企业资本性支出实证模型选择及检验

Selection and Empirical Test of Corporate Capital Expenditure Models in China

检验企业资本性支出的实证模型的优化选择,无疑会为实证研究企业投资奠定良好基础。本文首先对国外以往文献中常用的投资模型进行了分析评价,根据我国资本市场的独有特点,选择出理论上更适用于我国上市公司的投资模型。其次,本文采用我国上市公司1999—2005年的数据资料。进一步实证检验了所选模型对中国资本市场的适用性。结果表明,我国上市公司企业内部现金流与其资本性支出之间存在着显著的正相关关系,即企业资本性支出对内部现金流具有显著的敏感性,并且在非国有控制的上市公司中敏感性更强;所选模型在解释我国资本市场中企业的资本性支出时具有较强的稳健性。

Comparing the relative advantages of different empirical models about corpo- rate capital expenditure and selecting the suitable one for listing companies in China will pro- vide a solid basis for research on firms investment decisions.Empirically testable models of firm investment can be categorized into four groups,i.e.,Neoclassical model,Sales Acceler- ator model,Tobin s Q model and Euhr-Eqnation model.In this paper we investigate the four types of investment models and conclude that in theory the Euler...