上市公司固定资产投资规模影响因素

固定资产投资对宏观经济增长和微观企业发展意义重大.文章通过对经典投资理论和实证研究成果回顾,找到并通过我国国有上市公司样本数据实证检验这些因素.结论显示经典投资理论对我国上市公司投资规模确定具有适用性,我国上市公司投资规模取决于投资机会、内部现金流和负债程度,国有上市公司整体表现为投资过度.

Factors Affecting Fixed-Asset Investment Scale of Listed Companies

Fixed-asset investment is crucial to macro- and microeconomy. With a review of classic investment theory and empirical research products, the author made an empirical test on this issue by use of sample data of Chinese listed companies. It is revealed that classic investment theory does apply to the determination of investment scale of Chinese listed companies, which fits into investment opportunities, internal cash flow, status and debt ratio. Excessive investment is typical of Chinese listed companies as a whole, although companies of different size tend to have their unique characteristics in determining their investment scale.