Monetary policy transmission is one of core issues in research of monetary economics. The implementation fluency affect the effectiveness and pertinence of the monetary policy, Also has very important practical significance for a country’s macroeconomic regulation and control. But due to the different perspective or using of different data, there are difference conclusions in various studies. And the academic debate on it has never stopped. Which research method is the best way to accurately grasp the essence and function of the monetary policy transmission mechanism, worth every researchers carefully thinking.At present, China’s monetary policy conduction studies literature increasingly rich. In general, monetary policy is a macroeconomic regulation and control policy, monetary policy target is part of the macroeconomic regulation and control goal, if only consider the purposes and result, the whole process can be seen as a macro economic and financial process of dynamic adjustment, from policy formulation, the specific implementation to finally applied to the real economy. Therefore, the research on monetary policy transmission in our country are mostly from the macro perspective, focuses on the central bank’s monetary policy tools to intermediary variables, and finally the analysis of the macroeconomic goals, that is, from the macro to the macros research technique.But the problem is that the monetary policy transmission can’t be accomplished just in one action. From the intermediary target of monetary policy to the ultimate goal, that is not "amazing leap" could do. The central bank’s monetary policy intentions is achieved by thousands of "economic cell"(micro-economic decision-making behavior). Summarizes all the microscopic economic decision-making reactions, they constitutes the fluctuation of macroeconomic and the total investment, then to economy’s long-term growth.Because of this, the paper focuses on the microscopic point of view from the commercial banks and the enterprise two the micro main bodies of market economy, open the monetary policy transmission process of the black box, in-depth study of monetary policy in banks and companies link microscopic conduction mechanism and conduction effect, to optimize the central bank monetary policy tools, improve the operation effect of monetary policy to find better solutions.The core content of the paper can be summarized as the following aspects:First of all, it sorts out and review theoretical and empirical literature of the monetary policy transmission mechanism both at home and abroad. Then from information asymmetry and bank balance sheets heterogeneity both theoretical framework, in-depth analyse monetary policy conduction mechanism of the micro level of bank. From the view of the theoretical model, it explains the effect of the allocation during monetary policy on bank lending practices of the degree of information asymmetry, as well as the bank’s balance sheet characteristics in the process of monetary policy transmission mechanism of action.Next, according to the characteristics of the bank-dominated financial system in our country, it reviews the bank lending channel of monetary policy transmission in our country’s economic and financial environment from macro perspective. Then it uses bank’s data to evidence lending channel of monetary policy transmission in China, analysis our country commercial bank as microscopic behavior main body, the size of its capital, capital adequacy ratio level, profit margins, liquidity, etc. The balance sheet characteristics influence the type and extent of monetary policy transmission mechanism.Empirical study results show that the bank lending transmission channels of monetary policy in our country exists, but the conduction process is not open, effect is not ideal, in the Monetary policy process, the role of the money supply in Banks’ lending transmission channels effect well, while the central bank use benchmark deposit and lending interest rates monetary policy effect is poorer. Interest rate marketization in our country is still far from complete.Another important aspect of this paper is research of China’s monetary policy transmission channels of the balance sheet from the level of enterprise financing choice. First of all, set a hypothesis by constructing of a theoretical model, then research the enterprise heterogeneity characteristics and the relationship between corporate financing options and interest burden, and has carried on the inspection to the asymmetric effects of monetary policy. Studies have found that effect of the balance sheet is more significant in our country monetary policy conduction. Enterprise balance sheet characteristics variables can significantly affect a bank loan financing, and monetary policy is change the number of bank loans by influencing the enterprise’s balance sheet, which affect the investment level of the enterprise.But considering different enterprise types, monetary policy transmission channels through corporate balance sheets are complex, not all types of enterprises make sensitive response to the central bank’s monetary policy. Our country monetary policy conduction at the enterprise level mainly through small and medium-sized enterprises, bank dependent enterprises, high leverage and low margin business. The regulation of monetury policy effects and quality still needs further improvement. |