中文摘要：

在跨期动态决策的框架下,企业会预期未来的融资约束而持有现金。而企业的现金持有行为却很大程度上削弱了本期宽松经济政策的效果,同时企业对于未来经济政策不确定的预期可能会产生＂黄灯效应＂,进而影响本期经济政策效果。本文的结论对于政府更有针对性地制定经济政策,提高政策效果有重要启示。

英文摘要：

In the framework of intertempporal dynamic decision,the enterprises expect future financial constraints and hold cash. And this behavior would greatly weaken the effects of the proactive economic policies in this period. At the same time, the enterprise＇ s ex- pection of uncertainty for the future economic policy would yield ＂yellow light effect＂, and then influenses the effects of this period＇s e- conomic policy. The conclusion of this paper has important enlightenment for the government to make appropriate policies and improve policy effects.