CAJ | 학술논문

本文在凯恩斯投资乘数理论的基础上，将投资乘数的影响因素由边际消费倾向、边际税率和边际进口倾向三个因素扩展到包含企业边际投资倾向和边际货币需求率在内的五个因素。首先推导了边际消费倾向、边际税率、边际进口倾向对投资乘数的影响大小及方向；然后从理论上分析了企业边际投资倾向和边际货币需求率对投资乘数产生影响的原因及传导机理；最后推导了包含五个影响因素的投资乘数公式。进而得出企业边际投资倾向和边际货币需求率影响投资乘数的大小及影响方向。
본문재개은사투자승수이론적기출상，장투자승수적영향인소유변제소비경향、변제세솔화변제진구경향삼개인소확전도포함기업변제투자경향화변제화폐수구솔재내적오개인소。수선추도료변제소비경향、변제세솔、변제진구경향대투자승수적영향대소급방향；연후종이론상분석료기업변제투자경향화변제화폐수구솔대투자승수산생영향적원인급전도궤리；최후추도료포함오개영향인소적투자승수공식。진이득출기업변제투자경향화변제화폐수구솔영향투자승수적대소급영향방향。
On the basis of the Investment Multiplier Theory, this paper will expand the factors affecting the investment multiplier from the original three （the marginal propensity to consume, the marginal tax rate, the marginal propensity to import） to five including the marginal propensity to invest and the marginal rate of monetary demand. First, this paper will deduce the magnitude and the direction of influences on the investment multiplier by the marginal propensity to consume, the marginal tax rate, the marginal propensity to import. Then, the paper will theoretically analyze the causes and conduction mechanism of influences on the investment multiplier by the marginal propensity to invest and the marginal rate of monetary demand. At last, this paper will deduce the investment multiplier formula contains these five factors, thus finding out the magnitude and the direction of influences on the investment multiplier by the marginal propensity to invest and the marginal rate of monetary demand.