The Econometrical Study Of Adjustment And Improvement On Industries’ Structure Caused By Monetary Policies Under The New Normal

In recent years,the new normal economy has been widely mentioned.The new normal economy is an important stage of the current Chinese economy.The main feature of this stage is the slowdown in economic growth and the mode economic development needs transformation.Therefore,the optimized adjustment of the industry structure is also an important challenge for the new normal economy.This paper focuses on the impact of the total monetary policy agency variables M2 on the development of different industries,the impact of quantitative and price-based monetary policy on investment in different industries and the impact of interest rate marketization on different kinds of monetary policies.This paper starts from the related literature analysis,putting forward the corresponding hypothesis according to the role of monetary policy mechanism,and then observes the effect that monetary policy adjustment in different industries by using impulse response diagram from the macroscopic angle.Finally related conclusions and policy implications have been drawn by using an econometric model to test the hypothesis of correlation analysis.The results of the study show that: firstly,The impact of the changes of total monetary policy M2 on financing constraints in different industries is different.The enterprise investment is largely influenced by the financing constraints.So the M2 has different effects on the investment of different industrial companies.For example,the impact of M2 has been gradually weakened on capital-intensive and technology-intensive and labor-intensive industries.Secondly,the price-based monetary policy mainly affects the investment constraints by changing the price of monetary assets,and then influences the investment of enterprises.The impact of price-based monetary policy on capital-intensive,technology-intensive and labor-intensive industries has been gradually weakened.Quantitative monetary policy affects financing constraints through chancing the money supply of financial institution,and then influences the enterprise investment.The impact of quantitative monetary policy on the investment of capital-intensive,technology-intensive and labor-intensive industries has gradually increased.Thirdly,the interest ratemarketization reform influences financial markets financing constraints of enterprises by weakening financial friction.The development of the marketization of interest rate can weaken the role of collateral in the enterprise financing.So the interest rate market can enhance the effect of the price-based monetary policy and weaken the effect of quantitative monetary policy.The following suggestions are put forward according to the conclusions of the study: Firstly,when the total monetary policy agency variable M2 is used as a mediator variable,the influence of M2 variable on the investment of different industries must be considered.And then prevent the adverse effects of M2 on the economic structure.Secondly,the characteristics of the quantitative and price-based monetary policy should be considered,and then the appropriate monetary policy should be chosen according to the regulation of the type of industry structure.Thirdly,the market-oriented interest rate reform should be continued and should reduce financial friction through the interest rate marketization reform.the transformation of China’s monetary policy from quantitative monetary policy to price-based monetary policy should be greatly promoted,and industry structure should also be optimized..