The Influence Of Different Monetary Policy Tools On The Performance Of The Listed Commercial Banks

The smooth operation and development of a country's economy can not be separated from macro control.In the various means of macro control,the regulation of monetary policy is the main component.Monetary policy is determined by the monetary authorities of a country to flexibly adjust the economic according to the development situation.When demand increases,economy is overheated,and inflation expectations are expected,the central bank will adopt a tight monetary policy;When the demand is insufficient and the economy is weak,the central bank will stimulate demand,relax the money,and adopt a loose monetary policy.The effectiveness of macroeconomic control has a direct impact on the speed and quality of a country's economic development,and China is no exception.In order to maintain the high quality of the economy,it is necessary to use monetary policy flexibly.In the process of regulation and control,monetary policy should be taken into account both inside and outside.On the one hand,China's economy has entered the new normal.The economic development has also shifted from high speed to high quality development.The financial industry is going to be leveraged.All these new forms of economic development require more flexible monetary policy in China;On the other hand,China has basically completed the marketization of interest rates,and commercial banks are exploring the way of transformation.The central bank is also developing new benchmark interest rates,which have an impact on monetary policy.In the process of the implementation of monetary policy,in the process of implementing monetary policy,the intermediary role of commercial banks is inseparable from the process of monetary policy implementation,the importance is evident.But commercial banks are enterprises,the main business goal is profit.The media identity of monetary policy affects their business strategy to some extent,and sometimes even is not conducive to the improvement of business performance.It can be said that the business development of commercial banks is restricted by monetary policy.On this basis,this paper discusses how the implementation of monetary policy in China affects the business performance of commercial banks.This paper first combs the literature at home and abroad,summarizes the literature,and puts forward the problems to be solved in this paper: The influence of three different policy tools on the performance of the listed commercial banks in China.Then we will lay the foundation for the following,the theoretical part is carried out from four aspects: The one is about the theory of monetary policy,mainly combing the main monetary policy tools,analyzing the possibility of interbank interest rate as the proxy variable of new interest rate policy and the transmission mechanism of monetary policy;The two is the theory of commercial banks,which mainly introduces the evaluation system of commercial banks' operating performance and provides the basis for the selection of the explanatory variables below;The three is the theoretical analysis of the influence of different policy tools on the business performance of commercial banks,and discusses the influence mechanism under the ideal state;The four is the factors that affect the performance of commercial banks.It analyzes the scale of banks,the rate of non-performing loans,the ratio of loan to deposit and the macro aspect,so as to provide a theoretical basis for the choice of control variables.Then it is an empirical part.This paper selects 14 listed commercial banks' operating data.The period is from the 1 quarter of 2011 to the 3 quarter of 2017.According to the literature and theory analysis,we choose bank risk adjusted return as explanatory variables,and choose the statutory deposit reserve ratio,the net open market and interbank interest rate as a proxy for monetary policy,and select 3 control variables,respectively,the size of banks,non-performing loan ratio and the proportion of noninterest income.Through the unit root test,cointegration test and covariance test,the panel EGLS model is established to fit the model,adding the lag term of monetary policy in the process of regression.The model is divided into three parts,and the regression of all the sample banks,the return of the state-owned commercial banks and the return to the joint-stock commercial banks,comparing and analyzing the result.Through the analysis of the results of the regression,the following conclusions are drawn: Loose monetary policy will promote the improvement of commercial banks' operating performance,and a tight monetary policy will reduce the performance of banks;The reserve ratio of the legal deposit have less impact on the performance of the state-owned banks than on the shareholding banks,and the effect is slower;The interbank lending rate has no significant impact on the performance of two kinds of commercial banks,in terms of coefficient,the impact on the performance of state-owned banks is greater;The impact of the open market operation on the performance of the joint-stock banks is faster,and the degree of impact is only a weak difference.Finally,the conclusion of this paper is summed up and the different suggestions are put forward from the two aspects of central bank and commercial bank.For the central bank,it is necessary to speed up the change of monetary policy,to enrich the monetary policy tools,to adopt targeted monetary policy and to strengthen the publicity of monetary policy.For commercial banks,in the process of profitability,we should pay attention to the media identity of monetary policy,serve for the real economy,expand the scale rationally,and also focus on controlling risk.