摘要
固定资产投资对宏观经济增长和微观企业发展意义重大,研究我国上市公司投资规模影响因素具有现实意义。通过对经典投资理论和实证研究成果的回顾,提出影响我国上市公司投资规模的因素,并结合上市公司数据实证检验了这些因素。研究结论显示,经典投资理论对上市公司确定投资规模具有适用性,上市公司投资规模主要取决于面临的投资机会、内部现金流和负债程度,不同行业、不同规模公司的投资规模确定还有自身特点。
Fixed assets investment is meaningful to both economic growth and enterprises growth, With the review of classic investment theory and empirical research, financial determinants of investment scale decisions are identified and tested. Empirical results have shown that classic investment theory is applicable to China's Listed Companies. Investment scale depends on investment opportunity, internal cash flow and leverage. Enterprises in different industries and different sizes have their own characteristics in investment scale decisions.
出处
《管理科学》
CSSCI
2005年第5期80-86,共7页
Journal of Management Science
基金
国家自然科学基金重点资助项目(70232020)
关键词
固定资产投资
投资规模
影响因素
Fixed assets investment
hwestment seate
Determining factors