银行业转型背景下的货币政策与金融监管协调  

Coordination Impact of Monetary Policy and Financial Regulation on Banking Industry Transformation

作　　者：姚舜达 朱元倩[2] Yao Shunda;Zhu Yuanqian(School of Economics,Tianjin University of Finance and Economics, Tianjin 300222, China;China Banking Regulatory Commission,Beijing 100140,China)

机构地区：[1]天津财经大学经济学院,天津300222 [2]中国银行业监督管理委员会,北京100140

出　　处：《金融经济学研究》2017年第5期17-27,共11页Financial Economics Research

基　　金：国家自然科学基金青年科学基金项目(71403251)

摘　　要：通过引入两阶段、超效率SBM模型分析框架,分别测度了银行传统经营模式和创新型经营模式下的经营超效率并进行比较,同时基于Tobit多元回归模型分析不同经营模式下银行效率的影响因素,重点是货币政策与金融监管的双重约束对其经营效率的影响机制。研究发现,实行宽松的货币政策和严格的金融监管对银行提升传统经营模式下的效率具有积极影响;但在创新型经营模式下,该积极影响及其敏感性有所减弱。因此,面对新型商业银行经营模式,有必要改进监管指标,配合货币政策防范系统性金融风险。By introducing a two- stage model using a slacks-based measure of super effi- ciency, this study examines and compares the super efficiency of individual banks that exhibit ei- ther traditional or innovative business models. Next, this study adopts a Tobit regression model to analyze the influence of business models on their efficiency, with an additional focus on the dual effect of monetary policy and financial regulation. The results show that implementing loose mone- tary policy and strict financial regulations has a positive effect by enhancing the efficiency of banks with traditional business models. However, when banks use innovative business models, the positive effect and its sensitivity tends to weaken. Therefore, when developing new business mod- els for commercial banks, it is necessary to improve the regulatory indicator system and implement suitable monetary policies to prevent systemic financial risk.

关 键 词：货币政策 金融监管 银行经营模式 超效率SBM-Tobit模型 

分 类 号：F822.0[经济管理—财政学]