Shadow Banking,Monetary Policy And Said Me Financing

In recent decades,small and medium-sized enterprises have become an indispensable part of China's market economy.In the process of smes' development,financing difficulties and narrow financing channels have always been obstacles to their development.After the 2008 financial crisis,the central bank adopted a moderately easy monetary policy,cut the deposit and loan reserve ratio,expanded domestic demand,and increased the financing scale of smes.Shadow banking emerged in China mainland in 2003.The financial crisis in 2008 led to the explosive growth of financial innovative products,and the scale of shadow banking gradually increased,which affected the impact of monetary policy on sme financing.Based on this background,this paper discusses the impact of monetary policy on financing of smes under the development of shadow banking,seeks for the optimal policy tools,puts forward good solutions,and puts forward correct guidance for the development of shadow banking,so as to improve the regulatory mechanism of monetary policy on financing of smes.First of all,this paper summarizes the previous research results,focusing on the study of monetary policy,small and medium-sized enterprise financing,shadow banking correlation literature,in order to have a more comprehensive understanding of the interaction mechanism between the three.Then,the paper theoretically discusses the influence of shadow banking and monetary policy on sme financing,focusing on the regulatory effect of monetary policy on SME financing under the background of shadow banking development.Thirdly,based on the development and correlation of the three factors,the paper makes an empirical analysis.PVAR model is used to analyze the impact of monetary policy on sme financing,and the analysis shows that market interest rate has the greatest impact on sme financing,followed by statutory reserve ratio and broad money supply.Then consider the development of the shadow banking,after joining the shadow banking variables using the SVAR model was analyzed,and the legal deposit reserve rate,broad money supply(M2)for small and medium-sized enterprise financing,the influence of the analysis show that the shadow banking's impact on small and medium-sized enterprise financing is the largest,the second is the legal deposit reserve rate,broad money supply,market interest rates.Aiming at the conclusion of empirical analysis,this paper puts forward relevant policy Suggestions.Since shadow banking has the greatest impact on financing of smes,the development of shadow banking should be guided correctly in the first place.Secondly,expand the financing channels of small and medium-sized enterprises;Finally,starting from the monetary policy to improve the regulatory effect,multi-pronged to solve the financing difficulties of small and medium-sized enterprises,financing channels narrow provided an effective way and ideas.