关键词: 双支柱调控, 银行特许权价值, 同业关联, 信贷过度扩张, 资本结构偏离

Abstract: The advancement of financial liberalization and the reduction of entry barriers in financial markets have gradually transformed the structure of the banking industry The competition among financial institutions has eroded the monopoly rent of commercial banks and affected the value of bank charter value The combination of macroprudential policies and monetary policies can carry out countercyclical regulation and reduce the correlation between financial institutions，thereby prevent systemic crises caused by pro cyclical effects and risk contagion effects
In order to investigate the impact of the twopillar policy framework on bank charter value，this paper constructs an expanded bank profit maximization model to analyze the impact and mechanism of the twopillar policy framework on the bank charter value and the moderating effect of interbank connection Furthermore，this paper conducts an empirical test based on the panel data of 283 commercial banks from 2011 to 2021 to provide empirical evidence 
The result show that tight monetary policy can increase the charter value of banks，and contraction macroprudential policy can further enhance the promoting effect of tight monetary policy on bank charter value，thereby achieving the regulatory effect of twopillar policies This conclusion still holds after a series of robustness tests in econometrics approaches and machine learning approaches The mechanism analysis indicates that the twopillar policy framework mainly enhance the promoting result of tight monetary policy on bank charter value through the dual constraint effect of contraction macroprudential policies on excessive lending and capital structure deviation of banks The transmission channels of “two pillar policyexcessive credit expansion/capital structure deviationbank chart value” are all effective The moderating effect analysis indicates that the impact of interbank connection on the twopillar policy regulation effect has asymmetric characteristics During the period of tightening macroeconomic prudential policies，interbank connection will strengthen the regulatory effect of twopillar policies on the bank charter value，while the impact of interbank connection during the period of loosening macroeconomic prudential policies will weaken 
The research contributions include the following：Firstly，the research constructs an expanded model of bank profit maximization and analyzes the impact of the twopillar policy on bank charter value through empirical analysis using micropanel data from Chinese commercial banks Secondly，the research examines the effectiveness of the twopillar policy in influencing bank charter value through the dual perspectives of bank credit expansion and capital structure deviation，providing valuable insights to transmission mechanisms Thirdly，the research further investigates the asymmetric influence of interbank relationships，thus deepening the understanding of the mechanisms This paper will provide important theoretical guidance and decisionmaking references for improving the policy framework of twopillar regulation and addressing systemic risks in the banking industry from the perspective of bank charter value

Key words: two-pillar policy framework, bank charter value, inter-bank connection, excessive credit expansion, capital structure deviation