中文摘要：

本文试图探索的核心问题是：在我国,货币政策的风险承担渠道是否存在？本文基于2004年6月到2012年12月股票市场的月度数据构建了银行业风险承担的多种指标。我们发现,我国存在货币政策的风险承担渠道,但对实体经济而言,货币政策的风险承担渠道仅是货币政策传导渠道中一个比较小的渠道。此外,利率政策和数量型货币政策对银行风险的影响并不完全一致,利率政策冲击对银行业风险承担的影响更强。

英文摘要：

The core question in this paper is,in China, dose the risk taking channel of monetary policy exist？ Based on the monthly stock market data from June 2004 to December 2012, we construct bank risk taking indicators. We suggest that there is a risk taking channel of monetary policy in China, but the risk-taking channel of monetary policy is only a relatively small channel of transmission channels of monetary policy for the real economy. Additionally, the effect of interest rate policy and quantitative monetary policy on the bank risk-taking is not entirely the same; the effect of interest rate policy on the bank sector＇s risk-taking is stronger, compared to the impact of quantitative monetary policy.