A Study On Monetary Policy,Commercial Credit Financing And The Company’s Future Performance

The governance effect of corporate debt has got the attention of the scholars at home and abroad, but the researches were mainly focused on the influence of bank loans, do less research on the governance effect of commercial credit financing.Also, the existing literature on commercial credit research were basically focus on the study of motivation,relations between commercial credit and monetary policy, for its impact on the real economy haven’t get enough attention.Especially, the domestic scholars do the research on analysis the influence factors of commercial credit separately, or analyze the function of commercial credit to offset monetary policy, or only study the influence of the commercial credit for investment, either without linking commercial credit and monetary policy changes and studying their impact on the real economy.At the same time, the existing literature for the commercial credit financing behavior research and its impact on the real economy mainly classify the enterprise according to their size, without considering the special national conditions in our country, ignoring the ownership of enterprise also has a significant impact on financing activity and economic activity.The first step of this research is analyze the related literature at home and abroad, on the basis of literature research on the monetary policy, the commercial credit financing and corporate performance and their mutual relationship,then, applying theory to empirical analysis.This article choose A-share Listed Firms in The Shenzhen Stock Exchange as the research object, period is from the first quarter of 2011 to the fourth quarter of 2013. Combining theoretical analysis and empirical test as the method of this research, through descriptive statistical analysis, pearson test and multivariate linear regression analysis method to test the relationship between monetary policy,commercial credit financing and the company’s future performance.We found that: the future performance of enterprise is related to commercial credit the enterprise before obtained; Non-state-owned enterprise commercial credit financing governance effect is stronger than state-owned enterprises. In addition, this paper further analyze the impact commercial credit financing on enterprise performance in the future under different monetary policy, the study find that compared with the period of monetary easing,the relationship between credit financing and future performance is stronger in the period of monetary tightening;Relative to the non-state enterprises,the influence of monetary policy changes to the credit financing governance effect in state-owned enterprise commercial is greater.