Mediation effect of risk-taking.

We observe an anomaly that SLF quantity expansion is often accompanied by higher interbank market rates. With the Shibor bid panel, this paper empirically shows that SLF easing encourages bank risk-taking activity, and amplifies bank liquidity demand. The induced demand dominates the liquidity supply effect and leads to higher interbank rates. Moreover, the risk-taking behavior of state-owned banks is more sensitive to SLF than that of non-state-owned banks. These features make SLF a better expectation management tool than a price-based or quantity-based tool for interbank market liquidity management.我们观测到一项异常现象：常备借贷便利（Standing Lending Facility, SLF）规模扩容往往伴随银行间市场利率上行。本文以上海银行间同业拆放利率（Shanghai Interbank Offered Rate, Shibor）报价面板数据为样本开展实证分析，结果表明，SLF宽松操作会激励银行的风险承担行为，并放大银行的流动性需求。由此引致的流动性需求主导了流动性供给效应，最终推高银行间市场利率。此外，国有银行的风险承担行为对SLF的敏感程度高于非国有银行。上述特征使得SLF相较于价格型或数量型货币政策工具，更适用于银行间市场流动性的预期管理。