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ID:31972935
大小:13.39 MB
页数:173页
时间:2019-01-29
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1、AbstractAccordmgtocurrentinternationalanddomesticeconomicdevelopments,Intemationalf'mancialcrisissweepingtheglobe,theeconomicdevelopmelltofa11countrieSlSimpactedinawaybytheinternationalfinancialcrisis.Inordertosavetheecononly,topreventsignificanteconomicdowntu
2、rn,manycoulltriesha、,eeasedmonetarypolicytostimulateeconomicdevelopment.Inthiscontext,thestudvofmonetarypolicyontheimpactofinvestmentonthedevelopmentand1mplementationofmonetarypolicyhasveryimportantpracticalsi嘶ficance.10100katthesituationandtrendoftheeconomict
3、heory,professorStiglitzpointedoutthatthe21stcenturywouldbetheepochthatmacroeconomicstheoriesandmlcroeconomicstheorieswouldbemadeintoawholeafterbothofthemhadbeenestablishedanddevelopedforlongbydifferenteconomistindependently.MacroeconomicTheoryislookingformicro
4、-economicbasis,WhjlemicroeconomicsISalsotryingtodeducethemacro—economicimplicationsfromindividualbehavior.Onthebigbackgroundoftheeconomicstheorydevelopment,ThisdisseIrt撕ontestswhetherandhowmonetarypolicyimpactsfirminvestmentusingmicroeconomiclevelfirmdata,whic
5、haccordswiththedevelopmenttrendofeconomictheoryandtrystofimaishsomemicroeconomicsfoundationformonetarypolicytheoⅣUnderasymmetricinformation,thereisnolongerirrelevancybetweeniIlves缸nentandfinancingwhichtheMMcapitalstructuretheorynarrates,butinterrelationshipbec
6、auseofinformationasymmetry.Thisdissertationanalysesandsur眦arizesfimexternalfmancialconstraintsandgivesthecapitalmarketisnotperfectandadefmitionoffn'mfmancialcons抒aInts:Asexternalfinancinghasapremium,SOthatinternalfinancingcallnotentirelyreplacebyexternalfinanc
7、ingandfimirⅣes缸nerlthavetomorerelyoninternalfund,thustotheinvestmentdecisionrestrictedbyexternalfinancingvariable.Basingonthisdefinition,Ianalyzeshowtomeasurethedegreeoffinancialconstraints:accordingtotheeconomicconsequenceof蠡咖1cialconstraInts,thedegreeoffinan
8、cialconstraintsCanbemeasuredbythedegreeoffi肌IIIAbstractunderinvestment;fromallangleofthecauseoffinancialconstraints,thegradeoffinancialconstraintsembodiesthedegreeoftheinformationa
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