The Adjustment Of Financing Structure By Corporate Financing Constraints Based On The Perspective Of Monetary Policy

In the development process of a company,many problems often occur and occur,such as operational risk,financing structure adjustment,enterprise management,etc.Among them,financing structure is one of the most prominent and important problems.Financing structure refers to the composition and proportion of these different sources of funds when an enterprise raises funds from the outside world or shareholders of the enterprise.It basically refers to the proportion between these sources of funds and projects.A large number of research achievements have been made in the academic circle on the study of financing structure,which is more based on the traditional financing structuretheory and less on the dynamic financing structure.The willing financing structure of enterprises is under constant adjustment due to the changes in the macro environment,the differences in transaction costs of enterprises,and the imperfect information disclosure system,etc.Domestic researches on this aspect are mostly based on the whole market,and few subdivided industries.Considering the difference of financing constraints between Chinese enterprises due to a series of reasons,such as enterprise size and imperfect information leakage system,different degree of financing constraints will affect the adjustment of enterprise financing structure.Based on the theory background,and then consider the manufacturing is a big industry in our country,and national policy policy tilt to the real economy,so in this paper,we study the data from manufacturing listed companies in our country,analyzes the different monetary policy under the condition of financing constraints on the impact of financing structure adjustment of speed,choose 2009-2017 data of manufacturing listed companies in our country,the empirical analysis on the different monetary policy under the condition of financing constraints on the impact of financing structure adjustment of speed.The first part is theoretical analysis,including theoretical analysis of monetary policy,financing constraint and financing structure adjustment speed.This part mainly contains two parts:the impact of financing constraint on financing structure adjustment speed,and the impact of financing constraint on financing structure adjustment speed under different monetary policy conditions.The second part is empirical analysis.The first part is the measurement method analysis of major variables.For the measurement method of monetary policy,this paper adopts two methods,namely specific numerical calculation and index execution,to provide theoretical and practical basis for the measurement of monetary policy.Moreover,for the construction of financing constraint index,this paper USES binary logistic regression model to construct an index more suitable for listed companies in China's manufacturing industry.Secondly,the quantitative regression analysis of the model was conducted by Statal2.0.The empirical results of this paper are as follows:first,the degree of financing constraint will hinder the adjustment speed of financing structure;Secondly,compared with low-financing binding enterprises,the accommodative monetary policy is more significant for the financing structure adjustment of high-financing binding enterprises.Finally the robustness test,considering the financing condition of manufacturing listed companies in China is mainly debt financing,and the proportion of debt financing long-term borrowing the biggest,so to test the accuracy of the method is studied in this paper,and make the results more consistent with actual situation,this paper changes the selected the long-term borrowing rates for empirical analysis.The results showed that the differences of financing constraints on financing structure adjustment speed is affected by a country's monetary policy is significant,and for manufacturing industry in China,accounting for a large proportion of debt financing,thus when a country's loose monetary policy,the corresponding drop in corporate debt financing costs,financing structure adjustment speed will increase,particularly for the high degree of financing constraints of the company,the change is more significant for higher financing constraint company.The research in this paper proves that it is helpful to improve the financing structure of enterprises from two aspects of macro conditions and the conditions of enterprises themselves,and provides basis and advice for policy-makers to make more appropriate policies.