The Study On Enterprise Debt Financing Cost From The Perspective Of Commercial Bank Competition

In response to the global financial crisis of 2008,central banks have adopted loose monetary policy,China's four trillion loose monetary policy has been released in the short term to make the economy recover quickly,but the negative impact of loose monetary policy has gradually emerged.China's economy has progressed from the high speed growth stage to the "three phase".China's economy has also entered the medium and high speed growth stage from the high-speed growth stage,and has gradually become a new normal for economic development.In the past period of rapid economic growth,the increase of enterprise cost was covered by high growth operating income,and even in the extensive mode of growth,the enterprise could also gain profit.In the current situation of economic growth,the increase of enterprise cost has aggravated the degree of business difficulties,and the cost reduction has become an important content of the supply side structural reform at the present stage.However,the problem of "expensive financing" and "difficult financing" not only become the bottleneck in the process of enterprise development and financing,but also to a great extent perplex the economic policy makers and regulatory authorities.How to solve this problem has become an important issue for monetary policymakers.In the course of the transmission mechanism of monetary policy,how does the difference of monetary policy affect the scale of corporate debt financing? With the deepening of China's financial market reform and opening up,how does the external competition and internal competition of commercial banks affect the debt financing cost of enterprises? To answer the above questions and to study and analyze the influence of monetary policy transmission mechanism on the cost of corporate debt financing from the point of view of monetary policy is of great practical significance.This paper selects the semi annual non-equilibrium panel data of 33034 listed non financial enterprises in 2009 as the research sample,and uses multiple regression models to make an empirical analysis on the relationship between monetary policy,commercial bank competition and enterprise debt financing.The empirical resultsshow that there is a significant negative correlation between the monetary policy and the corporate debt financing,and the loose monetary policy is beneficial to reduce the cost burden of the enterprise's debt financing.In the future,in reducing the cost of enterprise debt financing,we can not use loose monetary policy alone.It can reduce the cost of debt financing by reducing the entrance threshold of the banking industry,expanding the opening of the banking industry and promoting the competition of commercial banks.Commercial bank competition will reduce the cost burden of enterprise debt financing,and play a strong role in promoting the role of monetary policy tool variables.It is more obvious under the loose monetary policy.When the property of the enterprise is state-owned holding enterprise,the cost of its enterprise debt financing is lower than that of non state holding enterprises.