| After the 2008 financial crisis,the impact of monetary policy on commercial banks’ risk-taking has become a popular research topic in the field of finance.In order to meet the needs of China’s economic structural transformation and improve the efficiency of monetary policy transmission,the central bank has continuously promoted the innovation of monetary policy tools and implemented structural monetary policies.Liquidity Facilities have become an important channel for the release of base currency.When using liquidity facilities,commercial banks are the direct operating objects,and the impact of these policies on banks’ risk-taking still needs to be tested.Commercial banks are important credit intermediaries in financial markets,and their level of risk-taking is related to the stability of the whole financial system.Under the current background of stable growth,structural adjustment,and risk prevention,research on the relation between the use of liquidity facilities and commercial banks’ risk-taking has certain theoretical and practical significance.The thesis uses the financial data of 35 listed banks from 2014Q3 to 2020Q3 as a sample,and the static panel model is used to test the relation between the use of liquidity facilities and commercial banks’ risk-taking.The empirical results show that:banks’ risk-taking channel of liquidity facilities exists in China;liquidity plays an intermediary role in banks’ risk-taking channel of liquidity facilities;banks with higher capital adequacy ratio are less sensitive to the use of liquidity facilities.Based on the results of empirical researches,the thesis puts forward following policy suggestions:the central bank should balance benefits and risks when using liquidity facilities,and implement differentiated management for banks with different individual characteristics,commercial banks should follow the principle of moderation and pay attention to the improvement of risk management ability when using liquidity facilities. |
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