Monetary Policies,Asset Collateralability,Cash Flow and Corporate Investment:Evidence from Chinese Listed Company of Manufacturing Industry
By using quarterly data of the Chinese manufacturing listed companies from 2003 to 2011,following the calculation method of Berger et al.(1996) and AlmeidaCampello(2007) to estimate firm-specific asset collateralability and considering the monetary policy,the paper investigates the between the asset collateralability and cash flow on corporate investment from the combination of different investment opportunities and cash flow.It can be found that:(1) there is a substitution relationship between asset collateralability and cash flow on corporate investment when the corporations face high investment opportunities and plentiful cash flow,While,there is a complementary relationship between asset collateralability and cash flow on corporate investment when the corporations face high investment opportunities but insufficient cash flow;(2) tightening of ? monetary policy can improve the complementary relationship between asset collateralability and cash flow on corporate investment when corporations face high investment opportunities but insufficient cash flow.Our results are conducive to profound understanding of monetary policy and asset collateralability on investment and financing activities of micro enterprise,and make macro economic policy more scientific and reasonable, in order to improve the effect of macroscopic readjustment and control policies,and promote China's macro economic stable growth.