUANG Xu(Post-cloctoral Program,Tsinghua University,Beijing 100036 China)
出处
《广西经济管理干部学院学报》
2018年第1期24-32,共9页
Journal of GuangXi Cadres College of Economic and Management
基金
中国博士后科学基金第58批面上资助项目"投资者情绪:上市公司投资行为及其监管对策研究"(项目编号:2015M581340)阶段性研究成果
关键词
货币政策
存在性
风险承担渠道
金融稳定
银行贷款
Monetary policy
Existence
Risk-bearing channel
Financial stability
Bank loans