The Impact Of Credit Channel On China 's Enterprises' Export Trade

National macroeconomic regulation and control, the monetary policy is an important means, is the monetary authorities through the use of monetary policy of monetary policy tools to achieve the established objectives. In the process of using monetary policy to affect the economy, the choice of monetary policy transmission channels become very important. Because of the monetary policy transmission channels is a policy tool coupling intermediate targets of monetary policy goals of the course, so the effectiveness of monetary policy transmission channels means the effectiveness of monetary policy.The rapid development of economic in our country, after joining the world trade organization, more strong momentum of development, become the second largest trading nation in the world and the largest exporter. In our country, the implementation of monetary policy not only affects the economic growth, real spending substantial internal departments, but also through exchange rate, balance of payments, capital flows and other channels to influence China’s import and export trade. China’s monetary policy transmission way has certain uniqueness, interest rate control in China is not very obvious, often with a certain lag, and the change of interest rate need after a period of time will be reflected in the import and export trade. And, at the beginning of Chinahas been a period of time to improve the exchange rate, but after half a year to reflect on the import and export trade. Monetary policy can affect the real economy, through access to credit influence enterprises export trade in our country.In recent years, the financial system steady development of our country, the securities market is established, the process of marketization of interest rate, etc., and make use of various monetary policy tools as well as the monetary policy transmission channels to achieve the ultimate goal of monetary policy. Monetary policy can affect our country enterprise export trade through access to credit? In this article, we will take this question, on the basis of theoretical analysis, combined with China’s current monetary policy credit channel existence are analyzed and the current financial operation environment in our country, by using the method of qualitative analysis and empirical test, study the credit channel of monetary policy transmission in our country, from the perspective of theoretical and empirical proof, monetary policy can affect our country enterprise export trade through access to credit, and put forward policy Suggestions for China’s economic development.The main content of this paper can be summarized as the following respects:First introduced to our country enterprise export trade credit channel of the selected topic background and significance of topics, the influence of the study on the impact of domestic and foreign scholars on credit channel on export trade related research achievements, and has carried on the comb and reviewed in this paper. Then on monetary policy, credit channels, export trade and constraint factors related research to sort, moreover thesis research framework of this article, research methods and related instructions. The second is credit channel theoretical analysis of the influence of the export trade of China’s enterprises. After reviewing the related theories, first elaborated the credit channel theory, this paper introduces the early credit views, the balanced credit rationing theory and new Keynesian monetary policy credit transmission mechanism, the theoretical model of impact mechanism, and establish the credit channel is the credit constraint model. Then analysis the existence of the monetary policy credit channels in our country and our country credit channels on the real economy of the financial environment. From two aspects of influence mechanism and constraint mechanism, to prove that monetary policy can affect export trade through credit channels, and laid a theoretical foundation for the back of the empirical test. The following credit channel on the empirical analysis of our country’s enterprises to export trade influence. This part of the money supply, export trade company income, company size and ownership of property (such as introducing virtual variable) variable model, using the methods of multiple regression model to empirical analysis, the empirical proof for the previous theoretical analysis. Closely related to the results of theoretical and empirical analysis, finally put forward policy Suggestions. China’s monetary policy can affect export trade through credit channels, in order to promote the development of export trade, and realize the sustainable development of economy, the need to deepen the reform of the state-owned commercial Banks in China and vigorously develop small and medium-sized financial institutions, continue to deepen the process of marketization of interest rate, to develop the securities market.