税收激励、现金流与企业投资结构偏向
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| Title | Tax Incentive, Cash Flow and the Deviation of Corporate Investment Structure
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| 作者 | 付文林 赵永辉 |
| Author | Fu Wenlin and Zhao Yonghui |
| 作者单位 | 上海财经大学公共经济与管理学院 |
| Organization | Shanghai University of Finance and Economics |
| 作者Email | fu.wenlin@mail.shufe.edu.cn；zyh20052009@163.com |
| 中文关键词 | 税收激励 现金流 固定资产投资 权益性投资 欧拉投资方 |
| Key Words | Tax incentive; Cash flow; Fixed investments; Equity investment; Euler equations for investments |
| 内容提要 | 我国近年来的经济虚拟化发展迅速，但虚拟投资过度增长不利于实际生产能力积累，也会加大宏观经济的波动风险。本文通过构建一个基于企业股东权益最大化的最优决策模型，得出了企业动态投资决策的欧拉方程，并利用1998-2012年沪深两市的上市公司面板数据集，从税收制度、流动性约束角度研究了企业投资的结构性偏离问题。研究发现：企业的投资支出存在着不同程度偏向权益性投资的倾向；税收激励政策对企业权益性投资的促进作用要显著大于固定资产投资；现金流增加会促进企业的权益性投资，却不一定会提高企业的固定资产投资；税收激励、现金流对企业投资的影响在不同所有制企业间存在显著差异，民营企业对各类外部经济冲击均更加敏感。本文研究还发现，销售增长率与企业投资呈负向关系，表明投资的加速数理论并不能解释中国企业的现实投资选择。 |
| Abstract | The virtualization tendency in china economy has developed rapidly in recent years, but the virtual investments grow to excess should not be conducive to the actual production accumulation as well as to increase the risk of macroeconomic fluctuations. In this paper, we build a simple optimal decision-making model based on maximizing shareholders’ interests, and conclude a dynamic Euler investment equation. Using the panel data during 1998-2012 which include two sets of listed companies in Shanghai and Shenzhen, we discuss the problem about deviation of enterprise’s investment structure from the point of view on the tax system and liquidity constraints. We found that there indeed exists the tendency that towards equity in firms’ investment, tax incentives for equity investment significantly greater than fixed assets investment; cash flow could promote equity investment but not in fixed assets; the two factors have significant differences between different ownership enterprises, the privates generally are more sensitive to all exogenous shocks. Our study also found the negative relationship between sales growth and investment which suggests that the acceleration theory cannot explain the realistic options for Chinese enterprises’ investment. |
| 文章编号 | WP595 |
| 登载时间 | 2014-01-27 |
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