| After the American financial crisis in 2008,scholars begin to play close attention to the impact of bank risk-taking behaviors to monetary policy transmission mechanism.Affected by the financial crisis in the United States,the European debt crisis and economic downward pressure,China has implemented a loose monetary policy in recent years.Loose monetary policy in the long run changes the bank’s risk appetite and risk tolerance,affecting the bank’s asset portfolio,credit asset pricing and portfolio of loans,leading an accumulation of risk of the banking system.In addition,different equity structure will impact the relationship between bank risk-taking and monetary policy.The typical character of ownership structure for china’s commercial bank is that the proportion of state-owned shares is high,but through the joint-stock reform,the introduction of an external strategic investor,private banks increase continually and the equity structure of commercial banks present a trend of diversification.Based on the data of 16 listed and 16 private Banks from 2006 to 2014,using the principal component analysis,this paper constructs a comprehensive risk variable,using the method of system GMM,this article verify the risk-taking channels of China’s monetary policy,evaluate the impact of ownership structure on bank risk-taking and analysis the effects of ownership structure heterogeneity on the relationship between bank risk-taking and monetary policy.This finding is that:first,China has the risk-taking channel of monetary policy,namely the relationship of interest rates and bank risk-taking behavior is significantly negative;Second,the risk-taking behavior of government bank is larger than that of private banks;Third,the government shares increase the sensitivity of bank risk-taking behavior to interest rates,indicating that when interest rates decrease,the risk-taking levels of government banks increase more than the levels of private banks. |
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