A Study On The Effect Of Monetary Policy On The Debt Financing Of China's Listed Companies

Most enterprises rely on credit financing in China.Monetary policy is transmitted mainly through credit channel,which has an impact on the investment and production of enterprises.Since the international financial crisis in 2008,China's monetary policy has been loosen appropriately in the premise of stable and steady.And the central bank has used a variety of monetary policy tools to ease the pressures of corporate financing and promote the solid economics to recover.However,the phenomenon of credit rationing still exists from the current situation of corporate financing in China.Financial resources mainly gathered to large enterprises and infrastructure construction projects,and there is no efficient allocation to small and medium enterprises who need the financial resources urgently.In this paper,the statistical analysis method of GMM is used to analyze the monetary policy and the current situation of enterprise financing from the perspective of enterprise heterogeneity while studying the relevant literatures.An econometric model is established to exam the influence of monetary policy on debt financing of different characteristics.Results show that together the monetary policy and an enterprise's own financial status influence the loan size of the enterprise.However,the impact of monetary policy on large enterprises and state-owned enterprises is relatively significant,which is limited on small and medium enterprises and non-state-owned enterprises.This verifies the characteristics that structural financing of enterprise is difficult,but also shows that the transmission channels of China's monetary policy is not clear enough.Therefore,relying on loose monetary policy alone is not enough when considering the financing difficulties of small and medium enterprises,it requires the joint efforts of all parties: the government needs to optimize the market financing environment;financial institutions need to innovate financial services constantly;enterprises need to improve their market competitiveness constantly.