关键词: 互联网金融, 价格型货币政策, 数量型货币政策, 银行风险水平

Abstract: This paper studies how the development of Internet finance affects the regulation mechanism of monetary policy on bank risk-taking. On the whole, Internet finance weakens the regulation mechanism of monetary policy on bank risk-taking. This paper uses the GMM method to test the panel data of 194 banks in China from 2007 to 2019 and finds that moderately loose price-based and quantitative monetary policies can increase bank risk-taking. Further research finds that the four types of segmented Internet financial formats, which are payment and settlement, resource allocation, risk management, and information processing, all weaken the regulation mechanism of monetary policy on bank risk-taking. The results of heterogeneity test and bank sub-sample test show that compared with small and medium banks such as city commercial banks, rural commercial banks, and foreign banks, large banks such as state-owned and joint-stock banks can mitigate the influence of Internet finance on the monetary policy regulation mechanism. In addition, after Internet finance is included in the regulatory system, the price-based monetary policy is still effective in regulating bank risk-taking, but quantitative monetary policy is restrained by Internet finance in regulating bank risk-taking. Finally, this paper puts forward relevant suggestions to commercial banks and monetary authorities, which have some implications for macro-monetary policy regulation and stabilizing financial risks.

Key words: Internet Finance, Price-based Monetary Policy, Quantitative Monetary Policy, Bank Risk Level