| The study of the relationship between monetary and real economy running is thefocus of debating in the monetary and financial theory. The effectiveness of monetarypolicy and the monetary policy transmission mechanism has been an explored hot inacademia. In theory, the acceleration of the process of monetization process, theestablishment and the constant expansion of currency market and capital market, allof these provide the necessary material basis for the effectiveness of the monetarypolicy. The progresses of market-oriented interest rate reform, the increasingly richand perfect of monetary policy tools provide a variety of monetary policy mix. Theseachievements in the reform of China’s financial industry improve the monetary policytransmission space, but at the same time increase the difficulty of the central bank’sanalysis and grasp to the monetary policy transmission mechanism.Indirect financing occupies an important proportion in social financing structure.The credit behavior of commercial bank has a direct impact on the effect of monetarypolicy transmission. Not market-oriented interest rate formation mechanism and smallscale of capital market cause the effectiveness of interest rate transmission channelsand asset price transmission channels of monetary policy in our country. Currently,the credit transmission is the main channel of monetary policy transmission channels.Commercial banks as an important carrier of the credit channel, its credit behaviordetermine the ultimate effect of the monetary policy directly.The paper summarizes the classical theory on monetary neutral, sort out thecredit transmission mechanism and commercial bank credit supply theory. Throughthe analysis of the status quo and change of China’s monetary policy implementation,observation the prerequisite’s availability for the effective functioning of creditchannel. Combining the three monetary policy tools, this paper detailed analysis themechanism of the impact of monetary policy to the banks’ credit supply. By means ofa simplified banks’ balance sheets, the author analysis the factors which impact thebank credit supply and its effect. Before the empirical research, the author use HPfilter research to identify and measure the type of the monetary policy. The resultsindicate that, relative to monetary policy from2001to2007, the policy has a greatfluctuation in2008,2009and2010. Generally speaking, China’s monetary policy was tightening in year of2001,2004,2005,2006,2008and2011, the monetary policy forother years are easing.Combined with domestic and foreign scholars’ research on monetary policy andthe supply of bank credit, the article build an empirical model which use variableswhich on behalf of the banks’ internal features, such as asset size, the level ofliquidity and capital adequacy ratio and so on. The introduction of cross items anddummy variables are the innovation on the basis of predecessors. The conclusionshows that monetary policy can affect the changes of banks’ credit supply. Interceptestimates in the model, which has a large gap, shows that the difference of banks’internal characteristics has a significant effect on the changes of banks’ credit supply.For all sample banks, state-owned banks and joint-stock banks, the level of creditsupply mainly determined by total assets of banks and the development level ofmacroeconomic, the total assets of banks positively related to the credit supply. For allsample banks, the capital adequacy ratio negatively related to the credit supply.Liquidity position negatively related to state-owned banks’ credit supply andpositively related to joint-stock banks’. During the joint-stock banks, the level ofassets size and the liquidity position have a great impact on credit supply. Thedifferences response of the state-owned commercial banks on monetary policy mainlyperformance in banks’ capital adequacy ratio. At last, the article give the appropriatepolicy recommendations respectively at the macro level and micro level based on theempirical results. |
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