利率调整对中国制造业上市公司投资行为影响的实证研究-企业管理专业论文.docxVIP

摘要利率调整对中国制造业上市公司投资行为影响的实证研究 摘要 利率调整对中国制造业上市公司投资行为影响的实证研究 摘要 在我国经济转型时期，获得足够的资金用于自身生产及投资对企业 发展来说是至关重要的。同时，我国中央银行(中国人民银行)也越来 越频繁地使用利率工具对宏观经济进行调控，利率政策已经成为货币当 局对宏观经济进行调整的一项重要手段。因此利率政策也就成为企业在 进行融资和投资时需要慎重考虑的一个重要因素。我们可以通过研究利 率变动对企业投资行为的实际影响效果，验证货币当局采用的利率政策 与中国制造业上市公司投资行为间的相关性。本文采用实证研究方法， 在国内外研究基础上，通过建立实证分析模型，以沪深两市A股2006年 至2009年共计401家制造业上市公司为样本，运用面板数据回归方法， 分析利率调整对制造业企业投资行为的影响机制，发现利率变动与企业 投资行为之间存在正相关关系。针对研究结果，本文对我国利率政策和 企业的投融资提出了优化建议。 关键词：利率调整，企业投资，投资行为，融资行为 北京化1人。≯坝I‘学位论文●————————————————————————————————————————————————————————————一 北京化1人。≯坝I‘学位论文 ●————————————————————————————————————————————————————————————一 II which which indicates that the interest rate policy plays an even more important role in China’S macroeconomic management．And as a result，the interest rate policy became significant index for enterprise’S decisions on financing and investment．By studying the actually effects of interest rates on enterprises’ investment，people can investigate that whether the market conditions are in agreement with the expectation of PBC while the monetary policy was adjusted，and also the roles of all the influencing factors on the enterprise’S choice of financing and processing of investment．This thesis analyzed the etlects of mterest rate adjusting on enterprises’investments bv using empirical III 北京化1．人学坝lj学位论文research 北京化1．人学坝lj学位论文 research method．Based on studies at home and abroad，an empirical model was established by panel data regression of data from 40 1 listed manufacturing companies among A—shares of Shanghai and Shenzhen stock exchanges in the range of year 2006一year 2009．From the empirical analysis， a positive correlation between investment and interest rates was proved，which indicates that the interest rates have a positive correlation with enterprise’S investments via some unknown mechanisms．And as part of summaries， optimized strategies for the interest rate policy of our country and the investment and financing policy of enterprise were proposed basing on the conc