国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2015年
8期
53~63
,共null页
货币政策 商业银行异质性 银行信贷
貨幣政策 商業銀行異質性 銀行信貸
화폐정책 상업은행이질성 은행신대
Monetary Policy ; Commercial Banks Heterogeneity; Banks Credit
本文通过构建面板计量模型.对2004—2012年134家国内银行的微观特征与货币政策信贷反应的关系进行了实证研究。结果表明.整体上我国商业银行的货币政策信贷反应方向与货币政策调控方向是一致的.基础货币扩张带来了银行信贷增加,银行微观特征对货币政策变化时的信贷反应具有一定影响.其中外资银行相对内资内银行的信贷敏感性更强。另外,银行流动性与资本充足率作用相对比较明显.而银行盈利能力与规模的作用比较小。在将货币政策划分为相对紧缩与相对宽松分别进行研究时,本文发现相对宽松的环境下商业银行的信贷反应更加一致.说明这一时期的货币政策更为有效。
本文通過構建麵闆計量模型.對2004—2012年134傢國內銀行的微觀特徵與貨幣政策信貸反應的關繫進行瞭實證研究。結果錶明.整體上我國商業銀行的貨幣政策信貸反應方嚮與貨幣政策調控方嚮是一緻的.基礎貨幣擴張帶來瞭銀行信貸增加,銀行微觀特徵對貨幣政策變化時的信貸反應具有一定影響.其中外資銀行相對內資內銀行的信貸敏感性更彊。另外,銀行流動性與資本充足率作用相對比較明顯.而銀行盈利能力與規模的作用比較小。在將貨幣政策劃分為相對緊縮與相對寬鬆分彆進行研究時,本文髮現相對寬鬆的環境下商業銀行的信貸反應更加一緻.說明這一時期的貨幣政策更為有效。
본문통과구건면판계량모형.대2004—2012년134가국내은행적미관특정여화폐정책신대반응적관계진행료실증연구。결과표명.정체상아국상업은행적화폐정책신대반응방향여화폐정책조공방향시일치적.기출화폐확장대래료은행신대증가,은행미관특정대화폐정책변화시적신대반응구유일정영향.기중외자은행상대내자내은행적신대민감성경강。령외,은행류동성여자본충족솔작용상대비교명현.이은행영리능력여규모적작용비교소。재장화폐정책화분위상대긴축여상대관송분별진행연구시,본문발현상대관송적배경하상업은행적신대반응경가일치.설명저일시기적화폐정책경위유효。
By constructing a Panel Data Model based on the dataset of 134 banks from 2004 to 2012 in China, this paper analyzes the relationship between the banks' microscopic characteristics and the credit responses to monetary policy. The result shows that the change of monetary policy influences bank credit, with the expansion of base currency bringing about real increase in bank credit. The microscopic characteristics of banks affect their credit reaction when monetary policy changes, and the sensitivity of foreign banks is stronger than that of domestic banks. At the same time, banks' liquidity and capital adequacy ratio are relatively playing obvious roles, and the role of banks' profitability and scale is relatively small. When the gross sample is divided into relatively tight and loose monetary policy sub-samples, each sub-sample is studied separately. We find that the relatively loose policy is more effective, which can bring about all kinds of banks' coherent credit reaction.