Research On The Impact Of New And Traditional Monetary Policy Tools On Private Enterprise Loans

Credit is the most important means of corporate financing.In China,due to the imperfect financial market,both public and private enterprises choose taking bank loans as the most important way of financing.Among the two types of enterprises,private enterprises are generally composed by small and micro enterprises,so they are weak in the face of external market and policy shocks.The main financing channel of private enterprises is to obtain loans from various banks.Since the birth of private enterprises after the reform and opening up,private enterprises have always been a very important part of chinese economic system.Private enterprises have absorbed more jobs than state-owned enterprises,and become the locomotive and initiative in China’s economic growth.After 2015,the trade war and the COVID-19 epidemic followed,which greatly affected the operation of private enterprises.At the same time,Chines economy also entered the "new normal".The central bank began to try to create a series of new monetary policy tools are used in conjunction with traditional monetary policy tools to try to smooth economic shocks and support the development of the real economy.Private enterprises are the focus of monetary policy tools.Therefore,exploring the effects of new monetary policy tools and traditional monetary policy tools on private enterprise loan financing and the difference in transmission through different transmission channels is of great significance for the central bank.Central bank can contin ue to adjust the direction of monetary policy and enhance the ability to regulate the money market by the reasearch.This thesis selects private enterprise loans as the research object and divides the current monetary policy tools into two categories.Focusing on the differences in the impact of new monetary policy tools such as MLF and PSL and traditional monetary policy tools such as open market business on private enterprise loans.Firstly,the thesis analyzes the principle that monetary policy tools affect private enterprise loans from the theoretical mechanism.Then studies the different impact of each monetary policy tool on private enterprise loans through vector autoregressive model(VAR)and structural vector autoregressive model(SVAR).Firstly,the vector autoregressive model of new monetary policy tools and traditional monetary policy tools is constructed.According to the results of impulse response analysis and variance decomposition,it is found that medium-term lending facility(MLF)is the most effective monetary policy tool for private enterprise loans.While in the three tools of open market business,rediscount and legal reserve,open market business is the most effective tool for private enterprises.Then,in order to further refine the research,this thesis selects medium-term lending convenience and open market business to construct a recursive structural vector autoregressive model.SVAR model can accurately identify the impact of a single variable on the system and study the difference in the effect of bank credit channel and interest rate channel on private enterprise loans.The empirical results show that whether in the bank credit channel or interest rate channel,the policy effect of medium-term lending convenience is better than that of open market business.The regulation effect of the two monetary policy tools on private enterprise loans in the bank credit channel is stronger than that in the interest rate transmission channel.In Chapter 6,this thesis studies the regional effect of MLF in the eastern,western and central regions from the perspective of the number of new private enterprises through SVAR model.The results show that MLF has a poor effect in the central region and a better effect in the western and eastern regions.Finally,according to the empirical results,this thesis puts forward policy suggestions on how to further support the financing of private enterprises and alleviate the difficulty of obtaining loans.