银行业市场集中度对货币政策传导有效性影响研究——基于信贷传导视角
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摘要
选取我国17家商业银行2006-2017年数据构建固定效应面板数据模型进行实证分析,结果表明:银行业市场集中度的变化会对货币政策信贷传导有效性产生影响。当银行集中度较高时,银行集中度与货币政策信贷传导有效性间呈正向变动关系;但是反向关系存在于较低银行集中度时,临界点位于银行集中度为39.795%时。中小型银行的信贷增速较之大型国有商业银行受到货币政策影响更大。银行集中度越低意味着竞争程度越强,货币政策信贷传导的有效性越高。
We selected 17 Commercial Banks in China from 2006 to 2017 to construct a fixed-effect panel data model for empirical analysis, and drew the following basic conclusions: the change of banking market concentration will have an impact on the effectiveness of monetary policy credit transmission. When the concentration of banking is high, there is a positive relationship between banking concentration and the effectiveness of monetary policy credit transmission; but the reverse relationship exists at the lower concentration of banking, and the critical point is at 39.795% concentration of banking. The credit growth rate of small-and medium-sized banks is more affected by monetary policy than that of large state-owned commercial banks. The lower the banking concentration is, the stronger the competition is, and the more effective the monetary policy credit transmission is.
We selected 17 Commercial Banks in China from 2006 to 2017 to construct a fixed-effect panel data model for empirical analysis, and drew the following basic conclusions: the change of banking market concentration will have an impact on the effectiveness of monetary policy credit transmission. When the concentration of banking is high, there is a positive relationship between banking concentration and the effectiveness of monetary policy credit transmission; but the reverse relationship exists at the lower concentration of banking, and the critical point is at 39.795% concentration of banking. The credit growth rate of small-and medium-sized banks is more affected by monetary policy than that of large state-owned commercial banks. The lower the banking concentration is, the stronger the competition is, and the more effective the monetary policy credit transmission is.
引文
[1] 林铁钢.中国银行业改革:历史回顾与展望[J].中国金融,2005(3):16-18.
[2] 周孟亮,李明贤.货币政策传导过程中的金融体系研究[J].中央财经大学学报,2007(3):45-49.
[3] Lensink R,Sterken E.Monetary transmission and bank competition in the EMU[J].Journal of Banking & Finance,2002,26(11):2065-2075.
[4] Kashyap A,Stein J.The role of banks in monetary policy:a survey with implications for the european monetary union[J].Economic Perspectives,Federal Reserve Bank of Chicago,1997,(9/10):3-18.
[5] Cecchetti S G.Legal structure,financial structure and the monetary policy transmission mechanism[J].Nber Working Papers,1999(7):170-194.
[6] Charles K,Pennacchi G,Sopranzetti B.Bank consolidation and consumer loan interest rates[R].Center for Financial Institutions Working Papers,2001,1-14.
[7] Adams R M,Amel D F.The effects of local banking market structure on the bank-lending channel of monetary policy[R].Finance and Economics Discussion,2005.
[8] Baglioni A.Monetary policy transmission under different banking structures:the role of capital and heterogeneity[J].International Review of Economics & Finance,2007,16(1):78-100.
[9] Gunji H,Miura K,Yuan Y.Bank competition and monetary policy[J].Japan and the World Economy,2009,21(1):105-115.
[10] 许小苍.银行内部特征与货币政策银行信贷渠道关系的实证研究[J].海南金融,2009(1):8-12.
[11] 冯科,何理.我国银行上市融资、信贷扩张对货币政策传导机制的影响[J].经济研究,2011(2):61-64.
[12] 徐明东,陈学彬.中国微观银行特征与银行贷款渠道检验[J].管理世界,2011(5):24-37.
[13] 谭之博,赵岳.银行集中度、企业储蓄与经常账户失衡[J].经济研究,2012(12):55-68.
[14] 刘涛雄,王伟.银行信贷结构对货币政策有效性的影响[J].清华大学学报(哲学社会学版),2013(3):138 -147.
[15] 董华平,干杏娣.我国货币政策银行贷款渠道传导效率研究——基于银行业结构的古诺模型[J].金融研究,2015( 10) :48-63.
[16] 王文平,李甜田.银行业集中度对中国货币政策信贷传导有效性的影响[J].山东财经大学学报,2018(2):60-69.
[17] Bernanke B S,Mihov I.Measuring monetary policy[J].The Quarterly Journal of Economics,1998,113(3):869-902.
[18] 张蕴萍.供给侧改革:中国垄断行业政府规制体制改革的新动力[J].理论学刊,2016(5):61-66.
① 选取48期为滞后期的目的在于配合各年度的集中度和竞争指标进行后文的实证检验。
[2] 周孟亮,李明贤.货币政策传导过程中的金融体系研究[J].中央财经大学学报,2007(3):45-49.
[3] Lensink R,Sterken E.Monetary transmission and bank competition in the EMU[J].Journal of Banking & Finance,2002,26(11):2065-2075.
[4] Kashyap A,Stein J.The role of banks in monetary policy:a survey with implications for the european monetary union[J].Economic Perspectives,Federal Reserve Bank of Chicago,1997,(9/10):3-18.
[5] Cecchetti S G.Legal structure,financial structure and the monetary policy transmission mechanism[J].Nber Working Papers,1999(7):170-194.
[6] Charles K,Pennacchi G,Sopranzetti B.Bank consolidation and consumer loan interest rates[R].Center for Financial Institutions Working Papers,2001,1-14.
[7] Adams R M,Amel D F.The effects of local banking market structure on the bank-lending channel of monetary policy[R].Finance and Economics Discussion,2005.
[8] Baglioni A.Monetary policy transmission under different banking structures:the role of capital and heterogeneity[J].International Review of Economics & Finance,2007,16(1):78-100.
[9] Gunji H,Miura K,Yuan Y.Bank competition and monetary policy[J].Japan and the World Economy,2009,21(1):105-115.
[10] 许小苍.银行内部特征与货币政策银行信贷渠道关系的实证研究[J].海南金融,2009(1):8-12.
[11] 冯科,何理.我国银行上市融资、信贷扩张对货币政策传导机制的影响[J].经济研究,2011(2):61-64.
[12] 徐明东,陈学彬.中国微观银行特征与银行贷款渠道检验[J].管理世界,2011(5):24-37.
[13] 谭之博,赵岳.银行集中度、企业储蓄与经常账户失衡[J].经济研究,2012(12):55-68.
[14] 刘涛雄,王伟.银行信贷结构对货币政策有效性的影响[J].清华大学学报(哲学社会学版),2013(3):138 -147.
[15] 董华平,干杏娣.我国货币政策银行贷款渠道传导效率研究——基于银行业结构的古诺模型[J].金融研究,2015( 10) :48-63.
[16] 王文平,李甜田.银行业集中度对中国货币政策信贷传导有效性的影响[J].山东财经大学学报,2018(2):60-69.
[17] Bernanke B S,Mihov I.Measuring monetary policy[J].The Quarterly Journal of Economics,1998,113(3):869-902.
[18] 张蕴萍.供给侧改革:中国垄断行业政府规制体制改革的新动力[J].理论学刊,2016(5):61-66.
① 选取48期为滞后期的目的在于配合各年度的集中度和竞争指标进行后文的实证检验。