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《Securities Market Herald》 2017-01
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Research on Financial Crisis,Business Cycle and Credit Stimulus

Chen Xuesheng;Cui Fenghui;  
This paper analyses the impact of financial crisis on the investment of listed Companies and the effectiveness of the credit policy in China. It was found that the financial crisis did adversely affect the listed companies' investment expenditure principally by market demands and the precautionary rather than credit supply shocks. The credit stimulus policies taken during the financial crisis did not play a significant role to the listing Corporation. We further examine the long-term effect of credit policy in a complete economic cycle and find good prospects for profitability and sustained credit supply are effective guarantee to increase the level of investment of the enterprise. But during the period of the economic downturn, the sensitivity of the corporate investment to the credit stimulus reduced, aggressive policies should be forbidden to avoid bad economic other consequences.
【Fund】: 山东省自然科学基金一般项目“融资约束;风险与资产定价研究” (项目号:ZR2015GM003);; 山东省社会科学规划一般项目“金融约束;金融改革与山东省企业出口行为研究” (项目号:15CJJJ17);; 中国博士后科学基金面上资助项目““A+H”上市公司股票流动性差异之谜研究” (项目号:2014M551104)的资助
【CateGory Index】: F832.4;F832.5;F275
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