Research On The Influence Of Monetary Policy And Market Status On The Business Credit Financing Alternative Effect

Business credit and bank loans provide financial support for enterprises,they are alternative for each other,and defined the alternative effect as business credit financing alternative effect.The behavior of commercial banks is regulated by the central bank,so in different macroeconomic situations,banks' short-term loans to enterprises are depend on monetary policy.Bargaining power is a main factor of the business credit financing,and the bargaining power of different enterprises is various,enterprises with high market status of have a higher bargaining power,because high market status companies can gain more business credit by changing suppliers' methods.In conclusion,this thesis mainly studies the relationship between monetary policy,market status and the business credit financing alternative effect.This thesis adopts the method of literature research,theoretical analysis and empirical analysis,referring to the research of scholars at home and abroad,put forward that business credit financing alternative effect is exist,and analyzed the influence of monetary policy and market status on the business credit financing alternative effect,based on information asymmetry theory,monetary policy credit transmission theory,credit rationing theory,market competition theory and buyer's market theory.After the data screening,thesis selected 307 companies from manufacturing industry in China,and there are 3,070 samples in all from 2006 to 2015,by means of mean analysis,correlation analysis and multivariate linear regression analysis,researched the relationship between monetary policy,market status and the business credit financing alternative effect,and perform robustness tests using financial expense ratio afterwards.The results are as follows: 1)The business credit financing alternative effect is exists;2)The tighter monetary policy,the stronger the business credit financing alternative effect is;3)The enterprises with low market status business credit financing alternative effect is stronger;4)With the tightening of monetary policy,the business credit financing alternative effect of high market status enterprises is less influenced by monetary policy.Above the conclusions,the thesis makes these following suggestions.First,enterprises with low market status should strengthen financial management,improve financial transparency and reduce the credit rationing of banks.At the same time,we should pay more attention to the beneficial effects of the business credit,and strengthen the management of business credit.Second,banks should be based on the important role of business credit financing to supplement bank loan financing,and promote the development of business credit related businesses.Third,in tightening monetary policy,the low market status enterprise not only difficult to get bank loans,but also difficult to get business credit loans,so the government should provide financial supporting for them.In addition,to achieve the preset monetary policy objective,and to improve the effectiveness of monetary policy,when the government implement tighten monetary policy,should give full consideration to the adverse effects from business credit financing alternative effect.