In recent ten years, with the rapid expansion of the social financing amount, the social financing structure is multi-growing. Therefore, it is necessary to analyze how the effectiveness of China's monetary policy is influenced by the social financing scale and social financing structure. Through the empirical analysis of the data of 2002 -2012, it finds that the effectiveness of China's monetary policy is under more and more influences of social financing structure. The central bank should take the component of social financing structure and its change into consideration in formulating monetary policy.%近十多年来,我国社会融资规模总量迅速扩张,多元化发展趋势的社会融资结构日益显著.我国货币政策效力被社会融资规模和社会融资结构的影响如何有必要进一步深入探讨.选取 2002 年―2012 年间社会融资结构的数据进行的实证分析发现,总体上我国货币政策效力受到社会融资结构的影响越来越大,央行在制定货币政策时应该将社会融资结构的组成部分及其变化纳入考虑范围.
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