Research On The Influence Of Monetary Policy On Enterprise Cash Holdings

Cash resource management as an important part of enterprise management,its effective management is related to the survival and development of enterprises.In the process of cash resource management,an important aspect is to reasonably arrange the level of cash holdings,and on the basis of meeting the cash needs of enterprise operation and management,the cash holding cost should be reduced as far as possible and the cash use efficiency should be improved.If the level of cash holdings is too high or too low,it will result in the loss of corporate interests.At present,the level of cash holdings in China is generally high and rising,which brings challenges to the improvement of cash management efficiency.In order to arrange cash holding level reasonably,we should pay attention to the changes of macro and micro environment,especially to strengthen the research on the influence of macroeconomic policies on cash holding level.As one of the macroeconomic policies,monetary policy affects the level of cash holdings by affecting the behavior of enterprises.Therefore,the adjustment of cash holdings should be sensitive to the change of monetary policy.Therefore,the study on the impact of monetary policy on enterprise cash holdings is a useful supplement about the research of enterprise cash holdings,it also enriches the research results of the impact of monetary policy on micro-business behavior,and it is conducive to the improvement of the efficiency of corporate cash management,and can also provide a reference for the government to formulate more effective monetary policies.On the basis of reviewing and sorting out relevant domestic and foreign literatures,and referring to relevant research results,using the relevant theory of monetary policy transmission mechanism and the theory of corporate cash holding as theoretical basis.Based on theoretical analysis,this paper takes China's A-share listed companies as the research object and relevant data from the quarter of 2008-2017 as the basis,and selecting money supply,interest rate and credit volume and their changes to reflect monetary policy,and study how monetary policy affects corporate cash holdings.The results show that:under different monetary policy environment,different monetary policy transmission channels have different effects on enterprise cash holdings;When the state implements the expansionary monetary policy and increases the money supply and credit volume,the enterprise will reduce the cash holding level,and when the interest rate is lowered,the enterprise will raise the cash holding level;When a country implements a contractionary monetary policy to reduce the money supply,enterprises with high financing constraints tend to hold more cash than those with low financing constraints.Finally,according to the research conclusions of this paper,the corresponding countermeasures and suggestions are put forward.