The Research Of Credit Channel Of Monetary Policy In China

Monetary policy transmission mechanism, the central bank use of various monetary policy tools, regulatory excess reserves of financial institutions and financial market financing conditions, regulating the whole society real money supply, so that businesses and residents continue to adjust their economic behavior, finally, making the process of the national economy to reach a new equilibrium. According to the different transmission channels, monetary policy transmission mechanism and channels can be divided into monetary and credit channels in the West on account of its financial markets mature, the basic symmetry of information, the transmission mechanism of monetary policy, the monetary channel, but in China, because financial market development time is short, the system is not perfect and asymmetric information, monetary policy transmission mechanism is the credit channel, and the Credit Channel in China has sustained. China is in the economy during the transition period, the central bank in 1998 abolished limits on commercial bank loans, the state control on the macro regulation and control by the control of direct credit into use a variety of indirect control of monetary policy instruments, the credit channel of monetary policy remains play an important role. Logical structure of this paper are:First on the theory of monetary policy transmission mechanism and on the credit transmission channel introduces aspects of domestic and international literature review, then the use of China's macroeconomic data, empirical analysis and use of listed companies in the Yangtze River Delta region of micro-financial data empirical analysis, from the macro confirmed the existence of credit channels in China and on the national economy and the different non-state conduction, from the microscopic analysis of changes in credit policy, market structure of the company's debt, particularly credit policy analysis contraction of the Yangtze River Delta in Jiangsu Province and Zhejiang Private Listed Companies listed negative impact of different macro and micro empirical analysis is also from the capital market demand and supply side analysis in both directions. Finally, the paper concluded that:First, in the present stage, the financial market is not mature enough, the system is still not perfect, the various transmission channels of monetary policy, the role of the credit transmission channel is greater than the monetary transmission channels, but also the impact of the credit transmission channel will continue, This is China's current level of economic development decisions.Second, the credit transmission channel in the industrial added value of the macro, there is state-owned economy and the difference between non-state economy, the credit amount on non-state enterprises of industrial added value/added value of state-owned enterprises is positive, indicating that when the credit to reduce the non-state enterprises including the impact of SMEs is great, which is more sensitive to credit for SMEs, large state-owned enterprises on the sensitivity of the weak credit. Financing channels for SMEs is mainly done through bank credit, bank loans sensitivity of better than large state-owned enterprises.Third, the Yangtze River Delta region through the financial data of listed companies in the micro-analysis, we have come to the time of credit tightening on the state-owned listed companies and private listed companies the impact of debt and bank loans are different, the state-owned listed companies during the credit crunch, its liabilities and loans from the bank to reduce the amount is limited and a certain inertia, but the private listed companies in the credit crunch, its debt and obtain loans from banks is very significant reduction, and reduced to a large extent liabilities and state-owned listed companies to obtain loans from banks to reduce the amount of private listed companies so the change for the sensitivity of credit policy is greater than the state-owned listed companies.Fourth, the Yangtze River Delta in Jiangsu Province, Zhejiang Province, listed companies and listed companies, we find that private listed companies in Zhejiang Province, when the credit crunch, the debt reduction, and private listed companies in Jiangsu Province liabilities reduction is quite, but the private listed companies in Zhejiang Province to obtain loans from the bank to reduce the amount greater than the private listed companies in Jiangsu Province to obtain loans from the bank's reduction, which give us a very interesting revelation is the first in Zhejiang Province more than the number of private listed companies private, Jiangsu Province, the number of listed companies, and private listed companies in Zhejiang Province is widely financing channels, not only to direct financing through the stock market can also be indirect financing through bank loans, but in the indirect financing, the existence of the role of private credit cannot obtain loans from the bank may be through the reduction of private credit to compensate. be underestimated, when the credit crunch in the private listed companies in Zhejiang Province to...