Credit Transmission Efficiency Research From The Aspect Of Bank Credit Behavior

In Chinese monetary transmission mechanism, monetary transmission channel is restricted owing to unsocialized interest rates and unperfected monetary market, credit transmission channel is the primary transmission channel.In credit transmission channel, bank credit plays a key part, credit channel transmits smoothly depending on banks passes central monetary policy to real economic section through credit behaviors, so bank credit is adopted in this paper on behalf of credit transmission channel. Credit transmission efficiency is analyzed by the impact of bank credit against real economics variables. By contrast with credit transmission efficiency between two time series, conclusion is put forward that credit transmission efficiency since 1998 is descending, which conflicts with central monetary policy intention.The reason why credit transmission efficiency is descending since 1998 is analyzed from the aspect of banks credit. Banks' reluctance to credit is considered a key factor leading to decline of credit transmission efficiency. Firstly, owing to information asymmetry and lack of honor, banks implement credit rationing to medium and small enterprises; Then, nation-run enterprises have high bad debts and banks credit risk increases, so banks are unwilling to increase credit to nation-run enterprises; Finally, banks' high ill-loan baffles banks credit extension. In the following, the restriction against credit transmission efficiency is analyzed respectively for banks' reluctance to credit resulting from the above factors.According to causes of banks' reluctance to credit, some relevant suggestions are put forward to improve banks' willing to credit, and then to increase credit transmission efficiency.In this paper, factors restricting credit transmission efficiency from aspect of banks credit behaviors are researched to increase credit transmission efficiency and hasten monetary policy effect.