The Impact Of Monetary Policy On The Risk-taking Of Enterprises

In recent years,the leverage ratio of Chinese enterprises is on the rise.Too high leverage level causes enterprises to face too high capital repayment pressure,which may even threaten economic development and financial stability.In addition,the daily production and operation of enterprises are affected by many factors,among which the topic of risk-taking has gradually become the focus of domestic and foreign scholars.The existing research mainly focuses on the impact of micro factors on enterprise risk-taking,and the relationship between macro-economic factors and risk-taking needs to be paid attention to.Among them,the change of monetary policy is one of the important macroeconomic factors faced by enterprises.It is an important tool for our government to adjust the macro-economy and has a very important impact on the investment and financing of enterprises.From a practical point of view,how to control the leverage level of enterprises,monitor the risk-taking level of enterprises,and promote the healthy development of enterprises is an urgent problem to be solved.It is the research goal of this paper to explore how monetary policy can change the leverage ratio and play a role in the risk-taking of micro enterprises.In the above context,it is of academic and practical significance to study the intermediary effect of leverage ratio and its regulatory factors that affect the risk-taking of enterprises.On the basis of summing up the existing research,this paper starts from the micro risk-taking channels of monetary policy,puts forward the relevant hypotheses of leverage intermediary effect and moderated intermediary effect of monetary policy on enterprise risk-taking.Taking the data of A-share non-financial enterprises in Shanghai and Shenzhen from 2009 to 2017 as the research sample,constructs and tests the intermediary effect and moderated intermediary effect through panel data model According to the model,some conclusions are obtainedFirst,monetary policy will directly affect the risk-taking of enterprises.The looser the monetary policy is,the higher the risk-taking of micro enterprises is.Different types of monetary policy tools have different effects on the risk-taking of enterprises.The impact of loan interest rate on risk-taking is greater than the legal deposit reserve ratio.When making monetary policy,monetary authorities should take full account of the impact on the risk-taking of micro enterprises,as well as the difference in the effect of different types of monetary policy,and adjust the tightness of monetary policy timely according to different needs,so as to realize the real and effective adjustment of monetary policy to micro enterprises.Second,the monetary policy will affect the risk-taking of enterprises through the intermediary variable,the leverage ratio of enterprises.Therefore,in the adjustment of monetary policy,we should pay attention to the intermediary effect of the leverage ratio of enterprises,use the leverage ratio of enterprises to reasonably guide the risk-taking level of enterprises,and achieve the expected goal of monetary policy.In addition,the intermediary effect of leverage ratio is different in different scale enterprises.There is no intermediary effect of leverage ratio in large-scale enterprises,but it is more obvious in the sample of small and medium-sized enterprises.Monetary authorities can formulate monetary policies to appropriately guide the leverage ratio of small and medium-sized enterprises,reduce their financing costs and ease financing constraints,so as to improve their risk-taking capacity.The government also needs to implement certain policies for small and medium-sized enterprises to help them get out of financing difficulties,moderately improve the level of risk-taking,and promote the development of small and medium-sized enterprises.Third,the intermediary effect of enterprise leverage will be regulated by the level of regional financial development.Therefore,when making monetary policy,monetary authorities need to consider the possible influence of the financial development degree of different regions on its effect,and implement differentiated policy adjustment to achieve the expected economic effect.Secondly,government departments can constantly optimize the financial system and promote the level of financial development in various regions,so as to improve their impact on the leverage ratio of enterprises,and promote enterprises to undertake risk behaviors under the reasonable leverage ratio level,so as to realize the development of enterprises.In addition,when selecting stocks,individual investors need to consider the leverage ratio of micro enterprises and the financial development level of their provinces.