• 论文 •

### 通货膨胀预期、企业成长性与企业投资

• 出版日期:2016-05-15 发布日期:2016-05-10

### Inflation Expectation, Growth and Firm Investment

Li Wenjing &Zheng Manni

• Online:2016-05-15 Published:2016-05-10

Abstract: It empirically testes the impact of inflation expectations (IE) on firm investment behavior and its internal mechanism to analyze the economic consequence of IE. It finds that the higher the Expected Inflation Rate (EIR), the higher is the investment level, but the investment efficiency is significantly lower. Further analysis shows that: first, the EIR is higher, the investment level is significantly improved in high-growth firms (HGF), while the investment efficiency is significantly decreased, but this result is not significant in the low-growth firms (LGF); second, the EIR is higher, the firm is easier to get bank loans. It is also significant in HGF, and not significant in LGF. This shows that IE prompts the firms to invest through external financing, HGF get more bank loans than LGF and then increase their capital investment, while the impact of IE in LGF is weakened.