利率作用不对称性对投资的影响研究

The Research of Investment under Interest Rate Asymmetry Effect

1996年后我国经济经历了通缩、通胀和两者共存的发展阶段，央行在货币政策工具的运用上开始逐渐重视利率的调控作用，曾在7年内7次下调贷款利率，2004年后随着经济的复苏和通胀压力的增大，我国再次进入加息周期。利率的历次变动是否发挥了货币政策对各经济变量传导功能是市场普遍关注的问题。运用1996～2007年的季度数据，在分别考察了利率下调及上升基础上，对我国资产投资的利率弹性做出定量分析，并在投资总量持续增长的条件下对投资同比增长率和利率变动的相关性进行了检验。

Since 1996, China＇ s economy has experienced a deflation, inflation and the coexistence of the two stages. The central bank were gradually beginning to use monetary policy tools to regulate interest rotes, and adjusted lower lending rates seven times in seven years. From 2004, accompanying With economic recovery and the increase of inflationary pressure, China enters into the cycle of interest rate once again. It is a market issue of common concern whether the successive changes in interest rates is playing conduction function from monetary policy to economic variables. This paper uses quarterly data from 1996 to 2007, inspects the rise and fall in interest rates respectively, and makes quantitative analysis to China＇ s flexibility in investment rate. Mso, it does relevance tests on Year - on - year growth investment rate and interest rates under the conditions the total investment is unchanged.