流動性、資產與廠商投資決策

Liquidity, Assets, and Firms' Investment Decisions

張德存(Te-Tsun Chang)；李映萱(Ying-Syuan Li)

淨值 ； 資產組合 ； 貨幣政策 ； 搜尋模型 ； Net worth ； Asset portfolio ； Monetary policy ； Search model

經濟論文

41卷4期（2013 / 12 / 01）

477 - 506

繁體中文

本文建構一個具有中間財市場的貨幣搜尋模型，探討資產流動性如何影響廠商的投資與產出。人們可以完全辨識貨幣、但是難以分辨資產真偽，因而交易時會接受貨幣和少量資產。若廠商的淨值很高，但持有的貨幣數量太少或資產流動性太低，將無法購買足夠的中間財，導致投資減少、產出降低。通貨膨脹政策會降低貨幣價值，導致廠商的購買力下降，而減少中間財的購買。若央行採用量化寬鬆政策，並維持通貨膨脹率不變，向企業買進低流動性的資產、釋出高流動性的貨幣，將提高廠商資產組合的流動性，而增加經濟社會的投資與總產出。

We construct a monetary search model with an intermediate goods market to study how asset liquidity affects firms' investment and output. Since real assets are imperfectly recognizable, people accept money and a fraction of assets in transactions. While high-net-worth firms hold less money, they will buy insufficient intermediate goods to invest and produce a small amount of final goods. Inflation reduces the value of money, lowers firms' purchasing power, and thus decreases firms' investment and output. If the central bank implements quantitative easing and maintains the inflation rate unchanged, the funds available for investment are increased, and firms produce more final goods.

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