Monetary Policy,Bank Connection And The Cost Of Small And Medium-Sized Enterprises Debt Financing

China's capital market,financial market and other external environment and enterprise nature,operating conditions and other internal characteristics,are the main causes of small and medium-sized enterprises' financing difficulties in credit market,seriously affecting the development of SME.In order to obtain the required financing or reduce the relatively high cost of financing,the phenomenon of banking association gradually increased in SME,then whether this informal system can replace the formal system to help SME solve the financing problem,monetary policy as an external macroeconomic factor of enterprises,when monetary policy changes,Does the informal system of bank linkages still help to alleviate the problem of credit financing for SMEs?Based on the research background,and on the basis of literature combing and theoretical analysis,this paper takes the listed companies of small in China as a research sample,and selects the financial datas,non-financial datas and monetary policy related datas of the sample company from 2008 to 2017 to test the above problems empirically.By using linear regression,the relationship between monetary policy,Bank Association and Enterprise Debt financing cost is tested.At the same time,according to the size of the bank in which the Enterprise executives serve and the position of the enterprise executives at the bank level,the bank correlation is subdivided,and the effect of different types of Bank association on the financing cost of the enterprise debt is compared.In addition,considering the influence of macroeconomic policy fluctuation factors,this paper further studies the relationship between Bank association and different Forms of Bank association and Enterprise Debt financing cost when monetary policy changes.The empirical results show that:(1)Bank Association can reduce the cost of financing,and the higher the degree of bank correlation,the greater the role can reduce the cost(2)Only the Association of small and medium-sized commercial banks and the high-level association of Banks can reduce the cost of debt financing(3)When monetary policy is in a relaxed period,the negative effect that the Association of small and medium-sized commercial banks,the high-level bank Association have on the cost of debt financing is significant,and when monetary policy is in a period of austerity,the role of any form of bank Association is not obvious.Finally,combined with the conclusion of this paper,the relevant optimization suggestions are put forward from three aspects of enterprise internal governance structure,market system environment and macro policy,that is,strengthening corporate governance,controlling financial risk,reasonably establishing bank association,perfecting Capital market and financial system,ensuring fair and efficient market,enhancing the relevance and flexibility of monetary policy.The research of this paper demonstrates the information effect and resource effect of Bank Association to alleviate enterprise financing problem,enriches the related theory of financing,and provides a clearer way to solve the problem of SME financing.