公司金融视角的奥地利学派商业周期理论透析

A Study on the Austrian Business Cycle Theory From the Angle of Corporate Finance

美国次贷危机之后,奥地利学派重新进入经济学者的研究视野。奥地利学派最著名的理论就是商业周期理论,其注重企业家精神,认为市场过程是企业家的发现过程。通过企业家,市场才能发现最适合公众需要的、最能够有效配置稀缺生产要素的手段。本文从公司金融的视角展示一家公司怎样在信贷扩张的市场信号指引下开展不当的投资项目,企业家为何更倾向于具有耐耗性的固定资产投资;怎样将另一项失败的商业项目通过清算过程转化。从而得出:信贷扩张下企业更倾向投资不动产;无论扩张性财政政策还是货币政策,在衰退期都不能使经济走出衰退;增加储蓄并促进清算阶段的资本转换是走出经济衰退的必然过程。

After the sub-prime crisis, the Austrian school comes into the economists＇ research again. The most famous theory of the Austrian school is The Austrian Business Cycle Theory （ABCT）, which appreciates entrepreneur spirit with the point that the market process is the entrepreneur＇s finding process. Market will find the most suitable to consumers and most effective way to allocate limited resources through entrepreneur. This essay demonstrates how a company makes a malinvestment directed by the market signal of credit expansion, why the entrepreneur tends to invest in fixed goods which are more durable, and how to transfer a failing project through liquidation process. The conclusions are： enterprises are more prone to invest in fixed assets during credit expansion; neither expansive fiscal policy nor expansive monetary policy will help the economy get out of recession; it＇s an inevitable process for the economy to increase savings and promote capital transfer during liquidation in order to recover.