| In order to better play the role of monetary policy in regulating the credit behavior of commercial banks and promote the economic transformation and upgrading,the People’s Bank of China has launched a lending facility monetary policy instrument represented by Medium Term Lending Facility(MLF)and Standing Lending Facility(SLF).Compared with the traditional monetary policy of "flood irrigation",the lending facility policy instrument is a "fine drip irrigation" type of monetary policy regulation.Its purpose is to provide liquidity to financial institutions and commercial banks that are short of liquidity in a timely manner,to encourage them to reduce the cost of capital,to put capital into key industries and weak areas,to broaden the supply channels of liquidity and to help the real economy to flourish.With China’s economy entering a new normal,the lending facility policy tool has gradually developed into an important operation tool for the central bank’s macro-control,which plays a role in guiding the flow of loans and promoting the adjustment of economic structure.In view of indirect financing is still the most important financing method for our country’s enterprises,and bank credit still occupies a leading position in our country’s financial system,it is of theoretical and practical significance to explore whether the implementation of lending facilities can effectively affect the credit behavior of our country’s commercial banks.This paper takes the lending facilities launched by the People’s Bank of China since 2013 as the research object.By manually collecting the annual report data of 100 commercial banks from 2014 to 2021,based on the perspective of commercial banks,this paper uses the panel data individual effect model to discuss the impact of lending facilities policies on the credit behavior of commercial banks in China from the aspects of the loan scale and interest rate of commercial banks.From the results of this study,it can be seen that the loan facilitation policy tools implemented since 2013 not only have a significant impact on the expansion of commercial banks’ lending scale,but also significantly affect credit prices,fully leveraging their dual effects of "quantity" and "price".Among them,the standing loan facility has a time lag effect on the policy effectiveness of commercial banks.This empirical result is tested by changing the sample size,replacing variables,adding lag variables and sub sample regression.In addition,this article also compares the policy effects of loan facilitation tools on the credit behavior of commercial banks with different ownership properties,based on the different ownership properties of commercial banks.Research has found that loan facilitation tools have varying impacts on the credit behavior of commercial banks with different ownership properties.Compared to large state-owned banks and rural commercial banks,medium-term lending facilities have a more significant impact on the credit behavior of joint-stock commercial banks and urban commercial banks,significantly expanding their credit scale and reducing loan interest rates.The utility of standing lending facilities on the credit behavior of commercial banks with different ownership properties is still not significant,and there may be a time lag. |
