Abstract: Based on the loan data of A-share listed companies and commercial banks in Shanghai and Shenzhen from 2012 to 2019, this study investigates the impact of monetary policy shocks on the credit supply of commercial banks, as well as the role of mortgage loan contracts in the risk taking channels of banks. Research has found that when monetary policy is tightened, banks with high leverage levels will reduce credit supply and raise loan interest rates; When state-owned or non-state-owned enterprises provide collateral for loans, they can obtain more loans, but the loan interest rate of non-state-owned enterprises is higher; For different loan types, banks will reduce the credit supply of state-owned enterprise pledge loan contracts and increase the loan interest rate of credit loan contracts, while increasing the credit supply of non-state-owned enterprise pledge loan contracts and lowering the loan interest rate of credit loans. Therefore, on the one hand, banks should prevent the "kidnapping behavior" of some poorly operated companies, and at the same time, improve the relevant regulations of the asset pricing department, actively enhance the pricing ability of the asset pricing department for enterprise movable and real estate.

Keywords: Monetary policy; Credit market; Bank risk taking channels; mortgage;