托宾Q理论与企业投资行为的实证分析

Empirical analysis of Tobin's Q theory and enterprise's investment behavior

关于决定企业投资的因素长期以来一直存在着争论:新古典学派认为是利率影响企业的投资水平;而托宾则认为是Q值影响企业的投资水平。文章通过借鉴已有的研究成果,在此基础上确立了从宏观和微观两方面来实证研究企业投资行为的思路,从而验证我国企业的投资行为是否与Q理论相符。

There is existing many issues about the effects of investment in a very long time：the Neoclassical thinks that the interest affects the enterprise＇ s investment. However, Tobin thinks that the most important factor of investment is Q. Based on predecessor＇ s achievement, this article establishes the idea that enterprise investment behavior can he studied both from microcosmic aspect and macroscopic aspect. And it validates that our country＇ s enterprise investment behavior is identical with Tobin＇ s Q theory.