Research On The Influence Of Monetary Policy Instruments On The Financing Constraints Of Private Enterprises

China's monetary policy has always been the focus of research.How monetary policy plays a role in macroeconomics and micro-enterprise is a problem that the state must consider when formulating monetary policy.At the same time,since the reform and opening up,private enterprises have made outstanding contributions to China's macroeconomic development.More than 60% of China's GDP is contributed by private enterprises,but many private enterprises have encountered financing problems in the development process.In the State Council meeting in 2018,it emphasized that "the state-owned and private economy should be treated equally,the large and medium-sized enterprises should be treated equally,and the focus of their work should be on creating an environment for enterprise development." Therefore,in order for the private enterprises to develop healthily and rapidly,it is necessary to combine macroeconomic research with micro-enterprises to explore whether the implementation of different monetary policy tools is effective in relieving the financing constraints of private enterprises.Based on the FHP model,this paper collects the quarterly data of private enterprises for 14 years,establishes a model,and uses the dynamic panel data model to study the impact of several monetary policy tools on the financing of private listed companies.And compare the results of empirical analysis of private enterprises with different ownership systems and different industries and different regions,and put forward corresponding countermeasures and suggestions.In the choice of monetary policy tools,the interest rate policy,open market operations,and deposit reserve ratio were selected.Due to the deepening of the degree of opening up,the exchange rate was also included in the study.This paper empirically draws the following conclusions:Monetary policy tools can effectively influence the investment level of private enterprises,which in turn affects the degree of financing constraints.Among them,the open market operation and exchange rate are positively related to the investment level of private enterprises,and negatively related to financing constraints;while the statutory deposit reserve ratio and interest rate are negatively correlated with the investment level of private listed enterprises,which is positively related to financing constraints.In addition,compared with state-owned enterprises,monetary policy tools have a greater impact on private enterprises.Among private enterprises,there are alsodifferences in the influence of monetary policy tools on private enterprises in different industries and regions...