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An Empirical Study of the Effect of Money Supply on Fixed Asset Investment in Enterprises
https://kansai-u.repo.nii.ac.jp/records/2002461
https://kansai-u.repo.nii.ac.jp/records/20024613152739d-80f1-4624-be00-3f647f8a36c9
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
KU-1100-20250310-03.pdf (742 KB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||||||
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| 公開日 | 2025-03-10 | |||||||||
| タイトル | ||||||||||
| タイトル | An Empirical Study of the Effect of Money Supply on Fixed Asset Investment in Enterprises | |||||||||
| 言語 | en | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||||||
| 資源タイプ | departmental bulletin paper | |||||||||
| アクセス権 | ||||||||||
| アクセス権 | open access | |||||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||||
| 著者 |
張, 婷婷
× 張, 婷婷
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| 概要 | ||||||||||
| 内容記述タイプ | Other | |||||||||
| 内容記述 | With more and more investors injecting funds into the capital market, the world capital market has made tremendous development and progress, and the asset price transmission channels of monetary policy have, therefore, received more attention from countries worldwide. The stock market plays a crucial role in the Chinese capital market and has become an indispensable investment and financing channel. At the same time, the impact of stocks on the real economy is increasing daily. When a country's monetary authority uses various monetary policy tools to regulate economic operations, whether intentional or unintentional, it will impact stock prices. Changes in stock prices will cause corresponding changes in consumption and investment, thereby affecting the real economy. Therefore, to enable monetary policy changes to affect the real economy through the stock market effectively, it is imperative to deeply explore the transmission mechanism of China's monetary policy in the stock market. This article selects ten years of monthly data in China, constructs a vector autoregression (VAR) model, and conducts empirical research using econometric methods. We conclude that the money supply positively impacts the stock price index, but when the index rises, it cannot have a stable and positive impact on fixed asset investment. From the conclusion, the stock transmission mechanism of China's monetary policy lacks effectiveness. In the conclusion part of the empirical analysis, combined with China's current economic development, stock market operation, and fixed asset investment, the reasons for the blocked transmission mechanism are analyzed. These reasons mainly include the imperfect development of China's stock market, a lack of connection between the stock market and the money market, and the fact that the Tobin Q effect cannot function perfectly. Based on the results of relevant empirical analysis, policy recommendations such as strengthening the connection between the money market and the stock market, and improving corporate management are proposed in this article. | |||||||||
| 言語 | en | |||||||||
| 書誌情報 |
ja : 関西大学経済論集 巻 74, 号 4, p. 287-300, 発行日 2025-03-10 |
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| ISSN | ||||||||||
| 収録物識別子タイプ | PISSN | |||||||||
| 収録物識別子 | 04497554 | |||||||||
| 書誌レコードID | ||||||||||
| 収録物識別子タイプ | NCID | |||||||||
| 収録物識別子 | AN00046869 | |||||||||
| 著者版フラグ | ||||||||||
| 出版タイプ | VoR | |||||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||||
| 出版者 | ||||||||||
| 出版者 | 関西大学経済学会 | |||||||||
| 言語 | ja | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | monetary policy | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | stock index | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | fixed assets investment | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | VAR | |||||||||
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| 言語 | ja | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | 関西大学 | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Kansai University | |||||||||
