中美数字新媒体行业投资需求研究

数字新媒体行业，即TMT行业，分别是通信（Telecommunication）、媒体（Media）和科技（Technology）。作为新兴产业中最为重要的组成部分，TMT行业发展迅猛。本文利用TMT行业20家美股上市企业财报数据，做2012年第一季度到2016年第四季度的面板数据，分析了影响TMT行业企业投资需求的因素。主要有两个结论：第一，不区分企业所属国，企业市场价值M对企业投资需求I有负向影响；企业的资本成本K对企业投资需求I有正向影响。同时，企业投资需求I也受国内生产总值G的影响，但影响较小。第二，区分企业所属国时，企业若在中国，对投资需求有正向影响；企业若在美国，对投资需求有负向影响。

The digital new media industry, nameiy the TMT industry, are communications （Telecommunication） media （Media） and Technology （Technology）. As the most important part of the new industry, the TMT industry has developed rapidly. Based on the earnings data of 20 listed companies in the TMT industry, the panel data of the first quarter of 2012 to the fourth quarter of 2016 are analyzed, and the factors that affect the investment demand of TMT industry are analyzed. There are two main conclusions： firstly, the country does not distinguish between enterprises enterprise market value of M on investment I has a negative impact; the cost of capital of K enterprise to enterprise I investment demand has a positive effect. At the same time, the enterprise investment demand I is also affected by the G of GDP, but the impact is small. Secondly, the state enterprise distinguish, if enterprises in Chinese, has a positive effect on investment demand; if the enterprise in the United States, has a negative impact on the investment demand