宏观审慎监管能否抑制银行信贷顺周期性?--基于货币政策信贷传导渠道  

Can Macro Prudential Regulation Suppress the Pro-Cyclical Nature of Bank Credit?--Based on Credit Transmission Channel of Monetary Policy

作　　者：顾海峰[1] 于家珺 GU Hai-feng;YU Jia-jun

机构地区：[1]东华大学旭日工商管理学院,上海200051

出　　处：《金融论坛》2024年第1期3-14,57,共13页Finance Forum

基　　金：上海市哲学社会科学规划一般课题“新发展格局下双支柱调控框架对银行风险的影响机制及政策研究”(2023BJB013)。

摘　　要：本文将货币政策信贷传导渠道纳入分析框架,基于2007-2020年中国340家银行的面板数据,实证考察宏观审慎监管对银行信贷周期性特征的影响及作用机制。研究表明:宏观审慎监管在抑制银行信贷顺周期性方面存在权衡机制,宏观审慎监管虽能通过“提高银行资本缓冲逆周期性”与“倒逼业务多元化”来抑制信贷内生顺周期性,但也会降低逆周期货币政策信贷传导效率,从而减弱其对信贷总体顺周期性的抑制作用。宏观审慎监管的治理效果在股份制银行、城农商行、国有银行中依次递减,在货币政策扩张期相对更弱,在抑制信用贷款顺周期性方面相对更强。Based on the panel data of 340 Chinese banks during 2007-2020,this paper incorporates the credit transmission channels of monetary policy into the analysis framework to empirically examine the impact of macro prudential regulation on the cyclical characteristics of bank credit and its mechanism.The results show that there is a trade-off mechanism between macro prudential regulation and inhibiting the pro-cyclical nature of bank credit.Although macro prudential regulation can suppress endogenous pro-cyclical nature of credit by improving the counter-cyclical nature of bank capital buffer and driving business diversification,it can also reduce the credit transmission efficiency of counter-cyclical monetary policy,thereby weakening its effect on inhibiting the overall pro-cyclical nature of credit.The governance effect of macro prudential regulation decreases sequentially in joint-stock banks,urban and rural commercial banks,and stateowned banks,and is relatively weaker during the expansion period of monetary policy while relatively stronger in suppressing the pro-cyclical nature of credit loans.

关 键 词：宏观审慎监管 银行信贷顺周期性 货币政策信贷传导渠道 权衡机制 

分 类 号：F822.0[经济管理—财政学] F832.4