Research On Influence Of Chinese Monetary Policy On The Relationship Between Trade Credit And Bank Credit

With the rapid development of economy, the modern enterprise use of commercial credit is more and more frequent, and the commercial credit as an effective financing tool, is becoming more and more brought to the attention of the enterprise. At present, our country’s monetary policy transmission mechanism still is given priority to with access to credit, commercial credit the advent of the implementation of monetary policy effect is reduced, so it is necessary to research in the enterprise commercial credit and bank credit related to the relationship between monetary policy and influence degree of the relationship. This study focuses on a tighter monetary policy impact on the relationship between trade credit and bank credit degree and the effect in different size and nature of property rights in the enterprise. In this paper, on the one hand, examine the micro credit transmission mechanism o f monetary policy of listed companies in China, on the other hand can also be for the monetary authorities provide certain reference for differentiation of monetary policy.This paper first defines the related concepts and the commercial credit financing motivation, and this article important concepts involved in the relationship between the literature review and the review, and then according to the credit transmission mechanism of monetary policy, monetary policy are analyzed respectively in this article mentioned the effect of two kinds of credit financing and monetary policy impact on the relationship between these two kinds of credit, and on the basis of which the hypothesis of this article. Followed by the empirical analysis, this article selects the nearly 10 years of annual data of C hinese listed companies as the research object, through the Pearson correlation analysis and multiple linear regression analysis, the whole sample enterprise commercial credit and bank credit, the relationship between monetary policy impact on the relationship between the inspection; Second sample can be divided into large-scale enterprises, small- scale enterprises, state-owned enterprises and private enterprises samples, to further study in different size, different property rights in the nature of the enterprise, the monetary policy adjustment’s influence on the relations between the two kinds of credit related degree of difference.In this paper, the following conclusions: the relationship between trade credit and bank credit in the enterprise negative relationship, namely the trade-off. When the enterprise is difficult to obtain bank credit, in order to meet the demand of the development of the enterprise funds, will seek other ways to financing, the commercial credit for financing comparative advantage will become enterprise’s financing options; The trade-off between the commercial credit and bank credit in tightening monetary policy, will become increasingly significant, according to the monetary policy credit transmission mechanism, when a tightening monetary policy, a decline in the overall supply of bank lending, the enterprise can only seek more commercial credit financing; With the tightening of monetary policy, compared with large companies, small companies can only be acquired through more commercial credit to make up for a lack of bank credit rationing; With the adjustment of monetary policy, compared with private enterprises, state-owned enterprises can get more and more stable bank lending, and private enterprises due to credit discrimination, can’t get a bank loan, can only be increased reliance on commercial credit. The existence of the commercial credit of listed companies in our country, in addition to its own comparative advantages of financing, more important is because of the bank credit rationing, the enterprise can only rely on commercial credit to cover its do not have access to bank credit. Therefore this paper holds that the market-oriented reform of financial system in our country still needs to be constantly deepening, in the process of monetary policy also need to consider the economic main body’s special status, according to the different economic subject for a different monetary policy, in order to comprehensively promote the healthy development of economy in our country.Main innovation point of this article is as follows: first, this article introduced in the model in virtual variables of monetary policy and banking credit cross variables(MP * BANK), the application of multivariate linear regression analysis of the empirical analysis of the monetary policy impact on commercial credit and BANK credit relationship, in order to measure the effect of monetary policy on the relationship between the degree. Second, this article will total samples according to the size and nature of property rights is divided into four categories, through the contrast analysis of monetary policy on the influence of two kinds of credit relationship varies because of the enterprise features.