中国微观银行特征与银行贷款渠道检验  

The Micro Characteristics of China's Banks,and the Examination of the Channels of Bank Lending

作　　者：徐明东[1] 陈学彬[1] 

机构地区：[1]复旦大学金融研究院

出　　处：《管理世界》2011年第5期24-38,187,共15页Journal of Management World

基　　金：国家自科青年基金"基于商业周期视角的银行内生风险承担行为与货币政策传导机制研究"(70903013);国家社科重点项目"后危机时代中国通货膨胀防范与货币供应机制完善研究"(09AZD019);教育部人文社科青年基金"资本充足率约束下的商业银行资产组合行为及其宏观经济效应"(08JC790022);上海市晨光计划项目"资本充足率约束下的银行信贷行为:基于中国银行业的经验证据"(09CG05)的阶段性研究成果

摘　　要：货币政策的变动会引起银行信贷总量的改变,也可能引起不同特征银行信贷供给反应的横截面差异。本文采用Arellano和Bond(1991)提出的动态面板估计方法实证检验了1998～2009年期间中国货币政策对银行信贷供给的影响是否依赖于银行资产负债表特征。研究结论显示:(1)流动性充裕的大型银行其信贷行为更易受资本充足因素的驱动,而中小型银行的信贷行为更易受流动性因素驱动;(2)规模特征是影响银行信贷对货币政策异质性反应的重要因素,利率调整对大型银行的信贷规模影响更大,存款准备金率调整对流动性较低银行和中小型银行影响较大,被动冲销式的公开市场操作对各类型银行的信贷扩张抑制作用都较小。研究结果为货币当局分析货币政策传导梗阻和实施差异化的货币政策调控提供了经验证据支持。The change in monetary policies will not only cause changes in aggregate lending, but also may generate heterogeneous banks credit supply. We have, in this article, used the dynamic panel method put forward by Arellano and Bond in 1991 to make a case study to examine whether the impact of China' s monetary policy on the supply of the bank credit is dependent on the characteristics of banks' balance sheets between 1998 and 2009. The results of our study indicate that (1) the lending behavior of large banks with high liquidity is more apt to be driven by ample capital, while the lending behavior of small- and medium-sized banks is more prone to be driven by liquidity, and that (2) the characteristics of the bank size are an import factor of impacting on the heterogeneous reaction of the bank lending to the monetary policies; the adjustment of the interest rate has more effect on the lending sixe of large banks, the adjustment of the deposit reserve ratio has more impact on the banks with low liquidity and small- and medium-sized banks, and the operation of the passive open market sterilization has relatively less effect on the curb on the credit expansion of various kinds of banks. The results of our study has provided supportive evidences, for monetary authorities, for analyzing the blocking transmission causes and implementing a differentiated monetary policy.

关 键 词：微观银行特征 货币政策调控 银行贷款渠道 

分 类 号：F832.4[经济管理—金融学] F224