Research On The Impact Of Monetary Policy On The Working Capital Holding Level Of Small,Medium And Micro Enterprises

In the development of China’s national economy,small,medium and micro enterprises,which are dynamic and at the forefront of innovation,have played a very important role.However,it is worth noting that in terms of access to capital resources,small,medium-sized and micro enterprises are more likely to face the problem of mismatch between economic status and financing resources,which leads to high risk in their capital chain and obstacles to development.In this context,an issue worthy of attention is:as an important tool of national macro-control,what impact will its changes have on small,medium-sized and micro enterprises,and what is its impact mechanism?In view of this,this paper uses the quarterly data of 732 small and medium-sized board listed companies from cmsar database from 2005 to 2020,focusing on the index of "tightness" of monetary policy to investigate its impact on the working capital holding level of small,medium and micro enterprises.The research shows that:(1)the tightness of monetary policy has a significant impact on the working capital holding level of small,medium and micro enterprises.When the monetary policy is tightened,small,medium and micro enterprises tend to hold more funds(2)Furthermore,considering the heterogeneity among enterprises,this study finds that there is a significant interaction between enterprise scale and enterprise working capital holding ratio and monetary policy.Specifically,when the enterprise scale is large and the working capital holding ratio is high,the impact of monetary policy is relatively small(3)The robustness test and expansion analysis show that the impact of the financial crisis on the conclusions of this paper is not obvious.At the same time,the impact of monetary policy on the holding level of working capital of enterprises is mainly reflected in the eastern and central regions,and the impact on enterprises in the western region is weak.Finally,based on the above conclusions,this paper puts forward targeted policy suggestions from the aspects of providing direct monetary policy tools for small,medium-sized and micro enterprises,improving the loan selection mechanism of commercial banks,and fine-tuning the monetary policy implementation tools in different regions.