Research On The Impact Of Shadow Banks On Credit Transmission Efficiency Of China's Monetary Policy

Shadow banking system in China differs from that in western countries which is concentrated on the capital market and highly securitized,its business has fewer financial innovation components based on the capital market,and mainly performs financing functions similar to commercial banks.Besides the features with maturity mismatch,credit conversion and providing liquidity,its rapid expansion has also changed the social financing system.The shadow bank's supplement to the traditional credit system has already affected the credit transmission channel mainly based on the banking system.To provide more reliable references for the central bank to implement more effective macro-control actions,we try to explore the influence of shadow banking on efficiency of the credit transmission of monetary policy.We also focus on the impact of shadow banking on the transmission of monetary policy to the real economy to provide micro-level evidence of this impact at the corporate level.At present,there are many literatures on the macro-impact effects of shadow banking on credit transmission of monetary policy.This paper also further improves the relevant theories and methods based on related research,and studies the impact of micro-effects in firms.In this paper,under the macroeconomic background of the continuous enrichment and improvement of the financial market,combining classic monetary policy theory and empirical analysis methods,we studies the influence of shadow banking on the efficiency of monetary policy credit transmission from the following aspects: Firstly,the conduction mechanism of shadow banking on monetary policy credit transmission is clearly clarified.On the one hand,we take the impact of shadow banking on the demand and supply of credit market into account,we improve the CC-LM model from both sides.On the other hand,based on this analysis,we conclude that shadow banking weakened the restraint during the period of tightening monetary policy,and strengthened the promotion effects during the expansion of monetary policy,and the weakening effect of the austerity monetary policy is higher than the strengthening effect of the expansionary monetary policy.Secondly,we analyze and summarize the current status of China's monetary policy and shadow banking development,and provide a realistic basis for the study of this article.Thirdly,based on the analysis of financial accelerator theory and theories of credit transmission of monetary policy,we conclude that the impact of shadow banking on corporate balance sheet channels is also related to corporate characteristics.It is more convenient than financing in state-owned and large enterprises,and private small and medium enterprises have been more affected by the shadow banking system.Finally,on the basis of theoretical analysis,this paper uses a state-space econometric model with time-varying parameters to empirically test the impact of shadow banking system on China's credit scale,the asymmetric effect of shadow banking on different monetary policies is verified again.Furthermore,according to the theory of Corporate Balance Sheet Channel,the paper uses panel vector autoregression model to test the microcosmic influence of shadow banking on the transmission of monetary policy in enterprises,it is confirmed that different types of enterprises are influenced by shadow banks in the transmission of monetary policy,and they are also different from their size and attributes.Finally,based on the above research conclusions,we put forward some corresponding policy recommendations on China 's monetary policy regulation,strengthening financial supervision,and guiding the standardized operation of shadow banking.We use theoretical analysis,econometric analysis,and comparative analysis to achieve the demonstration of the effect of credit transmission on shadow banking,and analyze its impact from macro and micro perspectives to make the research on this topic more thorough.It provides theoretical and practical reference for the central bank to achieve more flexible and efficient macro-control and to regulate the business of shadow banking.