| One of the main research problems in the field of microfinance is corporate financing constraints.The earliest researcher on this issue was Fazzari,Hubbard&Petersen(1988),whose proposed model was later described as the FHP model.On this basis,many scholars carried out a detailed study on the theoretical extension,connotation definition,identification technology and dynamic regulation of the corporate financing constraints.These research results are of great significance to guide the development of enterprise investment and financing decision.After the 2008 financial crisis,the world economy entered the depression period of "high debt,low growth,and low employment".In the downturn,countries have actively adopted various macro-control policies for economic stimulus,investment and financing environment has also undergone profound changes,the capital market has also undergone greater reform.China's capital market has the unique characteristics.First,the characteristic of the development of China's capital market is still "emerging + transition",the gap between China and the developed countries in the market maturity is still huge,the characteristics of enterprises facing financing constraints are also differentfrom other developed countries.Second,in academia,the related issues of financing constraints have not been completely unified.Thirdly,at present,the study of financing constraints is no longer limited to the micro-factors in enterprises;the macro-factors are becoming more and more prominent.Monetary policy is one of the main means for the government to control the macro economic,and it has a significant impact on the financing constraints of enterprises.Therefore,this paper brings monetary policy into the study of the financing constraints of enterprises.Based on the above background,this paper studies the problem of corporate financing constraints from the macro-perspectives and the micro-perspectives.The micro-perspective mainly studies the influence of corporate equity structure,regional distribution and industry distribution on financing constraints.The macro-perspective mainly studies the influence of the monetary policy on financing constraints.Then,this paper analyzes the economic consequences of financing constraints on enterprise investment,enterprise value and enterprise innovation.First,this paper studies theoretical basis related to corporate financing constraints,including scientific connotation,theory transition,recognition and estimation.Second,this paper studies on enterprise environment,the current situation and the causes of the financing constraints.Third,this paper constructs the index of financing constraints of Chinese enterprises based on the data of Chinese stock market,and devises the evaluation system of financing constraints with sensitivity testing on "investment-cash flow".This paper also analyzes the industry differences,regional differences and equity distribution differences of China's enterprises financing constraintssystematically.Fourth,this paper demonstrates the impact mechanism of monetary policy shocks on financing constraints from three perspectives:theoretical changes,transmission mechanismand cash flow changes,then,the paper tests the impact of monetary policy shocks on corporate financing constraints empirically through the construction of monetary policy index.The paper also analyzes the moderating effects of monetary policy on financial constraints with the differences of industry,ownership structure and regional structure.Fifth,This paper empirically examines the economic consequences of monetary policy on corporate financing constraints from three perspectives of firm investment,firm value and firm innovation,and analyzes the moderating role of corporate micro characteristics in the process.The main conclusions of this paper are as follows:First,Financing constraints of listed companies in China shows outstanding industry differences.Enterprises in different industries are subject to greater financing constraints.This difference may be caused by the differences in the capital structure,product attributes,competitiveness and macroeconomic policies of the enterprises.Second,The financing constraints of listed companies in China also show significant differences among different regions,and it showing the gradual increase from east to west.Such differences may be caused by the economic structure of various regions,the degree of financial market development,industrial substitution and upgrading,and the dependence on foreign trade.Third,the financing constraints of listed companies show significant differences in ownership structure.The difference of financing order between private enterprises and state-owned enterprises leads to the dependence of state-owned listed companies on internal cash flow less than private listed companies.Fourth,The influence of monetary policy on the financing constraints of listed companies is significant.Tight monetary policy will further aggravate the financing constraints of enterprises.Expansionary monetary policy will reduce the financing constraints of enterprisesFifth,monetary policy affects finance constraints of corporates,thereby affecting corporate value,corporate investment and business innovation.Loose monetary policy effectively reduces the finance constraints of corporates,thereby promoting the enterprise investment and corporate value,and improves the value of the enterprise.Sixth,The micro-characteristics of enterprises show a significant regulatory role in the process of monetary policy affecting the financing constraints.When the impact of monetary policy is not changed,the state-owned enterprises are weaker than the financing constraints of private-owned enterprises;the financing constraints on the economically developed regions relative to the economically underdeveloped regions are weaker;and the capital-intensive industries are more constrained by financing than non-state-owned enterprises capital-intensive industries are less constrained by financing.Seventh,financing constraints caused by monetary impact will havea negative impact oncorporate investment,enterprise value and enterprise innovation.The impact on state-owned enterprises is smaller than impact on private enterprises.The impact onenterprises in developed area is smaller than impact on enterprises in underdeveloped area.The impact on non-capital-intensive industries is smaller than impact on capital-intensive industries.The innovation of this paper is that this paper uses the unique data of China's capital market to provide new empirical evidence for the study of financing constraints of Chinese enterprises.In this paper,with the help of the company's micro-data and relevant macro-data,this paper explores the dynamic influence of the micro-characteristics of enterprises and the changes of macro-monetary policies on the financing constraints of enterprises and further extends the research paradigm of macro issues from a micro perspective.The paper systematically analyzes the economic impact of monetary policy on financing constraints and the further research in this field has been deepened. |
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