日本企业的投资和融资关系的实证研究

An Empirical Study on the Relationship Between Investment and Financing in Japanese Firms

本文以kalecki的投资理论为依据 ,运用 panel分析方法检验了日本企业的投资和资金筹集的关系。基本结论是 :在大企业内部融资对投资的影响最大 ,而在中小企业长期借款对投资的影响最大。企业债券与投资之间存在一定的相关关系。实证结果与Kalecki的投资理论和融资顺序理论均相符合。

In terms of Kalecki's investment theory and with the analytical method of panel, this paper tests the relationship between investment and financing in Japanese firms. The basic conclusion is that in large firms it is the internal financing, while in small firms it is the long-term loan that has the strongest influence on investment. And there is some correlation between bond and investment. The empirical results tally with Kalecki's investment theory and financing order theory.