Monetary Policy,Financing Constraint And Enterprise Investment

As an important microeconomic subject in China,SMEs play an important role in the development of economy.The state has always attached importance to and supports the continuous progress of small and medium-sized enterprises,but the external financing environment facing small and medium-sized enterprises in China is still very harsh.Compared with large enterprises,SMEs have inadequate risk prevention capabilities.At present,the main financing channels of SMEs rely on traditional bank credit channels,and banks have closer credit relationships with large enterprises and customers.SMEs are also in a disadvantaged position in the allocation of credit resources,and other financial institutions such as commercial banks Institutions have stricter financing requirements for SMEs.In this case,the tightness of monetary policy changes,changes in the money supply and interest rates will trigger changes in the external financing environment for SMEs,and changes in SMEs' available cash flow will cause changes in investment strategies.Therefore,this article studies the changes in the financing constraint environment faced by SMEs and the changes in corporate investment brought by them when monetary policy changes.By selecting the financial data of 272 small and medium-sized enterprises from 2010 to the third quarter of 2019,this paper takes the broad money supply as the threshold variable,the degree of financing constraint as the explanatory variable,and the enterprise investment variable as the explained variable,and constructs the panel threshold regression model for empirical analysis.Through empirical research,it is found that when monetary policy is tightened,financing constraints will bring significant negative impact on enterprise investment;When monetary policy is relaxed,the investment level of enterprises is less affected by financing constraints.At the same time,the sample can be divided into state-owned small and medium-sized enterprises and private small and medium-sized enterprise grouping panel threshold regression,the conclusion,changes in monetary policy,small and medium-sized private enterprises of corporate investment variations caused by financing constraints is bigger,and at the time of the monetary policy tightening state-owned small and medium-sized enterprises,the financing constraints of pressure is small.Finally,the fixed effect model regression is carried out to test the validity of the panel threshold empirical results.Finally,this article puts forward relevant policy suggestions from the perspectives of the government,banks and enterprises.The government must create a good financing environment for SMEs,formulate a refined monetary policy,promote the improvement of the financial market,and properly handle the single phenomenon of SME financing channels.Banks should take the initiative to engage with SMEs,scientifically manage their credit structure,not discriminate against SMEs,and to a certain extent tilt credit resources towards them.And SMEs themselves must continuously improve their comprehensive strength,improve their corporate management capabilities,improve their risk management and control capabilities,work hard to improve their credit rating,and improve the efficiency of capital utilization to face the pressure of financing constraints in the context of changing monetary policy The instability of corporate investment brought by this.