Corporate Commercial Credit Resistance Currency Research on the Function of Policy Shock
DOI:
https://doi.org/10.54097/fbem.v10i1.10381Keywords:
Monetary policy, Commercial credit, Enterprise financialization, Financing constraints.Abstract
Monetary policy can affect the operation of physical enterprises through monetary and credit channels. As a supplement to external credit, corporate commercial credit can effectively smooth out the impact of monetary policy on enterprises and play a "stabilizer" role. Based on the data of listed companies in Shanghai and Shenzhen from 2007 to 2021, this paper empirically studies the impact of corporate commercial credit on the government's monetary policy and the Catabolism effect of the tendency of enterprises to "move away from reality to emptiness". The research results found that there is a significant negative correlation between the tightness of monetary policy and the scale of corporate commercial credit; The tendency of enterprises to shift from reality to emptiness will alienate the function of commercial credit as a "stabilizer" against monetary policy; In addition, state-owned enterprises are more capable of amplifying the positive role of commercial credit in resisting monetary policy shocks compared to private enterprises. Related research enriches the scope of research on the role of monetary policy in microeconomics, providing decision-making references for governments to improve the effectiveness of monetary policy and enterprises to flexibly use credit channels to smooth monetary policy shocks and improve business stability.
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