中文摘要：

由于我国特殊的国情，国有及国有控股企业占主导地位；同时随着经济开放程度的加深，私营企业、外资企业和其他非国有集体企业对经济增长贡献率不断提升。这两方面的原因加大了我国货币政策工具有效调控宏观经济的难度。然而，通过建立VAR模型对各种货币政策工具进行脉冲响应分析后认为，要提高我国货币政策工具的实际效果，必经途径是推动利率市场化和进一步深化国有及国有控股企业市场化。

英文摘要：

Due to the specific conditions of the country, the state-owned and the state-holding enterprises are playing a leading role in the economy in China. Meanwhile, along with the deepening of the degree of economic opening, the contribution to the economic growth from private enterprises, enterprises with foreign capitals and other non-state-owned or collective-owned enterprises is on the rise. Because of these two causes, the monetary policy tools of China have met greater difficulties in regulating the macro economy effectively. However, by setting up VAR model to analyze the pulse response of the various monetary policy tools, it is found that in order to improve the actual effect of the monetary policy tools, the only route to go by is to promote the market-oriented interest rate and further intensify the marketization of state-owned and state-holding enterprises.