The Analysis Of The Impact Of The Loan Rate Stickness On The Investment Of Commercial Banks In China

As one of the most important means of macro-control,the use of the interest rate in monetary policy has get more and more attention.The interest rate play a role of leverage in the economy to optimize the allocation of resources, curb inflation,reflect the current state of the economy and regulate the supply of funds. One of the main ways of monetary policy to take effect is to influence the investment through the interest rate, and thus have an impact on the national economy.In order to play a better role of the interest rate,there is a necessary to establish a fair regular and transparent economy environment where the money market and capital market can influence and interact each other. The reaction of the loan rates influence by the money market interest rates is reflected in the loan rate stickiness,which is a good connection of money market and capital market.The research of the influence of investment affected by the loan rate stickiness can help us gain a better understanding of the effect of the interest rate transmission mechanism of monetary policy, whether it can effectively affect the economy, and whether it can achieve the objectives of monetary policy.In the background of market reform of the interest rate, from the side,it reflect the results of the market reform of the interest rate,and it also has a practical significance very well.To study the infilence of the loan rate stickiness on investment, This article established a theoretical foundation based on the mechanism of loan rate stickiness affect on investment.Based on the study about the loan rate stickiness is less,we firstly introduce the concept of the loan rate stickinsee,and we also make a detailed summary of the measure method of the loan rate stickinsee. Then I choose the loan rate curve model as the best measure to estimate the loan rate stickiness.I associate the money market, financial market and the investment of transmission to illustrate the mechanism of loan rate stickiness affect on investment and the theory of different loan rate stickiness lead to different size of investment by using the graphic.The different of loan rate stickiness will affect the slope of the loan market demand curve,which will affect the transmission from monetary policy to financial markets,then the change of loan rate may make the invset change.Secondly, this article analysis the current situation of the loan rate stickiness and investment in our country.I describe the change of nominal loan rate,real loan rate and money market rate in details,and calculate the nominal loan rate stickiness and the real loan rate stickiness from the first quarter of 1997 to the second quarter of 2014 by using the curve of loan rate.I find the nominal loan rate stickiness is too large and the real loan rate stickiness is moderate. In order to lay the foundation of empirical test,the article have a further study of the relationship between nominal loan rate stickiness of loans and investments,as well as the relationship between real loan rate stickiness and investment.Then, this paper puts forward two hypotheses based on theoreticalanalysis and situation analysis. We This paper builds two VAR models by the results of nominal loan rate stickiness and real loan rate stickiness separately with money supply,consumption, fiscal expenditure, export amount,investment in fixed assets of the whole society.It also through the empirical results of Unit root test,cointegration test, stability test,pulse response analysis and variance decomposition analysis to verify the hypotheses,and the effect of the real loan rate stickiness on investment is more and more quickly than the effect of the nominal loan rate stickiness on investment.Finally, we summarizes the empirical results and puts forward five relevant policy recommendations.One is to accelerate the interest rate marketization reform;Two is to improve the economic subject interest rate sensitivity;Three is to strengthen the central bank’s monetary policy operation ability;Four is to promote the effective communication of monetary market and capital market;Five is to strengthen the construction of the market of commercial bank.