Research On Influence Of Monetary Policy On Interaction Between Commercial Credit And Bank Credit

Companies are increasingly focusing on the role of commercial credit in its short-term financing, and regard it as an increasingly important tool for short-term financing. It is common that corporate respond to changes in monetary policy and macroeconomic environment by adjusting the use of commercial credit and bank credit. Although China has initially formed a variety of monetary policy transmission mechanism of interest rates channel, asset prices channel and credit channel, but still based on credit channel, it is necessary to conduct a study on how monetary policy influences interaction between commercial credit and bank credit. In recent years, more and more flexible monetary policies in China and external shocks will directly or indirectly affect the gain of bank credit, and create a good opportunity for the study of this paper.To study how monetary policy influence the interaction between commercial credit and bank credit, this paper adopted the theoretical analysis, descriptive statistical analysis, quantitative analysis, comparative analysis method. This paper is divided into six chapters:Chapter One is the introduction of the background, the related theoretical, the empirical research subject and methods, the summary of the contents and framework and the main innovations and shortages; Chapter Two is the review of literature; Chapter Three is the theoretical basis; Chapter Four is the selection and statistical analysis of empirical variables; Chapter Five is the establishment of empirical model, panel data regression and the explanation of regression results; Chapter Six is the relevant policy recommendations.The research about the influence of monetary policy on interaction between commercial credit and bank credit is discussed from micro-level in this paper, the main innovations are as follows:First, by introducing a dummy variable of monetary policy (MP), this paper adopted short panel regression method to analyze the influence of monetary policy on the interaction between commercial credit and bank credit, which illustrate retarding effect of the credit transmission mechanism on monetary policy. Second, by introducing a dummy variable of external shocks (ES), this paper empirically analyzed the influence of monetary policy on the interaction between commercial credit and bank credit in the situation of an external shock. Third, by the comparison of typical industries, this paper showed that the influence of monetary policy on the interaction between commercial credit and bank credit rely on industries. The empirical results show that, on the one hand, the comparative advantage of commercial credit financing, credit rationing exists in China; On the other hand, whether in the normal period or in the period of external shocks, the credit transmission mechanism and balance-sheets transmission mechanism are effective, but they are weakened by interaction between commercial credit and bank credit, and there are differences between industries.