本文基于2004-2013年16家上市银行的样本数据,构建动态面板模型,分离银行信贷渠道检验中国货币政策对银行风险承担的影响,结果表明:(1)不同货币政策对银行风险影响不一致。法定存款准备金率提高或货币供应量增加会抑制银行风险承担;而一年期定期存款利率与银行风险无显著相关性。(2)证券活动越多、存款负债比率越高的银行,其风险承担行为对法定存款准备金率和一年期定期存款利率的敏感性越强;资本水平越高、规模越大的银行,其风险承担行为对法定存款准备金率和一年期定期存款利率的敏感性越弱,但对货币供应量的敏感性则相反。银行信贷渠道代理变量影响到了银行风险对货币政策的敏感性。 Based on the sample data of 16 listed banks from 2004 to 2013, the paper builds a dynamic panel model to test the impact of China’s monetary policy on the bank’s risk exposure. The results show that: (1) The impact of different monetary policies on bank risk is inconsistent. The increase of the statutory deposit reserve ratio or the increase of the money supply will restrain the bank’s risk appetite. However, the one-year fixed deposit interest rate has no significant correlation with the bank risk. (2) The more securities activities, the higher the deposit liability ratio of banks, the risk-taking behavior of the statutory deposit reserve ratio and one-year fixed deposit interest rate more sensitive; the higher the capital level, the larger banks, Its risk-taking behavior is weaker than the statutory deposit reserve ratio and one-year fixed deposit interest rate, but its sensitivity to the money supply is opposite. Bank credit channel agency variables affect the bank’s risk sensitivity to monetary policy.