| Monetary policy transmission theory include the traditional "money view" and the non-traditional "credit view",the former based on interest rate transmission mechanism,the latter based on credit availability,the development of the information economics provides a more solid theoretical foundation for monetary policy transmission "credit view".The "credit view" consider that the cross-sectional differences in commercial bank credit supply due to the information friction,then changing the monetary policy transmission to the real economy by the effect of the credit channel of monetary policy transmission.In the transition economic environment,market-oriented economy and the financial system is relatively low.It exists the characteristics that banking play a more important role in the financial system,the interest rate is not market-oriented pricing,state-owned corporates face soft financail constraints and the economic and financial structure are in the market transition process.The feature of transition economy exacerbated the information friction of the credit market,it will effect the credit channel of monetary policy transmission,which may make it exhibit certain characteristics.From the backgroud of the transition economy in our country,we starting to investigate characteristics of credit channel of monetary policy transmission in our country and further investigate the the actual impact that the characteristics of credit channel of monetary policy transmission in transition economies effect on China’s micro-economic output.Specifically,this study mainly along the transmission mechanism of monetary policy credit expansion,the research conducted fome the transmission path to the results sequentially.First,we define the connotation of the monetary policy transmission mechanism,and make a survey on the relevant literature about the monetary policy transmission mechanism,including monetary policy transmission "money view" and "credit view",at the same time we make a comparative analysis of the domestic scholars on China’s monetary policy transmission mechanism research;Second,the study from a macro point of view of the total performance of the credit channel of monetary policy,combined with the study on the conversion of China’s credit channel of monetary policy transmission under the background of financial system transition process,we use the VAR model to test the relevant point of view;Third,we firstly use the dynamic GMM model to verify the existence as well as the performance of credit transmission channel of monetary policy in china from commercial banks’ microscopic cross-sectional data;Then,by integrating the relevant research literature on the risk-afford channel of monetary policy,we advanced our research on the risk-afford of commercial bank on the credit channel of monetary policy transmission under transition structure backgrounds of China’s commercial banks;Fourth,under the economic background of China transition economy,we use the short-term financing bonds issued data to test the effect of coexist of different nature of corporate ownership on bank-lending channel of monetary policy transmission mechanism;Fifth,from the credit demanding angle,we test the performance of balance-sheet channel of monetary policy transmission as well as financial accelerator theory in China,at the same time we test the characteristics of balance sheet channel in China under the background of transission economy;Sixth,on the basis of theoretical research results,combined with China’s macroeconomic policies since the 2008 financial crisis,we expand our research on the characteristics of China’s credit channel of monetary policy transimissin on the microeconomy business efficiency,the conclusions of our existing production capacity more serious surplus has some explanatory.Through theoretical analysis and empirical test,the paper obtained the following conclusions:1、China’s financial system dominated by indirect financing from banks gradually transformed,market interest rates have also been pushing the process,the monetary munipulate framework of People’s Bank of China converted from quantity to price-based,our research supported that although the interest rate channel of monetary policy transmission in the monetary policy transmission has improved,but the credit channel is still dominant in China’s monetary policy transmission.2、 Commercial bank’ size、liquidity and capital adequacy ratio difference in cross section have an impact on monetary policy transmission,Large scale、good liquidity and high capital adequacy ratio of the bank can effectively alleviate the impact of monetary policy changes in the size of loans of the bank,this is more obvious for the quantitative monetary policy tools.The risk afford level of larger commercial bank below the small and medium-sized banks,Small and medium-sized banks are more willing to take risks in the monetary policy tighting period,which have an impact on the credit channel of monetary policy transmission.3、Through theoretical analysis and empirical test,the bank lending channel and the balance sheet channel of monetary policy transimission mechanism are obvious in china,and because of the transition economic background,our monetary policy credit channels mainly transmited by private enterprises,and for state-owned enterprises conduction is not significant.This is mainly due to the presence of the invisible government guarantee on state-owned enterprises,the administrative provisions of China’s banking industry and the state-controled interest rate,the credit resources allocation of state-owned commercial bank prefered state-owned enterprises and the higher mortgage proportion enterprise.4、Because of the characteristics of the Credit Channel of Monetary Policy Transmission in china under the Economic Transition Background,massive macroeconomic stimulus after the financial crisis intensified the level of over-investment of state-owned enterprises,especially local government state-owned enterprises and asset-heavy industries,this is partly the reason of the current situation of China’s overcapacity in some industries.On the basis of the main conclusions of the paper,We consider it necessary to further accelerate the transition process of China’s economic system and financial system,improve the degree of market-oriented commercial banking system,to develop small and medium-sized banks and private banks,reduce the impact on the lending decisions of commercial bank from the relationship between the bank and commerce,breaking the rigid payment,improve risk pricing incentive and ability of the commercial banks.Improving the current market interest rate environment,break administrative barrier between the different market interest rates,raise market interest rates with different maturities different conduction efficiency and further improve the proportion of direct financing in our financial system,reduce the proportion of the credit transmission channel in our monetary policy transmission mechanism,reducing the impact of information friction in indirect financing system of monetary policy transmission effect,and then improving the effectiveness of monetary policy transmission. |
