中文摘要：

该文旨在通过分析央行沟通对银行风险承担的影响,间接考察央行沟通的货币政策工具效力。实证研究结论显示：央行沟通对银行风险承担具有显著正向影响,央行沟通的宽松信息越多,银行风险承担越大。这表明,从金融稳定角度,央行沟通并非风险中性。因此,央行沟通不仅具有货币政策工具效力,还必须关注金融稳定目标。货币当局可以将央行沟通纳入货币政策工具箱和宏观审慎监管框架,利用有效央行沟通引导商业银行等金融中介机构转变风险偏好,维护我国金融稳定。

英文摘要：

This paper aims to study the effectiveness of central bank communication as a monetary policy tool by analyzing the effect of central bank communication on banks＇ risk taking.The empirical results of our study indicate that central bank communication has a significant positive impact on banks＇ risk taking,the looser information the central bank communicate,the greater risk the bank will take.This shows that central bank communication is not risk neutral from a perspective of financial stability.Therefore,central bank communication has the effectiveness of monetary policy tool and should pay attention to financial stability. Monetary authority should consider putting forward central bank communication into its own monetary policy toolkit and the framework of macro-prudential regulation,and take effective measures to change commercial banks and other financial intermediaries＇ risk preference,so as to maintain financial stability.