The Research About How The Changes Of Moneytary Policy Impact The Efficency Of Commercial Bank In Our Country

In recent years,the macroeconomic situations of our country become more complicated with the influence of a number of factors at home and abroad.In order to control the fluctuation of economic,and ensure fast and good development of the whole national economy,state macro-control has been put into effect with the guiding principle of prudence and flexibility.Monetary policy as an important means of macroeconomic control,has been adopted with an unprecedented frequency,which experienced a changing process of "prudent -tight-moderately easy".As a whole,monetary policy has played a positive role.During the process of the transmission of monetary policy,commercial banks play an important "channel" role.On the one hand,it influence the direction and quantity of the capital flowing through the control of bank credit;on the other hand,it influence the supply and demand of capital through the price of capital:"interest rates".However,as enterprises operating currencies,the commercial banks have their own mission to pursuit "profit maximization".Changes in monetary policy would affect the operation of commercial banks through a variety of ways,either directly or indirectly.Frequent policy changes even form a kind of "uncertain risk" for banks.How to achieve the mission of the monetary transmission and complete the sound development of its own at the same time? It is necessary to have a more clear understanding on the degree and channels of the impact which monetary policy make to commercial banks,in order to find effective means to avoid "policy risk".This paper attempts to resolve this issue by theoretical and empirical analysis.Efficiency is one of the core propositions of economics,which refers to the relationships of input and output,costs and benefits.As an evaluation index of the commercial banks' operation,efficiency is more scientifically and accurate than financial indicators,which could recognize the factors that impact on the banking operations.In this paper,a clear purpose and significance of the research topics has been discussed firstly.In the part of literature review,it systemizes all the relevant theoretical literature existing home and abroad about monetary policy and the efficiency of commercial banks and makes a brief evaluation,which make a positioning for the topics in the field of research. Then,makes a general theoretical analysis on impact of the monetary policy on the efficiency of commercial banks:the separated introductions of the general theories of monetary policy and the efficiency of commercial banks,and finding the bonding point of the two concepts, making the assumption:the three major monetary policy intermediate goal(the volume of money supply,loans and credit interest rates) will directly affect the cost and revenue of commercial bank,so,changes in monetary policy will have an impact on the efficiency of commercial banks.In empirical Study,the paper selects eight commercial banks(including four state-owned commercial banks,four joint-stock banks)for samples,uses their data from 1996 to 2007.,calculates every efficiency of each year through stochastic frontier analysis (SFA).And then it takes the efficiency value as dependent variable,takes money supply, loans interest rates,and the rate of loan growth as three independent,makes regression.It also makes a comparative analysis between state-holding commercial banks and joint-stock banks. Empirical results show that the volume of money supply and interest rate levels affect the efficiency significantly,but the impact of growth rate of bank loans does not significantly, and the degree of the impacts of different variables varies.According to the empirical results, the paper analyses the correlations and the impact degrees of the monetary policy tools of different types to the efficiency.At last it makes qualitative and quantitative explanation for the results.Finally,in view of the results of theoretical and empirical analysis it puts forward policy recommendations for commercial banks about avoiding the uncertain risks of monetary policy. Firstly,to strengthen the study of macroeconomic situation in order to improve the level of forecasting policy changes,which make commercial banks could prepare for them.Secondly, to speed up the progress of interest rates liberalization,improving operating efficiency. Thirdly,to strengthen intermediary business,using non-interest income to stabilize the fluctuations of interest income.Fourthly,using legal weapons to resolve the problem of loan default under the tight monetary policy properly.And we must have an complete and objective understanding on the effect of monetary policy and play its positive role avoiding the negative effects.