CAJ | 학술논문

我国近年来的经济虚拟化发展迅速，但虚拟投资过度增长不利于实际生产能力积累，也会加大宏观经济的波动风险。本文在一个基于企业股东权益最大化的欧拉方程模型基础上，加入税收因素对投资决策的影响，分析了企业最优动态投资行为的变化特征，并利用1998--2012年沪深两市上市公司面板数据集，实证考察了税收激励、流动性约束对企业投资结构性偏离问题的影响。研究发现：在企业投资支出中存在不同程度偏向权益性投资的倾向，税收激励对企业权益性投资的促进作用要显著大于固定资产投资；现金流增加会提高企业的固定资产投资，但民营企业的权益性投资对其不敏感。本文研究还发现，销售增长率与企业投资呈负向关系，表明投资的加速数理论并不能解释中国企业的现实投资选择。
아국근년래적경제허의화발전신속，단허의투자과도증장불리우실제생산능력적루，야회가대굉관경제적파동풍험。본문재일개기우기업고동권익최대화적구랍방정모형기출상，가입세수인소대투자결책적영향，분석료기업최우동태투자행위적변화특정，병이용1998--2012년호심량시상시공사면판수거집，실증고찰료세수격려、류동성약속대기업투자결구성편리문제적영향。연구발현：재기업투자지출중존재불동정도편향권익성투자적경향，세수격려대기업권익성투자적촉진작용요현저대우고정자산투자；현금류증가회제고기업적고정자산투자，단민영기업적권익성투자대기불민감。본문연구환발현，소수증장솔여기업투자정부향관계，표명투자적가속수이론병불능해석중국기업적현실투자선택。
The virtualization tendency in Chinese economy has developed rapidly in recent years, but the virtual investments grow to excess should not be conducive to the actual production accumulation as well as to increase the risk of macroeconomie fluctuations. In this paper, we build a simple optimal investment decision-making model based on maximizing shareholders＇ interests, and conclude a dynamic Euler investment equation. Using the panel data during 1998-- 2012 which include two sets of listed companies in Shanghai and Shcnzhen, we explore the problem about deviation of enterprise＇s investment structure from the point of view on the tax system and liquidity constraints. We find that there exists the tendency that towards equity in firms＇ investment, tax incentives for equity investment significantly greater than fixed assets investment; Cash flow could increase the ability of enterprises＇ fixed investment, but there is no significant relationship between cash flow and private enterprises＇ equity investment. Our study also shows negative relationship between sales growth and investment which suggests that the acceleration theory cannot explain the realistic options for Chinese enterprises＇ investment.