The Interprovincial Difference Effect Of Monetary Policy Implementation And Entrepreneur's Confidence Transmission On Economic Growth

As China's economy has entered a new norm,economic structure facing transformation and upgrading,increase macroeconomic uncertainty,entrepreneurs confidence fluctuate,the effectiveness of monetary policy is facing challenges,therefore,research on the relationship between entrepreneur confidence and macroeconomic fluctuation and the relationship between entrepreneur confidence and monetary policy plays an important role in macroeconomic regulation and control.Entrepreneur confidence is the subjective psychological expectation formed by the entrepreneur according to the economic situation and its own economic judgment,and the entrepreneur's confidence is influenced by information,uncertainty,risk factors and so on.Entrepreneurial confidence has an impact on economic growth by influencing the investment behavior of entrepreneurs,and,with the mutual cooperation of entrepreneur confidence self realization and investment multiplier,the scale of enterprise investment expands or narrowed several times,thus enlarging or weakening the impact on the economy in a short time.The traditional monetary policy channel theory including interest rate channel,credit channel,Tobin Q theory,wealth channel,information communication channels,this paper added the entrepreneur confidence factors in different transmission channels,more comprehensive study of monetary policy impact on the confidence of entrepreneurs,as well as the two comprehensive effect on economic growth.At the same time,considering the regional effect of unified monetary policy in different regions,this paper further studies the interprovincial differences of monetary policy transmission and entrepreneur's confidence transmission to economic growth.In this paper,the provinces and cities of China are divided into eastern and western regions.Using the data of entrepreneurs' confidence index of China's provinces in-2015 in 2011,a dynamic nonlinear panel model is established to study the nonlinear relationship between entrepreneur confidence and economic growth,and the influence of entrepreneur confidence and monetary policy on economic growth.The results show that:first,the nonlinear impact of entrepreneurial confidence on economic growth is inverted U.The nonlinear relationship between entrepreneurs' confidence in the eastern region,the central region and the western region is significant to the economic growth.Second,different monetary policy tools play different roles in economic growth,price based monetary policy has stronger influence on economic growth than quantitative monetary policy.Third,in the marginal impact of tightening monetary policy with entrepreneurial confidence,the eastern region is less affected,and the central and western regions are more affected.