Has Structural Monetary Policy Affected The Efficiency Of Chinese Commercial Banks?

China’s economy has experienced more than 30 years of extensive growth,and entered the "new normal" stage at the present,the structure contradictions of economic is increasingly prominent.Under the new environment,the monetary policy should deal with the relationship between steady growth,structural adjustment and control total amount,and create a moderately modest monetary and financial environment for the structural reform of the supply side.To guide the flow of funds to the key areas of the national economy and weak links,it’s difficult for the traditional monetary policy to work because of having a general impact on the overall economy.Therefore,in the implementation of traditional monetary policy at the same time,China’s central bank has created a variety of monetary policies which can lead industry tendencies and adjust structure to promote the transfer of funds to the real economy,and clear the channels of monetary policy transmission to achieve the purpose of economic restructuring.Commercial banks are at the core of China’s modern financial system and an important intermediary for the channel of monetary policy.It is self-evident in promoting economic development and maintaining financial stability,enhancing its efficiency and enhancing its risk control ability.After the outbreak of the global financial crisis in 2007,the academic research found that monetary policy is not risk neutral,put forward the theory of bank risk bear channel.Therefore,to improve efficiency and control risk has become a dilemma faced by commercial banks.This paper first clarifies the research background and research significance of the topic selection,and then combs and reviews the existing literatures at home and abroad from three aspects:the influence of monetary policy on bank risk,the method of calculating bank efficiency,the relationship between bank risk and efficiency.The third part is the theoretical analysis,the fourth part is the empirical research design,the fifth part gives the empirical research results and analysis.This paper’s empirical research estimates bank profit efficiency and cost efficiency using a stochastic frontier model accommodating nonmonotonicity and heteroscedasticity of inefficiency,using quarterly data of 16 listed Chinese commercial banks from 2013 to 2016.With Two-step SYS-GMM method,this paper investigates the relationship between structural monetary policy,bank risk-taking and bank efficiencies based on bank risk-taking channel.The results show that,Chinese commercial banks have risk-taking channel.Monetary policy not only affects bank risk-taking and efficiencies directly,but also indirectly influences bank efficiencies through risk-taking channel.The effect of bank risk-taking on bank profit efficiency is non-monotonic and shows an invested U-shape,which results in the existence of the optimal risk-taking with respect to bank profit efficiency improvement.This paper also proposes the following policy recommendations:(1)To improve implementation effect of structural monetary policy and efficiency of commercial banks,the macro and micro incentive regulation mechanism of structural monetary policy should be established and improved.(2)Although the implementation of structural monetary policy is fruitful,its operation cannot be similar to conventional monetary policy,because the structural monetary policy depends on a strong realistic background.Fiscal policy,industrial policy and economic system reform is the real driving force for the transformation of economic structure and the upgrading of industrial structure.To avoid structural monetary policy being prolonged normalized,the operation of monetary policy will eventually be oriented towards the total amount.(3)Structural monetary policy encourages banks to provide credit support to the support industry,and most of these loans have long payback period,it will increase the bank credit risk.Commercial banks should cope with the increase in credit risk through the establishment of the improvement of credit risk measurement methods and rating technology.