Research On The Influence Of China’s Monetary Policy Credit Channel To Trade Credit

Along with the development of market economy of our country, the role of monetary policy in the national macroeconomic regulation and control is more and more important. Because of its inherent complexity, scholars have been keeping the study of monetary policy, and the highlight is the study of its effectiveness. However, the effectiveness of monetary policy is established on the basis of the transmission mechanism. In recent years, as the financial reform gradually thorough, monetary policy system gradually perfect, and the expansion of the range of operating tools, the monetary policy transmission in our country no longer rely on the credit channel. Interest rates channel, asset prices channel and exchange rate channel in the monetary policy transmission are more and more important. These three channels must be based on a sound capital market to perform well. But China’s capital market is still not perfect, being in the early stage of development, so it can’t allocate resources efficiently to affect the real economy. Therefore, the role of the interest rate channel, assets prices channel and exchange rate channel is just the beginning, and the actual effect is not obvious. So, the credit channel is still the prime transmission channel of China’s monetary policy. In the1980s, Bernanke and Blinder carried on the monetary policy credit conduction channels for a thorough research. They refined the credit transmission mechanism for bank loans channel and corporate balance sheets channel innovatively. Both of them affect the real economy through the bank credit. The intricate relationships of commercial credit and bank credit lead that the use of commercial credit impact on the effect of monetary policy.In the early days, foreign countries had started the research of commercial credit systematically, and the studies tended to be mature. However, these studies mostly took developed countries as the background, so the research on commercial credit application situation in developing countries is less. But in our country, since reform and opening up, enterprises have been using commercial credit in a state of disorder and non-standard, at the same time, researches on commercial credit were rarely. Most of the existing researches were focused on strategies on the use of the commercial credit for enterprises. The studies on the relationship of monetary policy and commercial credit were even fewer. Therefore, this article introduces the reserve requirement ratio and benchmark lending rate as a measure of the bank credit channel and the corporate balance sheet channel, studies the relationship of the use of enterprise commercial credit and the monetary policy credit transmission mechanism in our country, and expects to has a very small contribution to the research of commercial credit in our country.This paper adopts the methods of qualitative analysis and quantitative analysis, in final, carries on the analysis conclusion in comparison method. First of all, it introduces the theories of the effectiveness of monetary policy, monetary policy credit transmission mechanism, the origin of the commercial credit development as well as the relationship between the commercial credit and monetary policy. And then it uses the quantitative empirical method to research the commercial credit and monetary policy credit conduction channels, in the end, uses the comparative analysis method to analyze the empirical results. Specifically, chooses506companies which were listed in A-share before2001, and then collects their relevant financial data in2001-2008. At the same time, introduces the monetary policy variables, uses the panel data analysis methods, establishes commercial credit supply and demand models, study the relationship between them finally.Through the analysis of the empirical results, we finds that China’s monetary policy credit transmission mechanism is not perfect, there is serious delay that the deposit reserve rate’s influence on enterprise commercial credit, and benchmark lending rate has no significant influence on the use of commercial credit, so the effect of the credit transmission mechanism of the monetary policy on the whole economic is poor, at the same time, the use of commercial credit doesn’t solve the problem of the small and medium-sized enterprises financing constraints, also to weaken the effect of monetary policy in a certain extent.Through the analysis above, this paper forms its own innovations:first, it introduces the reserve requirement ratio and benchmark lending rate as a measure of credit transmission mechanism variables, and has analyzed the quantitative relationship of commercial credit and monetary policy credit conduction; second, this article adopts the method of comparative analysis, respectively in monetary policy easing and tightening period, studies the relationship between them, through the comparison, we can draw more accurate conclusions.