A Study On The Transmission Path Of Monetary Policy

China's economy has entered a new period of rapid growth over the past 30 years,in order to revive the economy,to avoid a greater crisis,an appropriate monetary policy is necessary.The transmission mechanism of monetary policy is an indispensable part of the modern central banking system,which runs through the whole process of policy formulation,concrete implementation to the final effect on the real economy.This paper focuses on the current financial environment and financing channels of China's enterprises,proves that China's current financing system is bank-led indirect financing system,and from the beginning of the two stages of monetary policy transmission,the first stage of China's The representative banks of 34 commercial banks use their annual span of non-balanced panel data from 2000 to 2015 to examine the role of China's banking sector in the transmission of monetary policy;the second stage of the use of corporate investment data as a research object,The Role of Enterprises in Monetary Policy Transmission.The main conclusions of this paper are as follows:From the bank perspective: First,the impact of interest rates on commercial bank credit is not significant,the most obvious impact on the deposit reserve ratio;Second,the deposit-loan ratio and other commercial banks,capital structure elements of commercial banks directly affect the credit does not Obviously,but still have some impact.From the enterprise perspective: First,the impact of commercial bank loans greatly improved the total amount of corporate investment changes;Second,changes in business investment in the long term significantly affected the GDP growth;Third,bank loans useless To change the gross rate of debt and financial expenses,monetary policy in the enterprise-side transmission is blocked,corporate financial position on fixed asset investment and GDP have a greater impact.Finally,the above proves that China's monetary policy of bank lending channel is existent and effective.Based on the above conclusions,the paper finally put forward the corresponding policy recommendations.