Study On The Impact Of Targeted Adjustment Monetary Policy On Investment And Financing Behavior Of Agricultural Listed Companies

Investment and financing is one of the core issues discussed in the field of corporate finance.Effective decisions of investment and financing and high-quality investment and financing behaviors are important driving forces for the healthy and rapid development of a company,and also the main driving force for the growth of enterprise value.Agriculture is the basic industry of our country,it is the fundamental industry that concerns national economy and people’s livelihood and national stability.Although agricultural enterprises play an irreplaceable role in the development of national economy,it has been difficult for agricultural enterprises to obtain sufficient funds to meet their production and operation needs due to their inherent characteristics.In order to promote the development of agriculture and other specific industries,the central bank introduced the Targeted Adjustment Monetary Policy in 2014,aiming to release liquidity through commercial Banks,guide the flow of funds into agricultural enterprises and other fields,alleviate the financing difficulties and expensive financing problems of agricultural enterprises,and support the development of agricultural enterprises.Therefore,based on the impact of the Targeted Adjustment Monetary Policy on agricultural enterprises,this thesis analyzes the impact of the implementation of the Targeted Adjustment Monetary Policy on the investment and financing behavior of agricultural listed companies,and puts forward some suggestions from the perspective of agricultural enterprises.First of all,this thesis reviews the existing domestic and foreign literature on Targeted Adjustment Monetary Policy and investment and financing behavior of enterprises.Secondly,by using the theory of monetary policy transmission mechanism,financing constraints theory and credit rationing theories to explain why Targeted Adjustment Monetary Policy can affect the investment and financing behavior of agricultural listed companies and small micro enterprise.And then build a multiple linear regression model,together with the present situation of agricultural investment and financing of listed companies,draw lessons from the previous studies of Targeted Adjustment Monetary Policy,on the basis of the data of China’s listed agricultural companies from 2013 to 2018,with using of Stata,Targeted Adjustment Monetary Policy’s influence on the agricultural investment and financing behavior of listed companies has been carried on the empirical test,mainly from bank loans,the cost of financing and investment scale of three aspects to test.The results are as follows:firstly,the implementation of the Targeted Adjustment Monetary Policy helps agricultural listed companies to get the support of bank credit,which shows that the Targeted Adjustment Monetary Policy has indeed played a role in guiding the flow of credit funds to specific areas.Secondly,the effect of the Targeted Adjustment Monetary Policy on the financing cost of agricultural listed companies has not been as expected.Finally,the implementation of the Targeted Adjustment Monetary Policy is conducive to the expansion of the investment scale of agricultural listed companies.And the then,from the perspective of enterprises,this thesis,puts forward some suggestions for promoting the healthy development of agricultural listedcompanies,such as cultivating the market analysis and forecasting ability of corporate managers,strengthen the contact with financial institutions,familiar with and flexible use of the Targeted Adjustment Monetary Policy,and the government should actively coordinate commercial Banks,reasonably reduce the loan standards of agricultural companies against the pledge loan proposal.