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  3. How does the stock market affect business investment? There are three direct effects. One is that the market has traditionally s

How does the stock market affect business investment? There are three direct effects. One is that the market has traditionally s

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问题 How does the stock market affect business investment? There are three direct effects. One is that the market has traditionally served as a general barometer of the expectations of the business-minded community as a whole. We say "Business-minded" rather than "business" because the demand for, and supply of, securities mainly comes from securities dealers, stockbrokers, and the investing public, rather than from nonfinancial business enterprises themselves. When the market is buoyant, it has been a signal to business that the "business climate" is favorable, and the effect on what Keynes called the "animal spirits" of executives has been to encourage them to go ahead with expansion plans. When the market is falling, on the other hand, spirits tend to be dampened, and executives may think twice before embarking on an expansion program in the face of general pessimism.
This traditional relationship is however, greatly lessened by the growing power of government to influence the trend of economic events. Business once looked to the market as the key signal for the future. Today it looks to Washington. Hence, during the past decade when the stock market has shown wide swings, business investment in plant and equipment has remained basically steady. This reflects the feeling of corporate managers that government policy will keep the economy growing, whatever "the market" may think of events.
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答案 股票市场是怎么对商业投资产生影响的?直接影响有三个方面。第一，股票市场历来是投资人预测商业走势的一个晴雨表。我们用的是“投资人”而不是“商界”，因为股票的供求双方主要是来自证券经纪人、股票经纪人以及投资民众，而不是非金融的商界本身。股票市场表现活跃，就表示“商业气候”有利，这时候，凯恩斯所说的“动物精神”就会使高管们受到鼓舞开始执行扩张计划。另一方面，股票市场衰退低迷，“动物精神”就会减弱，面对市场行情的萧条，高管们在开展扩张计划前会三思而后行。 然而，政府对经济走势的影响力不断加大，股票市场和商业投资之间的这种既定的关系现在已经被大大地削弱了。商界过去把股票市场看作是实行未来计划的关键指标。但今天，只能靠的华盛顿了。所以，过去十年间，股票市场起伏跌宕，而厂房和设备上的商业投资仍保持基本稳定。这也解释了一些企业经理人的想法，就是对于经济运行，“股票市场”不管怎么漂浮不定，政府政策都会让经济持续增长。
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