Sensitivity Analysis Of Financing Constraints On Enterprise Investment Under The Influence Of Monetary Policys

Investment is an important financial decision related to the future development and economic status of enterprises.The company’s investment decision-making and investment efficiency are largely related to the value of the enterprise.Monetary policy affects the investment behavior of companies through various channels.One of the most important channels is to control the money supply to achieve financing constraints on the company,and then to control the company’s investment expenditure.This paper combines the changes of monetary policy with the investment and financing behavior of enterprises.It is the extension of monetary policy related research theory.Secondly,from the practical significance,At present,China’s economic growth rate is declining and foreign demand is weak.The study of monetary policy can alleviate the financing constraints of enterprises and further promote enterprise investment,which can provide direction guidance for the implementation of our current monetary policy.This paper is based on the data of listed companies from 2004 to 2018,The panel threshold model is used to analyze the possible impact of monetary policy changes on the investment-cash flow sensitivity of enterprises.Research shows:When the monetary policy is in a tight state,the investment behavior of enterprises is more strongly affected by financing constraints,when monetary policy is in a loose state,financing constraints have little impact on corporate investment.Under the prudent monetary policy,Financing constraints have a negative impact on the investment behavior of enterprises,and this effect is obviously stronger than that under other monetary policy conditions.For large-scale enterprises,whether monetary policy is in a loose or tight state,the impact of financing constraints on their investment does not change much,and their investment-cash flow sensitivity is also less affected,which is in a stable state.No matter the monetary policy is loose or tight,the investment-cash flow sensitivity of large-scale companies is higher than that of small-scale enterprises.The above research results give us a more intuitive impression of the investment status of enterprises with different financing constraints under different monetary policies,and thus have direct Enlightenment on how to deal with the investment problems of enterprises under different economic conditions.