Abstract: Taking private listed enterprises as research subjects, the impact of the application of new monetary policy tools on financing constraints of private enterprises is studied from a micro perspective, and new tools are also compared with traditional monetary policy ones. Integrating three monetary policy tools-medium-term lending facility (MLF), statutory reserve ratio (SSR), and open market operations (OMO) into the traditional financing constraint model of investment-cash flow sensitivity, and collecting data of private enterprises from 2014 to 2019, the effects of different monetary policy tools on alleviating the financing constraints of private enterprises are compared. The empirical results show that some traditional monetary policy tools cannot alleviate the financing constraints of private enterprises, while MLF as a new monetary policy tool can effectively reduce the financing constraints of private enterprises and is an important supplement to the monetary policy tool system.

Key words: new monetary policy tools, private enterprises, financing constraints