The Research Of Changes In The Structure Of China’s Social Financing On Monetary Policy Effect Of Validity

The concept of social financing scale was first proposed in December2010on the central work conference,which caused widespread concern in the community. In recent years, China’s social financing scale shows expansion of development, but at the same time, with the deepening of financial disintermediation, business commercial bank balance sheet and the rapid development of the shadow banking entities economy diversificates of financing instruments and financing channels, for traditional bank credit facilities bring significant substitution effect, the financing structure of our society has undergone significant changes, which gradually reduce the proportion of traditional credit financing. Finance is the lifeblood of the modern economy, through the optimal allocation of financial resources, it can contribute to the development of the industrial economy, provide the impetus for economic development entities. However, in recent years, with the rapid expansion in the scale of social financing and growth of non-traditional credit financing context, China preached between financial and real economic mismatch, one of China’s total social financing the extraordinary rapid growth on the other hand the real economy preached situation of weak growth, which causes a public debate on the "financial hot, cold entity" and "shadow banking" and other related issues, some scholars believe that the rapid expansion of financial data and the real economic growth speed mismatch, mainly due to a large extent, the expansion of social financing scale performance of non-traditional credit financing rapid growth in entrusted loans, trust loans, bill financing, as the representative of the shadow banking actor in non-traditional credit financing an important role.Our country is a typical bank-based financial system, but currently, non-banking financial business has occupied the scale of social financing half the sky, behind the massive expansion of the size of credit control is avoiding the risks and regulatory issues,that original of monetary policy can’t work, therefore, in this context the analysis of social change and its monetary policy effects the financing structure has a certain practical significance.This paper is divided into five parts, the first part introduces the background and significance, and changes of social connotation and financing structure of social financing scale defines related concepts, and then review on social financing scale and social financing structure situation research questions, then put forward on this article structure and methods, as well as innovation of this paper and shortcomings are described. The second part is about the changing process from the scale of social financing structure in the status quo and social finance as well as social aspects of the financing structure,describing the development of the social changes of the financing structure. The third part describes the effectiveness of the impact of social changes in the financing structure of the monetary policy, first introduces the effectiveness of monetary policy concepts and define the effectiveness of monetary policy, this paper analyzes the selection criteria, following by a brief analysis of the social changes of the financing structure the effectiveness of monetary policy, and finally selects a representative of macroeconomic indicators, analyzes the changes of social financing structure and the relevance of these indicators. The fourth part is the empirical analysis through empirical research, analysis and testing of the impact of social changes in the financing structure of the effectiveness of monetary policy, social financing structure changes in non-traditional credit financing under the shadow banking by way of empirical analysis results substantial increase will reduce the effectiveness of monetary policy, increasing the instability of monetary policy effects. The fifth part is for the empirical analysis of the conclusions and analysis on forward relevant proposals.In this paper, on the basis of existing academic research, through the financing community, defining a new concept of social financing scale that is divided into traditional credit financing, direct financing and the shadow banking narrow three-part financing, analysis and empirical research through the use of comparative France, a comparative analysis of the trend of traditional bank financing non-traditional credit financing and their differences impact on the effectiveness of monetary policy, by changing the empirical testing of traditional and non-traditional credit financing credit financing impact on the effectiveness of monetary policy. For lacking of data availability and measurement of knowledge, research has some limitations and one-sidedness, after the end of this article, I will do further research on social financing structure changes to improve the deficiencies of this article exists.