Research On The Impact Of Monetary Policy And Financing Constraints On The Performance Of Pharmaceutical Manufacturing Enterprises

The source of financing constraint is the difference between internal and external financing costs caused by imperfect market performance such as information asymmetry.The change of monetary policy causes the change of financing cost of enterprises and the degree of financing constraint of enterprises,which affects the investment activities of enterprises and further affects the performance of enterprises.Moreover,considering that the pharmaceutical manufacturing industry with characteristics of high investment and high risk is a basic and strategic industry closely related to the national economy and people's livelihood,it has a large capital demand.Therefore,this study combines macro policies with micro behaviors of enterprises to explore the impact of monetary policies and financing constraints on the performance of pharmaceutical manufacturing enterprises.This paper first elaborates the theories of monetary policy,financing constraints and enterprise performance,and analyzes the financing status of pharmaceutical manufacturing industry.Then,based on the resource-based theory,information asymmetry theory and the theory of monetary policy transmission mechanism,the research hypothesis is proposed.Then,select from 2012 to 2018,Shanghai and Shenzhen A shares 103 listed companies as research samples,select the net interest rate of the business as the measurement index of enterprise performance,build the financing constraint index,select the virtual variable of monetary policy as the adjustment variable,and select relevant control variables to join in the model,using fixed effect model to empirical research.This paper not only analyzes the differences in the property right nature and enterprise scale of the influence of financing constraints on the performance of pharmaceutical manufacturing enterprises,but also analyzes the differences in the degree of financing constraints and property right nature of the regulating effect of monetary policy on the relationship between financing constraints and the performance of pharmaceutical manufacturing enterprises.The results of the empirical study show that the financing constraint has an inhibitory effect on the performance of pharmaceutical manufacturing enterprises;The higher the degree of financing constraint is,the more obvious the inhibition effect is onthe performance of non-state-owned or small and medium-sized pharmaceutical manufacturing enterprises,while the performance of state-owned or large-scale pharmaceutical manufacturing enterprises is not sensitive to its reflection;Monetary policy plays a regulating role in the group with high financing constraints and the group of non-state-owned pharmaceutical manufacturing enterprises,When monetary policy becomes tighter,it strengthens the inhibiting effect of financing constraints on the performance of pharmaceutical manufacturing enterprises.Finally,from the three perspectives of the government,financial institutions and pharmaceutical manufacturing enterprises,this paper puts forward some targeted suggestions on how to alleviate the pressure of financing constraints,so as to promote the performance improvement of pharmaceutical manufacturing enterprises.