Research On The Influence Of Different Monetary Policy Tools On The Growth Of Manufacturing Enterprises

The manufacturing industry plays an important role in China's economy.As the main body of the national economy,it is the foundation of the country,the instrument of rejuvenating the country,and the foundation of a strong country.The continuous growth of manufacturing enterprises is not only an inevitable requirement for China's economy to shift from high-speed growth to high-quality development,but also an inevitable requirement for realizing China's manufacturing transition from a large-scale to a power.However,the current development of China's manufacturing industry is not strong,and international competitiveness is also in urgent need of improvement.Therefore,promoting the growth of China's manufacturing enterprises has become an important task of macroeconomic regulation and control.As the main means of macroeconomic regulation and control,monetary policy uses various tools to regulate the money supply and interest rate levels,and ultimately through the various links to the micro-subjects,affecting corporate investment and financing behavior.In recent years,China's monetary policy has gradually matured,and began to use a variety of tools for comprehensive adjustment,guiding funds to flow effectively to enterprises.As the main capital requester in the financial market,manufacturing enterprises are bound to be affected by different monetary policy instruments.Can monetary policy promote the growth of manufacturing companies? What is the impact mechanism of monetary policy tools on corporate growth? Because of the differences in monetary policy instruments and the heterogeneity of manufacturing companies,are there differences in the impact of different monetary policy instruments on the growth of manufacturing companies? Studying these issues has important theoretical and practical significance,and it is also the core content that this article wants to explore.In view of this,this paper selects the data of manufacturing listed companies in China National Security Database(CSMAR)as the research sample,and combines the data of China's monetary policy tools,to examine the impact of different monetary policy tools on the growth of manufacturing enterprises and the transmission mechanism from the perspective of corporate investment driving effect and financing structure effect.Firstly,based on the theoretical basis of corporate growth and monetary policy transmission mechanism,explain in detail the theoretical mechanism of five monetary policy tools affecting the growth of enterprises;Secondly,using the research sample data to make descriptive statistical analysis of the core variables and propose research hypotheses;Than,the fixed effect model and the PVAR model are used to empirically analyze the impact of monetary policy tools on the growth of enterprises and the transmission mechanism.Finally,the conclusions of this paper are obtained,and combined with the development status of manufacturing enterprises to design a set of policy recommendations with practical application value and specific and operational.The results of this paper show that:(1)there is a positive correlation between open market business tools and corporate growth,while loan interest rates,exchange rates,medium-term lending facilities and deposit reserve ratios are negatively correlated with corporate growth;and the impact of different monetary policy tools on the growth of labor-intensive,capital-intensive and technology-intensive enterprises is significant and different.(2)The investment ratio and asset-liability ratio of the enterprise have a significant positive impact on the growth of the enterprise,and the influence of the investment ratio is greater than the asset-liability ratio.(3)There are obvious investment-driven effects in the transmission mechanism of monetary policy tools affecting the growth of enterprises,that is,various tools can be used for enterprise growth by affecting the investment ratio of enterprises;under the effect of financing structure,the impact of exchange rate and open market business tools on the enterprise growth is not obvious;the transmission effect of the investment-driven effect under the same tool is greater than the effect of the financing structure.