The Research On The Influence Of The Monetary Policy On The Listed Companies' Entrusted Financing

Entrusted financing of listed companies refers to the listed companies signing relevant agreement or the document which is in the nature of contract with the invested entity or legal person units that has the qualifications of entrusting financial,the listed companies entrusted the right to management or use to the entrusted party in order to get value-added benefits of monetary fund.As the financial crisis and the impact of monetary policy,entrusted financing has a new swing in the listed companies which had been silent for a long time,since 2009,especially after the No.44 announcement——"listed companies regulatory guidelines,the regulatory requirements of management and use of the listed companies' raising funds",which is issued by securities regulatory commission in December 19,2012.The announcement relaxed the idle funds' application properly.Large-scale listed companies' entrusted financing phenomenon relates to the resource allocation efficiency of the securities market and the listed companies' healthy development.So the research on the influence factors of entrusted financing of large-scale listed companies is very necessary to improve listed companies' resource allocation efficiency and protect the interests of the invertors.Entrusted financing of listed companies is microscopic behavior and inevitably.influenced by macro monetary policy,therefore,this paper attempts to discuss whether monetary policy is the influence factors of entrusted financing of listed companies and how to influence from the macro perspectives.The paper selects the non-financial listed companies which had disclosed the entrusted financing from the first quarter of 2010 to the second quarter of 2014 as research samples.The paper designed to study the influence of monetary policy on the entrusted financing of listed companies and the influence whether there is difference between the listed companies which has different growth ability or financing constraint based on financing constraints theory,cash holdings theory and other related theory.The empirical validation show that when the monetary policy is tighter,the scale of listed companies' entrusted financing is greater.For different growth ability of the listed companies,the monetary policy is tighter,the influence of monetary policy on the listed companies which has high growth ability is greater,but the listed companies of low growth ability is no significant influence.For different financing constraints listed companies,the monetary policy is tighter,the influence of monetary policy on the listed companies which has high financial constraint is greater,but the listed companies of low financial constraint is no significant influence.In addition,the scale of listed companies' entrusted financing is not significantly influenced by monetary policy after the announcement of No.2 listed company regulatory guidelines.In the paper,the research shows that the listed companies should analysis and consider their own operating conditions and financial situation rationally and fully when they are carrying out entrusted financing,do not blindly pursue short,quick and high entrust financing income and should be aware of risks and bad influences which is causing by blindly entrusted financing.The adjustment of monetary policy has different influence on the listed companies' entrusted financing which has different growth ability or financing constraint.It means the government should formulate different credit policy according to the companies' growth ability,financing constraint and industry characteristics when the government formulate and implement the monetary policy.