中文摘要：

利用2005年第一季度至2014年第一季度数据，基于商业银行的脆弱性，并将银行同业拆借市场纳入分析框架，检测了我国商业银行受利率冲击的金融加速器效应及其差异性。研究结果表明，面对利率冲击，基于银行脆弱性的不同类型的商业银行，不仅存在差异显著的金融加速器效应，而且还呈现显著的非线性、非对称性特征。相应的政策含义是，央行在货币政策制定和实施过程中，应根据外部融资溢价状态相机决策。采取差异化的操作手段，以提高货币政策的有效性。

英文摘要：

By making use of the data from the first quarter of 2005 to the first quarter of 2014, based on the vulnerability of commercial hanks, this paper brings the interbank lending market into an analysis framework to test the financial accelerator effect on China＇s commercial banks under in- terest rate shocks and the differences. The result shows that faced with the interest rate impacts, the commercial banks of different types with bank vulnerability have not only significantly different finan- cial accelerator effect, but also present significantly nonlinear and asymmetric characteristics. The rele- vant policy indications are that when formulate and implement monetary policies the central bank should watch for a chance to make decisions according to the state of the external financing premium and adopt the differentiated operational means to improve the effectiveness of monetary policies.