| As the development and perfect of monetary policy transmission channel theory, the balance sheet channel becomes one of the important mechanisms which attract more attention. The asymmetric information between bank and enterprises, bank and individuals, that is the imperfection of financial market would make the enterprises and individuals'borrow money from bank become more difficulty by decrease their credit rating which was caused by change of their balance sheet condition. Currently in China, although the large and mid size state-owned company could get fund from capital market, bank is still their main source of finance which must affect the effect of monetary policy. The change of individuals'balance sheet channel would change the individuals'willing for credit consumption.This dissertation gives an outline of the related theory of balance sheet channel and supply a comparison of international experience of several countries. The test which used the list state-owned steel and cement companies'accounting data indicates that the relationship between bank and these enterprises weakened the enterprises balance sheet channel effect. These state-owned list companies can get enough finance from bank even when the condition of their balance sheet channel is not so good. The paper supply another test which use the related individual data to measure the relationship between the individuals'housing expense and rate change. The result shows that individual would modify their housing expense when their balance sheet situation was impacted by the monetary policy changed. The results of the tests imply to decrease the asymmetric information between banks and enterprises, banks and individuals by pushing the innovation of commercial banks going forward, enhancing the construction of modern enterprise system and credit information system of enterprises and individuals. |
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