Monetary policy, pyramid structure and enterprise capital investment

Author(s): Jun Duan, Xing Liu

This paper explores how the pyramid layer affects the corporate investment scale from the research perspective of the monetary policy in the government macroeconomic policy. Based on the empirical study of the quarterly data from 2007 to 2013 in listed companies of A-share, this paper has found: when the Central Bank implements tight monetary policies, the pyramid layer has a weakened impact on the corporate investment scale. However, due to the buffer action of the internal capital market, the monetary policy has comparatively small impact on the corporate investment scale.

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