货币政策、宏观审慎政策对银行稳健性的影响——基于我国51家“A+H”上市银行微观数据的实证研究  

Monetary Policy and Macro-prudential Policy’s Impact on the Soundness of Banks——An Empirical Study Based on the Micro-data of 51 Listed Banks in China

作　　者：单建军 Shan Jianjun(Xiangyang Sub-branch,People’s Bank of China,Xiangyang 441021,China)

机构地区：[1]中国人民银行襄阳市中心支行,湖北襄阳441021

出　　处：《金融理论探索》2021年第2期20-28,共9页Exploration of Financial Theory

摘　　要：货币政策的传导主要涉及中央银行宏观调控工具、金融监管政策、商业银行授信模式和有效贷款需求等环节,货币政策会影响到银行业的安全与稳定,同时,商业银行的稳定性也会影响货币政策的实施效果。基于2000—2020年我国51家“A+H”上市银行的微观数据,运用系统GMM方法实证检验货币政策、宏观审慎政策对银行业金融机构稳定性的影响程度。实证结果显示:不同的货币政策工具都会显著影响商业银行的稳定性,实施价格型或者数量型货币政策工具,对商业银行的稳定性冲击呈现显著差异;实施扩张型的货币政策,会刺激商业银行过度信贷投放,将直接降低商业银行的稳定性水平;控制货币数量或者提高利率,会显著增强商业银行的稳定性。进一步研究发现,同时实施货币政策和宏观审慎政策对商业银行稳定性影响程度有所增强,商业银行的稳定性也易受数量型货币政策的制约,利率调整对商业银行稳定性造成的影响并不显著。因此,完善金融宏观调控框架,积极改革利率市场,尽量使用价格型货币政策手段,实施合理的信贷政策,有助于改善货币政策传导效果,切实增强银行业金融机构的稳定性,进而更好地履行金融稳定法定职责。The transmission of monetary policy mainly involves the central bank’s macro-control tools,financial supervision policy,commercial bank credit mode and effective loan demand and so on.Monetary policy will affect the security and stability of the banking industry,meanwhile,the stability of the bank will also restrict the transmission effect of monetary policy.Based on the data of 51 listed banks in China from 2000 to 2020,this paper uses the systematic GMM method to empirically test monetary policy’s impact on the stability of banks.The results show that there are significant differences in the level of the stability of banks affected by different monetary policy transmission channels,and the implementation of price-based or quantitative monetary policy instruments has a significant difference in the impact on the stability of banks.The implementation of expansionary monetary policy will encourage banks to over-credit,and will reduce the stability of banks and control the amount of money or raise interest rates,thus significantly enhance the stability of banks.Further research found that the simultaneous implementation of monetary policy and macroprudential policy on the stability of commercial banks has increased,and the stability of banks is also vulnerable to quantitative monetary policy constraints.Interest rate adjustment on the stability of banks is not significant.Therefore,improving the financial macro-control framework,actively reforming the interest rate market,using price-based monetary policy means as far as possible,and implementing reasonable credit policies will help to improve the transmission effect of monetary policy,effectively enhance the stability of banks,and then fulfill the responsibility of financial stability.

关 键 词：货币政策 宏观审慎政策 商业银行稳定性 

分 类 号：F832.4[经济管理—金融学]