| Finance is the core of economic center, the development of the financial sector is so intertwined with the success of economics in our country. With steady progress and deepening of the reform and open policy, in our country financial industry plays more and more important role in national economic development,and the central economic work conference considers the financial system reform as an important task domestic reform. Due to historical, institutional, emphasis, etc, the structure of China’s financial industry in the beginning show the imbalance-capital market development lags behind and the banking industry as the core. In the banking sector as the main body of financial structure under certain economic structure and the environment have made great contribution to the economic development of China, there is no doubt that China’s banking industry is the "soul" in national industry, is the core of the financial sector.China’s banking reform is "top-down" steady progress under the strict control of national. Banks are beginning to play its proper role in the economy. Since1984Central bank have impelemented the executive functions in the true sense, the implementation of monetary policy in our country have played an important role in the right time. Especially since08year financial crisis, loose monetary policy in a timely manner have prevented the economic downturn. But in recent years, faceing China’s high inflation, the people’s bank of China by tightening monetary policy, prices have been dropped to normal level, to some extent within4%, and obtained the certain effect. Control of monetary policy is from direct administrative intervention regulation to indirect regulation, with the monetization of economy, the importance of monetary policy will be self-evident.The final effect of Monetary policy’s implementation is affected by many factors, from the central bank to the conduction that caused by a variety of intermediary business and people’s behavior changes, every link of market body can cause different effect of monetary policy. China’s national conditions and characteristics of financial structure, inner determines that credit channel plays a major role in monetary policy transmission, and the importance of Banks in monetary policy transmission process. The central bank by implement-ing monetary policy influences bank loans to adjust and control the economy. Different banking structure, therefore, producing different banking behavior determines the effect of different monetary policy. Visibly, researching the banking structure on the impact of monetary policy has become urgent needs. in this background, this paper attempts to research our country banking industry structure on the influence of monetary policy and analysis to the influence of mechanism.First of this paper is the analysis of market structure theory and the development of the structure of the banking and measurement. First it introduces the history of the development of industrial organization theory,school, etc. Second, paper focus on the change history of China’s banking market structure and the measurement market structure. Observed from time clues,the changes of China’s banking history is long and exciting. The bank of China in1973, spun off from the people’s bank of China, specializing in foreign exchange Banks in our country. In1984,the twelve great official the communist party of China put forward to constructing socialist commodity economy under the planned economy, in order to meet the need of the development of the national economy, the people’s bank of China formally exercised the functions of the central bank. In January1983, the people’s construction bank of China (later in China construction bank), was independent from the Treasury, specially designed for basic construction credit loan service. In the same year, agricultural bank of China was formally restored, fully provided credit for the construction of the rural economy development.Industrial and commercial bank of China was formally established in1984, its main function was providing the main industrial and commercial credit and urban residents savings business. China’s banking reform officially boarded the historical stage, and will be new look to greet the arrival of the last decade of the last century. Since1987, our country banking industry appeared a fresh force,joint-stock Banks appeared under the call of times,as a beneficial complementarity of the big four state Banks. But what is unexpected is that after years of development, they have become a powerful market forces, plays an important role to be reckoned with in the banking sector. Structure change in China’s banking industry has been experiencing major turning point. coming21th, it is expounded with the good momentum of economic development, China’s banking industry in the economy, itself also got unprecedented development, the total assets, profits rising every year. With the entry of foreign Banks, our country gradually formed by the four big state-owned Banks as the main body, joint-stock Banks, city commercial Banks, rural credit cooperatives, foreign Banks compete against each other and complement each other in the banking system. Looking from the empirical results in this paper, the banking structure, although the top of the banking industry in our country still dominates, but the share is declining, market’competition is increasing, our country banking industry evolution from complete monopoly market for the monopoly competition market.The second of this article reserched the theory of monetary policy. as an important means of national regulation economy, monetary policy and fiscal policy is known as the national policy of "right-hand man". Study of monetary policy, domestic and foreign scholar’s research are cheskel,and fruitful. The main controversy on the discussion of the monetary policy is transmission mechanism. This article systematically combed the two monetary policy conduction way: monetary channel and credit channel. Monetary channel mainly includes the traditional Keynesian interest rate channel,i.e.according to the rate of conduction intermediary, influencing enterprise’s investment and the consumtion and ultimately affecting the output of the economy. monetary channel also includes tobin’s q theory, wealth effect and exchange way. Credit channel includes bank credit and balance sheet approach, credit way was based on wrong information referred as the theoretical basis on the market, for the enterprise outside financing and inside capital accumulation, there is exogenous