宏观审慎政策与货币政策对商业银行经营行为的影响——基于城市商业银行的实证分析

An Empirical Analysis of the Impact of Macro-prudential Policy and Monetary Policy on Commercial Banks' Business Conduct Operational Behaviors

本文基于山东省城商行季度数据,实证检验宏观审慎政策与货币政策对商业银行经营行为的影响。实证结果表明,宏观审慎政策的出台对商业银行资产扩张具有显著的负向影响,宏观审慎政策与货币政策之间存在着互补效应,宏观审慎政策进一步提高了货币政策的调控效果。因此,应进一步加强货币政策与宏观审慎政策的协调,构建完善宏观审慎管理框架,发挥中央银行的货币政策调控与宏观审慎政策协调职能,建立金融监管部门与货币政策制定部门的信息共享与处理平台,完善宏观金融调控体系。

Based on the quarterly data of 14 city commercial banks in Shandong Province from 2011-2016Q2,this paper empirically examines the impact of macro-prudential policies and monetary policies on the business behavior of commercial banks.The empirical results show that the introduction of macro-prudential policies has a significant negative impact on the expansion of commercial banks'assets.There are complementary effects between macro-prudential policies and monetary policies,and macro-prudential policies have further improved the effect of monetary policy.Therefore,China should further strengthen the coordination of monetary policy and macro-prudential policy,establish and improve the macro-prudential management framework,and play a role in the coordination of the central bank's monetary policy control and macro-prudential policies,and establish a platform for information sharing and processing between financial regulatory authorities and monetary policy-making departments,and improve the macro-financial regulatory system.