Research On The Impact Of The Monetary Policy To The SMEs' Financing Under The Background Of Interest Rate Liberalization

There are many widely-distributed small and medium-sized enterprises(SMEs)in China,which not only incubate technological innovation and product research,but also take an essential role to provide employment,promote economic development and enhance enterprise creation.Nevertheless,due to high management risk,weak financial and other reasons,SMEs are unable to compete against large enterprises with a good credit standing and sound financial system to obtain financing credit.In this way,SMEs accounted for99% of the total number of enterprises take only 20% financial funds.The amount of their contribution to economic development does not match that of the financial resource they acquire,and the difficulties and high funds on financing severely restrict their developments.According to previous data research,their loan financing is still pessimistic although series of policies have been released to support SMEs in recent years.Current domestic researches on the impact of monetary policy on SMEs financing are carried out much more under the background of practical interest rate regulation rather than interest rate marketization.As the interest rate has been elementarily realized marketization in China since 2015,the simultaneous change of monetary transmission channel and monetary policy transmission mechanism will bring out the change of economic variable at the same time,making an effect to the financing of SMEs.Considering the above background,this research focuses on analyzing and demonstrating the approaches and effects of the change on monetary policy to the financing of SMEs through monetary policy transmission mechanism under interest rate marketization.Therefore,it is of great theoretical and practical significance to study the influence of monetary policy on SMEs financing and to alleviate the financing dilemma for SMEs in this context.Through qualitative and quantitative analysis,this paper firstly studied related theories,included the influence mechanism of monetary policy on the financing of SMEs,generated research ideas with the interest rate channel as the main line.As years 2013 and2015 are two key time points for the reform of interest rate marketization in China,the timeline from 2012 to 2017 was confirmed for this research and the private SMEs listed in the market in 2004-2009 years were selected to be the research object.Missing data of enterprises were excluded and panel data were generated.Panel fixed effect model was constructed for empirical analysis.The study found that interest rate channel of monetary policy and credit channel played their roles together under the background of interest rate marketization.As the affectingchannels of monetary policy to the financing of SMEs increase,its transmission efficiency would improve significantly,and tight-money policy could help for this as well under interest rate marketization.But it was the former being the main reason to affect financing,and the latter to reduce the difficulty.Finally,according to the results of empirical analysis,corresponding measures and suggestions were put forward from the aspects of government,financial market and enterprises,respectively.In addition to the support from government and financial market,SMEs would obtain more bank loans through concentrating on self-construction to improve their own strength.Rather than external financing,it would be easier for SMEs to achieve healthy development if they pay more attention to accumulate wealth and maintain adequate liquidity of assets.