Study On The Effect Of Monetary Policy On The Cost Of Debt Financing Of Small And Medium-sized Enterprises In Neeq Market

Our country put forward the public entrepreneurship,innovation concept.Small and medium-sized enterprises are not only an important part of the national economy,but also an important practitioner of entrepreneurship and innovation.Financing is an unavoidable problem in the development of small and medium-sized enterprises.Downward pressure on the economy makes it more difficult for SMEs to finance.In recent years,the NEEQ mar-ket grows quickly.The rapid increase of listed companies,perfecting the capital market of our country multi-level system,provides a feasible way for the financing of small and medium-sized enterprises.The NEEQ market shows effects preliminary,many small and medium enterprises equity financing by the market,but compared to equity financing,debt financing is still the main mode of financing of small and medium-sized enterprises in our country,the NEEQ market is no exception,listed companies in the market financing mode selection and reduce the cost of financing is important for enterprise development.There-fore,this paper analyzes the impact of monetary policy on the cost of debt financing,analyzes the current development and financing situation of the NEEQ market by empiri-cal analysis of the impact of monetary policy to enterprise debt financing cost,and analy-zes how directional financing influence the debt financing cost,so as to provide a realistic basis for the selection of finance about the market enterprises and the upcoming listing en-terprises.First of all,this paper summarizes the results of previous studies,focusing on two as-pects of SME financing and the impact of macro monetary policy financing.At the same time,this reference to the previous research of small and medium-sized enterprises finan-cing cost of literature,and creative a valuable in the model with indicators of monetary policy and equity financing,which makes the model more fit the real situation of the en-terprise,after selecting the NEEQ market expansion to 4 years'(2013-2016)data of 805 listed companies,the MP is a measure of monetary policy and using panel fixed effect model to analyze the factors affecting the cost of debt financing.This paper verify the relationship between debt financing cost and the explanatory va-riables and control variables through empirical analysis.The NEEQ listed companies debt financing costs affected by the impact of monetary policy is very obvious,and the adjust-ment of monetary policy will be reflected in the financing of enterprises.In the relatively loose monetary policy,enterprises can get enough low the cost of financing loans,debt financing can often solve the financing problems of small and medium-sized enterprises,while tight monetary policy,debt financing costs rise,companies will turn to more equity financing.But when the enterprise private placement by the NEEQ market,impact of mo-netary policy on the financing of enterprises has been greatly weakened,so the new board listed companies should reduce dependence on equity financing as much as possible,but also can reduce the macro monetary policy adjustment by the impact,the financing of small and medium enterprises will be stable.According to the empirical analysis,it should put the macro factors especially monetary policy into the model.At the same time,the relationship between equity financing and debt financing are also worthy of attention,so as to provide feasible suggestions for the choice of the financing way.