Dissertation > Excellent graduate degree dissertation topics show

The Micro-Foundation Study of Enterprises’ Investment Behaviorand Trade Imbalance under Financing Constraints

Author: MaLiYi
Tutor: ChengLiWei
School: Harbin Institute of Technology
Course: Finance
Keywords: financing constraints investment behavior trade imbalance
CLC: F275;F752.6
Type: Master's thesis
Year: 2010
Downloads: 85
Quote: 0
Read: Download Dissertation

Abstract


Since the 1920s, China’s foreign trade surplus and the growth rate increases. The ratio of export trade and GDP gradually improved which is 64.8% in the year 2007. In the year 2009, it falls a little to be above 40%. The current trade imbalance has significant impact on our macroeconomic developments. At present the studis on China often trade imbalance are mainly based on the following two ideas: one is for external causes, namely, China’s trade imbalance is caused by external economic environment especially America’s economic imbalance; the other one is for internal causes, namely, the China’s economic structure is not perfect and local record examination is one-sided perspective.In view of this, in the first place this paper puts enterprises’investment behavior under financing constraints into Schumpeter’s growth pattern. In the second place, base on the model above, the profit function is further decomposed; the decomposed results are set and brought into the model studied by Melitz, Grossman, Helpman and Szeidl. Under financing constraints, the impact of long-term investment (technological input) to trade imbalance is observed. The conclusions are made: the existence of financing constraints force the enterprises lower long-term investment (technological input) who are apt to make export trade and make Oem production, that is the reason of export expansion; the decline of financing constraints is good for the enterprises to raise long-term investment which will reduce the trade imbalance. In the third place, this paper simulates the impact of enterprises’investment to trade imbalance under strong financing constraints and weak financing constraints and the results of theoretical model are proved. Finally, by using the VAR model, this paper use month data from the year 2001 to 2008 on savings account,interest rates,imports and exports to prove that: the short term capital on the basis of the domestic effects is not obvious and domestic financing costs has positive relation with inflows; in a long period, the change and trade imbalance is in steady co-integration. Based on this ,this paper provide some political advice through government intervention by building an open platform which breaks the information barrier in order to weaken financing constraint , improve long-term investment of enterprises and achieve trade balance.

Related Dissertations

  1. Family Education in Poor Rural Areas of Investment Behavior,G78
  2. The Sensitive Motivation Test of the Enterprise Investment - the Cash Flow,F224
  3. Study on Imbalance of Trade between China and Australian,F752.7
  4. A Study on Financing Constraints’ Effect on Investment of Listed Company in China,F832.51;F224
  5. An Empirical Analysis of Investor Sentiment and Investment Behavior of Listed Companies,F832.51;F224
  6. Study on Sino-US Trade Imbalance, Does RMB Exchange Rate Has Definitely Relationship with Sino-US Trade Imbalance,F224
  7. Optimize the structure of China's agricultural investment entities,F323.9
  8. Investor sentiment on corporate investment behavior research,F276.6
  9. An Research on the Relationship between Financing Constraints and Investment-Cash Flow Sensitivities for the Chinese Listed Firms,F275
  10. Enterprise Income Tax Reform, the Change of Actual Tax Burden, and Enterprises Investment Behavior Difference,F275
  11. Causes, Impacts and Countermeasures of Sino-EU Trade Imbalance,F752.7
  12. Financial liberalization is to study the role of financing constraints,F272;F224
  13. Investment Behavior Research of Chinese Listed Tourism Companies,F592.6
  14. An Empirical Study of internal cash flow and investment scale manufacturing listed companies,F224
  15. Chinese Rural Studies SME financing constraints,F324
  16. The Impact of the Investment Behavior of Inwestment Funds on Stock Market Volatility,F832.51
  17. Sino-US Trade Imbalance Causes, Trends and Measures,F752.7
  18. Research on the Internal Control Self-assessment of Listed Companies’s Investment Behavior,F275
  19. Research on the Relations between Cash Holdings of Listed Companies and Investment Behavior,F224
  20. Empirical Study on the Investment-cash Flow Sensitivity of Chinese Manufacturing Industy Listed Companies Under Financing Constraints,F275.1
  21. A Study on Institutional Investors and Enterprise Investment Constraints,F832.51;F224

CLC: > Economic > Trade and Economic > States foreign trade > China's foreign trade > Import and Export Trade Overview
© 2012 www.DissertationTopic.Net  Mobile