An Empirical Study Of The Impact Of Monetary Policy On Enterprise Inventory Investment

In recent years,macroeconomic policies have fluctuated frequently.In 2008,the global financial crisis broke out.In response to the impact of the financial crisis,the Chinese government implemented a series of policies to stimulate the economy.Macro-monetary policies also fluctuate frequently,switching between monetary easing and tightening.China's economy has entered a new normal in recent years,and economic growth has shifted from high-speed growth to medium-high-speed growth.The demand for economic growth also tends to the requirements of economic growth quality.In order to adjust the economic structure of the enterprise,realize the optimal allocation of production factors within the enterprise,and improve the quality and quantity of economic growth,the Chinese government proposed new measures for supply-side structural reform in 2019.The main content is to use incremental reforms to promote inventory adjustment,improve the quality of supply and supply structure,improve the flexibility and adaptability of supply to demand,optimize resource integration,and improve product supply quality.The manufacturing industry is in the core area of the supply-side structural reform,and it is the main position to promote the supply-side structural reform in China,and it is of great significance to ensure its investment efficiency.In manufacturing enterprises,a large amount of inventory is generally stored to cope with sales and production needs.Inventory is a core asset and occupies a large amount of cash.When the monetary policy changes,the financing environment faced by the manufacturing enterprise can be expected.Changes will occur and the level of inventory investment will change.This paper examines the impact of monetary policy changes on corporate inventory investment by taking the financial data of manufacturing listed companies from 2006 to 2018 as a sample.The paper analyzes the different degrees of adjustment of the inventory investment of enterprises with different ownership in the change of monetary policy,and obtains the following conclusions:(1)The fluctuation of monetary policy has certain influence on the enterprise inventory investment.When monetary policy is loose,enterprises face better economic conditions and generally expand inventory investment.When monetary policy is tightened,enterprises face different levels of financing constraints,which will reduce inventory investment;(2)I still do State-owned enterprises and private enterprises are still the main components of Chinese enterprises.State-owned enterprises are more likely to raise funds than private enterprises because of the soft guarantees of the government.Due to the widespread credit discrimination in banks,private enterprises are more susceptible to external financing constraints when monetary policy is tightened,and inventory investment levels will be The reduction is more obvious;(3)The changes in monetary policy in the more financially market-oriented provinces have less impact on the enterprise's inventory investment,while in the less financially market-oriented provinces,the enterprises are more inclined to reduce their inventory investment.Respond to the impact of monetary policy and alleviate the external financing constraints.