Monetary Policy and Enterprise Investment Efficiency: Perspective from Enterprise Financing Constraints

Combining theoretical analysis and empirical research, this paper constructs a framework for the threshold model on basis of review classification relevant documents, instance study existence monetary policy bank credit channels micro transmission mechanism China's channels. Based actual situation in China current state enterprise financing policies, constraints, investment efficiency, article selects data listed companies from 2015 to 2021, chooses balanced panel as research object, obtains 8745 samples 11624 via processing. The descriptive regression indicates that when national is maintained at permissive level, efficiency SME joint portfolios may be considerably enhanced. In future, main objectives implemented should scientifically formulated according characteristics behaviors microeconomic subjects different industries much possible, differential more suitable "targeted" development adopted maximize effect economic policy, so effectively promote rapid healthy growth progress small medium-sized enterprises stable, sustainable coordinated regional development.