中文摘要：

银行风险承担（bank risk-taking）作为一种新的“货币政策传导渠道”,与传统货币政策传导机制不考虑风险因素不同,认为银行对风险偏好的变化直接影响货币政策传导机制的有效性。采用DGMM动态面板估计方法和门限效应,从两个阶段检验了货币政策传导的银行风险承担渠道的杠杆机制的有效性,货币政策可以通过杠杆率对银行风险承担产生显著影响;货币政策与银行风险承担之间存在杠杆率门限效应,使得在不同杠杆率水平下,货币政策与银行风险承担关系有所改变,对中低杠杆率水平的银行,货币政策对银行风险承担影响更大。

英文摘要：

Bank risk-taking, as a ＂new channel of monetary policy transmission＂, differs from the traditional monetary policy transmitting mechanism in that it reckons that banks＇ changing of the risk inclination direct- ly influence the effectiveness of monetary policy transmitting mechanism. This paper, taking DGMM method and threshold effect, examines the effectiveness of leverage mechanism in bank risk-taking. It comes to the conclusion that monetary policy may obviously influence bank risk-taking through applying leverage ratio and that there is a threshold effect between monetary policy and bank risk-taking. The relation between mone- tary policy and bank risk-taking changes with the change of leverage ratio. Monetary policy has more obvi- ous influence on bank risk-taking for the banks of middle or low level leverage ratio.