关键词: 货币政策调控 , 金融危机 , 银行信贷渠道

Abstract: The different characteristics of banks have influence of heterogeneity on the bank lending channel of financial crisis and monetary transmission This paper examines whether a bank lending channel exists in monetary policy transmission in China, employing loanlevel data from 2001 through 2015 Further study on whether there are crosssectional differences in response to financial crisis among the banks of different characteristics The results of our study indicate that the bank lending of monetary policy exists in China and the change in monetary policies generate heterogeneous bank credit supply If banks own larger scale, higher level of liquidity and capital adequacy ratio, the credit supply will not be sensitive to the monetary policy The financial crisis reduces the efficiency of bank lending channel in monetary policy transmission significantly, while banks of higher capital adequacy ratios and stateowned banks can alleviate this negative effect Moreover, the easy monetary policy is more efficient to control stateowned banks credit supply during the financial crisis.

Key words: monetary policy , financial crisis , bank lending channel