宏观经济不确定性、资金需求与公司投资
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| Title | Macroeconomic Uncertainty, Fund Demand and Corporate Investment
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| 作者 | 王义中 宋敏 |
| Author | Wang Yizhong and Frank M. Song |
| 作者单位 | 浙江大学;北京大学，香港大学 |
| Organization | Zhejiang University; Peking University; The University of HongKong |
| 作者Email | wangyizhong@zju.edu.cn;fmsong@econ.hku.hk |
| 中文关键词 | 不确定性 资金需求 企业投资 |
| Key Words | Macroeconomic Uncertainty; Fund Demand and Corporate Investment |
| 内容提要 | 本文运用中国特有的上市企业资金需求详细用途数据，研究宏观经济不确定性影响企业投资的作用机制。经验结果显示，宏观经济不确定性会对企业投资行为产生影响，且通过外部需求、流动性资金需求和长期资金需求渠道起作用，而这种作用在不同经济周期和不同性质企业中表现有差异。由该结论得到的启示是，宏观经济政策协调配合需注意经济冲击的不同作用渠道；注重从微观企业资金需求出发实施货币政策。 |
| Abstract | This paper discusses the mechanism of how macroeconomic uncertainty influences the corporate investment using China's particular listed companies’ data of the detailed use of demand for funds. The findings showed that, macroeconomic uncertainty、its lag period and variation will impact on corporate investment behavior and have an effect through the channel of external demand、liquidity demand and long-term demand for funds. However, this kind of effect varies in different economic cycles, industries and enterprises. The lesson from the conclusion is that it is necessary to pay attention to the different channel of economic shocks for the coordination of macroeconomic policies; we should implement monetary policies based on demand for funds of micro enterprises. |
| 文章编号 | WP458 |
| 登载时间 | 2013-06-06 |
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