| As the most important part of financial system in China,commercial banks have steady business relationship with healthy development of China's economy.According to the data of China Banking Regulatory Commission,at the end of fourth quarter of 2016,the cumulative net profit is CNY 1.6 trillion,a 3.54 percent increase over the same period last year,commercial bank non-performing loan ratio is 1.74%,and balance of non-performing loan is CNY 1.5 trillion,increase CNY 18.3 billion more than the end of last season.In the current economic environment,although banking industry is still the leader in the entire financial market,but its profit growth is slowing down,the overall profit margins tend to be downward,combined with the non-performing loans increased,result in the input and output efficiency of Chinese commercial banks weakened.Through in-depth analysis of the market environment,it is not hard to find that monetary policy is an important factor in the impact of efficiency of commercial banks.With the completion of the domestic interest rate marketization and the construction of interest rate corridor mechanism,importance of price-based monetary policy instruments will be gradually highlighted in the regulation and control of monetary policy in our country.To further study on the extent to which quantitative and price-based monetary policy instruments affect commercial banks efficiency,and whether this effect is different due to the heterogeneity of commercial banks,is undoubtedly the commercial banks "to enhance the efficiency and ensure the smooth transmission of monetary policy important issues in its monetary policy transmission intermediary and " currency of business enterprises dual role.Based on the research of scholars both domestic and abroad,this paper selects 2008-2016,a total of nine years' data about scale of commercial bank deposits,net value of fixed assets,and the number of employees as input indicators,as well as using pre-tax profit and loan amount to measure the expected output,introduction of non-performing loans as the unexpected output,by building a model of super efficiency data envelopment analysis model(DEA),respectively to measure the state-owned commercial banks,joint-stock commercial banks and urban commercial bank's input and output efficiency.Furthermore,this paper measured the bank efficiency of input and output as the explanatory variable into the EGLS model,and compares the bank heterogeneity explanatory variables such as monetary policy tools variables,the scale of commercial banks,profitability,capital status and the cross terms to the monetary policy instruments as the explained variable into model,to study the extent to which quantitative and price-based monetary policy instruments affect the efficiency of commercial banks and whether this effect is different due to the heterogeneity of commercial bank.The results show that,firstly,the different forms of ownership of commercial banks have different efficiency levels,from high to low are joint-stock commercial banks,state-owned commercial banks and urban commercial banks,and the efficiency of the three types of commercial banks all have room for improvement.Secondly,from the perspective of monetary policy instruments,changes in money supply have a positive effect on the efficiency of commercial banks,that is,with the increase of money supply,the efficiency of commercial banks improved.On the contrary,the efficiency of commercial banks declined.While the level of interest rates increased,the efficiency of commercial banks increased;the other hand,the efficiency of commercial banks declined.The increase of money supply and the rise of interest rate will increase the efficiency of commercial banks because of the high proportion of residents' savings and the low price elasticity of loan demand caused by indirect financing of enterprises.Thirdly,the impact of the two kinds of monetary policy instruments on the efficiency of commercial banks will vary depending on the heterogeneity of commercial banks.Among them,the impact of money supply on bank efficiency will be subject to the scale of bank,capital status and the restriction of the nature of bank,the impact of interest rates on bank efficiency will be subject to bank size and profitability.Based on the above conclusion,the policy suggestions are,in the monetary policy transformation period,we suggest that,we should play the role of price-based monetary policy tool by improving the capital market,increasing the way of corporate financing to improve the consumption of light consumption,heavy savings of consumer savings structure.For bank managers,it is necessary to take measures to conform bank's actual measures to improve the efficiency of banks.At the meantime,policy makers need to recognize the different influences between the two monetary policy tools,and these influences are different among the commercial banks,monitor the efficiency of commercial banks timely,and adjust the use of monetary policy tools to ensure the smooth transmission of monetary policy through commercial banks. |
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