Research On The Impact Of Monetary Policy On The Efficiency Of Commercial Banks Under The Risk-Taking

China’s macro-control policy is facing the complicated international economic situation and the contradictory of the large population and the big dimension. In the critical period of many important policies’ implementation, such as the market access liberalization, interest rate marketization and deposit insurance system, the monetary policy can predict the economic dynamic as the government and central bank’s means of regulating the economy. Studying the impact of monetary policy on the efficiency of commercial banks under the risk-taking can provide the empirical data for the commercial banks to optimize the allocation of resources and improve the management strategy, it also can provide the theoretical basis for the regulatory agencies to institute the targeted regulatory measures. So, this paper has very important significance for the restructuring and development of the banking industry and the security and stability of the financial system.With the related theoretical systems of the money and banking, finance and economics, this paper analyzes the commercial banks’ problems and threats, which establishes the theoretical foundation for the empirical analysis of the paper. Then, based on the panel data of 11 major listed commercial banks in China, using Super-SBM model and GMM dynamic panel data model, the paper studies the impact of monetary policy on Chinese commercial banks under the bank risk-taking.The first part of this paper introduces the background, purpose and significance of the research, details and evaluates the research status of the monetary policy, risk-taking and banks’ efficiency in China and abroad, builds the research methods adopted,the technical route and data sources used in empirical analysis and the possible innovation points at the last.The second part introduces the theoretical basis of the paper. This part defines the concepts of risk-taking, bank efficiency and monetary policy, summarizes their measurement methods in China and abroad and discusses the measure of monetary policy effect. Finally, the paper summarizes the position and influence mechanism of monetary policy in the study based on the monetary policy transmission mechanism theory.The third part introduces the commercial banks’ position, problems and threats. In the view of the banking balance sheet and operating principles, and using the graphics and tables, the paper analyzes the commercial banks’ current operating conditions, problems, threats and the future development trend.The fourth part introduces the model building, index selection and data sources. On the basis of the domestic and international literature review, this paper selects and builds Super-SBM function model to measure the bank efficiencies under the risk-taking and under risk-free respectively. The paper establishes the dynamic panel data GMM model to analyze the influence of the bank efficiency by money policy. According to the SBM model and GMM model, the paper details the input and output indicators and related influence factors. At last, the paper instructs and explains the sample banks and data sources in detail.The fifth part introduces the efficiency values and empirical results. First, using the Super-SBM model based on the output indicators(pre-tax profit, total loans and non-performing loans) and the input indicators(fixed assets-net value, number of employees and total deposits), the paper estimates the bank efficiency values in two aspects of considering the risk-taking and considering the risk-free, compares the different trends of the commercial banks’ efficiency and different commercial banks’ efficiency variance and analyzes the reason. Second, using the GMM model based on three proxies of monetary policy(rate of legal deposit reserve, short-term interest rates on deposits and short-term loan interest rate) and other factors as control variables, the paper tests and analyzes the impact of monetary policy on bank efficiency. Third, the paper validates the empirical results again using the capital adequacy ratio instead of the Z-score, the results show that the robustness of the model is better.The sixth part introduces the conclusion and policy recommendations. According to the analysis above, this part summarizes the research findings and puts forward some relevant policy suggestions in the aspects of improving the bank efficiency, preventing risk-taking, promoting the stability of the financial system, etc. The main policy recommendations are development of interest rates based on monetary policy transmission mechanism, advance of modern deposit insurance system, product innovation and business development and the establishment of prudential supervision mechanism with the combination of macro and micro.The research results details that the super efficiency level of 11 banks increases year by year and the difference is small, the super efficiency level shows a trend of inverted u-shaped, the commercial banks’ super efficiency value is underestimated without the bank risk-taking; there is a significantly negative relationship between monetary policy and super efficiency level of commercial banks under bank risk-taking. Risk factors are important for Chinese commercial banks’ super efficiency measurement, and monetary policy has important influence on super efficiency of commercial banks under the bank risk-taking. Thus, in the views of the promotion of economic growth and financial development, the central should focus on the problem of the commercial banks under the risk-taking when it adjusts the monetary policy.