Will Government Control Affect The Cyclical Nature Of Credit Behavior Of Chinese Commercial Banks?

After the financial crisis broke out in 2008,when the international community generally tighten the credit,China's commercial bank credit scale has been expanding,in the process of market-oriented reform,the Chinese commercial banks and Western countries are facing a similar external environment and short-term pressure,But it shows a very different credit characteristics.This obvious anomaly caused some domestic scholars attention,at the same time,the reason has become the focus of scholars to study.The main purpose of this paper is to provide more empirical evidence for the counter-cyclical characteristics of credit behavior of commercial banks in China,with reference to the mature theory and practice at home and abroad and the actual situation in China.And consider China's special political and economic environment,from different angles cut into thinking,in-depth discussion of whether government control will affect the Chinese commercial banks counter-cyclical credit behavior,to study the causes of China's credit cycle to provide other ideas and possibilities.Firstly,it summarizes the domestic and foreign scholars' theoretical research and empirical research on the characteristics of credit cycle and its formation.Foreign scholars have confirmed that social and social behavior in Europe and the United States generally show procyclicality,mainly due to the financial accelerator effect,the information asymmetry between the two sides of the loan,the bank's "disaster short-sighted" behavior.However,there are scholars in China to prove that China's credit behavior is counter-cyclical,the current domestic discussion of the reverse cycle of the main focus on the ownership structure of the government,that is,the government's explicit control.However,the impact of government on the implicit control of banks,but few studies,which is the main point of this article.Based on the annual non-equilibrium panel data of 67 Chinese commercial banks from 1998 to 2014,the paper examines the general characteristics of the credit behavior of China's commercial banks as a whole,and the government's control on the credit behavior of commercial banks in China.Periodic effects were significant and robustness was tested.By dividing the sample bank into state-owned large banks,joint-stock banks and urban commercial banks,it is necessary to increase the cross-term between government control and macroeconomic fluctuation.The analysis shows that the dependence of local commercial banks on local governments is strong,But also relatively large,its inverse cyclical characteristics of the most obvious.The reverse cycle of state-owned large banks is the second,while the joint-stock banks are more concerned with their own interests,and the credit is counter-cyclically weak among the three.Finally,the article combines the empirical results,gives the corresponding policy recommendations,that the Government should pay attention to the inverse cycle of supervision and credit put the cycle of superposition effect,in the development of policies,taking full account of the characteristics of China's credit reverse cycle,Regulatory and Credit Behavior Inverse Cycle Forming Synergistic Effect.Second,the government should improve the effectiveness of monetary policy,the implementation of differentiated monetary policy,to encourage different types of banks to actively respond to the central bank's policy call.Finally,regulators should also achieve differential regulation,flexible development of regulatory policies,and lower regulatory costs.