资本约束对货币政策信贷传导机制的影响研究

发布时间：2018-07-12 18:10

本文选题：资本约束 + 资本监管　；参考：《南京师范大学》2017年硕士论文

【摘要】：2004年,中国银监会推出了《商业银行资本充足率管理办法》,标志着我国的资本监管进入到“硬约束”时期。2012年,中国银监会又推出了《商业银行资本管理办法(试行)》,进一步加强了资本监管的力度。日趋严格的资本监管对银行的信贷行为产生了深远的影响。信贷渠道是我国货币政策传导的重要渠道,资本约束的提高会对我国货币政策信贷传导机制产生怎样的影响,对于这一问题的研究具有现实意义和理论意义。本文先介绍了选题的背景及研究意义,对国内外的相关研究成果进行了有效梳理,并指出本文研究的创新点和不足之处。然后,分析了不同监管时期资本约束对商业银行信贷行为的影响,并从理论和现实两个角度分析资本约束影响货币政策信贷传导机制的路径。在理论分析的基础上,本文基于我国14家上市银行2006-2016年的季度面板数据,运用固定效应模型和随机效应模型,分析资本约束对货币政策信贷传导机制的影响,并通过引入银行产权特征、经济增速特征、货币政策松紧特征,分析资本约束对信贷传导机制的影响是否会因为这些特征的变动而存在异同。结果发现,对于国有银行,其受到资本约束越弱,货币政策的信贷传导越差,对非国有银行则相反。经济增速越快,资本约束水平对货币政策传导影响越强。资本约束对不同松紧状态货币政策影响存在差异性,资本约束越小,扩张性货币政策信贷传导越好,而紧缩性货币政策信贷传导不受资本约束的影响。最后本文提出如下建议:完善资本补充机制,缓解资本约束压力;强化风险管理,完善资本监管机制;协调货币政策与监管政策,提升货币政策信贷传导机制的有效性。
[Abstract]:In 2004, the China Banking Regulatory Commission (CBRC) introduced the "measures for the Management of Capital adequacy ratio of Commercial Banks", which marked the period of "hard restraint" in China's capital supervision. The CBRC also introduced the measures on Capital Management of Commercial Banks (trial), which further strengthened the intensity of capital supervision. The increasingly stringent capital supervision has had a profound influence on the bank's credit behavior. Credit channel is an important channel for the transmission of monetary policy in China. The improvement of capital constraint will have a great impact on the credit transmission mechanism of monetary policy in China, which is of practical and theoretical significance to the study of this issue. This paper first introduces the background and significance of the topic, summarizes the relevant research results at home and abroad, and points out the innovative points and shortcomings of this paper. Then, the paper analyzes the influence of capital constraints on the credit behavior of commercial banks in different periods of supervision, and analyzes the ways that capital constraints affect the credit transmission mechanism of monetary policy from both theoretical and practical perspectives. On the basis of theoretical analysis, based on the quarterly panel data of 14 listed banks in China from 2006 to 2016, this paper analyzes the influence of capital constraint on the credit transmission mechanism of monetary policy by using fixed effect model and stochastic effect model. By introducing the characteristics of bank property rights, economic growth and monetary policy, this paper analyzes whether the influence of capital constraints on credit transmission mechanism will have similarities and differences due to the changes of these characteristics. The results show that the weaker the capital constraint, the worse the credit transmission of monetary policy for state-owned banks and the opposite for non-state-owned banks. The faster the economy grows, the stronger the effect of capital constraint on monetary policy transmission. The smaller the capital constraint, the better the credit transmission of the expansionary monetary policy, while the less the credit transmission of the tight monetary policy is, the less the capital constraint is, and the less the capital constraint is, the better the credit transmission of the expansionary monetary policy is. Finally, this paper puts forward the following suggestions: to perfect the capital supplement mechanism, to alleviate the pressure of capital restraint; to strengthen the risk management, to perfect the capital supervision mechanism; to coordinate the monetary policy with the regulatory policy, and to enhance the effectiveness of the credit transmission mechanism of the monetary policy.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F822.0

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