关键词: 宏观审慎 , 资本缓冲 , 逆周期行为 , 动态面板数据

Abstract: Lots of attention had been paid to the cyclical behavior of capital buffers in the aftermath of the global financial crisis By using a dynamic panel data model, this paper analyzed how business cycle and the determinants affect capital buffers The results showed that capital buffers of Chinese listed banks had countercyclical behavior from 2002 to 2009 However, the features showed no significant differences between state-owned and non-state-owned banks, which was mainly due to significant relationship between bank capital, risk-weighted assets and business cycle The channels of capital supplement such as governmental capital injection and listing financing were important external paths to increase capital buffers in the short term How to construct the marketoriented mechanism of longterm effective capital replenishment and determine the moderate range of capital buffers became a key issue of Chinese regulatory authorities and commercial banks in the postfinancial crisis era

Key words: macro-prudential , capital buffer , countercyclical behavior , dynamic panel data model