本文選題：貨幣政策　切入點(diǎn)：商業(yè)銀行　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：金融危機(jī)發(fā)生后,金融監(jiān)管部門和經(jīng)濟(jì)學(xué)界開(kāi)始極度關(guān)注整個(gè)銀行業(yè)的穩(wěn)定性。部分研究學(xué)者認(rèn)為此次金融危機(jī)是由長(zhǎng)期實(shí)施寬松的貨幣政策導(dǎo)致,資產(chǎn)價(jià)格持續(xù)上升、貸款規(guī)模迅速擴(kuò)張、進(jìn)而引起金融機(jī)構(gòu)承擔(dān)的風(fēng)險(xiǎn)不斷集聚,造成整個(gè)金融市場(chǎng)崩潰,如股市或債市暴跌。央行的流動(dòng)性管理目的在于服務(wù)最終調(diào)控目標(biāo),在宏觀上需要與經(jīng)濟(jì)增長(zhǎng)、通脹形勢(shì)以及貨幣信貸投放相匹配,微觀上則需要考慮金融市場(chǎng)波動(dòng)、金融業(yè)務(wù)創(chuàng)新、財(cái)政收支變化、地方政府債券發(fā)行、金融監(jiān)管新規(guī)等多種因素的影響和擾動(dòng)。作為反思2008年國(guó)際金融危機(jī)教訓(xùn)的主要成果,全球主要經(jīng)濟(jì)體都在構(gòu)建宏觀審慎政策與貨幣政策相結(jié)合的框架,旨在維持貨幣價(jià)值穩(wěn)定和金融穩(wěn)定。良好的貨幣環(huán)境有助于宏觀審慎政策降低系統(tǒng)性金融風(fēng)險(xiǎn)發(fā)生的可能性,宏觀審慎政策也有利于貨幣政策進(jìn)行有效調(diào)控,而兩者相互補(bǔ)充和相互促進(jìn)。利率是貨幣的價(jià)格,商業(yè)銀行作為經(jīng)營(yíng)貨幣的主要金融機(jī)構(gòu),央行的貨幣政策調(diào)控措施必然會(huì)對(duì)銀行業(yè)的風(fēng)險(xiǎn)承擔(dān)產(chǎn)生重要影響。因此,貨幣政策在傳導(dǎo)過(guò)程中對(duì)銀行風(fēng)險(xiǎn)水平的影響,是商業(yè)銀行在經(jīng)營(yíng)管理中應(yīng)該重點(diǎn)關(guān)注的問(wèn)題。然而縱觀國(guó)內(nèi)外相關(guān)貨幣政策傳導(dǎo)渠道的研究成果,銀行風(fēng)險(xiǎn)承擔(dān)行為在銀行風(fēng)險(xiǎn)管理的文獻(xiàn)研究中較為缺乏。目前的銀行經(jīng)營(yíng)管理策略大多數(shù)都著眼于銀行自身微觀指標(biāo)的監(jiān)控,卻忽視了貨幣政策通過(guò)宏觀貨幣政策環(huán)境對(duì)銀行風(fēng)險(xiǎn)水平的作用渠道,而且一個(gè)完整的銀行風(fēng)險(xiǎn)承擔(dān)渠道包括貨幣政策對(duì)銀行風(fēng)險(xiǎn)承擔(dān)的影響和銀行風(fēng)險(xiǎn)承擔(dān)變化對(duì)貸款數(shù)量的影響兩個(gè)階段,而現(xiàn)有學(xué)者大多側(cè)重于第一階段的研究。本文選取2006-2015年14家上市銀行的數(shù)據(jù)作為研究樣本,從實(shí)證角度出發(fā),利用不良貸款率、風(fēng)險(xiǎn)加權(quán)資產(chǎn)作為因變量,驗(yàn)證貨幣政策是否會(huì)對(duì)銀行風(fēng)險(xiǎn)行為產(chǎn)生影響。實(shí)證結(jié)果表明:我國(guó)貨幣政策對(duì)金融機(jī)構(gòu)的影響機(jī)制中確實(shí)存在銀行風(fēng)險(xiǎn)承擔(dān)渠道假說(shuō),并且貨幣政策的相關(guān)經(jīng)濟(jì)變量與銀行的風(fēng)險(xiǎn)承擔(dān)意愿存在著明顯的反向變動(dòng)關(guān)系,銀行風(fēng)險(xiǎn)承擔(dān)對(duì)其信貸投放有著顯著的反向影響。最后結(jié)合實(shí)證結(jié)果分析控制變量如宏觀經(jīng)濟(jì)狀況、銀行業(yè)的結(jié)構(gòu)變量及銀行特征變量等對(duì)銀行風(fēng)險(xiǎn)承擔(dān)的影響。
[Abstract]:After the financial crisis, financial regulators and economists began to pay great attention to the stability of the banking sector as a whole. Some researchers believe that the financial crisis was caused by the long-term implementation of loose monetary policies, and asset prices continued to rise. The rapid expansion of loans leads to a constant concentration of risks borne by financial institutions, leading to the collapse of the entire financial market, such as the stock or bond markets, where central bank liquidity management is designed to serve the ultimate regulatory objective. At the macro level, we need to match economic growth, inflation and money and credit. At the micro level, we need to consider fluctuations in financial markets, innovation in financial business, changes in fiscal revenues and expenditures, and issuance of local government bonds. As a major result of the reflection on the lessons of the international financial crisis in 2008, major economies around the world are building a framework for the integration of macroprudential and monetary policies. The purpose is to maintain the stability of monetary value and financial stability. A good monetary environment is conducive to reducing the possibility of systemic financial risks arising from macro-prudential policies, which are also conducive to effective monetary policy control. The interest rate is the price of money. As the main financial institution operating money, the monetary policy control measures of the central bank will inevitably have an important impact on the risk bearing of the banking industry. The influence of monetary policy on the risk level of banks in the transmission process is a problem that commercial banks should pay more attention to in the course of operation and management. However, the research results of the transmission channels of monetary policy at home and abroad are reviewed. The risk bearing behavior of banks is scarce in the literature of bank risk management. At present, most of the bank management strategies focus on the monitoring of banks' own micro indicators. But has neglected the monetary policy through the macroscopic monetary policy environment to the bank risk level function channel, Moreover, a complete channel for taking risks in banks includes two stages: the impact of monetary policy on banks' risk-taking and the impact of changes in bank risk-taking on the amount of loans. In this paper, the data of 14 listed banks from 2006 to 2015 are selected as the research samples, using non-performing loan ratio and risk-weighted assets as dependent variables from an empirical point of view. The empirical results show that there is a hypothesis of banking risk-bearing channel in the mechanism of monetary policy's influence on financial institutions. Moreover, there is an obvious reverse relationship between the relevant economic variables of monetary policy and the willingness of banks to take risks. Finally, the paper analyzes the influence of control variables such as macroeconomic conditions, banking structure variables and bank characteristics variables on the risk taking of banks.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F822.0;F832.33

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