A Research on Rish Taking Channel of Monetary Policy Based on Micro Loan Data——From the Perspective of Bank Characteristics, Borrowing EnterpriseCharacteristics and Loan Contract Characteristics
A Research on Rish Taking Channel of Monetary Policy Based on Micro Loan Data——From the Perspective of Bank Characteristics, Borrowing EnterpriseCharacteristics and Loan Contract Characteristics
DONG Huaping1, SUN Yong2
1. School of Finance, Shandong Technology and Business University, Yantai 264025, China; 2. School of Economics, Hubei University of Technology, Wuhan 430068, China
Abstract By using the loan data of 372 listed companies in China from 1998 to 2017, this paper identifies and studies the risk-taking channel of China’s monetary policy by matching bank characteristic data, borrowing firm characteristic data and loan contract characteristic data, and taking the risk premium of bank loans as an agent variable of bank risk-taking. The results show that: after controlling the influence of bank characteristic variables, borrowing firm characteristic variables and loan contract characteristic variables, the risk-taking channel of monetary policy in China still exists. The impact of monetary policy on bank risk-taking is asymmetrical, banks who have large-scale assets, poor liquidity, high capital adequacy rate and non-state-owned are less affected by monetary policy. Bank risk-taking to enterprises who have state-owned shares and low default risk is less affected by monetary policy, but bank risk-taking to enterprises who have real estate enterprises is more affected by monetary policy. This means that the loose monetary policy environment makes it easier for non-state-owned enterprises and SME to obtain financial support, but also causing more capital flows to real estate and other industries, thus affecting financial stability.
DONG Huaping,SUN Yong. A Research on Rish Taking Channel of Monetary Policy Based on Micro Loan Data——From the Perspective of Bank Characteristics, Borrowing EnterpriseCharacteristics and Loan Contract Characteristics. Economic Survey, 2020, 37(6): 0151.
2020, Vol. 37 
