Research On The Role Of Accounting Quality In Monetary Policy Transmission

In recent years,the international situation is severe and complex,and the country is also in an important period of economic transformation,which puts forward new requirements for the flexibility of monetary policy,in this context,how micro-enterprises should respond to flexible monetary policy changes is a topic worthy of attention and research.This paper integrates macroeconomic policies with micro-firm behaviors,focuses on accounting information quality,studies the role of accounting information quality in the transmission of monetary policy,and discusses the non-linear and heterogeneous characteristics of the role,On this basis,the transparency of accounting information is introduced as a further supplement to the research content.This paper is based on the panel data of my country’s Shenzhen Stock Exchange A-share listed companies from 2007 to 2020,using statistical software such as STATA12.0,using descriptive statistical analysis,fixed effects regression,robustness testing and other methods to conduct empirical research,and draws:(1)The quality of accounting information can significantly alleviate the impact of monetary policy changes on enterprises.The higher the quality of accounting information,the more obvious the mitigation effect.In addition,the role of accounting information quality shows significant non-linear characteristics.Compared with enterprises with lower accounting information quality,when enterprises with high accounting information quality further improve their accounting information quality,their mitigation ability improves faster.(2)Compared with the period of monetary policy expansion,the quality of accounting information during the period of monetary policy contraction has a stronger effect on alleviating the impact of monetary policy changes.In addition,the quality of accounting information of companies with low financing constraints or high growth opportunities has a stronger effect on mitigating the impact of monetary policy changes.(3)Accounting information transparency also has a significant regulatory effect on the transmission process of monetary policy,but it is manifested as a dual role of alleviating and promoting.When the quality of enterprise accounting information is high,highly transparent accounting information has a role in alleviating the impact of monetary policy,while accounting information with high transparency has a role in promoting the impact of monetary policy.The research in this article has theoretical value and practical significance.Theoretically,on the one hand,it expands the research content of the interaction between macroeconomic policies and micro-corporate behavior.On the other hand,studying the role of corporate accounting information quality based on monetary policy change scenarios is conducive to deepening the theory of monetary policy transmission.In practice,the conclusions of this research not only help to improve the ability of enterprises to actively respond to monetary policy shocks,but also provide relevant reference suggestions for the government,corporate investors or creditors.