Monetary Policy,Trade Credit And Corporate Investment

Corporate investment and financing behavior is the core research field of corporate finance.In recent years,the influence of macroeconomic policy,especially monetary policy,on micro enterprise behavior has become a new research direction in the field of corporate finance.One of the objectives of monetary policy is to regulate aggregate demand,especially capital investment.Many literatures show that monetary policy affects corporate investment by influencing corporate financing.Based on the panel data of the listed companies from 2002 to 2015,this paper analyzes how the monetary policy at the macro level affects the financing decisions of the micro enterprises and thus affects the investment of the enterprises,taking the trade credit in the way of corporate financing as the starting point.And investigate the influence of the property right of the company,and further supplement the research in this field.The empirical results show that during the period of monetary tightening,companies will increase the use of trade credit as a financing tool due to the increasing difficulty of obtaining credit,which is more obvious to non-state-owned enterprises.The use of trade credit will promote corporate investment,indicating that the purpose of changing the financing mode during the period of monetary tightening is to continue to support the company's investment in order to maximize the value of the company.In addition,the influence of the use of trade credit caused by monetary policy on corporate investment has asymmetry in state-owned enterprises and non-state-owned enterprises:during the period of monetary policy tightening,trade credit has a more significant role in promoting the investment of private enterprises;During the loose monetary policy period,trade credit has a more significant role in promoting state-owned enterprises.Although there are some literatures on the relationship among monetary policy,trade credit and corporate investment,there is no study to fully consider and analyze the influence of the property right of the company.On the basis of previous studies,this paper systematically analyzes how monetary policy affects the transformation of corporate financing,how this change affects corporate investment,and how the nature of corporate property rights plays an important role in the process.The research in this paper can provide some reference for the formulation and implementation of monetary policy at the macro level,and provide some empirical evidence for the management of enterprises at the micro level.Academically,it can supplement the existing research on macro-economic policy and micro-enterprise behavior.