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本文试图运用资本的市场价值理论来研究厂商的投资行为。通过分析认为,经济增长决定行业产品的需求量,行业资本的利润主要依赖于需求量的增加。利率和行业资本的利润决定资本的市场价值,资本的市场价值决定厂商的资本供给,也就是厂商的投资数量。对经济增长和行业产品需求量的过度预期,会导致非理性的投资,产生沉淀成本和调整成本。预期利率升高,使投资前移,同样会产生投资规模过大的趋势。提高投资项目资本金的比例,能遏制投资规模过大。作为微观经济个体的厂商,在作投资决策时,应将选择价值纳入考虑范围,进行理性投资,减少沉淀成本和调整成本。
This paper attempts to use the theory of capital market value to study the investment behavior of firms. According to the analysis, the economic growth determines the demand of industrial products and the profits of industrial capital mainly depend on the increase of demand. The interest rate and the profit of industrial capital determine the market value of capital. The market value of capital determines the supply of capital by firms, that is, the amount invested by firms. Expectations of economic growth and demand for industrial products will lead to irrational investment, precipitation costs and adjustment costs. The expected increase in interest rates, the investment forward, the same will have a huge investment trend. Increase the proportion of capital investment projects, to curb the scale of investment is too large. As a manufacturer of individual microeconomics, when making investment decisions, they should take the selection value into account, make rational investments, reduce sedimentation costs and adjust costs.