The Impact Of Monetary Policy Adjustment On Enterprise Supply Chain Relations: Effective Or Limited?

With the acceleration of the integration process and the increasingly close global cooperation,the manufacturing clusters of many countries in the world have been deeply integrated with the world’s vertical division of labor system,and formed a worldwide supply chain system.The international supply chain is interconnected and checks and balances with each other.However,in the context of the current regional crisis,the increase of supply chain members,the global COVID-19 epidemic,As well as supply-demand imbalances,the global supply chain is even more dangerous.It is particularly important to find a way to solve the supply chain bottleneck.With China taking an active part in industrial supply chain,China plays an important role in the global supply chain.Last several years,a number of supply chain policies have been published in China,and this has drawn much attention from many scholars.The impact of supply chain relations and supply chain management on enterprise’s development is increasingly important.In this context,we pay more attention to how to accelerate supply chain innovation to promote the structural adjustment of the supply side and improve the quality of Chinese manufacturing industry.To alleviate the bottleneck of the global supply chain and repair the supply chain,many scholars place their hopes on monetary policy.In the face of different economic environment changes,different monetary policies have been adopted in various countries to implement macroeconomic control.However,whether the relevant monetary policy adjustments play an effective role in the enterprise supply chain or have a limited role still needs to be further explored.Firstly,the paper analyses the theory foundation of money policy and supply chain,discusses the validity and transmission mechanism of currency policy,and analyses the cooperative relation of supply chain,studies the influence mechanism of monetary policy on the supply chain combining the supply and demand sides,and plots the influence mechanism diagram.Based on the above analysis,the paper selects Shanghai and Shenzhen A-share listed companies,extracts the unbalanced panel data of manufacturing enterprises from 2012 to 2020,and we build the monetary conditions index based on the theory of monetary policy,then the paper analyzes the influence of currency fluctuation on the supply chain of an enterprise,which combines macro economy and micro enterprise entity.Using the fixed effect model to analyze the sample,we find that:(1)There is an imbalance in the supply chain development of the listed manufacturing companies.(2)The fluctuation of currency will influence the supply chain of enterprises,and the influence on the supply chain of state enterprises and the downstream cooperation of the supply chain is more significant,indicating that monetary policy can play an effective role in the supply chain;In addition,tight monetary policy will reduce the dependence of enterprises on supply chain relations.(3)Improving the efficiency of the use of monetary capitals can improve the supply chain cooperation of establishments,and the increase of bank loans will inhibit the supply chain cooperation of enterprises.The above research provides theoretical reference for promoting the stability and rationality of the monetary policy,and provides effective guidance for enterprises to enhance the management of the supply chain and maintain the cooperative of the upper and lower enterprises,so that enterprises can pay more attention to the fluctuation of the macro-economy,strengthen the attention to risk,urge enterprises to improve the level of independent innovation,and help manufacturing enterprises to develop high-quality.The marginal contributions are as follows:(1)The paper establishes a bridge between supply and demand,taking supply chain as a bridge to match supply and demand,and constructs the impact mechanism of monetary policy on enterprise supply chain.(2)Empirical analysis of the imbalance of supply chain development of manufacturing enterprises,in conjunction with the relationship between the upriver and downriver companies in the supply chain,measures the influence of monetary policy on the enterprise supply chain,so as to study whether the adjustment of monetary policy can play an effective role in the enterprise supply chain.(3)Examine the impact of monetary policy adjustment on the supply chain of state and non-state enterprises under different property rights,which can help enterprises more clearly understand their own development and external environment,so as to adjust the capital allocation and financing mode in time.(4)Construct monetary conditions index to measure monetary policy adjustment,and probe into the changes in its tightness,this study will help to enhance the transparency of China’s monetary policy,play a fine-tuning role,and is significant for improving the regulatory mechanism of Chinese currency policy.