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Macroeconomic Uncertainty, Fund Demand and Corporate Investment
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TitleMacroeconomic Uncertainty, Fund Demand and Corporate Investment  
AuthorWang Yizhong and Frank M. Song  
OrganizationZhejiang University; Peking University; The University of HongKong; 
Key WordsMacroeconomic Uncertainty; Fund Demand and Corporate Investment 
AbstractThis paper discusses the mechanism of how macroeconomic uncertainty influences the corporate investment using China's particular listed companies’ data of the detailed use of demand for funds. The findings showed that, macroeconomic uncertainty、its lag period and variation will impact on corporate investment behavior and have an effect through the channel of external demand、liquidity demand and long-term demand for funds. However, this kind of effect varies in different economic cycles, industries and enterprises. The lesson from the conclusion is that it is necessary to pay attention to the different channel of economic shocks for the coordination of macroeconomic policies; we should implement monetary policies based on demand for funds of micro enterprises. 
Serial NumberWP458 
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