企业最优化投资行为对货币政策有效性的影响研究

发布时间：2018-07-20 09:33

【摘要】：随着社会主义市场经济体制的逐步完善、经济金融体制的转轨，我国的宏观调控基本实现从直接调控主导型向间接调控主导型转变，货币政策也逐渐成为了我国宏观调控体系中的主要调控手段之一。从近年来货币政策的实施效果来看，我国中央银行的货币政策在传导过程中存在着效率损失或渗漏，因此，货币政策的有效性程度不高。导致这种现象的原因虽然是多方面的，既有宏观经济环境方面的因素，又有微观经济主体方面的因素，但企业的投资冲动无疑是影响货币政策有效性最重要的因素之一。本文在对现有理论文献总结和发展的基础上，主要采用理论和实证、定性和定量相结合的研究方法。首先，，以西方新古典投资理论为理论依据对企业最优化投资决策行为进行研究，分析出了影响企业投资的因素，包括货币政策变动对企业投资的影响以及企业投资对产出的影响，为下文的实证研究作了理论铺垫；然后,从现实的角度描述了我国企业投资对货币政策有效性的影响，包括影响机制、我国企业投资的现状等；接下来以前文的研究结论为基础，通过引入与宏观经济、企业投资相关的六个指标变量，构建了VAR模型，并用ADF单位根检验、Granger因果检验、脉冲响应函数、方差分解对我国企业投资与货币政策有效性之间的关系进行了实证研究，得到了本章的结论；最后结合我国经济运行的实际情况，找出了企业投资影响我国货币政策效果的原因，并就如何提高货币政策的传导效果提出了一些政策建议，包括深化国有企业改革，完善货币政策传导机制的微观基础，推进利率市场化改革，充分发挥利率的杠杆作用，维护和加强中央银行的独立性和权威性，协调货币政策和其他宏观经济政策。
[Abstract]:With the gradual improvement of the socialist market economic system and the transition of the economic and financial system, the macro-control in our country has basically realized the transformation from the direct control leading type to the indirect control leading type. Monetary policy has gradually become one of the main means of macro-control in China. Judging from the effect of monetary policy in recent years, the efficiency loss or leakage exists in the transmission process of monetary policy of central bank of our country, therefore, the degree of effectiveness of monetary policy is not high. Although the reasons for this phenomenon are various, both in the macroeconomic environment and in the microeconomic subject, the investment impulse of enterprises is undoubtedly one of the most important factors affecting the effectiveness of monetary policy. Based on the summary and development of the existing theoretical literature, this paper mainly adopts the research method of combining theory and empirical, qualitative and quantitative. First of all, based on the western neoclassical investment theory, this paper studies the optimal investment decision-making behavior of enterprises, and analyzes the factors that affect the investment of enterprises. Including the influence of the change of monetary policy on the enterprise investment and the influence of the enterprise investment on the output, it paves the way for the empirical research below; then, it describes the effect of the enterprise investment on the effectiveness of monetary policy from the perspective of reality. It includes the influence mechanism, the present situation of enterprise investment in our country and so on. Based on the conclusion of the previous research, the VAR model is constructed by introducing six index variables related to macro economy and enterprise investment. Using the Granger causality test, impulse response function and variance decomposition of ADF unit root test, this paper makes an empirical study on the relationship between investment and monetary policy effectiveness in China, and draws the conclusion of this chapter. Finally, according to the actual situation of China's economic operation, this paper finds out the reasons why enterprise investment affects the effect of monetary policy in China, and puts forward some policy suggestions on how to improve the transmission effect of monetary policy, including deepening the reform of state-owned enterprises. We should improve the micro basis of monetary policy transmission mechanism, promote the reform of interest rate marketization, give full play to the leverage of interest rate, safeguard and strengthen the independence and authority of the central bank, and coordinate monetary policy and other macroeconomic policies.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0;F275

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