An Empirical Analysis About The Influence Of Interest Rate Fluctuation On The Social Financing Scale

According to the new situation of China's increasingly diverse financial structure and expanding financial volume,the people's Bank of China put forward the new concept of social financing scale in recent years,in order to reflect the real economy from the financial system for financial support.At the same time,in the background of the interest rate marketization has been completed,the interest rate as price tool in the regulation of social financing scale has been play a more important role.Based on the theoretical analysis and empirical judgement about interest rate's effect on the scale of social financing before and after the completion of the interest rate Marketization,the article tries to answer if the interest rate really promotes the support of financial system to real economy after the completion of interest rate liberalization and in what degree the support is.The previous research related to quantitative measure of interest rate's impact on the social financing scale is less.This is the meaning of the article.This article,by reviewing the research at home and abroad,finds that the abroad literature didn't research social financing scale directly and the related research is just part of similar to the domestic research because there is no existence of this concept,and the domestic literature mainly explored the definition of social financing scale and and its suitability as the intermediary goal of the monetary.The only one article's conclusion on the same subject was inopportune or inappropriate due to lacking of data and variables in the new situation of interest rate marketization and the change of structure of social financing scale.This paper reviews the Chinese interest rate system,and the connotation of the social financing scale as well as the trend of it.Based on the impact factors of social financing scale,this article describes the transmission mechanism of central bank policy rates and market interest rate on the social financing scale.Through VAR model this paper analyzes the substitution and promotion of the different parts of social financing scale and the relationship between Shanghai Interbank Offered Rate and benchmark lending rate.This essay illustrates the influence of the benchmark interest rate on the social financing scale.All results show that China only completed the nominal interest rate marketization.Then the paper argues that the central bank should enhance the transparency of the monetary policy,weaken loan datum interest rate by gradually canceling it,and promote the financial mixed operation,and expand the participants of money market and the quotation subjects of Shibor to enhance the degree of marketization of Shibor.Finally,the shortcoming of this paper and future prospects are described.