| Bank risk-taking refers to a series of risk-taking behaviors that banks generate their risk appetite in order to maximize their own risk preferences and make some high-risk investments under the macro-environment of economic cycle fluctuations and macroeconomic policy changes.It can be seen that the risk in the bank risk-taking is the bank's own willingness to undertake.The essence of bank operation is to undertake and manage risks.Therefore,the macroeconomic environment,the characteristics of the bank itself and the operation of the bank will have different degrees of impact on bank risk-taking.Since 2005,financial products have developed rapidly and financial products of banks have become one of the important business of banks.In recent years,the financial products market of banks has generally operated steadily.Although the growth rate has declined to a certain extent,it still shows a good trend of steady development.Because of the high yield of financial products,there has been a distinct trend of bank deposit substitution,and even developed into an off-balance-sheet banking system,which will have a certain impact on bank risk-taking.Therefore,it is necessary to further study and analyze the impact of financial products on bank risk-taking.In addition,monetary policy can further affect banks' risk perception and risk-taking willingness by influencing the risk of their portfolio,asset pricing and financing costs.Therefore,it is necessary to explore whether the impact of financial products on bank risk-taking can be transmitted through the risk-taking channel of monetary policy.In recent years,China's interest rate marketization process has accelerated,which has had a greater impact on financial products.On the one hand,under the interest rate marketization,the central bank has relaxed the control of interest rate,and the traditional profit model of banks relying on the spread of deposit and loan interest has been greatly impacted.Financial products have become an important profit growth point of commercial banks,which makes the scale of financial products of banks continue to grow.On the other hand,under the interest rate marketization,the level of interest rate changes frequently,pricing financial products of banks,that is,financial management products of banks.The expected rate of return of products has a certain impact.Therefore,on the basis of studying the impact of financial products on bank risk-taking,we should further consider the role of interest rate marketization.After systematically reviewing the existing literature,this paper combines the current situation of financial products,and analyses the impact mechanism of financial products on bank risk-taking,as well as the role of interest rate marketization on financial products.In order to explore the specific mechanism of the impact of financial products on bank risk-taking,and whether the interest rate marketization can affect the role of financial products on bank risk-taking,this paper chooses the corresponding agent variables,and constructs the interest rate marketization index with reference to relevant literature,and determines the measurement model.Then,based on the panel data of many banks from 2008 to 2017,the system generalized moment estimation method is used for empirical research.Finally,the following conclusions are drawn:The direct impact of financial products on commercial banks' risk-taking is mainly manifested in three aspects:benefit-seeking effect,expected effect and scale effect.The benefit-seeking effect of financial products has a significant negative impact on bank risk-taking,which shows that the role of financial products in enhancing bank returns is stronger than that of financial products in influencing capital collection cost;the expected effect of financial products has a positive impact on bank risk taking,but the result is not significant.Combined with the current actual situation,it indicates that the degree of hidden "rigid payment" problem of financial products is limited;the scale of wealth management products has an insignificant positive impact on the risk-taking of commercial B anks.Financial products can also play a role in risk-taking channels of monetary policy,thus affecting bank risk-taking.The benefit-seeking effect,expected effect and scale effect of financial products significantly reduce the impact of monetary policy on bank risk-taking.The role of monetary policy in the risk-taking of banks is determined by the balance of two kinds of effects,that is,there are both negative and positive effects.When monetary policy is relatively loose,the level of risk-taking of banks decreases significantly.The effect of financial products weakens this negative impact,and ultimately significantly reduces the role of monetary policy in the risk-taking of banks.The interest rate marketization has significantly enhanced the impact of interest-seeking effect on bank risk-taking,and the combined effect of the two has significantly weakened the impact of monetary policy on bank risk-taking.This is because the interest rate marketization has increased the pricing ability of banks,enhances the benefit-seeking effect of financial products and the influence of financial products on the risk-taking channels of monetary policy,resulting in the weakening of the impact of monetary policy on the risk-taking channels of banks;the impact of interest rate marketization on the expected effects is not significant,including the role of risk-taking channels of monetary policy is not significant;The interest rate marketization has no significant impact on the scale effect of financial products,but the combined effect of the two can significantly enhance the impact of monetary policy on bank risk-taking.This may be because,with the gradual progress of interest rate marketization in China,it promotes inter-bank competition,strengthens the willingness of banks to take risks,and enhances the impact of monetary policy on bank risk-taking. |
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