Research On Asymmetric Impact Of Monetary Policy On State Owned Enterprises And Private Enterprises

Asymmetry of monetary policy is mainly concentrated in the following four areas:non-symmetrical effects of monetary shocks, monetary policy in a different stage of the economic cycle asymmetry, the asymmetry of the monetary policy area research and monetary policy industry asymmetry. Studied in this paper is the asymmetric effect of monetary policy on state-owned enterprises and private enterprises. Western countries, the proportion of state-owned enterprises are very small, but in our country, the state-owned enterprises and private enterprises each occupy half, due to the heterogeneity of the state-owned enterprises and private enterprises of different ownership decision, resulting in two different ownership enterprises react to monetary policy shocks differently. Monetary policy produce asymmetric effect of the state-owned enterprises and private enterprises, mainly due to:first, market position, state-owned enterprises are generally in a monopoly position in many industries, most of the private enterprises are in a competitive market. The second line of credit, bank borrowings, the state-owned enterprises generally easier access to bank loans, and loans to private enterprises is more difficult. Third, the scale is different, special central SASAC and provincial SASAC-controlled conglomerates, its size is much larger than private enterprises.In this paper, the two models to explain the asymmetric effect of the monetary policy of the state-owned enterprises and private enterprises, a two-sector model, and the other financial accelerating factor model. In the two-sector model, it is assumed that that the One enterprises are the to out of to monopolize the market, while the the another kind of enterprise is in the a perfectly competitive market, May we can be deduced from it is the the reaction of this two kinds of the shocks of business-to-monetary policy is different, relative to the is in the fully competitive market of the enterprise, in a monopoly market at of the business-to-the the impact of in the money supply even more is not sensitive. Acceleration factor model the monetary transmission mechanism in the financial balance approach will lead to money supply shocks asymmetric effects on different enterprises, the face of the negative impact of money supply, a healthy financial position and guarantees enterprises suffered from the impact with respect to the financial position compared with and there is no guarantee the business impact should be small, in China, due to the underdeveloped capital markets, corporate finance is largely rely on bank loans, so the balance through the monetary policy transmission mechanism. Different due to the nature of ownership, the state-owned enterprises, government background, as opposed to private enterprises easier access to bank loans, reduce the event of a negative currency impact, the balance of loans from financial institutions, banks tend to reduce the line of credit to private enterprises, which led to investment in private enterprises and output by the impact of higher interest rates but also to reduce the impact of loan amount, which worsened the investment and output of private enterprises.Of course, in addition to theoretical analysis, this paper also through the VAR model and panel data model to empirical test asymmetric effects of monetary policy of state-owned enterprises and private enterprises. Currency impact of listed state-owned enterprises quarter revenues pulse response function and monetary shocks impulse response function of the quarter operating income of listed private enterprises, with over pulse response plot analysis of the monetary impact of these two enterprises of different ownership quarter operating income asymmetric affected. Panel data model, specific to each industry and joined the financial indicators of monetary shocks asymmetric effect of these two enterprises of different ownership. Finally, according to the results of theoretical and empirical analysis, given the conclusions and policy recommendations.