我国上市公司的投资行为研究:基于新古典理论的检验

A Study on the Investment Behavior of China's Listed Companies::A Test Based on Neoclassical Framework

从新古典投资理论出发,通过研究我国上市公司投资行为对资本成本的响应程度以及企业投资规模与利润水平的关联程度,笔者发现:(1)我国上市公司的投资行为总体上符合新古典经济理论所期望的利润最大化目标下的企业投资行为范式;(2)由于存在较大的资本存量调整成本,新古典经济理论倡导的干预投资的经济政策对我国企业的投资行为在长期内会发生调节作用,但短期内的作用非常有限。

Abstract： Based on Neoclassical framework, the paper investigates the response of China＇ s Listed Companies＇ investment spending to the cost changing of capital and the relationship between companies＇ investment dimensions and their profitability. Findings from this research include： a） the investment behaviors of China＇s listed companies are by and large in accordance with the behavior paradigm of firms subjected to profit-maximization goals, and b） because of the adjusting cost of capital, the economic policies advocated by Neoclassicists to intervene firm＇ s investment does exert regulating effect on China＇ s firm investment spending in the long run, but has little impact in the short term..