制度成本、规模效应与厂商投资决策  

Relationship Between Institutional Cost,Capital Stock and Investment Decision-making of a Corporate

作　　者：陈张杭健 王力[1] 

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233000

出　　处：《鸡西大学学报（综合版）》2016年第7期36-40,共5页JOurnal of Jixi University:comprehensive Edition

基　　金：教育部人文社科一般项目"国民收入分配对居民收入差距的影响研究"(11YJC790180)附属性研究成果;安徽财经大学2014年研究生科研创新基金项目(CXJJ2014048)

摘　　要：制度成本是否会影响厂商的投资决策?是如何影响的?基于存在调整成本的投资模型,将制度成本内生化到该模型中,以探究制度成本是如何影响厂商的资本存量,进而改变厂商的投资决策。针对制度成本的特点提出假设:随着单位资本存量的减少,边际制度调整成本是增加的,即边际制度调整成本随调整的规模递减。理论模型的结果和面板数据模型实证分析表明:(1)在利润最大化的条件下,一单位资本的市场价值等于购买价格(1加上边际制度成本)和边际经济成本之和;(2)相对于内部经济调整成本,制度调整成本占厂商资本存量的比例更大,而且规模越大的厂商,其面临的制度调整成本越小。Whether the institutional cost will affect the investment decision of corporate or not How it affected the decision - making In this paper, based on the investment model, we put the institutional cost into the model to explore how it affects the capital stock of a corporate and the manufacturer＇s investment decisions. With the reduction of capital stock, the marginal cost of institutional adjustment is increased, which means the marginal cost to adjust the size of cost declining. The results of the theoretical model and the Panel Data Model analysis showed that： （ 1 ） Under the condition of profit maximization, the market value of a unit capital is equal to the purchase price （ one plus the marginal institutional cost ） and the sum of the marginal economic costs; （2） with respect to the larger internal economic adjustment costs, the proportion of the capital stock should be larger. The institutional adjustment costs of large corporations would be smaller.

关 键 词：制度成本 经济成本 规模效应 投资决策 

分 类 号：F014.31[经济管理—政治经济学]