A Study Of The Impacts Of Monetary Policy And Financing Constraints On Corporate Investment Behavior

Monetary policy has always been one of the main means of the government t o r egulate economy and achieve macroeconomic goals. Government proposed to dea l with the relationship of "maintaining a st eady e conomi c growth, promoting the refor m,r estructur ing, livelihood, preventing r isk" recently, bring a se r ies of policy mea sures, as an important economic regula tion means, the frequency of use and operating strength of monetary policy is inc reasing. Although the pr udent monetar y policy is st ill the main measure for the c ur rent and some time in the future, but as t he “Ne w Normal” for the economy is be comi ng clear and facing more complex economic developme nt si tuation,r equiri ng monet ary policy have better flexibility, targeted and forward-looking on the bas is of "steady". Therefore, to explore influence of monetary policy on micr oeconomi c corporate investment is necessary and urgent for "steady growth,pr omoti ng t he reform, restructuring, livelihood, preventing risk". As the manufacturing industry is the strat egic industry of our country, it pl ays an important role in t he national economy, and it is the maj or industry of "steady growth, promoting the r eform,r estructur ing and preventing the risk". Therefore, it has import ant pra cti cal significances to study the influence of monetary policy and financing constraints on corporate investment behavi or, explore how to by means of strengthen t he pertinence a nd flexi bili ty of monetary policy to reduc e the e nterprise cost of financing, guide t he enterpr ise investment, optimize investment structure, so as to promote industry transformation and upgrading and preventing risk.Fir stly, t his article analyze the influence of moneta ry policy and financing cons trai nts on corporate investment behavior on t he basis of literature review, using the method of net present value to derivate t he impact of monetary policy and financing cons trai nt on enterprise investment behavior at the same time, obta ining the t heory r elation of mone tary policy, financing constraints and c orporate investment. Sec ondly,cons truct ing static and dynamic pa nel e conometric model of the impa ct of monetary policy and financing cons trai nts on corporate i nvestment behavior on the basis of the theoretical analysis, us ing the 2007-2012 data of manufac turing liste d companies in our country, and estimat ing the econometr ic model. The empirical result s shows that corporat e investme nt is positively correlated with t he size of the supply of money, and financing constraints affect the effect of monetary policy on c or porate investment.Fi nally, combining with the c ur rent economic reality, putting forward policy sugge stions from the reform of the establishment of private financial institutions,investment approval system, equal tr eatment t o different fina ncing subject based on the empir ical conclusions.