Abstract: Based on the panel data of 165 banks from 2002 to 2017, this paper uses the feasible generalized least squares(FGLS) method to empirically test the impact of monetary policy on bank risk-taking channels from the perspective of financial structure evolution.The results show that the change of financial structure has a significant impact on the risk-taking of banks:with the increase of the proportion of direct financing, the risk-taking of banks′ assets decreases significantly, but the risk-taking of liabilities increases significantly;after controlling the role of financial structure, monetary policy also has a significant heterogeneity impact on the asset-side risk-taking and liability side risk-taking of banks,specifically, the tightening of price monetary policy makes the risk-taking of bank′s assets significantly reduced, which leads to the risk-taking of bank′s liabilities significantly increased,and the tightening of quantitative monetary policy makes the risk-taking of bank′s assets and liabilities simultaneously reduced;in addition, monetary policy and financial structure have significant interaction effects on bank risk-taking:with the increase of the proportion of direct financing, the impact of price monetary policy instruments on the risk-taking of the bank′s asset side is weakened, and the impact on the risk-taking of the bank′s liability side is not significantly changed,while the impact of quantitative monetary policy instruments on bank′s asset-side risk-taking and liability side risk-taking is weakened.The policy implications of the conclusions are of great significance to monetary authorities, regulators and commercial banks.

Key words: monetary policy, financial structure, bank risk-taking, heterogeneity