Research On The Effect Of The American Monetary Policy To Chinese Non-financial Corporation’s Leverage Ratio

This paper started from the theoretical analysis,which is related to spillover effects and transmission channels of the American monetary policy(AMP).Then,the empirical research is based on the fixed effect model and the data of Chinese nonfinancial corporations from 2006 to 2016.In order to investigate the relationship between the movements of AMP and the leverage of domestic non-financial corporations,it adopts the short shadow rate(SSR)to play as the proxy variable for the change of AMP.The conclusion of the empirical research shows that there exists negative relationship between the SSR and the leverage of Chinese non-financial corporations.Additionally,the effects on non-financial private enterprises is more significant than the state-owned enterprises(SOE).And the heterogeneity of enterprisescale and attributes will have impact on the significance.It finds that huge non-financial private enterprises will be more sensitive to the movements of SSR.Last but not least,the corporations which have high financial constraint will be easier to be influenced by the movements of SSR.