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

摘要： 文章构建纳入监管惩罚函数的银行利润最大化拓展模型，分析了双支柱政策对银行特许权价值的影响机制以及同业关联对双支柱调控效果的影响，在此基础上选取2011—2021年中国商业银行数据进行了实证检验。研究表明：（1）紧缩的货币政策会提升银行特许权价值，搭配使用紧缩性宏观审慎政策能够进一步加强紧缩货币政策对银行特许权价值的促进效应；（2）双支柱政策主要通过紧缩性宏观审慎政策对银行信贷过度扩张与资本结构偏离的双重制约作用渠道来提升紧缩货币政策对银行特许权价值的促进效应；（3）银行同业关联对双支柱调控效果的影响呈现非对称性特征。本研究将为完善双支柱调控的政策框架及防控特许权价值维度的银行业系统性风险提供重要的理论指导与决策参考。

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