Analyzing the Functioning Mechanism of the Macro-Economic Policies of Western Countries in Response to to the Financial Crisis

本文在系统梳理美国、欧盟等西方国家应对金融危机政策的基础上，分析了金融领域危机和实体领域危机应对政策的着眼点，并以企业现金流为切入点，拓展性地阐述了政策的作用机理。本文认为，各国的危机应对政策能够缓解金融机构流动性不足、实体企业现金流短缺等问题，从而实现增强投资者信心、促使经济复苏等政策目标。我们觉得本研究能够为我国应对金融危机提供一定的参考。Based on the systematic combination of policy response to the financial crisis of the United States and member countries of the European Union , the paper analyzes the purposes of the policy responses to the financial crisis and the resulting crisis in other industries. Using corporate cash flows as an entry point, this paper probes into the mechanism of the policy. We argue that the national policy responding to the crisis can alleviate the lack of liquidity of financial institutions and the cash flow shortage of industrial firms. The policies help improve investors' confidence and expedite economic recovery. We believe that this study can provide our country with a real example of how to respond to the financial crisis.作者单位：南京大学商学院管理学院会计系,南京大学财务与会计研究院/中国人民银行南京分