An Analysis Of The Bank And Credit Cooperative Financial Products’ Impact On The Total Social Financing

Since January 2012, the website of the people’s bank of China has begun to disclosure "the total social financing " monthly data, and the social financing scale replaces M2 and yuan of new loans to become a hot new indicator. At the same time, the development of the bank and credit cooperative financial products, as an important part of social financing scale, is thriving. In order to improve the completeness of the macroscopic data and the efficiency of macroeconomic regulation and control, in 2011, financial regulatory authorities require Commercial Banks to collect the Bank and Credit cooperative financial products into the balance sheet in the implementation of monitoring and supervision.This article puts the bank and credit cooperative financial products and the total social financing of the two variables together, studies the influence of the former to the latter innovatively. Since the process of putting the bank and credit cooperative financial products and the total social financing of the two variables together is a kind of innovation, the reasoning of studies of this paper also a kind of innovation process. Details are as follows: This Article starts from interpreting the bank and credit cooperative financial products and the total social financing, and expounds the generation and development status of both at the same time. Then, this article studies the effects of changes of two rules of macro regulatory authorities’ on the two in the relationship. In this paper, theoretical analysis and empirical research are put into two parts by 2013, namely, the first collections before 2013 financial products is discussed respectively by influencing monetary policy tools, in turn, affects the social financing scale and after 2013, the collections of financial products and social financing scale mechanism analysis of the theory. And then, the collected data are divided into two parts(before and after 2013) respectively. This paper uses the method of econometrics(EG ADF unit root test, cointegration test, error correction model) to carry on the empirical research, it is concluded that before 2013,there is a long-term equilibrium relationship between the two, after 2013, there is no long-term equilibrium relationship between the two.Finally, according to the empirical results, the article concluded that there is a necessary to gradually realize the implementation of monetary policy tools from "quantitative" to "price"; to use social financing scale stock and incremental index at the same time, to handle the relationship between the encouraging innovation and strengthen the supervision.