The Impact Of Monetary Policy On Private Enterprise Financing Constraints

From 2006 to 2014 within a short period of eight years, China’s monetary policy tightening to easing experienced by the stable and then repeated the process. Adjustment of monetary policy will affect the size of social financing, and corporate finance activities as a cell its entire national economy will be affected by monetary policy. Li Keqiang, the new normal for China’s economic development should be targeted implementation of the proposed “sprinkler”, “drip” in the national monetary policy, it is hoped the money supply while maintaining the overall stability of the situation, and increasing support for a particular object. As we all know, China’s private enterprises are facing in the process of economic development with serious financing problems, the country’s monetary policy has a tendency to deal with it, the national monetary policy by what means and how it affects the behavior of private enterprise financing constraints are worthy of study.Text based on asymmetric information theory, theory of credit rationing, debt overhang theory and pecking order theory, the company is listed on the sample data for monetary policy empirical study of private financing constraints on the impact of China, and listed company data, manufacturing robustness test. The study found:(1) under the tight monetary policy, China’s private enterprises than state-owned enterprises are facing more serious financial constraints. Specific performance: When the tightening of monetary policy, reducing the total money supply, rising financing costs, lack of access to external financing of enterprises will face more severe financial constraints, with respect to state-owned enterprises, banks and private enterprises to bear transaction the larger political and economic risks, and therefore reduce the amount of credit will be more private enterprises, private enterprises face greater financing constraints.(2) under the loose monetary policy, with respect to state-owned enterprises, China’s private enterprises a higher degree of ease financing constraints. Specific performance: loose monetary policy will increase the size of bank credit, the bank will reduce the expected agency costs of private enterprises,private enterprises and thus increase the amount of credit.( 3) Regional financial development of private enterprises can ease financing constraints. Specific performance: the higher the level of financial development in the region, will attract more financial resources and products, which will help reduce the degree of information asymmetry between transactions, thus reducing transaction costs.Based on the above findings, the paper monetary policy from national, regional financial development as well as their own letter angle, proposed the corresponding countermeasures.