Empirical Research On Monetary Policy,Financial Flexibility And Enterprise Value

In changeable era,the enterprise management environment full of uncertainty,the outbreak of the subprime crisis worldwide,our country's economy has also been the influence of different level,in order to prevent the sharp economic recession,the Chinese government will tightening of monetary policy is adjusted for moderately loose,in order to stimulate investment,when the economy is overheating,the government again to adjust monetary policy,will be easy to adjust for sound.The adjustment of national monetary policy influences the decision-making of enterprises through the imperceptibility of monetary policy transmission mechanism.Because of information asymmetry and transaction cost,agency problems,such as the existence of significant differences external financing cost,capital market development in our country is not developed era background,the reserves of the appropriate financial flexibility can help enterprises to adverse shocks or to grasp the valuable investment projects,to achieve the goal of enterprise value maximization is critical.Ever is based on a macro level study of monetary policy on economic indicators,less from enterprise micro level,the enterprise microscopic behavior cross with the macroeconomic policy research,in the domestic combined macroeconomic environment and micro enterprise value research are few,more no scholar flexible monetary policy,financial and enterprise value combined research,this is the meaning of this paper.As the breakthrough point,this article from the national macroeconomic policy of flexible financial system in-depth research,broaden the research train of thought of our country's financial flexibility theory,at the same time,for the enterprise to optimize the allocation of resources,reasonable reserve financial flexibility provides a new way of thinking.First,this paper through the analysis of domestic and foreign research literature related to this topic,this paper expounds the relevant concepts,this paper briefly describes the monetary transmission theory of correlation theory foundation,the theoretical basis and on the basis of related literature review,this article assumes that are put forward.Based on the Shanghai and Shenzhen a-share listed companies in 2004-2016 year A total of 13660 data as sample,and establishes an index system of financial flexibility index,using the factor analysis method to detect observation of sample in each of the financial flexibility index,selecting variables using the regression analysis model,through descriptive statistics,correlation analysis and regression analysis to financial flexibility and study the relationship between the enterprise value,and join the cross terms monetary policy to verify that the monetary policy impact on financial flexibility and enterprise value relations,further analyzes the monetary policy under different property rights and enterprise scale of financial flexibility and the influence of the relationship between the enterprise value.Based on the analysis of the empirical results,this paper puts forward some policy Suggestions from the perspective of micro and national macro-level.The study found that:(1)In overall low level of reserve financial flexibility,especially financial flexibility level lower than non-state-owned enterprises,state-owned enterprises small-scale enterprises than large enterprises pay more attention to store financial flexibility.(2)The enterprise reserve financial flexibility and value between the inverted "U" type,enterprise value increases with the increase of flexible financial,flexible arriving at a certain critical value,the enterprise financial reserves due to excessive financial flexibility to increase the enterprise cost,enterprise value decrease with the increase of financial flexibility.(3)The tightening of monetary policy revised excess financial flexibility the negative effect on the enterprise value,namely relative to the loose monetary policy,monetary policy tightening period financial flexibility to the positive role of enterprise value.(4)When monetary policy tends to be tight,non-state-owned enterprises are more dependent on their financial flexibility,and the financial flexibility of their reserves has a stronger positive effect on the value of enterprises.(5)When monetary policy tends to be tight,the financial flexibility of small scale enterprise reserves has a stronger positive effect on enterprise value.