货币政策对我国民营企业融资约束的影响-会计学专业论文.docxVIP

Abs仃actFrom Abs仃act From 2006 to 2014 within a short period of eight years，Chinas monetary policy tightening to easing experienced by the stable and then repeated the process．Adjustment of monetary policy will affect the size of social fmancing，and corporate finance activities as a cell its entire national economy will be affected by monetary policy．Li Keqiang，the new normal for China’S economic development should be targeted implementation of the proposed “sprinkler’，“drip’’in the national monetary policy,it is hoped the money supply while maintaining the overall stability of the situation，and increasing support for a particular object． As we all know,Chinas private enterprises are facing in the process of economic development with serious financing problems，the countryts monetary policy has tendency to deal with it，the national monetary policy by what means and how it affects the behavior of private enterprise financing constraints are worthy of study． Text based on asymmetric information theory,theory of credit rationing，debt overhang theory and pecking order theory，the company is listed on the sample data for monetary policy empirical study of private financing constraints on the impact of China，and listed company data，manufacturing robustness test．The study found：(1)under the tight monetary policy,China’S private enterprises than state—owned enterprises are facing more serious financial constraints．Specific performance：When the tightening of monetary policy, reducing the total money supply,rising fmancing costs，lack of access to external financing of enterprises will face more severe financial constraints，with respect to state-owned enterprises， banks and private enterprises to bear transaction the larger political and economic risks，and therefore reduce the amount of credit will be more private enterprises，private enterprises face greater fmancing constraints． (2)under the loose monetary policy,with respect to state—owned enterprises，Chinas private enterpr