Research On The Influence Of Structural Monetary Policy On Private Enterprises’ Financing Constraints

Private enterprises,as an important subject in China’s economic and social development,have a great effect on promoting high quality economy and optimizing industry structure.Therefore,People’s Bank of China need to provide targeted credit support for private enterprises.Different from the "flood irrigation" of traditional monetary policy,the "precision drip irrigation" of structural monetary policy can increase the allocation ratio of credit resources in key areas and weak links,and provide liquidity for private enterprises.Therefore,studying the impact of structural monetary policy on the financing constraints of private enterprises has important theoretical and practical significance for solving the financing problems of private enterprises,promoting high-quality economic development,and promoting the optimization and upgrading of industrial structure.Based on the panel data of private enterprises from 2010 to 2022,this paper studies the effect of structural monetary policy on the financial constraints of private enterprises.In view of the present state of implementation of structural monetary policy and the present situation of offsetting private firms’ financial constraints,this paper proposes research hypotheses on the basis of financial friction theory,credit rationing theory,credit discrimination theory and financial acceleration theory.Firstly,the investment-cash flow sensitivity model is used to empirically test the impact of structural monetary policy on the financing constraints of private enterprises.Then,the robustness test is carried out by double difference model and replacement of the explanatory variables to ensure the reliability of the conclusion.At last,the paper analyses the transfer mechanism of structural monetary policy to private firms’ financial constraints,and discusses the impact of structural monetary policy on private firms’ financing constraints.The empirical results show that: the structural monetary policy helps to alleviate the financial constraints of the private enterprises,but it is a lag of policy and ineffective.As far as transfer mechanism is concerned,the credit transfer channel of structural monetary policy has a stronger easing effect on private enterprises’ funding constraints than credit risk transfer channels.Heterogeneity test results show that: in terms of industry,compared with nonexternal financing-dependent industries,structural monetary policy in external financingdependent industries has a more obvious easing effect on financing constraints of private enterprises.At the regional level,the easing force of structural monetary policy on the financing constraints of private enterprises in eastern,central and western regions weakened successively.In terms of industry,the easing effect of structural monetary policy on financing constraints of private enterprises in the third,second and primary industries decreases successively.Based on the analysis results,some policy proposals are put forward,for example,to increase the efficiency of the transfer of monetary policy;to make full use of different monetary policy instruments;to strengthen the targeted regulation of private companies with diverse features.