Monetary Policy, Nature Of Property Rights And Credit Rationing

Since the1980s, China has been performing a gradual reformation from planned-oriented economy to marker-oriented economy, entering the economic transition period, along with economic reformation, so loan behavior of Chinese commercial banks have had great transformation. On one hand, commercial Banks can decide lending practices based on the principle of profit maximization, on the other hand, countries in transition economy, government intervention on economic activity and the allocation of resources is widely exist in the national economic life, among which the credit management is one of the important measures for government control of economic policy, monetary policy regulation object is often associated with monetary variables, the currency is the product of commercial Banks, commercial Banks, although which are in pursuit of profit maximization as the goal of the enterprise, as their particularity in the monetary transmission mechanism, inevitably determines management decisions be affected by various factors such as market, and the monetary policy.At the same time, although the capital market of China has developed rapidly, the financing structure of companies have not been changed essentially. As far as the listed companies which can take advantage of the capital market to diversify financing way and prefer equity financing, their bank loan amounts are still very large, basically more than half of their total debt. This shows that the bank loans play a vital role in company financing.Based on the combination of theoretical knowledge as well as domestic and foreign literature analysis, this paper analysis of government intervention in the case of monetary policy tightening, in the framework of this kind of logic, makes underlying assumptions, and through empirical research to prove these assumptions.First of all, this thesis selected financial data for the A-share listed companies from year2009to2011, including5,148valid samples, follow certain principles, which state-owned listed company sample of2512private listed companies sample2636, the panel data model capital position of the banking credit conditions listed companies to obtain credit borrowings differences in empirical research.Secondly, for further study different influence factors of short-and long-term asset-liability ratio of listed companies, we are in control of the loan itself and the borrowing features related to the company with the variable based on the above is the main research analysis of variables related to the bank credit capital condition the influence of different period of debt structure to the enterprise. These quantity is not being considered by previous scholars but most likely will be the key factors influencing the enterprise credit. Property nature is divided into state-owned, private property rights holding two kinds of samples, in the balance sheet of the long-term debt ratio and short-term debt ratio agent measure for bank credit resources, through the long-term debt ratio and short-term debt ratio of listed companies, on the basis of multivariate linear regression analysis, to find out the monetary policy, the relationship between property rights and the bank credit rationing relevant evidence.On the premise of the above assumptions, in this paper, firstly, the statutory deposit reserve rate, interbank interest rate as a measure of monetary policy firmness and using virtual variables will be divided into state-owned and private enterprise property right nature holding method, on the sample during study period, the short-term debt ratio and long-term asset-liability ratio respectively through regression analysis, check whether the bank credit rationing credit funds in the bank under different conditions for different nature of the property rights of enterprises will be different., according to the results of the legal the interbank interest rates and deposit reserve rate of the two variables is not significant and the coefficient of the symbol is not consistent with what our hypothesis.We all know that the central bank to implement monetary policy tool is varied, the approach is comprehensive, in addition to adjusting the deposit reserve, and the benchmark interest rate, discount for commercial Banks and other financial institutions, to commercial Banks to provide loans, in the open market operation and a series of means. So for describing the loan announcement is accurate monetary policy, we need to consider many factors to determine. According to the monetary policy of central bank official and the central bank open market operations of some concrete, combined with the statutory deposit reserve ratio and benchmark lending rates, interest rates and Treasury interest rates changes, we will be defined as a monetary policy tightening in2011,2009and2010for looser monetary policy. Specific reasons are as follows:first, in the paper about the description of the monetary policy, the reference provided by the people’s bank of China monetary policy implementation report (2009-2011", compared with other years,2009years is relatively loose monetary policy for a year, and a moderately tight monetary policy in2011years; Second, define the tightness of monetary policy mainly to depict Banks and external financial environment faced by firms, Banks and enterprises is difficult to from the microcosmic environment specific to distinguish the tightness of monetary policy, so we use annual dummy variable to measure, again on the debt maturity structure of listed companies to do regression analysis. Test results show that under the condition of the loose monetary policy, private listed companies will not credit constrained problems, but when the state applies a tightening of monetary policy, compared with the state-owned listed companies, private listed company’s credit financing channels will be obvious limitation, monetary tightening makes private listed companies are facing "credit discrimination".This article also in private listed companies are facing "credit discrimination" institutional reasons for the further research and analysis, specific, it is policy burden test variables in the regression model, the empirical research, we found that the policy burden caused the soft budget constraint of state-owned listed companies, will make the bank credit resources to the policy burdens heavier enterprise tilt, resulting in the private listed companies’credit discrimination ", but it is not a tilt will display in the short term, are more likely to have the government provide subsidies to state-owned listed companies to help them easier to obtain long-term loans from the bank, in order to achieve stable employment, stable social economic efficiency goal.