投资补助效应下的中小企业经营决策研究  

The Research on Operating Decisions of Small and Medium-sized Enterprises under the Effect of Investment Subsidy

作　　者：向华 张勇菊 刘伟[1] XIANG Hua;ZHANG Yong-ju;LIU Wei(Qingdao Agriculture University,Qingdao 266109,China)

机构地区：[1]青岛农业大学经济管理学院,山东青岛266109

出　　处：《山东工商学院学报》2023年第3期93-98,共6页Journal of Shandong Technology and Business University

基　　金：国家自然科学基金地区项目“动态鲁棒契约设计、企业证券定价及资本结构研究”(72161016);教育部人文社科项目“代理冲突下企业动态投资融资模型及其应用”(19YJCZH032);2021年度青岛市社会科学规划研究项目“宏观政策叠加效应下的中小企业经营决策研究——基于新一轮减税降费视角”(QDSKL2101248)。

摘　　要：利用实物期权方法,研究政府投资补助对中小企业经营决策的影响。在项目收益流服从几何布朗运动下给出了公司价值风险中性定价的显式解;确定了最优投资时机、最优投资规模并分析了投资补助对企业投资的影响。经济分析表明,企业投资规模与补助规模正相关,且不同补助类型对中小企业的投资激励的影响是截然相反的,即可变补助加速投资而固定补助推迟投资,较大的可变补助会使企业加速投资甚至立即投资。此外,市场利率和企业所得税的提高会削弱企业的投资动机,但政府可变补助能有效缓解这一问题。By using real option method,this paper studies the impact of government investment subsidies on the business decision-making of small and medium-sized enterprises.We give the explicit risk-neutral pricing of firm’s value under the cash-flows following geometric Brownian motion.And we determine the optimal investment timing and the investment scale.And the influence of investment subsidy on enterprise investment is analyzed.Economic analysis shows that the investment scale of enterprises is positively correlated with the subsidy scale,and the impact of different subsidy types on the investment incentive of small and medium-sized enterprises is quite opposite,that is,variable subsidies accelerate investment and fixed subsidies delay investment,and large variable subsidies will accelerate investment or even immediate investment.In addition,the increase of market interest rate and enterprise income tax will weaken the investment motivation of enterprises,but the government variable subsidy can effectively alleviate this problem.

关 键 词：政府补助 中小企业 投资 实物期权 

分 类 号：F279.24[经济管理—企业管理] F832.48[经济管理—国民经济]