The Influence Of Ownership Structure On The Transmission Effect Of Monetary Policy

Faced with different views on the economic impact of ownership structures and the ambiguity between national major strategic practices and theoretical logic,this paper provides a theoretical and empirical perspective on the issue of the impact of ownership structure change on the transmission effect,mechanism and intermediary target choosing of monetary policy.Through the theoretical model construction and the empirical test of the hypotheses,this paper provides some interesting findings:First,changes in ownership structure with the proportion of state-owned economy as the main form of expression has indeed influenced the effect of counter-cyclical regulation of monetary policy,and this process is mainly achieved through credit rather than interest rate channels.Second,in the case of an increase in the proportion of state-owned economy,choosing currency rather than interest rate as an intermediate target is more conducive to smoothing economic fluctuations.Third,the state-owned economy suppresses the effect of the monetary policy by the dual effect of weakening the accelerator effect of the credit channel and being insensitive to interest rates.Forth,the effect of state-owned economy on the price mechanism is negative but not to the extent of structural change.And the research results are also robust to the asymmetry of the effect of monetary expansion and deflation.Based on the above research conclusions,the policy recommendations in this paper are as follows.:Changes in ownership structure with the proportion of state-owned economy as the main form of expression is a "double-edged sword".On the one hand,it increases the degree of economic friction and weakens the role of the price mechanism.On the other hand,it also acts as a stabilizer against external shocks and weakens the monetary policy overshoot effects transmitted through credit channels in the process of economic transformation with more severe friction.Hence,accelerating the implementation of the market-oriented reform of the state-owned enterprise,improving the external market-oriented governance mechanism of state-owned enterprises,and constructing internal governance structure in line with incentive compatibility constraints,are the key ways to eliminate the negative impact of the change of the state-owned economy on the transmission mechanism of sound monetary policy.