| In the stage of economic transition of China, sufficient funds for production and investment are essential to the development of enterprise. China's central bank (the People's Bank of China, PBC) employ the interest rate as a tool for macroeconomic management more and more frequently, which indicates that the interest rate policy plays an even more important role in China's macroeconomic management. And as a result, the interest rate policy became significant index for enterprise's decisions on financing and investment. By studying the actually effects of interest rates on enterprises' investment, people can investigate that whether the market conditions are in agreement with the expectation of PBC while the monetary policy was adjusted, and also the roles of all the influencing factors on the enterprise's choice of financing and processing of investment. This thesis analyzed the effects of interest rate adjusting on enterprises' investments by using empirical research method. Based on studies at home and abroad, an empirical model was established by panel data regression of data from 401 listed manufacturing companies among A-shares of Shanghai and Shenzhen stock exchanges in the range of year 2006-year 2009. From the empirical analysis, a positive correlation between investment and interest rates was proved, which indicates that the interest rates have a positive correlation with enterprise's investments via some unknown mechanisms. And as part of summaries, optimized strategies for the interest rate policy of our country and the investment and financing policy of enterprise were proposed basing on the conclusions of the empirical analysis. |
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