The Different Effect On Industry From China’s Monetary

In order to meet the different period of economic development needs, anddealing with the impact of emergencies, China’s monetary policy regulation is moreand more frequent, the use of monetary policy tools also more flexible. If use the wayof "one size fits all" to formulate and implemente monetary policy and not considerdifferent reaction degree of different property and different industries to monetarypolicy, it will affect the effect of monetary policy, and even affect the industrialstructure’s balanced.This paper aims at the research on the asymmetry effect of China’s monetarypolicy on different industry. Through the qualitative and quantitative analysis methodto analysis manufacturing ‘s consumption effect and investment effect on dilated andcontractibility monetary policy omparative, Then analysis the difference between themanufacturing industry on monetary policy, final to analysis the reasons of monetarypolicy industry effect asymmetry, use the ownership and industry’s important featureto carry on an empirical test. The structure of this paper are as follows: the firstchapter: the introduction. The second chapter: The analysis of the China’s monetarypolicy transmission mechanism. The third chapter:The analysis of the effect ofmonetary policy on the traditional manufacturing industry. The fourth chapter: Theanalysis of monetary policy’s symmetry. The fifth chapter: the study conclusion andpolicy suggestion.At present the articles about monetary policy’s effect on different industry aremostly using VAR model and impulse response,and aways use M2as monetarypolicy variables, the analysis of the reasons of industry effect’s asymmetry generallimited to theoretical analysis. Based on these pots, this paper’s possible innovation isthe use of regression analysis, put the M2, interest rates, credit quantity and exchangerate in turn into model to study monetary policy’s asymmetry effect on industry, thenuse the empirical results to explain the reasons.The main conclusion is monetary policy’s effect on most manufacturing industryare obvious, because the industry average asset liability ratio, enterprise of averagesize, current assets ratio and other important index are different, the effect ofmonetary policy on each profession also have very big distinction. The average assetliability ratio is a significant reason. In addition, the industry which has more privateassets will has more apparent effect from monetary policy.