Research On Monetary Policy Transmission Channels Based On The Perspective Of Bank-Enterprise Lending

Under the background that China's social financing is dominated by indirect financing,the bank lending channel,balance sheet channel and risk-taking channel are important channels of monetary policy transmission in China.When the micro-level bank-enterprise lending changes,it reflects the fluctuation of social financing scale at the macro level,and it further acts on the macro-economy in order to realize the regulation intention of monetary policy.Bank-enterprise lending always include the corresponding lending information of banks and enterprises.Based on the bank-enterprise loan data,matching the characteristics data of banks and enterprises can effectively identify and analyze the influence of.the heterogeneity between the bank and the enterprise on the monetary policy transmission.Therefore,unlike previous studies,this paper examines the monetary policy transmission channel from the micro perspective of the bank-enterprise lending.It reinforces the micro-foundation of monetary policy transmission and provides new empirical evidence for the micro-effects of monetary policy transmission.In addition,this paper has a important theoretical and practical significance to improve the effective of macro-control and to promote current financial reform.In background and status quo analysis,this paper combs and analyzes the monetary policy conduction environment,the development course of the monetary policy transmission channel and current status of the bank-enterprise lending.From the theoretical perspective,academic researches on monetary policy transmission channels have been relatively comprehensive and adequate.However,due to the different macroeconomic environment and financial system in different countries,there are differences in the micro-effects of various transmission channels.Therefore,in empirical research,this paper uses bank-enterprise lending data to study the bank lending channel,balance sheet channel,and risk-taking channel of China's monetary policy transmission,and analyzes the heterogeneity effect of micro-subjects in the transmission of monetary policy,explores the micro-control effects of monetary policy transmission during the 2008 international financial crisis.The study results of bank lending channel from the perspective of bank-enterprise lending show that:(1)The bank lending channel of monetary policy transmission exists in China,loose monetary policy will significantly increase the level of bank credit supply;(2)During the process of monetary policy affecting bank credit supply through the bank lending channel,bank characteristics such as bank size,capital level,and liquidity ratio play a heterogeneous role.The larger the bank,the stronger the liquidity,and the higher the capital adequacy ratio,the level of bank credit supply is less sensitive to changes in monetary policy;(3)Credit supply scale of state-owned commercial banks is not effectively influenced by one-year benchmark lending rate and legal reserve ratio.The bank lending channel mainly affect the credit scale of non-state-owned commercial banks in China;(4)During the international financial crisis in 2008,the transmission efficiency of the bank lending channel had been significantly reduced.The financial crisis had less negative impact on bank credit supply to high-capital banks and state-owned commercial banks,and loose monetary policy was more efficient in controlling credit supply to state-owned commercial banks.The study results of balance sheet channel from the perspective of bank-enterprise lending show that:(1)The balance sheet channel of monetary policy transmission exists in China,and both one-year benchmark interest rate and legal deposit reserve ratio have a significant impact on corporate loans in China;(2)When the monetary policy is transmitted through the balance sheet channel,enterprise characteristics such as enterprise size,whether it is listed,and total risk level in the industry can play heterogeneous roles,and the scale of loans for small-scale enterprises,listed enterprises,and high-risk industries is more sensitive to changes in monetary policy;(3)The balance sheet channel has a significant asymmetry in different industries in China,and the loan scale of second industry is most sensitive to changes in monetary policy;(4)A further study based on a sample of listed enterprises shows that there is basically no credit discrimination against private listed enterprises in China's credit market.Corporate loans for small-scale enterprises,low-leverage enterprises,high-yield-returning enterprises,and equity decentralized enterprises are more susceptible to the one-year benchmark interest rate;(5)During the international financial crisis in 2008,the effectiveness of the balance sheet channel was significantly reduced,and the corporate loans of small and medium-sized enterprises,listed enterprises,or high-risk industry enterprises were even more affected by the financial crisis.The study results of risk-taking channel from the perspective of bank-enterprise lending show that:(1)The bank risk-taking channel and corporate risk-taking channel based are unblocked in China.When the monetary policy is loose,banks and enterprises have higher risk taking level,and bank credit and corporate loans are larger;(2)When the monetary policy is transmitted through risk-taking channels,the greater bank size,the higher the capital ratio and profitability,the less sensitive the response of bank credit size to changes in bank risk-taking,the scale of loans for SMEs,equity decentralized enterprises,and private enterprises are more sensitive to changes in corporate risk-taking;(3)During the international financial crisis in 2008,although risk-taking level was highly sensitive to changes in monetary policy,the sensitivity of bank credit and corporate loan scale to risk-taking was significantly reduced.Small-scale banks,high-profit banks,and high-capital banks,whose credit supply were based on risk-taking channel,were more affected by the financial crisis.Large-scale enterprises,equity concentration enterprises and state-owned enterprises,whose bank loans were based on risk-taking channel,were more affected by the financial crisis.Based on the empirical results,this paper obtains the following policy implications:(1)When making monetary policies,the PBC shall fully consider the micro-effects of various transmission channels and implement differentiated monetary policies for different types of banks and industries;(2)Formulating policies to improve the multi-level capital market system and vigorously promote the equity investment wikk guide enterprises to increase the proportion of direct financing,and will improve the monetary policy transmission micro-environment;(3)In addition to supervising the operation of the banking industry,the macro-prudential assessment system should also incorporate risk-taking indicators into the assessment scope,and implement counter-cyclical dynamic adjustments to the risk-taking levels of banks and enterprises;(4)Enriching and optimizing monetary policy tools to deal with the increasingly complex economic and financial environment.