Monetary Policy And Financing Constraints

As one of the important macroeconomic policies,monetary policy can affect the investment and financing activities of the micro enterprises through the credit channel.Considering the current situation that it is difficult and costly to obtain financing in China,especially for small and medium-sized enterprises,information asymmetry,one of the three important causes of enterprise financing constraints,shows that enterprise information disclosure plays an important role in alleviating financing constraints.This article will focus on improving the quality of information disclosure,and whether it can alleviate the impact of tight monetary policy on corporate financing constraints,which has theoretical and practical significance for guiding the formulation of macroeconomic policies and the practice of corporate financing and information disclosure.This paper takes the 2010-2016 years' non-financial listed companies in Shenzhen Stock Exchange as samples,and describes the current situation of enterprise financing constraints through the construction of KZ index,then empirically tests the relationship between the three by econometrics method,and investigates the difference between these relationships in different property rights and enterprises in different financial development level.First of all,according to the nature of property rights and the regional financial development level,the samples were grouped regression,and the main board,small board,the gem of the three different sections listed A shares of Listed Companies in accordance with the nature of property rights are further investigated by regression;Secondly,according to the empirical results of small and medium-sized enterprises,this paper made a robust test to the Shenzhen SME board enterprises as an example.The main conclusions of this paper are as follows:(1)China's Shenzhen listed companies do have financing constraints,and there are significant differences in the degree of financing constraints due to different property rights: the non-state-owned enterprises are higher than the state-owned enterprises;(2)Monetary tightening will aggravate the financing constraints of enterprises,this effect is different due to the different nature of ownership and the degree of regional financial development: the degree of effect is more obvious in non-state-owned enterprises and enterprises with low financial development level;(3)Improving the quality of information disclosure can effectively alleviate the financing constraints,and this mitigating effect has significant differences among enterprises with different property rights and different regional financial development degree: the performance of non-state-owned enterprises and enterprises in the high level of financial development is more obvious;(4)Improve the quality of information disclosure can alleviate the financing constraints on monetary shocks,there are significant differences in different property rights and regional financial development degree between enterprises: non-state owned enterprises and enterprises in the high degree of financial development in the region is more obvious.In addition,it needs to be explained that in the last three conclusions,the significant differences in the nature of different property rights are only reflected in the small and medium board enterprises.