Research On The Influence Of China's Structural Monetary Policy On Social Financing Cost

Since the financial crisis,influenced by the domestic and foreign financial situation and other factors,the transmission mechanism of China's monetary policy is not smooth,the supply and demand of funds are structurally mismatched,and the cost of social financing remains high.In order to better promote economic development,China began to implement structural monetary policies in 2013,such as loan facilitation,targeted reduction of standards,in order to dredge the transmission channels of monetary policy and reduce the cost of social financing.Whether structural monetary policy can effectively reduce the cost of social financing,as well as the impact of different types of structural monetary policy on the cost of social financing,and the extent of its effect is worth studying.Based on the related theory of structural monetary policy,this paper analyzes the current situation of the implementation of structural monetary policy and the impact path,and combines the theory and practice to analyze the impact of structural monetary policy on social financing cost.Theoretically,the level of social financing cost depends on the balance of capital supply and demand.At present,our country is still dominated by indirect financing,so the cost of social financing is largely affected by bank credit.The structural monetary policy can adjust the credit ability and the average marginal capital cost of the commercial banks,so as to promote the decrease of the real loan interest rate of the enterprises and reduce the social financing cost.Based on the transmission theory of structural monetary policy,this paper further discusses the transmission process of the impact of structural monetary policy on social financing cost.On the basis of theoretical analysis,this paper selects different types of structural monetary policy tools from 2015 to 2019,such as medium-term loan facilitation,mortgage supplementary loans,targeted reduction of representative variables and related social financing cost representative variables to establish vector autoregressive(VaR)model for analysis.The empirical results show that:(1)China's quantitative structural monetary policy tools have a strong impact on short-term social financing costs.(2)The effect of price type structural monetary policy on reducing long-term social financing cost is better than that of quantity type structural monetary policy.Different types of price type structural monetary policy have different influence on social financing cost.Compared with mortgage supplementary loan,medium-term loan convenience has greater influence on long-term social financing cost.(3)Tightening quantitative structural monetary policy will increase the cost of social financing in the short and long term.(4)However,we should pay attention to the positive effect of price structural monetary policy on social financing cost in the later stage.Generally speaking,the price type structural monetary policy can play a good role in reducing the short-term social financing cost in a certain period of time.In a word,while keeping the total amount moderate,the implementation of the structural monetary policy tools is conducive to dredge the monetary policy transmission mechanism,play the role of signal and structure guidance,promote the financial support to the real economy,and reduce the social financing cost.