利率政策对我国商业银行风险承担的影响研究
Research on the Influence of Interest Rate Policy on Risk-Taking of Chinese Commercial Banks

2008年全球金融危机对多国经济造成深刻冲击，促使学术界探讨危机根源，金融监管部门与经济学界开始关注利率政策对商业银行风险承担的影响。在中国，商业银行作为金融体系关键部分，对经济平稳健康发展至关重要。央行利率政策直接影响银行投资决策、经营活动和风险管理能力。本文分析利率政策与商业银行风险承担，从价格型货币政策、价格型结构性货币政策及利率市场化三个维度构建框架，通过固定效应模型回归分析，发现宽松的价格型货币政策加剧风险，结构性政策缓解风险，利率市场化影响复杂，且三类政策均能有效调整资产负债规模与结构，显著影响风险承担水平。
The global financial crisis in 2008 caused a profound impact on the economies of many countries, prompting the academic community to explore the root causes of the crisis, and financial regulators and economists began to pay attention to the impact of interest rate policy on the risk-taking of commercial banks. In China, commercial banks, as a key part of the financial system, are crucial to the steady and healthy development of the economy. The interest rate policy of the central bank directly affects the bank’s investment decision, business activities and risk management ability. This paper analyzes the interest rate policy and risk-bearing of commercial banks, and constructs a framework from three dimensions: price-based monetary policy, price-based structural monetary policy and interest rate liberalization. Through the regression analysis of fixed effect model, it is found that loose price-based monetary policy aggravates risks, structural policy alleviates risks, and interest rate liberalization has complicated impacts. Moreover, the three kinds of policies can effectively adjust the scale and structure of assets and liabilities, and significantly affect the level of risk-taking.