货币政策、融资约束与公司投资决策

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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