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Analyzed on the Asymmetry of Financial Accelerator Theory

Author: XuPing
Tutor: TianXinShi
School: Huazhong University of Science and Technology
Course: Finance
Keywords: Net asset Real money supply Investment growth rate Asymmetry Financial accelerator theory
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 61
Quote: 0
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Abstract


In our country, corporate financing mainly relied on financial institutions loans. Such phenomena of excessively neglecting direct equity financing and bond financing makes the company’s strategic much vulnerable to the changes of the monetary police. The hidden danger may undermine the economic of our country, if we ignore the different impact of monetary police on the large enterprises and the small enterprises.Starting with the financial accelerator theory, the micro theory and the macro effects were described in the paper. Through sorting of total assets of the listed companies of Wine Food Industry, the top eight and after eight of the companies were selected as the samples of the large enterprises and the small enterprises. Selecting the data of 4th quarter 2004 to 3rd quarter 2009, we could confirm that the asymmetry phenomena of financial accelerator theory on different scale of company based on the shock of monetary policy appeared. In this process, the changes of long-term investment based on monetary police were analysis firstly. Then, the changes of the net assets were analysised. Concluded that small enterprises were more sensitive to the national monetary policy than big enterprises, and the net asset was very important in the operating mechanism of financial accelerator effect.Finally, combined with the current status of China’s external financing environment, the reasons that why such asymmetries was produced were put forward and countermeasures were also put forward on both the micro and the macro.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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