A Comparative Study Based On Listed And Unlisted Companies

As China's economy enters the new normal,the internal and external economic environment is increasingly complex.The problem of high difficulty and expense of financial resource has been more severe.The People's Bank of China and relevant government departments have also issued various relief measures,hoping to solve the problem of idling funds and high financing costs in the real economy.Monetary policy is a common means for the central bank to carry out countercyclical adjustment according to the operation of the real economy.China implements a multi-target monetary policy,including economic growth,price stability,full employment,and balance of payments.In addition,the “official voices” pointed out on many occasions using monetary policy to reduce corporate financing costs.This paper uses this as an entry point to examine whether monetary policy affects and how it affects corporate financing costs.Considering the existence of credit rationing and the differences between listed companies and non-listed companies in terms of financing structure and financing constraints.This paper uses the sample of Shanghai and Shenzhen listed companies and the sample of non-listed companies in a coastal province's key tax source monitoring system,and uses the panel data fixed effect model to examine the impact of monetary policy on the financing costs of listed companies and non-listed companies.The regression results show that both quantitative monetary policy and price monetary policy significantly affect the financing costs of listed companies and nonlisted companies in the short term.The loose monetary policy helps to reduce the financing cost of enterprises in the short term,but the long-term effect is not significant.In terms of impact characteristics,the impact of quantitative monetary policy is fast but the effect is short,and the impact of price-based monetary policy is time-lag.In addition,the quantitative monetary policy has little impact on the financing costs of non-listed companies,and its impact is limited.In order to further analyze the transmission channels and internal mechanisms of monetary policy affecting corporate financing costs,this paper uses the step-by-step method to construct a multivariate multi-mediation effect model,distinguishing between quantitative and price-based monetary policies,and studying the mediating effect of official market interest rate that using Shibor as proxy variable and the mediating effect of the private market interest rate that using the comprehensive interest rate of Wenzhou private financing as proxy variable,in addition,the Bootstrap method is used for the robustness test.The regression results show that there is an intermediary effect between the official market interest rate and the private market interest rate between the monetary policy and the financing cost of the listed company.That is,in the process of monetary policy affecting the financing cost of listed companies,in addition to the direct effect,the official market interest rate and the private market interest rate have an indirect effect.There is only a mediation effect of the interest rate between the monetary policy and the non-listed enterprise financing cost,which further confirms that the official interest rate market is out of line with the financing cost of non-listed enterprises,and the interest rate “dual track system” still needs to be resolved.Finally,this paper gives policy recommendations,including economic and financial system reform,structured monetary policy,increasing the proportion of direct financing,and administrative incentives.The main contribution of this paper is to examine the impact of monetary policy on different micro-subjects,and explore the mediating effects of official market interest rates and private market interest rates.