Research On The Impact Of The Monetary Policy To The SMEs’ Credit Constraint In China

Although small and medium-sized enterprises (SMEs for short) have a huge quantity, widerange and also have made great contributions to economic and social development in our country,they are always in a "weak" situation awkwardly when it comes to the access to credit financing.SMEs’ credit demand can not be satisfied effectively by commercial banks and other financialinstitutions, it is bad for the development of the SMEs, the industrial transformation andupgrading, and the macro financial stability and economic growth, this can not be ignored. In the2008financial crisis, the fact that SMEs closed down one after another has fully demonstratedthe serious harm of the credit constraints to SMEs in our country. Even though our country andthe commercial banks have adopted a series of measures for supporting the development ofSMEs in recent years, but the real data shows that SMEs in China still face more severe creditconstraints than other countries. When I found that the study of SMEs’ financing problem isvoluminous, but there are only a few specifical researches on SMEs’ credit constraints problem. Icame up with this paper, and establish the problem of SMEs’ credit constraints in our country asthe subject, to analyze the present situation and causes of SMEs’ credit constraints, and theresearch on the impact to the SMEs’ credit constraints of the macro monetary policy, and alsofind out the differences between the impact of the monetary policy to the SMEs and the largescale enterprises, and finally give my advises to the government to make it easier for SMEs toget credit surport. Based on the micro financial data of the of SMEs listed SMEs board in2007-2012and the macro monetary policy data to carry on the empirical analysis, I found thatChinese monetary policy has significant effect for SMEs credit constraints, the conduction effectof the credit channel is obviously, and the interest rate channel crowds out SMEs. And I alsofound that the impact of the monetary policy to the SMEs is bigger than the large scaleenterprises. In addition to make government departments implement differentiation of monetarypolicy to support SMEs, and commercial banks target to improve the quality of service for SMEs,SMEs also need self-improvement.