Research On Bank Credit Gund Channel Under The Direction Of Supply-side Reform

After China's economic development entering the " new normal",the imbalance of real economy structure,financial resources allocation and real economic development demand has become increasingly prominent,which requires China to promote the current de-capacity,de-inventory,de-leverage,cost reduction,short board supply-side structural reform.Indirect financing is dominant in China's financial system,and bank credit fund channel is still the main channel of enterprise financing in China.The real economy is the foundation of financial development,and plays a decisive role in the flow and allocation of financial resources.whether in terms of scale expansion or hierarchical structure,the financial industry can not develop itself from the real economy,and the allocation of financial resources must match the needs of the real economy.On the other hand,financial resources are the forerunner of real resources allocation,according to the heterogeneity of financial resources to meet the financing needs of the real economy,will play an important role in the structural level of the real economy,affecting economic development.The monetary fund is the core financial resource,and the most needed financial resource of the real economy in China is the monetary fund,and the bank credit fund channel conveys the real monetary fund.In theory,bank credit funds should be seamlessly connected with the financing needs of the real economy.however,in reality,the phenomenon of " idle" and " false to virtual" of credit funds exists,which seriously deviates from the essence of the real economy of financial services.This paper focuses on the analysis of the problems of bank credit channels," leakage,bending,narrowing,blocking" four cross-infection phenomenon makes the rapid development of bank credit and the service ability of the real economy is insufficient or even degraded trend,the prosperity of bank credit and the cold and cheerless of the real economy has formed a strong contrast.Especially under the direction of supply-side structural reform,bank credit funds have not entered the real economy to be supported,but have hindered the process of economic structural adjustment to some extent.And from the bank itself,the real economy,the virtual economy and the financial supervision point of view,this paper analyzes and sums up the reasons for the poor channel of bank credit funds.By using the impulse response analysis of vector auto-regressive model,this paper makes an empirical test on the relationship between bank credit funds and the financing needs of real economy,virtual economy,real estate and small and micro enterprises,and proves that the current bank credit funds channels in China are indeed blocked by leakage from the empirical point of view.Finally,the paper puts forward some countermeasures and suggestions on how to restore and dredge the channels of bank credit funds and support the development of real economy under the direction of supply-side reform: first,to return to the essence of financial service real economy and establish the correct financial development concept;Second,broaden the channels of bank credit funds,give full play to the role of the main channel of bank credit financing;Third,to restore the bank credit channels,guide the funds to take off the false to the real;Fourth,dredge the bank credit fund channel,improve the efficiency of credit fund supply;Fifth,to revitalize the real economy,to provide more investment channels for bank credit funds.As the main channel of enterprise financing in China,the bank credit fund channel must be guided by the supply-side structural reform.in view of the problems,effective measures should be taken to introduce the bank credit fund into the real economy in a sufficient,accurate,non-drip,and smooth manner,so that the bank credit fund can be seamlessly connected with the demand of the real economy,and can be guided by the supply-side structural reform in China to really promote the development of the real economy.