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本文以2000~2010年深沪上市公司季度数据为基础,从经济景气度和货币政策的视角考察了宏观经济和政府调控对企业投资行为和融资约束的影响。文章的实证研究结果显示:经济景气度的提升能够对企业投融资行为产生显著的积极效应,促进企业投资,缓解企业融资约束;宽松的货币政策能够促使企业扩大投资,并缓解企业融资约束;宽松的货币政策能够更大程度地缓解国有企业的融资约束。
Based on the quarterly data of listed companies in Shenzhen and Shanghai from 2000 to 2010, this paper examines the impact of macroeconomy and government regulation on corporate investment behavior and financing constraints from the perspective of economic prosperity and monetary policy. Empirical results show that: the economic boom can have a significant positive effect on corporate investment and financing behavior, promote business investment, ease corporate financing constraints; loose monetary policy can encourage enterprises to expand investment and ease the financing constraints; relaxed The monetary policy can alleviate the financing constraints of state-owned enterprises to a greater extent.