Will Monetary Policy Uncertainty Affect Major Shareholders'Financing Decisions?
From the perspective of equity pledge,this paper examines the impact of monetary policy uncertainty on major share-holders'financing decisions.It is found that the uncertainty of currency policy will restrain the equity pledge behavior of major shareholders.This effect mainly reduces the investment expenditure of enterprises and increases the risk of stock price collapse.Further analysis shows that the uncertainty of monetary policy mainly suppresses the major shareholders to use the funds for their own and the third party's unsupported equity pledge,and the inhibitory effect is stronger when there is a greater risk of control transfer of the controlling shareholders and the existence of institutional non-controlling shareholders in private enterprises and companies.The study helps to understand the mechanism of monetary policy on the behavior of micro-enterprises and major shareholders,and provides a new reference for the government's macro-control and guiding economic development.
Uncertainty of monetary policyMajor shareholdersEquity pledgeMotivation
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