A Comparative Study On The Structural Impact Of Quantity And Price Regulation On Corporate Financing Constraints

With the deepening of financial innovation,the contradiction between "quantity" and "price" of monetary policy has been further intensified.The "13th Five-Year Plan" has listed the transformation of monetary policy as the reform focus of the macro-control system.However,special factors in economic and financial development have gradually become structural constraints on the micro-conduction of monetary policy and policy transformation.In order to clarify the structural and influencing factors of micro-regulation of quantitative and price-based monetary policies,and seek a breakthrough in policy transition,the article regards corporate financing constraints as micro-control objects,and discusses the structural impacts of quantitative and price-based currency controls on corporate finance constraints from both static and dynamic aspects,and proposes policy transition proposals.Based on monetary policy transmission mechanism theory and corporate finance related theories,this paper combines the basic characteristics of China's quantitative and price-based monetary policy,financial market incompleteness,and firm heterogeneity,the paper put forward the research hypothesis about the static structural and dynamic structural impact of quantitative and price controls on corporate financing constraints.In terms of static structure,this paper first constructs a multiple threshold regression model(TRM)to examine the scale threshold effect of quantitative and price controls on corporate financing constraints;Secondly,according to the result of threshold regression,the samples of enterprises are divided,and the heterogeneity characteristics of enterprises of different scale groups are determined through significant difference T-test and descriptive statistics;Finally,a situational model(HLM)was constructed to examine the situational impact of heterogeneity of firms of different sizes on quantity and price controls.In terms of dynamic structural aspects,this paper first classifies sample companies according to the results of threshold regression,and constructs a panel-vector autoregressive model(PVAR)to examine the dynamic impulse response differences of heterogeneous firms under the impact of quantitative and price-based financing constraints;Secondly,it examines the dynamic impact of the heterogeneity of firms with quantitative and price-based financing constraints on their financing constraints;Finally,we summarize the overall difference between the dynamic effects of quantity and price regulation.The study finds that: First,quantitative regulation has significant financing constraints on small-scale enterprises,and the lack of collateral assets is the main reason that small enterprises are greatly affected by quantitative regulation,while price control is more universal,On the whole,large enterprises' sufficient collateral assets,high leverage and longer debt maturity make them more affected by interest rate policies,but the incompleteness of the impact of debt characteristics has led to a reduction in the interest rate sensitivity of a small part of large-scale enterprises with long-term stable financing resources;Secondly,The influence of quantitative regulation is great,and has the characteristics of time lag,one-way and continuity.Small-scale enterprises can mitigate the impact of quantitative financing constraints by increasing internal financing,reducing corporate investment,and increasing short-term external financing.Small and medium-sized companies have more access to foreign financing than smaller micro-enterprises,but the increase in the premium of external financing has caused high-risk and inefficient allocation of financial resources.In addition,the existence of grid relationships has exacerbated the dynamic structure of quantitative regulation;Third,the dynamic impact of price regulation on corporate financing constraints presents forward-looking,multi-directional volatility and persistence characteristics.Under the impact of price-based financing constraints,companies mitigate the financing constraints by continuously adjusting and revising internal and external financing structures.Big companies obtain more efficient financing resources and more flexible financial structure adjustments.However,the soft constraints of local budgets and the over-financing of enterprises in China have aggravated the dynamic structure of price regulation.