Monetary Policy,Bank Characteristics And Bank Asset Allocation

Since the financial crisis,people's bank of China takes monetary policy actively for regulation.At present,China's economy is in the midst of the three superposition(growth in schedule,throes of structural adjustment and preliminary stimulus digestion phase).The importance of indirect financing in our country determines the financing structure of the bank credit channels play an important role in the monetary policy transmission process.As the transmission of monetary policy of the intermediate links,the behavior of commercial Banks directly decided whether the central bank's monetary policy tightening measures ultimately effect to the real economy,microcosmic individual Banks also determines the transmission of monetary policy effectiveness.Banks' asset allocation behavior directly determines the Banks operating performance,and influence on the effectiveness of monetary policy transmission microeconomic foundation.Commercial Banks how to configure the asset directly affect the transmission of monetary policy in the banking system.In June 2013,long tightening monetary policy lead to interbank lending rates have risen sharply,causing the phenomenon of money shortage.So how to configure the bank assets to cope with the impact of monetary policy has a realistic significance.At present,our country is in the midst of the supply side of structural reform,how to conduct further study of the commercial bank asset allocation and how monetary policy should be regulated bank asset portfolio problems,to strengthen the effectiveness of monetary policy and the power supply side structural reform has important theoretical significance and practical significance.This article first credit transmission mechanism of monetary policy transmission and supply of commercial bank credit theory made a comb.Combining with the current "interest rate cuts,drop" practical means of monetary policy and open market operations,using systematic monetary policy proxy variables:benchmark lending rate,the legal deposit reserve rate,interbank lending rates,on the basis of this theory assumes that put forward with the combination of China's monetary policy implementation.Combined with the research of scholars both at home and abroad,this paper build an empirical model to choose assets,liquidity and capital levels as bank characteristics proxy variable,for researching the credit channel of monetary policy transmission mechanism,at the same time research on the effect of monetary policy Banks characteristic of heterogeneity.On this basis,the banking industry in China is divided into state-owned and non-state-owned Banks two samples,the bank credit channel of monetary policy conduction,examines the supply effect of monetary policy and the effect of demand.Article conclusion shows that:firstly,the more capital is enough,the smaller the size,the smaller the level of liquidity,the bank configuration of credit assets is less,the more securities assets.Secondly,the influence of monetary policy on bank asset allocation behavior mechanism is different,our country monetary policy mainly by supply factors affect the bank credit.Thirdly,the scale factor is the main factors influencing the effect of monetary policy credit conduction.Finally,in some way this article justifies the existence of the bank credit channel of monetary policy in our country,but the differences of the conductive effect.According to the empirical results,the paper puts forward the corresponding policy recommendations.