Research On The Impact Of Monetary Policy And Social Capital On The Debt Financing Of Small And Medium-sized Enterprise

How to effectively alleviate the financing difficulties of SMEs has been a hot topic in financial research.Reducing the cost of debt financing for SMEs is a hot topic in enterprise management.Therefore,it is of great significance to study the factors influencing the scale and cost of debt financing for SMEs.In view of the impact of the financial crisis on China’s economy since 2008,the Chinese government has actively implemented a series of loose monetary policies.On the one hand,the introduction of these loose monetary policies has improved the debt financing environment of SMEs.On the other hand,due to excessive market liquidity,the central bank has begun to implement a series of tight monetary policies to recover excessive liquidity.This will lead to the instability of the external business environment of the company,which will eventually affect the debt financing of SMEs.In recent years,it has become a new research hotspot to study the impact of social capital on debt financing of SMEs.Combined with the relevant theory and the actual situation of small and medium-sized enterprises in China,the comprehensive index of social capital is compiled.Based on the financial data of SMEs listed in Shanghai and Shenzhen stock markets from 2009 to 2016,this paper studies the relationship between monetary policy,social capital and thedebt financing scale and cost of SMEs.The research finds that:(1)when monetary policy changes from loose policy to tight policy,the scale of corporate debt financing will be greatly reduced;when monetary policy changes from loose policy to tight policy,the cost of corporate debt financing will increase significantly.(2)There is a significant positive impact between corporate social capital and the scale of corporate debt financing;there is a significant negative impact between social capital and corporate debt financing costs.There is a significant negative adjustment between monetary policy and the cost of corporate debt financing.From the perspective of enterprise heterogeneity,this paper finds that when monetary policy changes from easing policy to tightening policy,the scale of debt financing of manufacturing enterprises further decreases and the cost of debt financing further increases.Social capital plays a greater role in regulating the scale and cost of corporate debt financing in non-manufacturing enterprises.At the same time,when monetary policy changes from easing policy to tightening policy,the scale of debt financing of enterprises in eastern region decreases more,and the cost of debt financing increases more.In the adjustment of enterprises in the central and Western regions,social capital plays a more important role in regulating the scale and cost of debt financing.