The Research On The Coupling Of China’s Monetary Policy And Entrust Loans

The transmission of monetary policy in our country is mainly based on credit channel. In the process of monetary policy credit transmission, since the existence of credit discrimination in commercial banks, which cause the enterprises that with different property rights and scale will have different external financing capacity. Besides, the adjustment of monetary policy will affect consumer spending, and then affect the internal financing capacity of enterprise. The changes in monetary policy in our country will lead to different financing capacity of enterprises with different property rights and scale. And the difference of the enterprise financing ability will make them choose the way of the entrusted loan to finance the financing. Therefore, the monetary policy will finally affect the entrusted loans by affect a series of intermediate variables. The entrusted loans as one of the "leakage effect", can rectify the misallocation of credit resources, and then speed up the capital and improve the effectiveness of monetary policy to a certain extent. Hence, this paper argues that the monetary policy and the entrusted loan mutual affect, mutual promote, and exist coupling.This paper selects the quarterly data from 2014 to 2008, and makes an empirical test about the coupling between the monetary policy and the entrusted loan. The test results show that there is a coupling between monetary policy and entrusted loans. The monetary policy’s indicator- money supply and GDP have a negative effect on the entrusted loans, and the money supply to the extent of the maximum impact of the entrusted loan. Moreover, the entrusted loan has a positive effect on the money supply and the GDP, and the entrusted loan has the greatest influence on the monetary policy intermediate target M2, more than the impact on the ultimate target economic growth and the price levels.Based on the research conclusion, this paper puts forward suggestions as perfecting corresponding laws of entrusted loans, clearing monetary policy and credit transmission channels and so on, which has a certain significance on regulating the distribution of the entrusted loans, improving and perfecting the monetary policy system.