Research On Monetary Policy Interest Rate Transmission Mechanism Based On The Perspective Of Investment Behavior

Interest rate transmission mechanism plays a crucial role in the process of how monetary policy influences macroeconomic,which,through interest rate channel,monetary policy,such as changes in short-term official interest rates,will change the market interest rates,causing the change of the cost(price)of capital,and then in turn affect investment decisions.In recent years,China's central bank interest rate adjustment has became more and more frequent,which intuitively gives us the impression that the interest rate adjustment becomes more flexible and mechanism of interest rates is gradually perfect.But,according to some scholars' research,economic system's reaction to interest rates is flat,the effect of interest rate on investment and economic growth is not ideal,which is weak or useless.The reform of China's interest rate liberalization began in 1978 and took substantive steps in 1996.It was not completed until October 2015.By studying the influence of interest rate on investment,it is also a key link to judge whether the channel of interest rate transmission in China is smooth or not.Therefore,based on enterprise investment,this article researches the effectiveness of monetary policy interest rate transmission mechanism,and proposes corresponding measures and reasonable suggestions according to the conclusion.It helps to provide value for our country monetary policy research from the microscopic view and has important theoretical and realistic significance.This paper studies the effect of monetary policy rate transmission mechanism from the perspective of enterprise investment.Firstly,this study sorts out the research on the transmission mechanism of monetary policy interest rate at home and abroad,and introduces the development context of interest rate theory.Then,according to the current research and our country's specific system of monetary policy and interest rates,this paper divides monetary policy interest rate transmission mechanism into three stages:from policy rate to market interest rates;from market interest rates to bank lending rates and from bank lending rates to the real economy.In practice,the effect of monetary policy to a large extent depends on the effect of the three transmission link,at present,the scholars study more on the first two stages,less on the third stage which is the final link whether monetary policy effect is good or not.Therefore,based on the sensitivity of enterprise investment behavior to interest rates,combined with the new classical capital user cost model,this paper focuses on the effect of the third stage.Test results show that,in general,China's monetary policy can affect the investment behavior of the enterprise through the interest rate effectively,but the influence is weak,because of the enterprise property rights,enterprise scale and the degree of financial market development.The influence of interest rate conduction in there is imbalance between different enterprises,which reflects the monetary policy interest rate transmission mechanism in our country has institutional and structural problems.Therefore,to establish and perfect effective monetary policy interest rate transmission mechanism in China,we should fully consider the state-owned property right system reform,interest rate policy's pertinence,financial deepening reform and other issues.