金融科技如何影响货币政策银行风险承担渠道——基于DLM模型的研究

How Financial Technology Affects Monetary Policy and Banks’ Risk Bearing Channels—Research Based on DLM Model

摘要: 2008年金融危机后提出“货币政策风险承担渠道”概念，该渠道强调货币政策立场如何影响银行风险感知，进而影响信贷扩张、贷款质量及市场流动性等因素最终影响货币政策的实施效果。随着金融科技与商业银行深度融合，其对货币政策银行风险承担渠道的影响成为研究焦点。本文分析金融科技在此渠道中的作用，提出改进的DLM模型，探讨宽松货币政策与银行风险承担的关系，并考虑了资本状况、杠杆率的影响。

Abstract: After the 2008 financial crisis, the concept of “monetary policy risk bearing channel” was proposed, which emphasizes how monetary policy stance affects banks’ risk perception, thereby affecting factors such as credit expansion, loan quality, and market liquidity, and ultimately affecting the effectiveness of monetary policy implementation. With the deep integration of financial technology and commercial banks, its impact on the risk bearing channels of monetary policy banks has become a research focus. This article analyzes the role of financial technology in this channel, proposes an improved DLM model, explores the relationship between loose monetary policy and bank risk-taking, and considers the impact of capital status and leverage ratio.