Study On The Effects Of Monetary Policy And Quality Of Information Disclosure On Financing Constraints

The research results of financing constraints show that the problems of financing constraints are common in Chinese enterprises.Financing difficulties and high financing costs have limited the progress of the enterprises.The adjustment of monetary policy will have an important impact on the operation of enterprises.Its frequent changes make the problem of enterprise financing more complicated.However,information disclosure has the function of signal transmission.By improving the quality of information disclosure,enterprises can transfer the real situation of enterprise development to the capital market and external investors,and then alleviate the problem of information asymmetry and reduce the cost of external financing.Based on the research paradigm of macroeconomic policy to micro enterprise behavior,this paper analyzes the impact of monetary policy on financing constraints and the role of the quality of information disclosure.Firstly,this paper summarizes the research results of the existing literature from the influence factors of the financing constraints,the measure index,the impact of the monetary policy and the quality of information disclosure on financing constraints,and analyzes the deficiencies of the existing literature and makes clear the research orientation.Secondly,it combs the related theories of monetary policy and the influence of information disclosure quality on financing constraints,and puts forward the research hypothesis on the basis of theoretical analysis.Thirdly,the empirical study of the effect of monetary policy and information disclosure quality on financing constraints,and comparing the financing constraints and the difference of monetary policy tightness,makes the following research conclusions:first,loose monetary policy can effectively alleviate the financing constraints of enterprises,and the performance is more obvious in the high financing constraint enterprises;second,the high quality information disclosure creates a good financing environment for the enterprise,thus alleviates the financing constraint pressure of the enterprise,and this relieving effect is more obvious in the enterprises with high financing constraints.Third,high quality information disclosure can strengthen the mitigation effect of loose monetary policy on financing constraints,and can optimize the micro transmission mechanism of monetary policy,and this strengthening effect is more obvious in the performance of high financing constraint enterprises.Finally,the corresponding rationalization proposals are put forward from two angles of government and enterprises.Enterprises should actively take measures to adapt to the changes in monetary policy actively,establish a perfect information disclosure system,strengthen the management of information disclosure,and strive to improve the quality of their own information disclosure so as to reduce the cost of external financing,alleviate the financing constraints,and gain advantages in financing;the government should further strengthen the disclosure of enterprise information.In order to improve the information disclosure quality of enterprises voluntarily,the supervision of the enterprise information disclosure and evaluation mechanism should be perfected,and the incentive measures for the voluntary disclosure of information should be perfected.