Research On The Relationship Among Monetary Policy,Bank Loans And Corporate Performance

With the rapid development of China's multi-level capital market,especially the launch of the Science and Technology Innovation Board in 2019,the financing channels of physical enterprises have been further expanded,but the proportion of companies that can directly finance through the capital market is very small.Enterprises still rely on bank loans for indirect financing,and RMB loans issued to the real economy accounted for 81.4% of the total social financing in the same period.Considering that monetary policy is an important means of macro-control in China,the implementation of monetary policy will inevitably affect the financing behavior of micro-enterprises and be reflected in performance.Based on this,this paper focuses on the impact of monetary policy on corporate performance through bank loans,thereby examining the effectiveness of monetary policy in China at the current stage and the effectiveness of monetary policy on companies with different property rights.This paper uses a method of the combination of normative analysis and empirical analysis.Theoretically,by reviewing the previous literature,we find that the credit transmission channel of China's monetary policy occupies a dominant position,and credit discrimination based on property rights causes differences in the allocation of credit resources.In terms of empirical research,the Shanghai and Shenzhen A-share listed companies from 2007 to 2018 were used as the research object.The results show that monetary policy affects corporate performance through bank loans.Bank loans and corporate performance during the tightening period of monetary policy show a negative relationship,and a positive relationship during the easing period of monetary policy,and the effect is mainly due to short-term bank loans;the implementation of monetary policy has different effects on companies with different property rights,and the effect on non-state-owned enterprises is significantly better than that of stateowned enterprises.The efficiency of credit resource allocation in China's banking system needs to be further improved.Finally,this paper puts forward relevant suggestions for the formulation of monetary policy and the behavior of enterprises themselves.