E3S Web Conf.
Volume 235, 20212020 International Conference on New Energy Technology and Industrial Development (NETID 2020)
|Number of page(s)||6|
|Section||Research on New Energy Technology and Energy Consumption Development|
|Published online||03 February 2021|
Research on the Effect of Monetary Policy on Financial Accelerator—Based on the empirical analysis of Chinese steel enterprises
Wuhan university of technology, Wuhan, China
2 Changjiang Futures Co. LTD, Wuhan, China
From the perspective of principal-agent, the theory of financial acceleration holds that due to the defects of the financial market, external shocks will be amplified by the financial market and accelerate the transmission in the real economy, and the impact on small enterprises is greater than that on large enterprises. According to the theory of financial deceleration, the agency cost caused by financial friction is counter-cyclical, which restrains credit scale to some extent, prevents excessive debt, and thus alleviates external shocks. According to the empirical analysis of panel data of iron and steel enterprises and the existing empirical results of the real estate industry, it is found that there is no financial accelerator effect or financial reducer effect in the field of iron and steel enterprises. China’s financial accelerator is more focused on bubbly assets where growth is expected and continues to be overheated despite policy tightening. That would trigger a bigger debt crisis and greater economic volatility.
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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