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| 文章编号：1672-3104(2016)02-0084-08 |
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货币政策风险承担渠道的中国实证——基于商业银行的视角 |
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代军勋，李俐璇 |
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（武汉大学经济与管理学院，湖北武汉，430072） |
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| 摘 要： 使用GMM动态面板模型估计方法，基于2004—2013年间34家中国商业银行的年度数据，实证检验了货币政策调整对我国商业银行风险承担以及银行微观特征差异是否会导致其风险承担对货币政策调整的异质性反应的影响，主要结论如下：由于银行微观特征的差异，导致银行风险承担水平对货币政策信号调整的敏感性发生变化，从而证实了我国货币政策传导的银行风险承担渠道的存在性和异质性。 |
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| 关键词： 货币政策；风险承担渠道；存在性；差异性；银行微观特征 |
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Empirical study of risk-taking channels of monetary policy in China: A case study of commercial banks |
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DAI Junxun, LI Lixuan |
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（School of Economics and Management, Wuhan University, Wuhan 430072, China） |
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| Abstract: Using GMM dynamic panel model estimation method and based on the annual data collected from 34 commercial banks in China from 2004 to 2013, the present essay conducts an empirical study to test whether monetary policy adjustment and the heterogeneity of bank characteristics will affect the risk-taking channels. The conclusion can be deduced as follows. Differences in bank microscopic characteristics will result in adjustment of banks’ risk-taking on monetary policy signals, which confirms the heterogeneity of risk-taking channels of monetary policy transmission in China. |
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Key words: monetary policy; risk-taking channels; existence; differences; banks’ characteristics |
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