论股权配给作用于宏观经济波动的机理

当宏观经济进入衰退阶段时,由于融资企业的股权配给,融资企业投资的边际破产成本上升,这将导致融资企业的投资下降,在投资乘数原理和加速数原理的相互作用下,会使宏观经济衰退更加严重,宏观经济陷入经济衰退与股权配给相互作用的恶性循环中,宏观经济衰退的程度会进一步加大。当宏观经济进入繁荣阶段时,具有与上述相类似的过程,会导致宏观经济持续过度繁荣。因此,股权配给是宏观经济波动的加速器。我国的现实是,从微观上看,上市公司具有强烈的股权融资偏好;从宏观上看,政府进行股权配给。两者的共同作用,使股权配给具有平抑宏观经济波动的功能。

On the Mechanism that the Stock Rationing Function on the Macroeconomic Fluctuation

When the macro economy enters to the decline stage,because of the financing enterprise's stock rationing,the marginal bankrupt cost of the financing enterprise's investment raises,it will cause that the financing enterprise's investment is descent, under the investment multiple effect and the accelerator effect each other affecting,its consequently is a macro economy decline more serious,macro economy sinks into that the economy declining and the stock rationing are in the vicious cycle,the macro economy will decline further enlarge.When the macro economy enters to the prosperous stage,it looks alike process,the macro economy will prosper further enlarge.Therefore,the stock rationing is a macroeconomic fluctuation accelerator.Our country's condition is that watching from microcosmic,the listed companies have partiality for stock financing,watching from macrocosmic,the government has partiality for stock rationing,they each other affect,the stock rationing has the function of suppressing the macroeconomic fluctuation.