银行竞争、异质因素与货币政策效果  

Banking Competition,Heterogeneous Factors and the Effect of Monetary Policy

作　　者：王志强[1] 熊海芳[1] 

机构地区：[1]东北财经大学金融学院,辽宁大连116025

出　　处：《财经问题研究》2013年第9期53-61,共9页Research On Financial and Economic Issues

基　　金：国家自然科学基金项目"基于时变参数的学习机制;利率行为与政策效果研究"(71173030);教育部人文社会科学重点研究基地重大项目"利率期限结构与货币政策效果:基于中国银行业的产业组织分析"(2009JJD790004)

摘　　要：银行竞争通过影响银行的信贷行为进而影响货币政策信贷渠道传导效果。本文使用Boone指数衡量中国银行业贷款市场竞争程度及其变化,采用面板数据分析银行竞争对货币政策信贷渠道传导的影响。在控制规模、流动性、资本和股权融资等银行异质因素和宏观因素后发现:银行竞争削弱了货币政策的信贷传导效果,影响国有控股银行、股份制银行和城市商业银行贷款增长率的因素大不相同,流动性和资本充足率较低的银行受到的影响程度更大,2004年的监管改革提升了资本监管效果,2009—2010年的金融危机影响了银行竞争程度并弱化了货币政策传导效果。Banking competition can impact the credit channel of monetary policy through impacting the credit of banking.This paper uses Boone Index to describe the change of banking competition of Chinese banks,and uses panel data to test the effect of banking competition on credit channel of monetary policy.After controlling banks＇ size,liquidity,capital,equity finance and macroeconomic factors,the result show that banking competition weakens the transmission of monetary policy through the bank lend channel,the effects are different in State-owned banks,share holding banks and city banks,and the effect on the banks with lower liquidity and capital is great.The regulation reformation in 2004 has improved the effect of capital regulation.Financial crisis in 2009-2010 had affected banking competition and weakened the effect of monetary policy.

关 键 词：银行竞争 Boone指数 异质因素 

分 类 号：F820.1[经济管理—财政学]