Monetary policy has a significant impact on bank loans. Loan renewal means the enterprise gain loans from the same bank again. It is different from the first credit in regulatory and information symmetry. According to the annual data of Chinese non financial listed companies in stock exchange market during the year 2006 2012, the paper investigates the relationship among monetary policy, loan renewals and investment efficiency of enterprise. The result is that it is more difficult for enterprise to get loan renewals in the period of tight monetary policy, and the enterprise that could access to loan renewals has higher investment efficiency. The paper also shows that the renewal of loans can improve enterprises investment efficiency. Thus, under the same condition, banks tend to give loan renewals rather than the first loan.