Abstract: The directional regulation effect of structural monetary policy will vary greatly with the use of different policy instruments.This paper examines the transmission path and effect of structural monetary policy on agricultural enterprises.Considering the characteristics of difference, particularity and innovation, structural monetary policy can be conducted through expected path, interest rate and cost-benefit path, credit and directional support path, risk transfer and risk compensation path.Based on the micro data of agricultural enterprises, this paper uses the expanded panel FAVAR model to analyze the empirical results,finding the combination of quantitative and price structural monetary policy instruments will affect the credit availability of agricultural enterprises, and the effect is stronger than that of traditional monetary policy;the combination of quantitative structural monetary policy instruments has no significant impact on the profitability of agricultural enterprises, while the combination of price structured monetary policy instruments has a significant impact on the profitability of agricultural enterprises, but there is a lag effect.Therefore, adopting structural monetary policy instruments with price type as the main factor and quantity type as the supplement will be more conducive to alleviating the financing difficulties of agricultural enterprises and achieving rural revitalization and sustainable development.

Key words: structural monetary policy, agricultural enterprises, transmission path, panel FAVAR model, regulation effect