Research On The Impact Of Bank Credit On Corporate Output Under Regulatory Constraints

The outbreak of the global financial crisis in 2008 highlighted the limitations of monetary policy and micro-prudential regulation,and began to strengthen macro-prudential regulation.In recent years,China has attached great importance to the construction of financial stability and "two-pillar" supervision and regulation,gradually establishes and improves the financial governance structure of the financial governance structure of the One Central Bank and Two Regulatory Committees and the Financial Stability Development Committee of the State Council.However,how to regulate the financial supervision policies,balance t,he total supply and demand,guide the banks to create liquidity reasonably and effectively,and promote the sustainable development of enterprises has not yet formed a consensus and unified operational framework.As the COVID-19 has erupted worldwide,the global economy has once again entered a haze,bringing new challenges to the existing regulatory framework.How to alleviate the liquidity shortage and bankruptcy crisis faced by Chinese enterprises has become an urgent problem to be solved.In this paper,the main content was divided into six parts.The first part is the Introduction,which mainly describes the basis and significance of the topic,the main content and ideas of the research,as well as the research methods and innovations.The second part is Literature Review,which summarizes the micro-transmission path of monetary policy,macro-prudential regulation and financial intermediation.The third part is the Theoretical Basis,from the financial supervision theory,financial intermediary theory and corporate investment and financing theory,analyzes how monetary policy,macro-prudential supervision and bank liquidity creation affect corporate output through bank credit.The fourth part is Data,variables and empirical design.The fifth part is Empirical Analysis,quantitative analysis of the impact of monetary policy,macro-prudential regulation and bank liquidity creation on corporate output,as well as the intermediary effect of bank credit,and discusses the impact of industry asymmetry and property heterogeneity.The sixth part is Conclusion and Policy Suggestion.Based on the micro-data of Chinese Listed Companies from 2011 to 2018,this paper uses bootstrap method to establish the panel intermediary effect model.The results show that:(1)The deposit reserve ratio and interbank lending rate of monetary policy instruments and the capital adequacy ratio of macro-prudential regulatory instruments all negatively affect the output of enterprises.After deducting the intermediary effect of bank credit,the direct effect is significantly negative,and the direct effect is mainly reflected in the balance sheet effect of enterprises.(2)Bank liquidity creation,on-balance sheet liquidity creation and off-balance sheet liquidity creation all have significant negative effects on corporate output,which can be further divided into bank credit intermediary effect and corporate balance sheet effect.(3)The intermediary effect of bank credit in mining,construction,transportation and software service filed is not significant.(4)The regulatory policy and the creation of bank liquidity on the output channels of non-state-owned enterprises are mainly the intermediary effect of bank credit,and the enterprise balance sheet effect is not significant.Therefore,China should scientifically use regulatory policy tools,optimize the effectiveness of tool combination,improve the liquidity creation ability of banks,improve bank credit management,and implement differentiated credit policies for micro-enterprises in different industries and types to provide effective investment and financing decisions reference and correct guidelines.In addition,the increase of regulatory authorities has a direct impact on micro-enterprises.Banks should increase credit supply to manufacturing,software services and non-state-owned enterprises.Enterprises should strengthen liquidity management and actively respond to external crisis and bankruptcy risks.