Research On The Impact Of Shadow Banking Of Non-financial Enterprises On The Transmission Mechanism Of Monetary Policy

Since the 2008 financial crisis,people from all walks of life have begun to pay attention to the issue of shadow banking,and the study on shadow banking has also obtained achievements at home and abroad.However,unlike the Western shadow banking,China's shadow banking is still dominated by financing,including the participation of non-financial enterprises,which often play the role of credit intermediary.Shadow banking enterprises also have the function of credit creation.Under the transmission channels of various monetary policies implemented by the central bank,the most urgent problem to be solved now is how to guide the healthy development of corporate shadow banking and optimize the monetary policy.As a special existence of shadow banking system in China,shadow banking of non-financial enterprises is an increasing significance to credit markets and substantial economy,but there is barely research of its impact on the transmission mechanism of monetary policy in the theoretical circles.Based on Chinese current conditions,this thesis first reviews the literature on shadow banking,non-financial corporate shadow banking and monetary policy.Subsequently,the thesis analyzes the mechanism of monetary policy transmission mechanism and discusses the influence mechanism of non-financial corporate shadow banking on monetary policy transmission mechanism.After the theoretical analysis,this thesis introduces the shadow banking enterprise into the DSGE model,and constructs a five-sector dynamic stochastic general equilibrium model including family,bank,shadow banking enterprises,other enterprises and monetary authorities.This thesis measures the degree of shadow banking enterprises with financing efficiency,and dynamically simulates the impact of corporate shadow banking on the transmission mechanism of monetary policy.The research shows that enterprise shadow banking has a positive impact on credit supply and credit terms,and weakens the effect of monetary policy.Enterprise shadow banking is good to solve the problem of financing difficulties,but bad to solve the problem of high cost of financing.In addition,it is found that enterprise shadow banking has not changed the overall impact of monetary policy,but it does have increased the fluctuation range of interest rate,reduced the shocks of credit and investment of SMEs and total output.The longer the interest rate shock continues,themore volatile economic variables will be,such as credit scale,investment,output and so on.This means that although enterprise shadow banking still has the problems in the current,such as lagging supervision and opaque development,we should not deny its positive role and restrain its development.The correct approach is to actively regulate the scale and the credit direction of corporate shadow banking while strengthening supervision.