The Analysis Of The Influence Of The Monetary Policy To The Enterprise Risk Bearing

The central bank has taken a series of counter cyclical monetary policy to make a response to the complex economic development.Especially in 2015,domestic economy faced the contradiction between supply and demand;the central economic conference puts the focus on the supply side reform which called "three to fall and one supplement ",while the monetary policy play an important role in cutting leverage,cost and inventory where needs the development in national strategy.The monetary policy is changing time to time,business as the terminal of monetary policy transmission mechanism,its risk undertake level will be affected.The enterprise risks play an important role not only in the development of the enterprise;also affecting the stability of the real economy.Although the high risk bearing will increase the probability of business failure,the low corporate risk-taking will make enterprises difficult to succeed in the competitive market.In order to maintain economic stability,the level of enterprise risk-taking must be given attention.Based on the above background,whether the monetary policy will impact enterprise risk-taking,and how to influence and the effect degree are the worth of researching,it will further enrich the theory of monetary policy in bearing risk,and provide a realistic basis in the precise implementation of monetary policy and establishment of enterprise risk prevention and control mechanism.Firstly,this paper reviews the relevant literature from the four aspects,including the connotation,the measurement,the influence factors of corporate risk-taking and the impact of monetary policy on it.Secondly,we empirically test the impact of different monetary policy stance on the level of corporate risk taking by mixed regression model and fixed effect model.Then we study the difference influence in corporate risk-taking of the different monetary policy,including the enterprise scale,ownership property and the industry.Lastly,the paper puts forward some relevant policy recommendations combined with the empirical results.