Research On Monetary Policy,Financing Constraints And Corporate Investment Behavior

How does monetary policy affect the development of the real economy? This issue is closely watched by monetary authorities and economists,and it is also the question they most want to know.One of the goals of monetary policy is economic growth.Throughout the history of the development of the socialist market economy,monetary policy has played an important role as a macroeconomic control method.Research on monetary policy and the real economy is also emerging,but companies and individuals that make up the real economy How do these microeconomic entities react to the implementation of monetary policy? As we all know,investment is an important decision for the development and profitability of an enterprise,and it is also one of the “troikas” that drive economic growth.Financing constraints are one of the key factors that restrict corporate investment.The study of how monetary policy affects corporate investment and financing behavior.This has become a new research area for corporate finance.The exploration of this issue has not only deepened the understanding of government behavior.It also helps to expand the research on corporate investment and financing behavior.According to the nature of the ownership of enterprises,Chinese enterprises are divided into major categories.Central state-owned enterprises,local state-owned enterprises and private enterprises.They have different objective functions and resource endowments,and whether their investment decisions are affected by monetary policy and financing constraints and what effects are unknown.In order to explore these theoretical doubts and unknowns,this paper proposes research hypotheses based on related theories and literature.Research Hypothesis 1 Starting with the relationship between financing constraints and corporate investments,compare the full-sample company data with sub-sample company data.First,it must be clear whether all listed companies,state-owned enterprises,state-owned enterprises,and private enterprises have different levels of financing constraints..Hypothesis 2 mainly discusses the impact of monetary policy on corporate investment behavior.Various types of corporate investment behavior are affected by monetary policy.Finally,it focuses on how monetary policy affects the financing constraints of different companies,and thus affects the investment behavior of enterprises.Based on the sample data of Shenzhen A-share listed companies in the first quarter of 2009-the fourth quarter of 2016,the paper tests the research hypothesis and analyzes the robustness.The research results of this paper show that the loose monetary policy promotes the expansion of corporate investment by alleviating the financing constraints of listed companies in China.The sample results show that the investment of private enterprises is most affected by the adjustment of monetary policy,and loose monetary policies have significantly eased the financing constraints of private enterprises.The financing constraints have promoted the investment expansion of private enterprises.Local enterprises have also been affected by monetary policy,but monetary policy has directly affected their investment behavior.It does not affect the financing constraints of local enterprises,and the investment behavior of central enterprises has not been affected by monetary policy(including direct impact or Impact of financing constraints).The author analyzes that the reason for the difference in investment behavior between state-owned enterprises(central enterprises and local enterprises)and private enterprises is that monetary policy changes have not affected the state-owned enterprises' credit funds and thus have not affected the state-owned enterprises' financing constraints.Further verification shows that changes in monetary policy have not affected the change of state-owned enterprises' credit funds.Therefore,there is no impact on the financing constraints of state-owned enterprises,and the amount of credit funds of private enterprises varies greatly.Based on the above conclusions,this paper argues that although China has undergone economic restructuring for more than 30 years,the majority of private enterprises are still in the lowest order of the master-slave order of the distributive system,and companies still face enormous financing constraints.When monetary policy is loose,Private enterprises are more likely to have a share in the allocation of credit resources.The research results of this article will help private enterprises recognize the current economic situation,actively expand financing channels,and innovate financing methods so as to seize investment opportunities when investment opportunities come.At the same time,relevant departments should also assist private enterprises in resolving the financing difficulties so as to achieve equal and fair competition among various ownership enterprises and jointly promote better and faster development of the national economy.