公司投资供给效应的资本成本约束  

Cost of Capital Constraint on Supply Effect of Corporate Investment

作　　者：邹颖[1,2] 汪平[1,2] 李思[1] 

机构地区：[1]首都经济贸易大学会计学院,北京100070 [2]山东财经大学公司财务研究中心,山东济南250014

出　　处：《经济管理》2016年第4期117-129,共13页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目"资本成本约束下混合所有制公司股权结构优化研究"(15 BGL066);国家自然科学基金项目"资本成本约束下公用事业企业政府规制研究"(71572117);北京市哲学社会科学规划基金重点项目"资本成本测算及其应用领域研究"(15JGA010)

摘　　要：发挥正向的投资供给效应是经济新常态下投资拉动中国经济的微观基础。只有资本成本约束下的投资才能保证投资项目未来形成高质量的有效供给。本文研究表明:(1)中国公司投资规模与资本成本显著正相关,且样本期间内绝大多数年度与行业的投资的资本成本弹性均为正;(2)虽然投资不足现象在中国公司中普遍存在,但是,过度投资对中国经济的影响更加深刻;整体上,非效率投资程度与资本成本显著正相关,资本成本越高,过度投资样本的投资过度程度越严重;资本成本越低,投资不足样本的投资不足程度越严重。实证结果表明,中国公司的投资决策没有受到资本成本约束,公司投资难以实现正向的供给效应。要扭转这一情形,管理者应当树立科学的资本成本理念,合理估算资本成本,克服惯性预期心理;政府应当转变身份,由经济增长的"拉动者"转变为"推动者",引导公司投资走上资本成本约束之路。The quality and efficiency of corporate investment fundamentally determine the quality and speed of national economic growth, the output effect of corporate investments on the macro-economy produces the supply effect of corporate investment. Changing the focus of investment behavior from demand effect to supply effect is actu- ally attaching importance to the output, not simple input, which means focusing on investment＇ s future results. To play a positive investment supply effect is the micro-basis of investment stimulating China＇s economy under the ＂New Normal＂. According to modem corporate finance theory, project future cash flows should be discounted by cost of capital, and cost of capital therefore becomes the core standard of capital investment decisions. Only the cap- ital investment decisions based on cost of capital constraint are rational and scientific investment decisions, and such investment decisions are helpful for the maximization of investors benefit on the basis of ensuring the company＇ s long-term sustainable development. Only the investment under cost of capital constraint can ensure the investment project to form high-quality effective supply in the future. Based on a reasonable cost of capital estimation of listed companies in China during the period from 2000 to 2014, this paper empirical examines cost of capital constraint on supply effect from the perspectives of investment quality and investment efficiency. Data shows ： （ 1 ） investment scale and cost of capital have significantly positive correlation, which is contrary to corporate financial theory. （2） Most of the values of annual cost of capital and in- dustry cost of capital are rising, investment scale, however, does not fall accompanied with the rise of cost of capital, and on the other hand, all the values of annual cost of capital and industry cost of capital are growing, all the corpo- rate investment elasticities of cost of capital are positive. （3） Although the phenomenon of underinvestment is wide- sp

关 键 词：公司投资 供给效应 资本成本约束 非效率投资 

分 类 号：F270.3[经济管理—企业管理]