The Impact Of Monetary Policy And Its Uncertainty On Corporate Asset Liquidity

Since the reform and opening up, the economy of china has got a brilliant triumphs. China’s socialist market economic system continues to improve and mature. Enterprise’s economic activity has been gradually penetrating into the macroeconomy. Studying the effect of monetary policy and its uncertainty on corporate asset liquidity. It has practical significance on optimizing liquidity management or improving the regulatory effect of macro-control on monetary policy.Learning from research methods and conclusions of relevant literature domestic and foreign and based on China’s special political system and financial environment, monetary policy will be classified into price-based and quantity-based policy in this paper and then we establish a model of monetary policy uncertainty. Firstly, this paper carries out mathematical derivation, numerical simulation and based on these, it puts forward hypothesis. Then, taking the Chinese A-share listed companies apart from financial and ST companies as the research object, this paper uses quarterly panel data from the first quarter of 2005 to the third quarter of 2015 and does empirical analysis and tesing, in order to study the effect of the effect of monetary policy and its uncertainty on corporate asset liquidity. The finding shows:1. Tight quantity-based monetary policy can increase both static liquidity and potential liquidity, while it is not significant on dynamic liquidity. However, tight price-based monetary policy has significance on static liquidity、dynamic liquidity and potential liquidity.2. In the regulation of quantity-based monetary policy, enterprise’growth is higher, static liquidity and potential liquidity will be higher while it is not significant on dynamic liquidity. In the regulation of price-based monetary policy, enterprise’growth is higher, static liquidity, dynamic liquidity and potential liquidity will all be higher. In addition, enterprise’ growth is higher, adjustment of corporate asset liquidity will be greater.3. As the uncertainty of monetary policy increases, static liquidity, dynamic liquidity and potential liquidity will all decrease. In addition, because profitable investment opportunities of high-growth enterprise will greater than low-growth enterprise, when the uncertainty of monetary policy increases, adjustment of high-growth enterprise will be bigger.4. The higher is the enterprise’growth, the more intense will be the corporate asset liquidity caused by uncertainty of monetary policy. Enterprise’growth is higher, declining of corporate asset liquidity will be greater.Based on that the regulation of micro-economic effect of price-based monetary policy on is more obvious, and the regulatory effect of enterprises with different features exist difference, the government should promote differentiation of interest rate regulatory policy. As main micro body of the economy, enterprises should pay attention to and analyze the adjustment and changes of monetary policy, and adjust the level of corporate asset liquidity.