| Based on the fact that credit channel is the main transmission channel of monetary policy in China, bank credit has significant influence on monetary policy. As the main part of market economy, company is affected by bank credit. But the commercial credit, which is created by company when it conducts merchandise and service exchange, is out of the bank credit system. Therefore, company can create credit by itself. How company use its credit when bank credit changes would influence the scale of bank credit, affecting the performance of monetary policy.This article focuses on the influence that commercial credit has on the performance of monetary policy, analyzing the influence that commercial credit has on monetary policy through credit channel by combining qualitative and quantitative analysis.The research ideas of this article are as following:The first part is the introduction. Through analysis of the background, author lodge the significance of the research that commercial credit impact the implementation of monetary policy effects research. Article also elaborates research results of current commercial credit and monetary policy between domestic and foreign research results, comprehensive elaboration. And analyze the whole idea of this study, the research method and the innovation and lack of this research.The second part is commercial credit overview and its development. Firstly, the author introduces the concept of commercial credit, manifestations commercial credit and characteristics commercial credit Then, using descriptive statistical methods, the author introduces the development of commercial credit in our country and pointed out the main problems of commercial credit including finance function fails to be effective, a lower level of risk management, and more single species. The third part is the theoretical analysis of the commercial credit and monetary policy implementation effect.This chapter describes the basic theories of commercial credit and monetary policy. Firstly, the author gives a brief introduction of China’s main monetary policy tool. Shortly thereafter, the author introduces some theories about commercial credit and monetary policy, including the theory of commercial credit financing, the theory of commercial credit motivation theory and monetary policy, as the theoretical basis of the research. How the commercial credit impacting on monetary policy is the key analytical content of this article. First of all, the author compares the commercial credit and bank credit, and point out the substitution effect between commercial credit and bank credit. Point out that commercial credit impact on monetary policy through credit channel. Secondly, use the qualitative analysis on the impact of commercial credit for the deposit reserve policy, interest rate policy, exchange rate policy and monetary policy tools.The forth part is quantitative analysis of the effect of commercial credit and monetary policy implementation. Based on theories, for the article about the problems, the author uses empirical model to answers the questions in this section.The fifth part is research result and policy recommendations. In this part, the author according to the results of previous empirical analysis, summarize the conclusions of this study. On this basis, the author points out some policies and recommendations for formulation and implementation of monetary policy from the view of policy-makers in China.The conclusions of this article:1. Commercial credit would offset the performance of monetary policy. Empirical research shows that because of the substitution relationship between commercial credit and bank credit, the performance of monetary policy has been partially offsite.2. The offsetting influence of commercial credit is periodically. The offsetting would be different in expansion and recession period because the company would choose different commercial credit strategies based on different monetary policies. |