financing cost,and due to adverse selection and moral hazard problems exist, when Banks lending needs to review the collateral value of enterprise and enterprise net wealth, therefore the conduct of monetary policy will change the bank’s credit behavior. Most of domestic scholars tend to believe that the credit way plays a major role in the monetary policy transmission in our country. From the perspective of the reality of the domestic, our country banking industry occupy most of the financial sector, the development of capital market and system remains to be perfect, therefore, this article also argues that pathway also is given priority to credit channel of monetary policy, and on this basis,contuning the following analysis.This is the focus of the theory, in part due to the existing literature is less, my theoretical level is limited, mainly from the theory analyzing inner mechanism of the banking structure to affect the the monetary policy of our country. Main idea is based on the SCP analysis paradigm, different structure of bank market structure of bank have different behaviors, which affect the effect of monetary policy. Respectively from the emergence of the joint-stock Banks and city commercial Banks and development; The competition among commercial Banks leads to the different behavior; As the change of banking structure, different size, different management ability of commercial bank’s credit behavior cause different effect of monetary policy such as the change of the Angle analyzes why banking structure’s impact on monetary policy transmission.The fourth of the article is empirical part, the purpose is to validate the banking structure on the impact of monetary policy in our country. First of all, simply introduces the VAR model, impulse response function of some of the basic theory, then analyses the selection of variables and data. On this basis, through the variable of stationarity and cointegration test, VAR model is established, and got the shock of M2and LOAN interest rates (LOAN) impulse response function. Finally, CR4as the proxy variable of banking structure with loans, interest rates hit different variables under the impulse response function as the proxy variables of monetary policy, on the regression analysis, and has carried on the theoretical analysis to conclusion. This paper empirical finally concluded that our country banking industry structure on the monetary policy transmission has the reverse effect, banking concentration is higher, the transmission of monetary policy is not smooth. Seen from the results, although the banking structure and effect of the M2have no correlation, but the banking structure is hindered the control of monetary policy on lending, makes monetary policy effect is not clear. Conclusion is in line with reality in our country, but because our country is mainly through credit channels transmitting monetary policy, which influence economic development and the money supply, finally presents the banking structure in China, the impact on monetary policy impact of the total amount of loans, but not obvious effects on monetary policy shock of M2. Reason one is. credit on the direction and the folk financial development in our country is not controlled by Banks, the behavior in China’s banking industry is dominated still. Growing in recent years, China’s shadow banking system, has a profound social and economic reasons, serious impact on the central bank control of the money supply in China, the banking structure on the impact of monetary policy has no effect on the money supply, it is not surprising.In this paper, the fifth part is the theory policy Suggestions. Ahead based on the analysis of several parts, we reached a conclusion that our country banking industry structure will affect the transmission of monetary policy in our country, and control of the loans have blocking effect. Therefore, it is necessary to improve the banking structure, improve our country monetary policy conduction effect. Policy Suggestions of main train is thought to reduce the concentration of banking structure in China, to improve the bank’s internal governance in order to enhance the sensitive degree of Banks in monetary policy, but it should reduc burden, let it become a real market body and the agent. In addition, goverment should pass laws and regulations to avoid the occurrence of monopoly and unfair competition, for this kind of behavior,it should increase the intensity of punishment, etc.Selected topic of the article has significance in theory and reality. As the reform in banking and monetary policy reform, is the key areas in financial industry system reform. Due to the banking industry has profound significance in our country, reform the social phenomena, but also relationship with reform of the national economy, the financial stability. The effect of monetary policy has been criticized by experts and scholars in recent years, also calls higher for the reform, mainly from the central bank’s independence and control tools. This article will be linked with monetary policy,banking structure exploration,given priority to with banking in our country, under the financial structure of the banking structure on the impact of monetary policy. And similar research in China does not see more, the existing research does not make the comprehensive explanation in theory. Trying to reference on the basis of existing achievements, this paper summarizes studies the intrinsic relationship between them and strive to innovation, slightly in offer help for the reform of theoretical research and reality.Seen most of the existing research, the research in the monetary policy effect factors related to the structure, was shown in the majority with financial structure on the impact of monetary policy. This paper tries to refine, embarks from the reality of the financial structure-the banking industry as the main part of the financial industry, the research within the financial sector influence on monetary policy banking structure,should be more specific and feasible.Existing research is mainly from the perspective of the empirical, with no practical significance for the empirical results on the analysis and policy recommendations. This article combined with the empirical research methods mainly specification, draw lessons from foreign scholars research model, combined with the theory of cross,and qualitative and quantitative combination, and in theory in this paper, the large amounts of data as evidence, and combine theory and practice... |
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