發(fā)布時(shí)間：2018-09-12 08:46

【摘要】：首先建立數(shù)量型和價(jià)格型貨幣政策工具銀行風(fēng)險(xiǎn)承擔(dān)的理論框架,然后選取我國(guó)100家商業(yè)銀行2011—2016年的面板數(shù)據(jù)進(jìn)行實(shí)證分析,以檢驗(yàn)數(shù)量型和價(jià)格型貨幣政策工具銀行風(fēng)險(xiǎn)承擔(dān)渠道是否存在及其差異性。研究發(fā)現(xiàn):無(wú)論是數(shù)量型還是價(jià)格型貨幣政策工具均存在銀行風(fēng)險(xiǎn)承擔(dān)渠道,且存在門(mén)限效應(yīng);價(jià)格型貨幣政策工具對(duì)銀行的風(fēng)險(xiǎn)傳導(dǎo)效應(yīng)和非對(duì)稱性均強(qiáng)于數(shù)量型;中小銀行或資本充足率較低的銀行對(duì)貨幣政策更為敏感。對(duì)此,央行在運(yùn)用不同類(lèi)型貨幣政策時(shí)應(yīng)當(dāng)關(guān)注銀行的風(fēng)險(xiǎn)承擔(dān)問(wèn)題,在銀行資本充足率普遍下降的情況下,加快推動(dòng)數(shù)量型貨幣政策工具向價(jià)格型貨幣政策工具轉(zhuǎn)變,同時(shí)強(qiáng)化對(duì)中小銀行或低資本水平銀行的監(jiān)管力度,采取積極有效的措施及時(shí)防范和化解金融風(fēng)險(xiǎn),特別是構(gòu)建多元化的資本補(bǔ)充機(jī)制和創(chuàng)新資本工具,盡快提高資本充足水平和優(yōu)化資本結(jié)構(gòu)。
[Abstract]:Firstly, the theoretical framework of quantitative and price-based monetary policy instruments is established, and then the panel data of 100 commercial banks in China from 2011-2016 are selected for empirical analysis. In order to test the quantitative and price monetary policy instruments, banks risk-bearing channels exist and their differences. It is found that both quantitative and price monetary policy instruments have risk bearing channels and threshold effect, and that the price monetary policy instruments have stronger risk conduction effect and asymmetry than quantitative monetary policy instruments, and the risk conduction effect of price monetary policy instruments is stronger than that of quantitative monetary policy instruments, and the risk conduction effect and asymmetry of price monetary policy instruments are stronger than that of quantitative monetary policy instruments. Smaller banks or banks with lower capital ratios are more sensitive to monetary policy. In view of this, when applying different types of monetary policies, the central bank should pay attention to the risk bearing of banks, and speed up the transformation of quantitative monetary policy instruments to price monetary policy instruments when the capital adequacy ratio of banks is generally declining. At the same time, we should strengthen the supervision of small and medium-sized banks or banks with low capital level, and take active and effective measures to prevent and defuse financial risks in a timely manner, especially to build a diversified capital replenishment mechanism and innovative capital tools. We will raise the level of capital adequacy and optimize the capital structure as soon as possible.
【作者單位】： 中國(guó)工商銀行;
【分類(lèi)號(hào)】：F822.0;F832.33

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