Analysis Of The Impact Of Monetary Policy Transmission Mechanism Changes In The Social Structure Of Our Financing

Along with China’s financial reformation, the social financing structure experienced a big change, from an indirect financing domestic social financing system to a social financing system which indirect financing and direct financing both are importance. Social financing structure is the key part of the finance system which is a medium of monetary policy and economic, so the change of social financing structure may affect the monetary policy transmission.This paper consider that the growth of the direct financing will enhance the effect of the interest rate channel, the asset price channel and the balance sheet channel, while weaken the effect of the banking loan channel, basing on a fully research of the definition, index and the development of the social financing structure, and the impact of the social financing structure change in monetary policy transmission from theory. Then, the article made an empirical analysis to discern financing structure change shocks to the effect of monetary channel and the credit channel of monetary policy transmission based on Chinese seasonal data from1982to2010. The empirical analysis indicates that the change of social financing structure will enhance the effect of monetary channel while weaken the credit channel. But according to the further research, this article also found that in the short term, credit channels is still the main channel of our country.Base on the research, the article gave some advice to elevate China’s monetary policy transmission effect. First, vigorously develop the capital market direct financing and expand the scale and proportion of direct financing. Second, improve the effect of monetary policy transmission channel. In addition, pick up the pace of the construction of the marketization of interest rate.