| Summary: | 碩士 === 東海大學 === 企業管理學系碩士班 === 92 === This papar wants to test the sensitivity relationship between interest rates and corporate investments under financial constraint and financial development. In the words, we observe this relationship from microecnomic and macroecnomic dimenisions. In the microecnomic dimenision, previous studies found business in a country with the high degree of financial development have more financing channel, and less influence from financial constraints. In the macroecnomic dimenision, when interest rates unsettle, firms with the high level of short-term debt will have high sensitivity relationship between interest rates and corporate investments, relative to firms with long-term debt. So, this papar only views the relationship between interest rates and corporate investments how to be moderated by financial constraint and financial development. In East Asia microecnomic-level and macroecnomic-level data between 1995 and 2002, we proceed to rank the level of financial development and fianacial constraint. Eventually, we observed a coutry with the low degree of financial development, or firms with high level of short-term debt, will have positive relationship between interest rates and corporate
investments.
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