Monetary Policy,the Phenomenon Of Corporate Long-term Investment With Short-term Financing And Stock Price Crash Risk

In recent years,with the rapid economic growth,China's securities market has flourished.However,compared with foreign capital markets,China's stock market still exhibits immature and unstable characteristics due to short development time,and stock price crashes have occurred frequently.The stock price crashes not only causes investors' wealth to shrink,but also will hinder the normal operation of the stock market,and even negatively affect the sustainable development of social economy.In order to reduce the occurrence of stock price crashes,domestic and foreign scholars have conducted a lot of researches on the issues related to the stock price collapse risk.However,most of the researches have been carried out from the micro perspective of enterprises.By focusing on a unique perspective,this paper shed light on whether monetary policy influences the future stock price crash risk and the action path.Based on the previous research,this paper takes the 2005-2017 A-share listed companies as the research objects,and expounds the reasons and the path of the monetary policy affecting the future stock price crash risk.Additionally,this paper conducts a mediating effect test from the perspective of the mismatch of enterprise investment and financing.In addition,considering that the phenomenon of "credit discrimination" is widespread in China's credit market,this paper also examines the role of equity in the process of monetary policy affecting the stock price crash risk of enterprises.Through the research,the following conclusions can be drawn:(1)During the period of monetary policy tightening,the stock price crash risk is higher.(2)During the period of tightening monetary policy,the enterprise has a higher level of "short-term loans and long-term investment" and the higher the risk of the company's stock price collapse.(3)The nature of corporate equity plays a regulatory role in the process of monetary policy affecting the stock price crash risk.Compared with state-owned enterprises,non-state-owned enterprises have a higher stock price crash risk during the period of monetary policy tightening.The research in this paper helps to understand the influencing factors and mechanisms of the company's stock price collapse risk from a macro-policy perspective.This research not only enriches the economic consequences of monetary policy,but also serves as a reference for stabilizing the stock market and protecting the interests of investors.Different from the previous research on analyzing the cause of stock price crash from a single perspective,this paper links the macro policy factors that affect the stock price crash risk with the micro-behavior of enterprises.Through the path test,it is found that monetary policy will affect the level of "long-term investment with short-term financing".In turn,it will affect the stock price crash risk.The research conclusions of this paper help to guide investors to pay more attention to the investment and financing plan of the invested companies.This not only helps to restrain the"short-term lending and long-term investment" behavior of enterprises,but also expands the research on the efficiency of monetary policy research on enterprise investment and financing.In addition,this paper considers the phenomenon of "credit discrimination"that is common in China's credit system.From the specific reality of China,it pays attention to the role of equity in the process of monetary policy affecting the future stock price collapse risk.Moreover,the research in this paper also has reference significance for improving macro-control and improving the bank credit.