Influence of monetary policy on allocation of credit resources

摘要

Using the Monetary Policy index which offered by the People's Bank of China and the seasonal data of Chinese listed companies during 2004 to 2009, we empirically investigates the impact of monetary policy on bank loans from angles of corporate features. It shows that enterprise's bank loans are negatively related to the tight degree of monetary policy. The more tightening the monetary policy is, the stronger of company external financing constraints and the less of company's bank financing. In the meantime, we discover that during the period of tight monetary policy, comparing with state-owned enterprises, the private enterprises' bank loans decrease more; comparing with low-growth enterprises, the high-growth enterprises' bank loans decrease more; comparing with labor-intensive enterprises, the capital-intensive enterprises' bank loans decrease more; It shows that at the period of tight monetary policy, the credit resources is more likely to care state-owned enterprises and stable employment, but not to aim at raising economic efficiency.