Business Risk,Monetary Policy And Working Capital Financing Strategy

Financing policies are critical to the development of a company.In the current fiercely competitive market environment,enterprises must make scientific decisions,especially rationally arrange financing methods,optimize assets and liabilities,and achieve a balance between risks and benefits,in order to comprehensively and scientifically realize the operation of corporate funds and enhance the profitability of enterprises.Ability to promote stable and healthy development of the company.The source of working capital is an important part of corporate financing decisions,and how to choose the current working capital financing strategy of China is less discussed in the academic world.Business risk has an important impact on corporate finance,so different business risks will affect the choice of corporate financing strategy.Combined with the influencing factors of external monetary policy,it reveals the impact of business risk level on working capital financing under different monetary policies,that is,the impact of business risk on corporate financing strategy.This paper first introduces the concept and classification of working capital,and then describes the influencing factors of working capital strategy,namely micro,meso and macro,from three different aspects;then financing working capital based on the characteristics of business risk and operational risk The influence of strategy is analyzed,and at the same time,from the macro background of monetary policy,its impact on working capital financing is studied.Finally,the research hypothesis of this paper is derived by establishing mathematical model and theoretical analysis.For the empirical research part,this paper starts from 2002 and selects the financial data of listed companies for 15 years for empirical analysis.Firstly,it conducts descriptive analysis to explore the overall distribution of the working capital financing strategies of Chinese enterprises,and then conducts the enterprises according to their nature.Group analysis;Secondly,through mathematical model,the business risk,monetary policy and corporate working capital financing strategy are combined mathematically to derive the research hypothesis of this paper.Finally,based on the nature of property rights and product market competition,the factors affecting the working capital financing strategy are further analyzed.For the empirical results,this paper carries out regression analysis,descriptive statistics between variables,substituting the main variables and eliminating the robustness test during the financial crisis period,testing the research hypothesis and drawing conclusions.The conclusions of this paper are as follows:(1)operational risks The promotion will promote the financing of corporate working capital more conservative;(2)the looseness of monetary policy is conducive to the transformation of corporate working capital financing to a radical direction;(3)under the circumstance of loose monetary policy,the stable guidance of operational risk to working capital management is weakened.Further research finds that under the condition of state-owned property rights,the business operation risk has a stronger effect on the management of working capital;the improvement of product marketcompetition is beneficial to the transformation of corporate working capital financing to a radical direction;the increase of market competition will reduce operational risk to working capital.The conservative role of management.