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中文摘要：
本文通过对我国14家商业银行2002～2012年的面板数据进行实证分析，以检验我国货币政策的银行风险承担渠道是否存在。研究结果发现，扩张性的货币政策会显著引起我国银行风险承担的上升，而银行风险承担上升也显著引起银行信贷投放的增加。考虑到银行风险承担的度量对实证结果影响较大，本文以商业银行不良贷款率作为因变量对估计方程再检验，结果显示模型的稳健性较好。由此说明我国货币政策的银行风险承担渠道是存在的，这意味着从金融稳定的角度而言，中央银行货币政策并不是风险中性的，央行在制定货币政策时，应以宏观审慎管理者的身份，更加关注银行等金融机构的风险承担问题。
英文摘要：
The present study conducts an empirical analysis using panel data of 14 commercial banks in China during 2002 -2012, to examine whether the bank risk -taking channel of Chinese monetary policy exists. The results show that expansionary monetary policy will lead to a significant increase in our bank＇s risk - taking, and the rise of bank＇s risk - taking also lead to a significantly increased in bank＇s credit. In view of the significance of bank risk - taking measurement, the estimating equation is re - examined using NPL ratio of commercial banks as a dependent variable. The result shows that the model has great robustness. This shows that the bank risk - taking channel of Chinese monetary policy exists, which means that from the perspective of financial sta- bility, the central bank＇s monetary policy is not risk neutral When the central bank making monetary policy, it should give more attention to the risk - taking of bank and other financial institutions based on macro - pruden- tial supervisor identity.
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