Study On The Impact Of Monetary Policy On Corporate Financial Constraints

At present,the financing constraints faced by enterprises have become the main obstacle to the supply-side structural reform and economic transformation and development of China.It not only restrains the investment of enterprises and weakens the vitality of the economic market,but also hinders the capital structure optimization and increase the financial risk.As the main means of macro-control,China 's monetary policy has been the alleviation of corporate finance constraints as an important practical goal.Scientific monetary policy can effectively improve the social financing environment.It can also play a positive role in guiding for investment and financing decisions.Therefore,to clarify the monetary policy on the impact of corporate financing constraints and the inherent operating mechanism is particularly critical.Based on the review and analysis of domestic and foreign literatures,this paper makes a simple combing and summarizing the theory of monetary policy,corporate financing and cash holding theory based on the combination of macro monetary policy and micro-enterprise.Secondly,focusing on the relationship between monetary policy and financing constraint theory,this paper focuses on the mechanism of monetary policy affecting the financing constraints of enterprises from three aspects: financing cost,financing structure and capital qualitative,and determines the cash-cash flow sensitivity as the measure of financing constraints according to the manifestation of the impact.Based on qualitative and quantitative methods,this paper evaluates the elasticity index of monetary policy in China from 2008 to 2015,and extracts 2227 from the Ashare listed companies in Shanghai and Shenzhen(among them 843 state-owned enterprises and 1384 non-state-owned enterprises)Finally,based on the modified cashcash flow sensitivity model,Stata software is used to analyze the influence of China's monetary policy on corporate financing constraints,and because of the nature of property rights of enterprises,this paper analyzes the impact of monetary policy on corporate finance constraints,Differences in the impact of different presentations.The paper studies the hypothesis of cash-cash flow sensitivity coefficient of Chinese enterprises,which is generally faced with financing constraints,and loose monetary policy can effectively reduce the degree of financial constraints.In addition,the cash-cash flow sensitivity of non-state-owned enterprises is higher than that of stateowned enterprises,that is,the financing constraints faced by non-state enterprises are more serious than those of state-owned enterprises.Compared with state-owned enterprises,loose monetary policy alleviates the financing constraints of non-state enterprises effective.Based on the above conclusions,this paper puts forward some policy suggestions through the implementation of monetary policy and the improvement of the financing environment of the enterprise.On the one hand,the monetary policy department should formulate monetary policy scientifically to support the development of the enterprise,strive to eliminate the deviation of implementation and ensure the stability and controllability of the policy,improve the policy transmission mechanism,and create a good financing environment.On the other hand,enterprises should strengthen internal governance,overcome the internal constraints of financing constraints;optimize the capital structure,broaden the external financing channels;closely follow the monetary policy-oriented,timely adjustment of development strategies.