Study On The Monetary Policy And Credit Resources Allocation In China During The Year2001to2010

According to the listed companies’quarterly financial data and monetary policy data iring2001and2010in China, this paper examined how monetary policy affects the edit allocation size, direction as well as efficiency. The empirical research found that, aring the period of easing monetary policy, state-owned enterprises can get more credit nancing from the bank, and during the period of tight monetary policy, private iterprises suffer greater loss in credit financing. This means that there indeed is a kind f credit discrimination in China. Besides, during the times of tight monetary policy, redit financing amounts that enterprises receive from banks will reduce sharply, no atter state or private ones. However, this kind of reduction mainly happens in high rowth enterprises. At the same time, if we exclude the possibility that high growth nterprises take the initiative in bringing down their credit financing needs or they rely lore on other financing methods or their investment values have declined sharply, we an draw the conclusion that in times of tight monetary policy credit resources are surely hclined to state-owned enterprises which have a lower growth, and then credit resources fficiency decreased. Also, this paper analyzed the reason why the credit resources fficiency decreased in the aspects of asymmetric information theory in the credit market nd basic principles of commercial bank management, and then it also put forward everal possible measures and advice to raise the credit resources efficiency.