Abstract:Macroeconomic policies affect microeconomic behavior through different channels, and these influences have significant differences under the different background of systems. With the panel vector auto regression technique, this paper studies the monetary channel and credit channel of monetary policy transmission effects on corporate capital investment under the different system background. The result shows: the two kinds of monetary policy transmission channels are positively related to the capital investment. Compared to the private enterprise, state-owned enterprise capital investment is more sensitive to two types of monetary policy transmission channels. Monetary channel has a stronger positive influence on higher level of financial development region enterprises. And the credit channel has a stronger positive influence on low level of financial development region enterprises. The results of the study could improve the efficiency of macroeconomic regulation.