利率及汇率波动、债务对企业投资的影响
摘要
本文运用Bo和Sterken(2002)的实证研究模型,并略加以修改及混合估计方法中的固定效应模型,以1998-2011年间的国内制造业中的372家上市企业为实证分析对象,分析了国内利率、人民币美元汇率、企业负债和双率变动等变量对企业投资的实际影响,以及利率波动与债务对企业投资的交叉影响效应。
出处
《商业时代》
北大核心
2012年第33期55-59,共5页
Commercial
参考文献13
-
1AizenmanJ."Exchange rate flexibility, volatility, and domestic and foreign direct investment".IMF StaffPapers. 1992,39(4),890-922.
-
2Atella,V., G.E.Atzeni and P.L.Belvisi. "Investment and exchange rate uncertainty" [J]. Journal ofPoficy Modefing.2003,25,811-824.
-
3Baldwin,R.and P.Krugman. "Persistent trade effects of large exchange rate shocks" [J].The Quarterly Journal of Economics.1989,104,635-654.
-
4BeI1,G.K. and J.M.Campa. "Irreversible investments and volatile markets: A study of the chemical processing industry" [J].The Review of Economics and Statistics. 1997,79(1),79-87.
-
5Benavente,J.M., C.A.Johnson and F. G.Morande. "Debt composition and bal- ance sheet effects of exchange rate deprecia- tions : a firm level analysis for Chile" [J]. Emerging Markets Review. 2003,4,397-416.
-
6Bernake,B."Irreversibility, uncertainty, and cyclical Investment" [J]. Quarterly Journal of Economics.1983,98(1), 85-106.
-
7Bernnan,M.J.and E.S.Schwarttz. "Evaluating natural resources investment" [J]. Journal of Business, 1985,58,135-157.
-
8Bo,H.and E.Sterken."Volatility of the interest of rate, debt and firm investment: Dutch evidence"[J]. Journal of Corporate Finance.2002,8,17-93.
-
9Buffie,E.F.and Y.Won."Devaluation and investment in an optimizing model of the small open economy" [J]. European Eco- nomic Review.2001.45.1461-1499.
-
10Campa,J, and L.Goldberg. "Investment in manufacturing, exchange rates and external exposure" [J]. Journal of Inter- national Economics. 1995,38,297-320.
-
1彭敏.BO的信心与担心[J].软件世界,2006(11):48-48.
-
2王有存.中国管理层收购(MBO)的公平性分析[J].特区经济,2007(9):148-149.
-
3高宇虹,郑连申.国外直销银行的实践及启示[J].时代金融,2016(14).
-
4金仁旻.新的投资方法:影响力投资的含义、发展与运行[J].铜陵学院学报,2015,14(4):14-18. 被引量:3
-
5李含琳,韩坚.我国运用BOT投资的可行性分析及对策选择[J].甘肃理论学刊,1997(2):23-26. 被引量:1
-
6石振武,刘扬.基于BOO与ABS的公租房融资模式研究[J].经济研究参考,2015(16):49-53. 被引量:5
-
7陈永平.论BOT投资方式的法律特征[J].吉安师专学报,1999,20(1):48-50.
-
8迟智广.银联卡,醒的迟别起的晚[J].金融经济,2002(6):20-21.
-
9李跃红.浅议BOT项目融资模式下贷款风险的识别和防范[J].时代金融,2012(10Z):99-99.
-
10伍志远.中国农业银行会计核算方式改进及建议[J].海南广播电视大学学报,2015,16(2):86-89.