| Since 2008, the people’s bank of China has adopted a series of tightening of monetary policies, most of the theory is that due to the financial market in China still lags behind, compared with group companies, and the reliance of the tightening of monetary policy on the financial market is relatively low, the majority of its production and business operation activities is still mainly rely on its own funds the economic impact of a single enterprise smaller, in fact, the opposite is true, however, feel the pinch of monetary policy is a single small and medium-sized enterprises, especially small and medium-sized private enterprises. This phenomenon is caused by the height of the central and local governments, in order to alleviate most of the small and medium-sized enterprise financing difficult problem, a variety of fiscal and financial policy measures have issued. Causes of this phenomenon, first of all, is a group enterprise has to resist the ability of the tightening policy impact, followed by group enterprises have the ability to transfer policy tightening impact.Based on China’s a-share listed companies from 2008 to 2013 as research samples, empirical analysis on the internal capital market allocation efficiency of short term capital and efficiency. And on this basis, analyzed the different son mother company and subsidiary on the sensitivity difference of monetary policy, thus group big enterprise under the tight monetary policy studies the role of internal capital markets. In this paper, we study not only enriches the monetary policy transmission mechanism and the research achievements of commercial credit, to our understanding of group internal capital markets play a role of transmission and protection from external shocks also is of great significance, to improve the efficiency of capital market allocation and group within the service efficiency of funds to give the beneficial enlightenment. In this paper, the required data from Shanghai stock exchange, shenzhen stock exchange, CCER database, group inside connection transaction data through manual collection.The article structure arrangement is as follows: the first chapter is the introduction, this paper expounds the theoretical significance and practical significance of the problem, illustrates the research method and innovation of this article. The second chapter is literature review, the monetary policy transmission mechanism, the commercial credit and group internal capital market related literature review and comments. The third chapter is the research content and method, the background of equity refinancing policy system. Research on this problem are analyzed in theory. The fourth chapter is the research design, the definition and model, the selection of sample variables to illustrate the design. The fifth chapter is the group internal capital market short-term capital allocation efficiency and use efficiency of empirical research, on the basis of theoretical analysis, has carried on the empirical research, to further support the point of view in this paper. In this section is divided into two parts, namely the internal market of the monetary policy transmission mechanism directly empirically; Group internal capital market short-term capital allocation efficiency and use efficiency of the empirical test. Chapter six is the conclusion and future research direction. Conclusion of the article is summarized, and put forward the relevant policy recommendations, points out the shortages of the article and the research direction in the future.The results show that the tightening of monetary policy impact, relative to a single small businesses, large companies especially the central state-owned group company, stimulated the production and operation efficiency of internal so as to improve the efficiency and allocative efficiency of short-term funds; And group and group size inside the use effect of short term capital university was positively related to relationship; In addition, the inventory turnover and the improvement of current assets turnover for the group’s internal short-term funding allocation efficiency provides a favorable environment, group parent company can according to their own high speed rotating velocity to help it close or related subsidiary realize timely supplement, so as to improve the ability of the group’s overall protection against a tight monetary policy. |
