Credit Resources Configuration And Its Policy Research

Since the reform and open,Chinese economy has developed rapidly,private enterprises contributed the vast majority of GDP.However,profitable private enterprises face serious financing restraints that financing cost and difficulty level is limited to a certain degree.Despite of this,private companies are thriving.Some researchers think,under the binary system of ownership,the environment of financial repression and less financing constraints,enterprises easy to get bank credit can transfer financial resources obtain within system outside through informal channels,so as to correct the financial resources allocation efficiency for the first time,"commercial credit" is one of the channels of financial resource reconfiguration.On the micro level,the use of commercial credit is influenced by the characteristics of the enterprise itself.From the perspective of macro-economic environment,the micro-enterprise subject may change in the process of commercial credit activities due to the change of macro monetary policy.Therefore,based on statistics of Chinese a-share manufacturing listed companies from 2005 to 2015 and taking"commercial credit"as the introduction,the analysis studied from two aspects-the micro enterprise subject and macro monetary policy,and analyzed the existence of financial resources reconfiguration effect heterogeneity of financial resources reconfiguration of different ownership nature and impact of monetary policy on financial resources reconfiguration process.The results showed that the financial resources in the system does not fully transfer to output,some of the resources moved to other places through informal financial channel,and state-owned enterprises with more bank credit of are more willing to reallocate financial resources.On the macro policy level,when monetary policy is tight,the willingness of state-owned enterprises to redeploy financial resources is more intense than that when monetary policy is loose.In the future development process,China should accelerate the reform of the financial system and form a competitive financial market so as to enhance the efficiency of enterprises and optimize the allocation of market resources.Second,our country should speed up perfecting the construction of multi-level capital market,provide enterprises with more financing channels,ease the small and medium-sized enterprises financing difficult problem.Finally,perfect the commercial credit management system,strengthen supervision,to guard against financial risks.