The Influence Of Monetary Policy And Financial Flexibility On Enterprisevalue

Market economy countries will face different macro development goals and encounter different economic development issues at different stages of economic development.At this time,all national central banks will adopt matching macro monetary policies according to the development goals or the economic operation problems encountered.The important reason why market economy countries prefer to use macro-monetary policy instruments to regulate macroeconomic operations is that non-direct intervention and regulation of monetary policies in the market economy and daily operation of micro-enterprises require the support from monetary and financial market.When monetary policy moves from loose to tight,the business performance and financial status of the enterprises deteriorated due to the decline in market demand.At the same time,the reduction in the money supply will increase the financing constraints of the enterprises,which will increase the financial risk,reduce the investment capacity,and affect the value of enterprises ultimately.Faced with the frequent adjustment of monetary policy and the resulting uncertainties in the macroeconomic environment,enterprises should not be passive recipients of macroeconomic policies,but should actively strengthen their internal governance to enhance their ability to respond to changes in the external market environment.Since the outbreak of the US subprime credit crisis,a large number of scholars have found that a flexible financial organizational structure and financial organizational flexibility can help enterprises effectively cope with the complex and ever-changing macroeconomic environment behind the financial crisis.As a result,enterprises can build a financially flexible system to enhance their financial flexibility and achieve a smooth increase in corporate value.This paper believes that the frequent adjustment of monetary policy will enhance the microcosmic enterprises' unfamiliarity and cautiousness to the daily macroeconomic environment,thus affecting the enterprises' investment behavior and financing strategy,and ultimately affecting the enterprises' operating performance and value.In particular,monetary policy from the loose to the tightening process,the increase of financing constraints will affect the level of investment and the ability to deal with risks,which makes it more difficult to enhance the value of enterprises.In the face of frequent changes in monetary policy,enterprises can effectively enhance their environmental adaptability by storing financial flexibility to mitigate the negative impact of monetary policy changes on corporate value.In view of this,based on the monetary policy transmission mechanism theory,financial flexibility related theory and enterprise value theory,this paper firstly studies and analyzes the influence of macro monetary policy,enterprise financial flexibility internal governance on enterprise value promotion path and the influence of different financial flexibility internal governance status on the relationship between monetary policy and enterprise value.Then on this basis,9440 samples were used to conduct more detailed empirical research on the above relationship.The specific arrangement of this paper is as follows.The purpose is to clarify the internal mechanism of the influence of monetary policy and financial flexibility on enterprise value through theory and demonstration,and to help enterprises improve the value of enterprises from the perspective of internal financial flexibility.The research work in this paper can enrich the research results of the interaction between market factors and enterprises behavior,and increase the ideas for the internal financial governance of enterprises.It has the theoretical significance to expand the research field of financial flexibility and the practical significance of enhancing the internal financial flexibility governance consciousness of the enterprise management.The first part concludes that under the premise of the macroeconomic background that our country's enterprises are facing,it is proposed that this article will take the macroscopical factor of monetary policy and financial flexibility microfactor as the research direction,and expound the significance of this direction from the perspective of theory and reality.The second part firstly summarizes and introduces the theory of currency conduction mechanism,financial flexibility related theory,and enterprise value theory to clarify the specific theoretical basis and support of this research direction.Then analyses and defines the concepts of monetary policy,financial flexibility and enterprise value.The third section analyzes the status of China's monetary policy and the financial flexibility of the A-share listed enterprises.The fourth section is the theoretical analysis part.Based on the theoretical basis of the three research objects described in the second part,the paper has carried on the theoretical analysis and the hypothesis about the influence of macroscopic monetary policy,the financial flexibility internal governance to the enterprise value promotion path and the influence of financial flexibility internal governance to the macroscopic monetary policy and the enterprise value relations.The fifth part is the empirical part of this paper.The paper makes an empirical analysis of the above hypothesis based on the macro data of monetary policy and microcosmic data of A-share listed enterprises.The last part is the research conclusions and specific recommendations.This paper through normative analysis and empirical research on the impact of macro-monetary policy,corporate financial flexibility internal governance to the corporate value promotion path,and ultimately get that : as the monetary policy implemented by the central bank moves towards tightening,the overall value of the enterprise also decreases,the regression coefficient of macro-monetary policy on the value of non-state-owned enterprises is higher than that of state-owned enterprises.The level of financial flexibility internal reserve has a significant positive effect on the value of enterprises.Compared with state-owned type enterprises,the value of non-state-owned enterprises is significantly affected by the financial flexibility internal governance level.Further analysis found that for non-state-owned enterprises and state-owned enterprises,the increase in financial flexibility reserves can significantly reduce the negative impact of monetary policy on the value of enterprises.However,the reduction of regression coefficient of macro-monetary policy on enterprise value in the comparison group of non-state-owned enterprises due to the rise of financial flexibility level is more than in the comparison group of state-owned enterprises.