【摘要】：隨著社會(huì)主義市場(chǎng)經(jīng)濟(jì)體制的逐步完善、經(jīng)濟(jì)金融體制的轉(zhuǎn)軌，我國(guó)的宏觀調(diào)控基本實(shí)現(xiàn)從直接調(diào)控主導(dǎo)型向間接調(diào)控主導(dǎo)型轉(zhuǎn)變，貨幣政策也逐漸成為了我國(guó)宏觀調(diào)控體系中的主要調(diào)控手段之一。從近年來(lái)貨幣政策的實(shí)施效果來(lái)看，我國(guó)中央銀行的貨幣政策在傳導(dǎo)過(guò)程中存在著效率損失或滲漏，因此，貨幣政策的有效性程度不高。導(dǎo)致這種現(xiàn)象的原因雖然是多方面的，既有宏觀經(jīng)濟(jì)環(huán)境方面的因素，又有微觀經(jīng)濟(jì)主體方面的因素，但企業(yè)的投資沖動(dòng)無(wú)疑是影響貨幣政策有效性最重要的因素之一。 本文在對(duì)現(xiàn)有理論文獻(xiàn)總結(jié)和發(fā)展的基礎(chǔ)上，主要采用理論和實(shí)證、定性和定量相結(jié)合的研究方法。首先，，以西方新古典投資理論為理論依據(jù)對(duì)企業(yè)最優(yōu)化投資決策行為進(jìn)行研究，分析出了影響企業(yè)投資的因素，包括貨幣政策變動(dòng)對(duì)企業(yè)投資的影響以及企業(yè)投資對(duì)產(chǎn)出的影響，為下文的實(shí)證研究作了理論鋪墊；然后,從現(xiàn)實(shí)的角度描述了我國(guó)企業(yè)投資對(duì)貨幣政策有效性的影響，包括影響機(jī)制、我國(guó)企業(yè)投資的現(xiàn)狀等；接下來(lái)以前文的研究結(jié)論為基礎(chǔ)，通過(guò)引入與宏觀經(jīng)濟(jì)、企業(yè)投資相關(guān)的六個(gè)指標(biāo)變量，構(gòu)建了VAR模型，并用ADF單位根檢驗(yàn)、Granger因果檢驗(yàn)、脈沖響應(yīng)函數(shù)、方差分解對(duì)我國(guó)企業(yè)投資與貨幣政策有效性之間的關(guān)系進(jìn)行了實(shí)證研究，得到了本章的結(jié)論；最后結(jié)合我國(guó)經(jīng)濟(jì)運(yùn)行的實(shí)際情況，找出了企業(yè)投資影響我國(guó)貨幣政策效果的原因，并就如何提高貨幣政策的傳導(dǎo)效果提出了一些政策建議，包括深化國(guó)有企業(yè)改革，完善貨幣政策傳導(dǎo)機(jī)制的微觀基礎(chǔ)，推進(jìn)利率市場(chǎng)化改革，充分發(fā)揮利率的杠桿作用，維護(hù)和加強(qiáng)中央銀行的獨(dú)立性和權(quán)威性，協(xié)調(diào)貨幣政策和其他宏觀經(jīng)濟(jì)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.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F822.0;F275

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本文編號(hào)：2133115