Resumen de Does monetary policy affect the stock pledge of listed companies? Evidence from Chinese listed companies
Junping Liu, Shuaifeng Li, Jun Hu
Based on the financing motivation of equity pledges, this study explores whether and how monetary policy adjustmentaffects the stock pledge behaviour of listed companies. The empirical findings show that monetary policy adjustments sig-nificantly affect the stock pledge of listed companies; that is, a tightening monetary policy increases the stock pledge phe-nomenon of listed companies, and an expansionary monetary policy reduces the stock pledge phenomenon. Heterogeneityanalysis revealed that monetary policy had a greater impact on the stock pledges of non-state-owned enterprises, enter-prises with weak government–enterprise relationships and enterprises without bank–enterprise relationship. The results ofmechanism tests suggested that a quantitative monetary policy only affects the stock pledge behaviour of listed compa-nies through financing costs and that a price-based monetary policy affects the stock pledge behaviour of listed companiesthrough financing costs and financing scale. This article expands the literature on the impact of monetary policies on equitypledges and enriches studies on macroeconomic policies and microfirm behaviour
