固定资产投资与不确定性关系的实证研究

The Relationship between Fixed Assets Investment and Uncertainty:Some Evidence

分别从行业和全社会的角度对中国固定资产投资与不确定性的关系作了实证研究。国有工业经济的固定资产投资与不确定性的关系是负相关的 ;但就不同的行业来讲 ,其关系并不一致 ,市场结构可以解释这些投资行为的差异。进一步考察全社会固定资产投资与不确定性的关系 ,发现投资与股市波动呈不显著的负相关关系。

Recently, theoretical and empirical developments relating to the relationship between investment and uncertainty have highlighted the importance of irreversibility. In this article, we study, from the viewpoints of industries and the whole society, the relationship between the fixed assets investment and uncertainty in China. In generally, it appears a negative relationship. Although some researchers support the view that different investment behavior results from market structure, we draw another conclusion. In addition, standing on the whole society, we do research on the correlation of capital assets investment and uncertainty, and discover the insignificantly negative relationship between the investment and the volatility of stock market. Furthermore, we discuss the reasons for these problems.