Abstract:This article based on the change of economic developments and the monetary policy implementation of past decade, detailed analysis for the impact generated during the implementation of monetary policy.There are several conclusions as follows:firstly, The presence of the industry asymmetry mean that various industry have different sensitivity for the same monetary policy;secondly, financial structure is an important reason for its impact on the monetary policy of sensitivity;finally, Different financial indicators play different role in monetary policy transmission mechanism, The effect of working capital is small but total assets and debt ratio are bigger,Smaller scale enterprises are more vulnerable to the impact of monetary policy than bigger scale.

Key words:monetary policy,asymmetric effect,panel data model,impulse impact analysis