| The main objective of monetary policy is stabilize currency and promote economic growth, and the pursuit of commercial banks is to maximize their own goals. the differences between the goals lead to the different behaviors. From the behavioral response to the economic cycle of both central bank and commercial banks, monetary policy operation is regularly inverse of economic cycle and the credit of the commercial banks has pro-cyclicality trait, that is, expanding credit when economy spreading whill contracting credit when economy slump. the Central Bank hopes that the response of commercial banks to their policies corresponds to their expectation ,But commercial banks has its own independent interest, they must pursue their utility maximization. Therefore, to effectively achieve the central bank's macro-control expectation through monetary policy ,We must deeply understand the following issues :1,Which factors influence the behaviors of commercial banks?2,Which typical behaviours have commercial banks in the transmission of monetary policy ? why do the behaviors happen?3,With the changes of monetary policy controls, how will commercial banks act when changes occur? What about the typical background of all the behaviors?According to the key issues above,The main text is as follows :Chapter 1 is the introduction. Put forward the main question , the main study methods, the main point, and the structure of the article.Chapter 2 is literature reviewed on commercial banks behaviours based on the monetary policy transmission.it first elaborated on monetary policy transmission channels:including credit and interest rate channels,asset prices channels, at the same time, I evaluate several channels.Then,commercial banks behavior Literature is Reviewed, what role do they play in the monetary transmission? What response will happen when monetary policies was carried out?Chapter 3 is a general analysis framework on the monetary policy transmission to commercial banks.with the help of the theory about the policies adjusting the behaviours, firstly I analyzes the behavior analysis assumptions, analytical methods, the factors affecting the effectiveness of policies ,then i apply the general framework to commercial banks behaviour analysis in the monetary policy transmission, the result shows that the monetary control base on the ration expatation is ineffective.meanwhile,this chapter tells what will take place when central bank adjusts the commercial bank by the monetary policy? In what case , monetary policy can be in force?Chapter IV construes the influence factors of commercial banks behaviours based on the monetary policy transmission. Analyzes monetary policy effect on commercial banks, marks out converse economic cycle traits of the monetary policy and pro-cyclicality of commercial bank behaviors , sums up that macroeconomic environment and micro-body effects on banking behaviors.Chapter V analyzes the credit supply behaviours of commercial banks based on monetary policy transmission. Firstly put forward that monetary policy affecting commercial banks credit depends on two factors:replaceable between the credit and other financial assets and the willingness and capacity of commercial banks credit supply.then construe three monetary policies tools effects on the commercial banks credit supply.combined with the development and the institution transitions of commercial banks,the adjusting and controlling means changes of monetary policies,the changes of monetary policies transmission mechanism, analyze three tools effects on the credit supply ablility of Chinese commercial banks. In this chapter, I emphasizes the interest effect on the commercial banks credit supply, and points out the interest structure distortion is the key reason of credit supply unbalance.Chapter VI analyzes the "over-credit" behavior and "grudging lending" behavior of commercial banks based on the monetary policy transmission. Prior to 1994, commercial banks displayed "over-credit" on the whole, which was originated from budget soft constrain and reversed transmission mechanism of the pressure.Lowering interest rates eight times began in 1996 and ended in 2002, has not allowed rapid expansion of commercial banks loans, Instead, generated "grudging lending", which is because of the comprehensive outcome of capital requirement limit and the lowering credit demand. The two kinds of behaviours are explained by the theory of property right and information asymmetry.Chapter VII analyzes commercial bank credit rationing based on the monetary policy transmission. Firstly states the theory development of credit rationing,then analyzes the relation between the credit rationing and monetary policy transmission,puts forward that Chinese credit rationing trend is from the unbalance to balance , points out the specaility of Chinese credit rationing.expounds the credit rationing and effctiveness of monetary policy transmission, conducts an analyse of two different credit rationing effect on the monetary transmission. at last,distinguish between the credit-grudging,crdit rationing and credit crunch.Chapter VIII analyzes credit concentration based on the monetay policy. Loans concentration in stated-owned commercial bank credit practices have always existed : Prior to 1998, loans concentration in the form of credit funds to the state-owned large and medium-sized enterprises,Although the central bank introduced to encouragelending to SMEs, But the SMEs contributed to vast majority of GDP and employment are still facing difficulty in obtaining loans; After the 1998 ,loans concentration focus on the real estate industry, This chapter focuses on the concentration of real estate loans. China's credit market has two traits: loan barely inelastic and the binary system segmentation, combining centralized model of the real estate credit (herring and Wattcher (1999)), Analyze China's loan concentration in real estate developing and household house credit. Combined withthe Asian financial crisis , stated the hazards of loans concentration on the real estates. In the case of real estate bubble and credit concentration , the central bank adopted window guidance and other credit policy combined with joint eight ministries, but it appears that the credit policy is inadequate.in the settlement of real estate loans concentration. Chapter IX construes the distribution effects of commercial banks based on the monetary policy transmission, namely because commercial banks differences in size,Property,financial health status, capital,and so on,lead to different sensitivity response to the monetary policy.this chapter especially compare the distribution effects of different countries besides America,French,Italy.the research finds different response to the monetary policy in spite of the same economic characteristics owing to different financial structure.i especially analyzed the foreign bank's effect on the monetary policy transmission because of different property right.pointed out that foreign banks is not sensitive to the monetary policy owing to easily access to international financing market or financing from parent company.meanwhile,foreign banks partly weaken the monetary tools.This paper raised the following main points:(1)During the transition period, the state-owned commercial banks are facing the dilemma of the implementation of monetary policy and the commercialization , therefore, its behaviors exist marketing and non-marketting.(2)From the monetary policy transmission perspective, effectively regulating commercial bank credit is affected by macroeconomic economic structure and and monetary policy variables ,at the same time including four main micro-bodies (enterprises, households, government, the banks themselves );(3) Commercial banks behaviors is led by "Adaptation system" mechanism and "Market Game" non-dominant mechanism, with the changes of policies ,commercial banks make corresponding adjustments and evolve from " system adaptation " to "market game ".(4) In our country, the structure distortions of interest rates and interest rate regulation caused interest rate policy conduction inefficient;(5) Commercial bank credit behaviors change from over-loans from to credit-grudging and credit rationing are throughout the economic development ,which shows the trend form the non-balanced credit rationing to balanced credit rationing, credit concentrated displays from non-profit to profit, which demonstrated the game between government intervention and financial control and commercial banks marketing incentive.(6) Commercial banks owing to its features differences (such as size, capital adequacy ratio and liquidity, ownership and other indicators) led to the distribution effect based on the monetary policy's effect on commercial banks. commercial banks has obvious behaviors differences because of the different characteristics of relative countries.The innovations features:(1) Perspective innovation. Commercial Bank behaviors of previous studies were more simple and broad. This paper studies the behaviour of commercial banks based on the monetary policy transmission, and analyzes why the commercial banks behaviors were not consist with monetary policy expectation, I break through the previous commercial banks behaviors research model.(2) For the transition period and varied institutional factors, with the central bank macro-control mode and commercial banks restrictive conditions changes, I systematically construe China's commercial bank credit behaviors based on the monetary policy transmission, explores the reasons of China's commercial banks credit behaviors Changes in transition period, deeply analyzes why the monetary policy can not effectively regulate the commercial banks behaviors;(3)Put forward the distribution effect based on the monetary policy transmission. Namely, due to size, capital adequacy ratio and liquidity levels, property rights ,commercial banks differently respond to the same monetary policy, the difference does not have complete consistency, the distribution effects is different for different countries...
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