| In China's new normal period,the central bank uses steady and moderate monetary policies to ensure that the rational and ample of monetary liquidity and achieve the macroeconomic objectives of monetary policy.As an important part of the micro economic entity,the enterprises will change their business strategy and financing strategy,then the performance of the enterprise will be affected.Since the implementation of monetary policy through the monetary policy tools for transmission and different monetary policy tools have different transmission mechanisms,the degree of impacts on the enterprises may be also different.In this paper we took the enterprises as the object and study the impact of monetary policy tools on corporate financing constraints and performance,according to the empirical results,we put forward some corresponding countermeasures and suggestions.These may promote the healthy development of Chinese enterprises efficiency and improve the effectiveness of monetary policy which may be significant to achieve the ultimate goal of monetary policy.According to the central bank's division of monetary policy instruments,we select five monetary tools: the operation of open market,the one-year deposit rate,the statutory deposit reserve ratio,the re-discount rate and the exchange rate to study the effect of monetary policy tools on corporate financing constraints and firm performance.With the accelerating process of economic globalization,the central bank has being pay more attention to the regulation of exchange rates,the existing study found that the adjustment of exchange rate can affect the operation of macroeconomic and micro economic.Some countries also take the exchange rate as a monetary policy tool for macroeconomic regulation and control,several scholars in China has considered the exchange rate as a monetary policy tool for monetary policy issues and did some research on it.In order to make this research be more comprehensive,we considered the exchange rate as a monetary policy tool and make a comparative analysis of the effectiveness of various monetary policy instruments.We choose the listed enterprises in 2003-2016 as the research object,based on the modified FHP model,we used the generalized least squares(GLS)to make an empirical analysis on the monetary policy tools and corporate financial constraints.We also used the quarterly data of enterprise performance and monetary policy tools to construct the panel VAR model,and according to the impulse response function,we made a analysis on the impact of monetary policy tools on corporate performance.According to the empirical analysis of the validity of monetary policy tools,we can draw some conclusions that:(1)Different monetary policy instruments have different effects on corporate financing constraints,especially the rediscount rate and the interest rate,(2)the increase of the interest rate and the exchange rate may lead to the increase of the financing cost of the enterprises,and the increase of the statutory deposit reserve ratio will lead to the reduction of the money supply by the financial institutions such as banks and so on,(3)the enterprises' performance is affected by the monetary policy,the influence of state-owned enterprises and private enterprises is different,and non-state enterprises such as private enterprises can be significantly affected by monetary policy.The effect of interest rate and rediscount rate on corporate performance are significant.Easy monetary policies will increase the supply of money in the market which will ease the financing constraints of enterprises and improve businesses performance,while restrictive monetary policy will cause banks and other financial institutions to tighten up monetary policy which may lead to the financing constraints and reduction of performance on businesses.But there are differences between different monetary policy tools of its impact on the enterprise.According to the empirical results,we put forward some policy suggestions:(1)the central bank should pay more attention to the impact of interest rate tools,open market operation and rediscount rate on the performance of enterprises when promoting the use of monetary policy instruments,(2)promoting the reform of interest rate market,(3)monetary policy tools can effectively improve the performance of China's enterprises and economic development so rational use of monetary tools is a significant way to improve the effectiveness of China's monetary policy. |
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