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Macroeconomic Uncertainty, Fund Demand and Corporate Investment

Macroeconomic Uncertainty, Fund Demand and Corporate Investment

作     者:Yizhong Wang Frank M. Song 

作者机构:School of Economics Zhejiang University Hangzhou 310027 China School of Economics Peking University Beijing 100871 China 

出 版 物:《Frontiers of Economics in China-Selected Publications from Chinese Universities》 (中国高等学校学术文摘·经济学(英文版))

年 卷 期:2015年第10卷第2期

页      面:365-391页

学科分类:11[军事学] 

基  金:Yizhong Wang is thankful to the Major Projects of the National Social Science Foundation of China (10zd&034)  the Projects of the National Social Science Foundation of China (12CJY115) and the Projects of the Foundation for the Author of National Excellent Doctoral Dissertation of P. R. China (201102). Frank M. Song acknowledges support from the Projects of the National Social Science Foundation of China (71373011). Both authors are grateful to an anonymous reviewer for his/her valuable advice  to participants in the first Macroeconomic Policy and Microeconomic Behavior Symposium  the third Young Financial Academic Elite Roundtable Symposimn and the Peking University Financial Innovation and Development Seminar for their kind comments and suggestions  and to Lifang Chen  Limin Fu  Yi Fan  Yi Hu  Lan Li  Zhongyuan Lu  ~ihui Shi and Yuelin Wei for their excellent assistance. Any errors or mistakes herein  are the authors 

主  题:macroeconomic uncertainty fund demand corporate investment,monetary policy 

摘      要:Using a unique set of data on fund use by China's listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate investment behavior through the three channels of external demand, liquidity demand and long-term fund demand, However, the result is influenced by expectations and can differ across firms depending on their economic cycle, shareholder character, industrial character and the financial constraints they are exposed to. Specifically, high macroeconomic uncertainty can weaken the positive roles of these channels, especially those of external demand and liquidity demand, in driving corporate investment. During economic upturns, the effect of these channels is the most evident among state-owned firms, manufacturing firms and low cash dividend firms. The lessons from this study are that macroeconomic policies should be leveraged taking account of the channels through which economic shocks find their way, and monetary policies have to be implemented by targeting microscopic fund demand.

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