摘要
企业投资决定问题主要包括两个分支:关注企业内部决策的新古典理论和关注资本市场评价的托宾Q理论。文章介绍了企业投资决定理论中新引入的一些概念,包括不对称信息问题、委托代理问题、股票市场上的信息失真问题、股票市场的卖方垄断问题等。文章还介绍了当期现金流在投资决定问题中的角色。最后,对中国企业投资决定问题的研究提出了一些看法。
There are two main branches in corporate investment decision theory： neoclassical theory, which focuses me corporate internal decision, and Tobin＇s Q-theory, which focuses the capital markets. This paper introduces some new concepts in investment decision theory, including asymmetric information, agency problem, information bias in equity markets, monopo1y in equity markets, and the role of cash flow in corporate investment. At last, the author put forward some viewpoints in the study of corporate investment in China.
出处
《华东经济管理》
2006年第6期89-91,共3页
East China Economic Management
关键词
企业投资
不对称信息
委托代理问题
不完全股票市场
现金流
corporate investment
asymmetric information
agency problem
imperfect markets for equity
cash flow
