Study On The Influence Of China's Commercial Banks' Liquidityon The Bank Lending Channel Of Monetary Policy

In recent years,our financial market interest rate volatility is larger,especially the so-called "money shortage" event,with indirect monetary aggregates as the goal of monetary policy is hard to maintain the stability of financial markets.Central bank's monetary policy tools is to adjust interest rates or the money supply,through the credit channel,interest rates,balance sheet,etc.,to the macro economic variables,ultimately achieve the ultimate goal of monetary policy.In our country,the central bank mainly through open market operations,reserve,lending and deposit rates,liquidity supply direct intervention,such as the liquidity of commercial Banks,which affect the money supply.Due to the stock market system is not perfect,the bond market development degree is not high,mainly on the loan of indirect financing is the most main way of financing the society as a whole.Our financial market interest rate is volatility,directly reflects the importance of financial institutions liquidity regulations.Under the international payments imbalances,external shocks,capital flows,foreign exchange changes make more liquidity pattern began to change.With the emergence of the Internet financial,the financial innovation such as P2 P pattern that commercial Banks are more sensitive to changes in liquidity.Finally,the whole society debt financing demand rose faster,lead to increased demand liquidity in the banking system.08 year financial crisis exposed the flaws larger international banking liquidity regulatory framework.After the crisis,the commercial bank liquidity management become important research field of regulators and Banks themselves urgently.As an important member of the Basel committee in our country,combining with the condition of our country to strengthen the necessary liquidity regulation.Existing scholars mostly from capital constraint,the banking structure,corporate governance perspective to study the effect of monetary policy on loans of commercial Banks,with little liquidity from the perspective of theory and empirical analysis.To this end,we have a need to combine the latest regulatory index and the characteristics of commercial Banks,liquidity empirically whether liquidity regulation of monetary policy transmission channels loan role,demonstrate the existence of transmission channels of monetary policy loans on the one hand,it is more important to clarify the liquidity regulations to strengthen the efficiency of monetary policy transmission channels of credit mechanism.The empirical results show that the bank loan transmission channels exist in our country,and the improvement of the level of liquidity will improve the efficiency of monetary policy transmission channels loan.The microscopic characteristics,from the bank liquidity effect on the efficiency of monetary policy conduction loan in the bank is small or low capital adequacy ratio is more pronounced in the bank.This means that the loan transmission channels is still one of the important ways,the central bank can through the monetary policy instruments directly affect the bank credit level control;Second,the importance of liquidity regulation.Under the background of interest rate market,the commercial bank financial business and off-balance-sheet business developed rapidly,the traditional liquidity supervision indicators mainly aimed at the traditional deposit and lending business,not the reaction this feature is very good,and the liquidity coverage and net stable funding ratio more accurately reflect the duration of the assets and liabilities ratio and liquidity conditions;Finally,pay attention to the differences of microscopic structure.The central bank to implement monetary policy can consider the bank size and different capital levels,implement differentiation policy.