小弟最近翻出一篇米什金（Mishkin）的论文《THE CHANNELS OF MONETARY TRANSMISSION: LESSONS FOR MONETARY POLICY》1996

主要是讲货币传导机制，但其中有这么两句话，让我有些看不明白。

1.在讲balance sheet那段……“Expansionary monetary policy (M ), which causes a rise in equity prices (Pe ) along lines described earlier, raises the net worth of firms……”

这里我理解的作者意思是说，扩张性的货币政策，会促进股票平均价格上涨，进而提高了企业的净资产（net worth）？

但是在实际经济中，证券二级市场股票价格的波动于企业净资产是没有必然联系的，除非企业（上市企业）进行了再融资，比如发新股，溢价部分计入资本公积……但这显然不是企业的经常性行为，那么此处如何理解？


2. 同样在balance sheet那段末尾“Because debt payments are contractually fixed in nominal terms, an unanticipated rise in the price level lowers the value of firms' liabilities in real terms (decreases the burden of the debt) but should not lower the real value of the firms' assets. Monetary expansion that leads to an unanticipated rise in the price level (P ) therefore raises real net worth, which lowers adverse selection and moral hazard problems, thereby leading to a rise in investment spending and aggregate output as shown in the schematic below.”

这里我理解的作者意思是说，物价上升使企业的实际债务降低，那么有利于降低逆向选择和道德风险……，但问题是实际债务降低又如何得出实际总资产不变的结论，进而推论出实际净资产的增加……

麻烦高人能够解答，谢谢！