Abstract: This paper examines the influence of tight monetary policy in 2004 and expansionary monetary policy in 2009 on credit resource reallocation of Chinese listed companies based on difference-in-difference model. We find that during periods of tight monetary policy, the bank credit of non-state-owned corporate is decreased more than that of state-owned corporate, while the trade credit and net trade credit offered by non-state-owned corporate are increased more than that by state-owned corporate; During periods of expansionary monetary policy, the bank credit of non-state-owned corporate is not significant different from state-owned corporate, while the net trade credit offered by non-state-owned corporate is increased more than that by state-owned corporate. These results show that it is not state-owned corporate but non-state-owned corporate that play the role of credit resource reallocation.