Monetary Policy, Short-Term Loans Used as Long-term Investment by Corporation and Stock Price Crash Risk
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In order to reduce the possibility of stock price collapse, scholars at home and abroad have done a lot of research on related issues including the risk factors of stock price collapse. But most of the existing literature studies from the micro perspective of enterprises, and this paper, based on the previous research, from the macro perspective of monetary policy, explore the impact of the macro policy factors of monetary policy on the risk of future stock price collapse. This paper selects A-share listed companies in China from 2005 to 2017 as the research object, and expounds the reasons and action paths of monetary policy affecting the risk of future stock price collapse. In addition, from the perspective of term mismatch of investment and financing, this paper tests the intermediary effect. In addition, considering the widespread phenomenon of "credit discrimination" in China's credit market, this paper also examines the role of the nature of equity in the impact of monetary policy on the risk of future stock price collapse by grouping test. The conclusions are as follows: (1) during the period of monetary policy tightening, the risk of stock price collapse is higher in the future; (2) The level of "short-term long-term investment" of an enterprise is an intermediary variable in which monetary policy affects the risk of a company's future stock price collapse. Compared with state-owned enterprises, non-state-owned enterprises are more at risk of stock market crashes during periods of tightening monetary policy.
Monetary policy; “long-Term investment with short-term financing”; credit discrimination; stock market crash risk; equity nature