货币政策对企业融资约束异质性影响的统计检验OA北大核心CHSSCDCSTPCD

Under the current overall goal of"stabilizing growth and preventing risks"in China's current economy,how to ad-just monetary policy to stimulate business investment has become a top priority.In order to analyze the impact of China's mone-tary policy on corporate financing constraints and investment expenditures,based on the data of China's A-share listed companies from 2004 to 2020,this paper uses the panel threshold model to study the heterogeneous impact of monetary policy on the financ-ing constraints of enterprises.The study findings are as below:Monetary policy will have a U-shaped asymmetric effect on the"in-vestment-cash flow"sensitivity of enterprises,showing that the sensitivity coefficient is larger when the monetary policy is in the tightening and easing stage,but smaller when the monetary policy is in the stable stage,which suggests that the shift to easing monetary policy is not effective in easing financing constraints for Chinese companies as a whole.In order to explain this phenome-non,the paper further explore the heterogeneous financing constraints of enterprises,discovering that in the face of loose monetary policy,the sensitivity coefficient of"investment-cash flow"of small-scale enterprises and private enterprises with high degree of financing constraint is still large,while that of large-scale enterprises and state-owned enterprises is small.