Corporate Debt Financing Analysis And Empirical Broad Measure Of Money Supply Relationships

In order to deal with the impact of the international financial crisis, Chinas proactive fiscal policy and monetary policy has led to monetary credit growing too fast, the unreasonable financing structure which lead to sustainable money supply has raised concern.Now in China, indirect financing ratio is too high and the proportion of direct financing is low. We should learn Lessons from Japan who achieved economic smooth transition by developing the bond market, since2005, Chinese government has proposed "increasing direct financing scale", and focused on the development of enterprise bond market.since2008, our country has launched many kinds of directional debt financing tools such as the short-term financing bonds, bills, ABCP and so on to realize our enterprise bond growth. In addition, according to traditional view, the indirect financing derived money supply and direct financing has no such impact. This has been questioned nowadays. The proportion of enterprise debt financing holding by commercial bank,which is60%,also have monetary derived effect, which makes the discussion of enterprise debt financing’s impact on the growth of the money supply has the vital significance.Based on the qualitative analysis and quantitative analysis and with monetary derived conduction principle as the foundation framework, by introducing the money supply financing multiplier to study the impact of the increasing of enterprise financing on money supply. And implement empirical analysis according to five years monthly enterprise bonds issue size, new RMB loans, the M2incremental monthly data.The study of this article combined the western theory and the reality of China, discuss the correlation in Chinas economic background so as to get more reliable results.